First Ukrainian International Bank, one of the 10 largest banks in Ukraine, has implemented Integrated Currency Manager from Fiserv in order to better manage cash reserve requirements across its network.

Fiserv worked with local implementation partner Mellon Ukraine to complete the first phase of the rollout, which involved reducing operational cash reserves for FUIB's branch and ATM network.

Because of the geography of FUIB branch and ATM locations, and the costs for shipping cash and armored carrier services, the bank needed a solution that could optimize cash management while minimizing operational expenses.

Tomasz Wisniewski, deputy chairman of operations at First Ukrainian International Bank, said the FI is striving to improve performance through process improvements and operating expenses optimization. "We expect implementation of the ICM cash flow management system to decrease the cash balances in cash offices and ATMs by at least by 15 percent, and to help cut operating expenses relating to cash transportation by 10 percent," he said.

Initially, it took some persuading to convince branch managers that the Integrated Currency Manager cash forecasts were actually correct, said Maxim Salutin, deputy head of cash at First Ukrainian International Bank.

"[W]e analyzed the historical data and utilized the different Integrated Currency Manager reports," he said. "We also conducted a series of Integrated Currency Manager training sessions for the branches — showing them the different types of graphs and explaining to them what the information meant. The number of system-generated cash orders that were accepted without changing the suggested amount reached 80 percent in just 45 days from the roll out. Those are significant results."

In an announcement of the FUIB rollout, David Mc Laren, business development director of EMEA, cash and logistics at Fiserv, said that pressures in the financial services market present unique challenges for financial institutions like FUIB that operate and manage a cash supply chain. "Demand for cash availability must be balanced with organizational mandates for increased capital availability, cost reductions and regulatory compliance. "

For more on this topic, visit the vault cash/cash management research center.

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