DALLAS -- Lloyds TSB plc, a UK financial services group with assets of £253 billion ($420.4 billion U.S.), has selected Carreker Corporation's (Nasdaq: CANI) Integrated Cash Operations Module (iCom) cash inventory management solution for its network of 4,200 ATMs.
According to a news release, iCom is an enterprisewide solution that helps banks and their service providers automate the cash-ordering process and manage cash inventory levels. Using forecasting technology, iCom determines the optimal currency order and shipment amounts for ATMs, using historical demand-based information. It develops a daily cash activity profile for each cash site, assists in identifying optimal cash transportation strategies, and provides pre-emptive cash shortage alerts.
According to the release, iCom users have historically reduced their overall cash inventories by 20 percent to 40 percent while improving transportation schedules, lowering cash handling costs, and increasing the overall productivity and efficiency of the cash inventory management process.
Trevor Hodsdon, group efficiency program projects director for Lloyds TSB, said Lloyds chose iCom because of its superior technology and large number of installations around the globe.
According to the release, the Bank of England, the UK's central bank, has introduced new rules that increase the liability for banks to pay interest on cash in circulation, causing banks to seek solutions that minimize their cash usage while improving availability to customers.
iCom, along with Carreker's ReserveLink and FraudLink PC solutions, has been endorsed by the American Bankers Association. Carreker iCom installations include more than 250 banks in the United States, Europe, Canada, Africa, Australia, and New Zealand.
