Transoft International Inc. has partnered with ALVARA Cash Management Group AG to address and to optimize the full cash-management cycle in Germany and the rest of Europe by becoming CashEDI compliant.
CashEDI is a term coined by Deutsche Bundesbank, Germany's central bank, that will require all retailers and banks that order cash from the central bank to follow a required electronic format. Its also being implemented by other European countries to prepare for an eventual requirement across Europe.
The agreement calls for Transoft International to integrate its OptiSuite of cash-management software into ALVARA's Interactive Cash Control (ICC) system in compliance with all new directives of the European Central Bank and the German Federal Bank. ALVARA is based in Leipzig, Germany.
"Transoft's currency management products are successfully implemented by major financial institutions across the globe today, and through our partnership with ALVARA we are now able to not only provide substantial savings to our European customers but also ensure a total cash-management cycle in line with all new government regulations," said Bo H. Holmgreen, president and CEO of Transoft, which is based in Cary, N.C. "The benefits from CashEDI and our cost optimization rely on compliance and ALVARA furthers our abilities to anticipate and monitor events, thus identifying significant post-balancing cost reductions."
Through the integration of OptiSuite into ALVARA Interactive Cash Control, both companies will be able to further cut operating costs for the partnership's customers, solidifying an even stronger value proposition by providing optimal cash orders through advanced algorithms that take into account interest rates, events, calendars, CIT-costs, insurance and other factors, company officials said.
"The capability through OptiSuite for our customers to now have visibility not only into their cash movements through CashEDI, but also use cost-simulation tools to create an advanced predictive-decision process is just the beginning of the synergies our two companies are creating," said Bernd Hohlfeld, ALVARA's chairman.
Transoft is a provider of currency supply chain management software for the banking industry, ATM networks and armored car service providers.
