News

Transoft signs cash-management licensing agreement with Siam Commercial Bank

December 13, 2010

The Siam Commercial Bank (SCB), which operates 7,678 ATMs throughout Thailand, has signed a multi-year cash-management licensing agreement with Transoft International Inc.

The Siam Commercial Bank has licensed Transoft's OptiCash and OptiNet for cash forecasting and cash optimization, said Brendan Burge, Transoft sales manager. Cash forecasting involves looking into the future to determine cash demand for ATMs, branches and vaults. Cash optimization studies options to deploy cash at the lowest cost to the ATMs, branches and vaults, Burge said.

OptiCash applies sophisticated mathematical algorithms to historical demand to optimize currency and cost levels. OptiNet is a Web-enabled branch and ATM cash ordering and clearing application.

"Once a decision was made to upgrade our system, we ran detailed parallel pilots on products from selected vendors in the market including Transoft's daily cost-optimization applications," said Dr. Siwate Rojanasoonthon, senior vice president of logistics operations for Siam Commercial Bank, which has its headquarters in Bangkok. The Siam Commercial Bank was established in 1906 as the first Thai Bank.

Bo H. Holmgreen, president and CEO of Transoft, said the contract is a major boost to the company's regional efforts in Asia. "Having operated a forecasting system for years made SCB a mature client with a solid understanding of the values in our niche industry, thus we have found the SCB staff both knowledgeable and impressive to work with, and we very much look forward to jointly pursuing the large savings available across the Siam Commercial Bank network," Holmgreen said.

Transoft International and The Siam Commercial Bank signed their agreement either in early December or late November, Burge said. The contract, however, was announced today, he added. Transoft International has its headquarters in Research Triangle, N.C.