Cash Management Translates to Earnings
VECTORsgi, a subsidiary of Metavante Corp, is offering a cash management solution that allows banks of all sizes to put money that might be sitting as inventory cash into income-bearing applications.
The solution identifies currency needs based on historical data and shows the financial institution where surplus cash can be reallocated to revenue-producing investments. The product comes in three versions based on how many locations are monitoring for cash inventories. The basic package manages up to 20 cash sites, including branches, automated teller machines, vaults and cash centers, whereas the top level product can monitor and manage thousands of sites.
One bank, North Fork Bank, says it started by running the program at 175 sites and immediately identified $40 million that could be invested. The bank is now using the tool at about 300 cash sites.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 9, 9/05
First published on 09/01/2005