Cash management can be vexatious for an FI or IAD. Whether in lost fees from an outage or lost interest from cash sitting idle in an ATM — or both — an inefficient cash cycle costs the business.
ATM operators in the U.K. this summer experienced the critical nature of cash management. During the Queen's Diamond Jubilee in June, cash machines in London experienced outages. But when the London Olympics came around eight weeks later, operators had their cash planning down to an art.
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There are several different cash management platforms available to banks and IADs today helping businesses to anticipate currency needs and arrange the logistics of getting currency efficiently and safely from one location to the next.
One such program is the Integrated Currency Manager from Fiserv, a web-based currency forecasting and logistics solution that addresses the dynamic supply chain requirements of supplying, managing and transporting currency across multiple cash points and locations.
Integrated Currency Manager can automate forecasting needs for ATMs, branches, vaults and self-service devices such as in-branch currency dispensing units and remote currency capture/recycling machines. Additionally, it can provide a centralized view of currency activity across the enterprise, allowing an organization to adjust to shifts in demand.
In the video below, Fiserv offers a look at a day in the life of an FI, demonstrating how currency management can work at many levels of the organization to streamline cash handling and save cost.