News

Transoft offers outsourced currency management through Oz joint venture

November 10, 2003

CARY, N.C. - Transoft International Inc., a provider of currency management software for banks of all sizes worldwide, has entered into a joint venture with Melbourne, Australia-based LKS Pty Ltd.

According to a news release, LKS has been optimizing cash costs for Australian institutions for the past five years. Clients include Bendigo Bank Ltd.

The new joint venture, Transoft Currency Management Services Pty Ltd. (TCMS), will initially offer optimization services to the Australian market using Transoft's OptiCa$h software, which is in use across six continents, creating cost optimized recommendations for ATMs and branches.

C. H. Saw, director of TCMS, said in the release that the combination of Transoft's OptiCa$h software and LKS' years of local outsourcing experience "creates an unbeatable combination."

Tony Rowe, director of Transoft Asia-Pacific Pty Ltd., said his company has offered technical support in Australia for several years. "After years of talking about outsourcing, its time has come; we have surveyed the market place and move now to address an identified need," he said in the release.

According to the release, Transoft hopes that partners such as NCR and Diebold, which already offer OptiCa$h services, may benefit from TCMS' OEM services in areas where it is not practical to establish local service centers for currency management.

With customers spanning six continents, Transoft's software manage cash for nearly 100,000 ATMs and branches. The software is offered directly to customers as in-house systems or via partners.