First Citizens Bank Acquires Transoft's Next Generation OptiVault™ Application Designed for Money Center Optimization
First Citizens expands its 11 year partnership with Transoft International by upgrading to the most advanced cash management tools available
Mar 12, 2012, 06:00 ET
MIAMI, March 12, 2012 /PRNewswire/ -- Transoft International, Inc., a leading provider of currency supply chain management solutions for the banking industry, announced today that First Citizens Bank has renewed the partnership with a new focus on central vault cash management. The addition of OptiVault complements Transoft's OptiCash solutions already used for sophisticated cash optimization in the banks' ATM/branch networks to provide a complete enterprise wide cash management solution.
OptiVault, a comprehensive solution taking into consideration all ATM/branch, commercial and retail cash, consolidates the currency needs of every cash point within vault responsibility in order to forecast and cost optimize the total currency flows. OptiVault ensures that the outsourced money centres carry the appropriate mix of denominations, note/coin volumes and qualities of cash at any time at the lowest possible cost.
OptiVault also takes into account seasonal fluctuations, calendars, events and those trends influencing demand for cash at the vault level, while balancing the various cost components associated with ordering, holding, and delivering currency to and from vaults. Stand-alone or coupled with OptiCash, the latest OptiVault version 8 generates significant recurring savings at most Financial Institutions and has proven popular around the world.
"We are pleased with our partnership with Transoft and look forward to continuing our relationship. An OptiVault implementation will complement OptiCash and OptiNet to enable us to move further in our goal of a fully cost optimized cash supply chain," said Cathy Isom, assistant vice president of cash optimization at First Citizens Bank.
"First Citizens Bank is well known as a leader in defining best practices in currency supply chain management with solid savings as a result, and we are very pleased to pursue even more cost-reductions together," stated Bo H. Holmgreen, President at Transoft, speaking from the ICCOS Americas conference. "We value our long term relationship and view it as a testament to the quality of our products, our people and our commitment to the global OptiSuite customer base and our industry."
About Transoft International
Transoft International is the leading provider of currency supply chain management software solutions for the banking industry. Transoft products have been developed by experienced cash management professionals to efficiently and cost-effectively handle all aspects of the complex cash optimization process. In use worldwide by Banks, ATM networks and Armored Car Service providers, Transoft solutions are generating significant recurring cost savings for ATM, branch and vault networks. These savings are the direct result of applying sophisticated statistical analysis, as well as balancing of all cost components daily.
About First Citizens Bank
Founded in 1898, First Citizens Bank serves clients at 430 offices in 17 states and the District of Columbia. The bank is a subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which has $21 billion in assets. Forbes named BancShares the ninth-best bank in the nation in its 2012 Best Banks in America list. Headquartered in Raleigh, N.C., First Citizens Bank has received multiple national awards for customer satisfaction and overall stability and security. Independent bank rating firm BauerFinancial Inc. of Coral Gables, Fla., has given First Citizens a five-star superior ranking for 19 straight quarters and has cited the company as a recommended bank for 60 straight quarters. First Citizens has also received Greenwich Excellence awards for business banking and middle market banking. For more information about First Citizens Bank, call toll free 1-888-FC DIRECT (1-888-323-4732) or visit firstcitizens.com.
SOURCE Transoft International
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