News

Russian Sberbank to license Transoft's cash management software

November 22, 2011

Transoft International Inc., a provider of currency supply chain management solutions, announced that Sberbank of Russia, the largest bank in the Russian Federation, has purchased an institutional license for installation of its OptiCash/OptiNet software, designed to optimize cash management processes for the bank's branches and ATMs.

"Our work over the last two years with Sberbank has been very rewarding and we appreciate the size of such a huge bank going through incredible market adjustments," said Bo Holmgreen, President of Transoft International. 

"We strongly believe that Sberbank will benefit tremendously from our software implementation over the coming years," Holmgreen said.

According to the press release, the solution was implemented first in Sberbank's Moscow branches and ATMs. The result of the initial implementation resulted in improved cash availability in cashpoints and reduced operational and funding costs. The successful test in Moscow led Sberbank to purchase an institutional license to use OptiCash/OptiNet across all of its cashpoints in the Russian Federation and to and centralize its cash flow management processes.

"Many sectors of the economy already have implemented the automated resource management systems that efficiently reduce operational costs, improve process transparency and control, and help to avoid planning errors," said Anna Orlenko, the acting head of department of financial market operations at Sberbank of Russia.

"We believe that similar solutions should be implemented in the banking sector as well," Orlenko said.

Transoft said its Russian partner I-Teco is responsible for its software implementations in the Russian Market.

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