News

Transoft forms cash management partnership with McHale Group

November 24, 2002

CARY, N.C. -- Transoft International Inc. and The McHale Group have partnered to form Collaborative Cash & Logistics Inc. (CC&L), with the purpose of establishing shared service entities worldwide to manage the cash supply chain for financial institutions.

According to a news release, CC&L will join together the best partners for each situation to deliver the most appropriate electronic solution to banks around the world with the sole focus on cost optimization.

Such partnerships can "break the nexus between the complexities of the processes, the entrenched costs and the labor-intensive nature of the cash supply chain," Jim McHale, president of The McHale Group, said in the release.

McHale has already worked with such a group in Australia. McHale in 2001 helped coordinate the formation of Cash Services Australia Pty (CSA), a company formed to manage portions of the cash supply chain and the cash logistics for ANZ, Commonwealth and Westpac Banks, three of Australia's four largest banks. According to the release, ANZ is a long-time user of Transoft's OptiCa$h-Enterprise application.

The three banks are equity owners in CSA, with each owning a 25 percent share. The remaining 25 percent is owned by Carreker Corporation.

Richard Thomas, chairman of CSA, said in the release, "Through a process of gaining their confidence and ultimately their financial backing, Jim McHale of The McHale Group brought the three competitor banks together in a unique collaborative CIT (cash in transit) venture with the approval of Australia's competition regulator. It was Jim's experience and personal credibility that was central to the process."

Bo H. Holmgreen, Transoft International president, said in the release that the partnership with The McHale Group is a natural because of Transoft's expertise. "Our skill is advising financial organizations how to reduce the total cost of cash through scale optimization, re-design of current processes and solid implementation of new technologies."