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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts