Transoft International, Inc.
Fifth Third Bank uses latest version of Transoft’s OptiCash Currency Management Software for ATM cash management
Industry Leading Bank reduces ATM cash holdings and costs through advanced cash management automation
Cary, N.C. – July 10, 2007 - Transoft International, a leading provider of currency supply chain management solutions, announced that Cincinnati-based Fifth Third Bank has implemented Transoft’s OptiCash version 6 to further enhance the cash management capabilities of its off-site ATM network. Fifth Third Bank, the 13th largest bank in the country, has been a Transoft customer for over seven years.
Through the use of OptiCash Fifth Third Bank has been able to closely manage currency levels on over 800 ATMs and significantly reduce cash holdings and associated costs. Designed by cash management professionals OptiCash, a comprehensive currency management software solution, automates cash forecasting, cost balancing, ordering, monitoring, expense tracking and more. Utilizing Transoft’s exclusive cost optimization technology OptiCash applies sophisticated mathematical algorithms to historical, event and cost data to determine the optimum cash position needed for each cash delivery point to meet consumer demand. In addition by balancing all costs daily the lowest possible cost to service the network is also determined.
The advantages to Fifth Third Bank for moving to OptiCash version 6 are enhanced management reporting, new innovative simulation tools, improved processing capabilities and faster performance through the use of an industry standard Oracle database. These new capabilities have proven to result in even greater recurring cost savings. In addition, the multi-institution flexibility inherent in version 6 allows Fifth Third to also offer ATM cash management services to their processing clients.
“OptiCash allows us to leverage efficiencies and effectively manage cash as we continue to grow our ATM network,” said Paul Moore, vice president and director of Alternative Delivery for Fifth Third Bank.
"We are very proud that Fifth Third Bank has been a client of Transoft for these many years,” stated Bo H. Holmgreen, president at Transoft. “The opportunity to be associated with such a leading organization on the cutting edge of financial services – from the latest technology to innovative products – is quite an honor and testament to the strength of our products and our support.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $100 billion in assets, operates 18 affiliates with 1,167 full-service Banking Centers, including 108 Bank Mart locations open seven days a week inside select grocery stores and 2,132 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2006, has $220 billion in assets under care, of which it managed $34 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded through the NASDAQÒ National Global Select Market System under the symbol "FITB."
About Transoft
Transoft International, Inc. is a 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. For more information please visit www.Transoftinc.com.
