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Bank seeing significant results in system generated cash orders just
months after roll-out
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Integrated Currency Manager helping bank to optimize its cash
management and minimize operational expense
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: 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."
Additional Resources:
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
About Fiserv
Fiserv, Inc. (NASDAQ: 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.
FISV-G
Media Relations:
Julie Nixon
Senior PR Manager
Fiserv,
Inc.
+1 678-375-3744
julie.nixon@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
+1 678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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