Ukraine’s Ukrsotsbank turns to Fiserv for cash management
Ukraine’s Ukrsotsbank will use Fiserv’s cash management tools in Kyiv (pictured)
Ukraine’s UniCredit ‘Ukrsotsbank’ has chosen US technology firm Fiserv to provide its Integrated Currency Manager tool, which the bank will use to improve its supply chain management and make better use of its available resources.
Established in 1990, UniCredit Bank has a network of 378 branches in 22 European countries. The bank opened its doors in Ukraine in September 2011, in the capital Kyiv. With local support from Fiserv’s partner Mellon Ukraine, the bank will use the web-based Fiserv tool to automate its cash forecasts and minimise the amount of idle cash in its network. The aim is to increase the value of cash Ukrsotsbank can invest and reduce the cost of providing cash to its customers.
“We selected Fiserv because it was able to deliver a solution that met our unique requirements,” said Valeriy Lapin, professional self-service management, UniCredit Bank. “We have already put quite a lot of effort into successfully reducing our total ATM cash-related costs, and once we have fully implemented Integrated Currency Manager, we expect that we will be able to achieve even better results in cost optimisation, while at the same time ensuring maximum cash availability for the customers. We also expect the advanced management information will help further improve performance and reduce costs.”
Integrated Currency Manager automates cash forecasts for multiple cash points including ATMs, branches, vendors and vaults. It combines forecasting with historical trends, in an attempt to reduce currency outages and expensive emergency deliveries to restock empty ATMs.
The deal with Ukrsotsbank is not Fiserv’s first foray into the Ukraine. Last year, the firm began work with First Ukrainian International Bank to manage cash reserves across its network.
Meanwhile in a separate development in May, Ukraine’s Oschadbank installed a remote banking service that it says will help it to create a single ‘payment ecosystem’ that covers cards, security, payments and transfers.
