Cost of Cash Optimization with Cash Forecasting Software
One of the main purposes of cash сycle optimization for banks and other organizations is a general decrease in the cash supply volume without compromising the availability of service. A financial institution needs to provide cash points (branches, ATMs, and merchants) with the required number of denominations, while minimizing cash leftover. In order to provide possibilities for cash optimization and other cash management solutions, we offer you Cash Management.iQ software platform.
Comprehensive cash forecasting and planning tools will help to determine projected cash flow. Therefore, it will help banks to fill ATMs with the correct amount of cash to avoid runs out of cash or overfilling. Banking infrastructure can reduce the amount of ‘frozen’ funds by 30-40%. Thus, the bank significantly reduces the costs related to cash interest and the overall burden of providing logistics for banknotes and coins.
Points of Optimization
Levan Bukhaidze
Deputy Head of Retail Business Management Department, Basis Bank, Georgia
Irakli Lomidze
Head of Operational Support Department at TBC Bank (Georgia)
George Makatsaria
Head of Treasury Department at BasisBank (Georgia)
During the first two months of using CashPoint Monitoring.iQ, we were able to reach 25% of savings on rent of the cash. Besides, the solution allowed us to save internal resources (first of all, staff). In order to monitor and analyze cash supply chain using the Cash Management.iQ solution, one cash professional needs to work only for two hours a day.
The bank receives information about cash balances at ATMs from the processing center. The frequency of data transmission can vary, but this information is not enough for the optimal cash distribution to ATMs and CIT planning. For these purposes, TBC Bank uses Cash Management.iQ solution.
Cash Management.iQ software solution provides us the information on cash balances in ATM’s in real time, which allows us to more accurately plan the time of cash collection and cash optimal amount by ATM’s, as well as to reduce logistics costs.
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