Fifth Third Bank, a leader in currency processing, announces the expansion of its innovative currency solutions to include a fully managed service solution. Fifth Third’s Currency Processing Solutions (CPS) suite provides a holistic approach to cash handling from point of sale to account reconciliation and reporting. By offering a managed service approach, Fifth Third acts as a single service provider to help businesses greatly reduce the amount of time they need to spend managing their cash handling activity. CPS frees up key store resources so they can concentrate more time on customers, employee development and merchandising, and it reduces the need for armored courier service pick ups.
Since 2007, Fifth Third has been an early innovator in the currency processing space, and the Bank has continued to evolve its smart-safe technology and managed service approach to help retailers reduce operating costs, reduce risk, improve cash flow and streamline back office operations. When combined, these benefits generally result in customers experiencing a 10 to 30 percent reduction in their cash handling and processing costs.
“We have simplified the process for retailers so they can minimize the amount of time personnel spend on reporting, reconciliation and end-of-day deposits, allowing them to focus on growing and managing their business and enhancing the client experience,” says John Bultema, executive vice president, CPS for Fifth Third Bank.
Other key benefits of CPS include:
- Dramatically reducing or eliminating in-store working capital requirements.
- Improving employee safety and security by eliminating the need for personnel to make frequent trips to the bank with large amounts of cash.
- Reducing banking fees, cash in transit delays and cash over/short.
The solution uses smart-safe technology to collect and calculate currency on-site at retail locations and provides provisional credit to a retailer’s account to improve access to working capital. CPS can be tailored to meet any retailer’s unique cash management needs. Fifth Third Bank provides solutions for retailers with varying cash deposit needs, from hundreds of dollars to more than a million dollars of cash receipts. The solution benefits smaller retailers that only need to process cash receipts and larger stores which need to process and recycle cash daily.