Ukrainian Bank Selects Fiserv Currency Supply Chain Management Solution to Optimize its Operating Cash Reserve Levels
Bank seeing significant results in system generated cash orders just months after roll-out
Integrated Currency Manager helping bank to optimize its cash management and minimize operational expense
BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NAS: FISV) , a leading global provider of financial services technology solutions, announced today that First Ukrainian International Bank (FUIB), one of the top 10 largest banks in Ukraine, has implemented Integrated Currency Manager™ to help address and manage cash reserve requirements across its network.
Fiserv, along with its local implementation partner, Mellon Ukraine, has completed the initial phase of the roll-out - reducing the operational cash reserves for FUIB's branch and ATM network -- and the bank is already seeing some remarkable results.
"The biggest challenge, from our perspective, was getting the branches to believe that the Integrated Currency Manager cash forecasts were actually correct," said Maxim Salutin, Deputy Head of Cash, First Ukrainian International Bank. "For the past few months, we analyzed the historical data and utilized the different Integrated Currency Manager reports. 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."
"FUIB is striving to improve its performance indicators through process improvements and operating expenses optimization," said Tomasz Wisniewski, Deputy Chairman, Operations, First Ukrainian International Bank. "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."
FUIB chose the Fiserv solution because it was looking to stabilize cash reserve levels throughout its network of branches and ATMs spanning across Ukraine. Because of the physical geography among its branch and ATM locations, the cost of shipping in cash from the nearest periphery centre and the escalating cost of armoured carrier services, FUIB was seeking a technology solution to help optimize cash management while minimizing operational expenses.
"New and increasing pressures in the financial services market present unique challenges for financial institutions like First Ukrainian International Bank who are operating and managing a cash supply chain," said David McLaren, business development director - EMEA, Cash and Logistics, Fiserv. "Demand for cash availability must be balanced with organizational mandates for increased capital availability, cost reductions and regulatory compliance. Integrated Currency Manager from Fiserv provides the comprehensive cash forecasting and management solution required to ensure world-class customer service without sacrificing profitability and control."
Currency Supply Chain Solutions from Fiserv - http://www.fiserv.com/insights-optimization/currency-supply-chain.htm
First Ukrainian International Bank - http://pumb.ua/en/
About First Ukrainian International Bank
First Ukrainian International Bank (FUIB) is a large and steadfast privately owned bank operating in Ukraine's financial services market for twenty years. FUIB belongs to the group of the Ukraine's largest banks. It is a universal bank active in retail, corporate, and investment banking operations. The Bank's main shareholder is SCM Finance (92.24% of shares). The Bank's national network comprises 160 outlets. For more information please visit FUIB's site: http://pumb.ua/en/
About Mellon Ukraine
Mellon Ukraine is a member of Mellon Group of Companies and was founded in 2007 in Kiev. The company provides payments solutions and outsourced services that facilitate the transactions and interactions of organizations with strong consumer business, such as Retail Banks, Public Utilities, Telecommunications Providers, the Automotive Industry and other Private Companies. For more information please visit Mellon's site: www.mellongroup.com
Fiserv, Inc. (NAS: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
Senior PR Manager
Wade ColemanDirector, Public Relations
KEYWORDS: Ukraine United States Europe North America Wisconsin
The article Ukrainian Bank Selects Fiserv Currency Supply Chain Management Solution to Optimize its Operating Cash Reserve Levels originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.