Reducing the number of CIT visits

Cash-in-Transit costs are a significant part of the cash-related operating costs of banks and other financial institutions. It does not matter if the bank has its own CIT service or uses the services of a third-party organization (CIT outsourcing).

A specialized tool for forecasting cash demand, cash monitoring tools, and optimal CIT route planning, can reduce the required CIT visits by 2-3 times. Also, thanks to proper forecasting tools, it almost eliminates the cases of emergency cash replenishment and unplanned CIT visits.

CIT-related cost optimization

Optimization of human resources of the cash collection service and cash centers
Reducing operating cost of special CIT transport (armored carriers)
Decreasing expenses on fuel and consumables in cash logistics
Reducing insurance cost of transported cash and valuables

Better manageability of CIT operations

Even if the bank outsources cash collection, the costs are taken into account to calculate a final service fee for the bank. This cash-in-transit solution helps to minimize the number of visits and increase flexibility and control over the processes and provide high-quality cash management to its customers.

Given boost for CIT service manageability empower your company with compliance to:

  • Service Level Agreement (SLA) requirements
  • CIT security standards
  • Customer service quality
  • Regulatory requirements

Managing tools for day-to-day CIT operations

Moreover, CashManagement.iQ allows cash collection services to automate a significant part of the ATM Cash Loading process. Managing cash orders, route planning, inventory management, and physical access to self-service devices and prohibited premises (security rooms, armory, recounting offices) are automated.

Learn how to achieve and maintain operational excellence and transparency.

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Cash Management.iQ modules

CashPoint Analytics.iQ – cash reporting module

CashPoint Analytics.iQ is a module of the Cash Management.iQ, which is responsible for generating, displaying, and exporting reports from each point of service as well as achieving key performance indicators and other aspects of integrated cash logistics.

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CashPoint Monitoring.iQ – real–time cash monitoring

CashPoint Monitoring.iQ is the main module of the Cash Management.iQ system, which provides the functionality of monitoring the cash status and cash demand forecasting. The estimation of cash need is based on accumulated historical data and CIT simulation tools.

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CIT.iQ – management of Cash-in-Transit operations

CIT.iQ provides management of the cash collection service for the CIT (cash-in-transit) staff, assignment of tasks, selection of routes, and accounting of all costs associated with operational activities (labor costs of employees, fuels and lubricants, depreciation of transport) for planned and emergency trips.

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Vault.iQ – cash center management

Vault.iQ is a separate module of the Cash Management.iQ platform. It allows financial institutions to monitor all cash inflows and outflows in the connected cash center. In addition, Our vault cash management software (Vault.iQ) ensures a two-way cash flows between central banks and service end-points.

Cash flow management tools also allow organizations to get accurate forecasts, for further cash automation. Our software ensures the effectiveness and transparency of cash center operations.

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Cash Order.iQ – cash service handling tools

CashOrder.iQ planning module helps to determine the optimal number of banknotes (currencies and denominations) for each self-service device. Besides the calculation of the optimal number of banknotes, it helps to calculate the frequency of ATM cash replenishment processes, place orders for the transportation of cash and other valuables (securities, precious metals, etc.) either in manual to automatic mode.

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Points of Optimization

Reducing the number of CIT visits

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Cost of Cash Optimization with Cash Forecasting Software

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ATM Cash Availability with Cash Monitoring System

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Excellence of Cash Supply Chain Management

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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.