Sberbank of Russia Reducing Costs of Cash Management in Bank Branches and ATMs

CARY, N.C., Nov. 23, 2011 /PRNewswire/ -- Sberbank of Russia has purchased an institutional license for installation of the OptiCash/OptiNet software developed by Transoft International Inc. The software is designed to optimize cash management processes for the bank's branches and ATMs. Transoft is one of the major global vendors of cash flow management software and implementation of their products is known as one of the best worldwide practices for efficient cash liquidity management. Transoft relies on a Russian partner, I-Teco, for implementing its software on the Russian market.

The solution was initially implemented in the Moscow network of  Sberbank branches and ATMs, where OptiCash/OptiNet proved to be highly effective resulting in the bank improved cash availability in cashpoints while reducing operational and funding costs.

Achieving  success of the Moscow implementation, Sberbank purchased an institutional license to replicate OptiCash/OptiNet across all Sberbank cashpoints in the Russian Federation  and centralized all cash flow management processes within the institution.

Acting head of department of financial market operations at Sberbank of Russia, Anna Orlenko commented on this:

"Many sectors of the economy already have implemented the automated resource management systems that efficiently reduce operational costs, improve process transparency and control, and help to avoid planning errors. We believe that similar solutions should be implemented in the banking sector as well."

President of Transoft International Inc. Bo Holmgreen commented:

"Our work over the last two years with Sberbank has been very rewarding and we appreciate the size of such a huge bank going through incredible market adjustments. We strongly believe that Sberbank will benefit tremendously from our software implementation over the coming years."

Director of  Financial Technologies department at I-Teco, Alisa Melnikova commented:

"Sberbank of Russia is the first bank in Russia going for radical improvement of its cash processing procedures. The I-Teco team has significant experience in implementing similar projects, and we firmly believe that our partnership with Transoft will live up to the best expectations of the largest bank in the Russian Federation."

About Sberbank of Russia

OAO Sberbank of Russia is  the largest Bank in Russia, Central and Eastern Europe, with approximately 27% of the total national banking assets and about 240,000 employees. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of voting shares), with the rest of the shares dispersed among more than 245,000 individuals and legal entities. Sberbank has the most widespread branch network in Russia which includes 17 regional head offices, over 19,000 branches and outlets, as well as subsidiaries in Kazakhstan, Ukraine and Belarus, a branch in India and representative offices in Germany and China. 

Sberbank holds General License No.1481, issued by the Central Bank of the Russian Federation. Sberbank's website is www.sberbank.ru/en/ 

About Transoft

In 1992 Transoft International pioneered the field of currency management by introducing a cost-optimized forecasting process that provides financial institutions with the tools to efficiently manage cash across bank vaults, depots, branches, and entire ATM networks.  For over 19 years Transoft has been improving upon that initial development, ensuring that Transoft's Currency Supply Chain Management solutions are the most flexible, feature-rich and proven products available in the market today.

About I-Teco

I-Teco is a leading Russian systems integrator and supplier of information technologies for corporate customers. The company operates on the IT market since 1997. I-Teco ranks among TOP500 largest Russian companies, TOP10 leading Russian IT consulting companies, systems integrators and service providers. In 2011, I-Teco was recognized as the company number one among IT-outsourcers and service providers for banks, according to CNews Analytics.

SOURCE Transoft International