Transoft International, Inc.
OptiVault Implemented at Top Money Center Bank
Bank benefits by using comprehensive currency supply chain management solution for bank wide vault cash management
Cary, NC – November 2, 2006 - Transoft International, a leading provider of currency supply chain management software solutions for the banking industry, announced today that a US top tier bank has implemented Transoft’s OptiVault system designed specifically to optimize currency/coin ordering and clearing for bank money rooms and carrier vaults. The addition of OptiVault complements Transoft’s OptiCa$h solution already used for sophisticated cash management in the banks’ ATM & branch networks and gives them a complete enterprise wide cash management solution.
OptiVault, a comprehensive solution which takes into consideration branch, commercial and retail cash as well as cash demand associated with ATMs, consolidates the currency needs of every cashpoint that a vault is responsible for to forecast the total currency demands for the vault. OptiVault ensures that the bank’s vault network demands are serviced based on recommendations generated using historical demand data and statistical algorithms to avoid situations where there would be excess or too little cash sitting in vaults. OptiVault also takes into account seasonal fluctuations, calendars, events and those trends that influence demand for cash at the vault or money room level. In addition, OptiVault forecasts are evaluated against the various cost components associated with ordering, holding, and delivering currency to and from a vault to identify the optimal cost to meet demand for cash at each vault and/or money room in line with circulation quality and cash/coin denominations for each vault.
The addition of OptiVault allows Transoft’s customer to optimize currency levels and expense components for the entire bank and positions them to easily address the Federal Reserve regulations regarding cross-shipping which are going into effect in 2007.
"We are delighted about the financial benefits that will be realized through our collaborative efforts with Transoft's OptiVault Product. It is clearly a timely solution for the United States and will aid us in managing an expanding, more complex vault network, " ……… Senior Vice President, Cash Operations.
"We are extremely excited about our partnership with Transoft. The OptiVault implementation is one of our most visible efforts within the corporation, and will be a significant contributor to achieving our publicly stated efficiency targets of $600 million - $1 billion in cost savings by year-end 2007, “ ………. Senior Vice President, Treasury Services.
“Our client has for years been well known as a leader in defining best practices in currency supply chain management with unmatched efficiency and savings as a result, we are very pleased that they once again have selected Transoft to meet bank wide needs”, stated Bo H. Holmgreen, President at Transoft. “We value our long term relationship and view it as a testament to the quality of our products, our people and our commitment to the global OptiCa$h customer base and the industry.”
For more information please call or visit us at the BAI Retail Delivery Conference being held at the Mandalay Bay Resort in Las Vegas on November 14th-16th , 2006. Representatives from Transoft and the bank will be available in the Transoft booth (#1137) to answer your questions.
About Transoft
Transoft International, Inc. is the leading provider of currency supply chain management software solutions for the banking industry. Transoft products, OptiCash, OptiNet & OptiVault, have been developed by experienced cash management professionals to efficiently and cost-effectively handle all aspects of the complex cash management process. In use worldwide by Banks, ATM networks and Armored Car Service providers, Transoft solutions are generating significant recurring cost savings for ATM, branch and vault networks. These savings are the direct result of applying sophisticated statistical analysis, as well as balancing of all cost components daily, to determine the best course of action. With Transoft a bank can automate cash forecasting, ordering, tracking, monitoring & more to optimize currency requirements and handling costs, drastically reducing expenses and improving operational efficiency.
Press Contact:
Transoft International
Chris Klein, Vice President Marketing
Phone 919-342-3992
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