miCashOptimizer
miCashOptimizer was built to address the physical cash management needs of the small to mid-sized banking institution. These institutions typically experience, significant amounts of idle cash at ATMs and Branches resulting in extremely high interest costs. Despite the additional cash across the network, ATM cash outages often still occur on regular basis as a result of a largely manual end to end cash management process and resultant customer dissatisfaction with the institution.
The modules consist of the following components:
Data Management - Manages source system data capture and online conversion for forecasting;
- Data Collector is custom built based on the data format file of the source system, resulting in no change to existing systems/data formats
- Converter that decodes or extracts relevant data and inserts into main tables for processing in real time
Balance Management - Manages online calculation of physical cash point balances and reconciliation; providing the:
- Ability to perform online calculation of balances based on data received from external systems
- Ability to complete online balance reconciliation processes between balances from external systems with internal balances
- Ability to take corrective action and apply provisions in case of balance mismatch
- Ability to calculate interest cost and insurance cost based on outstanding cash at cash points
Optimization Management - Manages forecasting of optimal filling amount and schedule based on bank historical transactions; providing the:
- Ability to forecast cash usage based on historical trend analysis and associated costs
- Advanced statistical algorithm, which is trained on bank specific historical data and used to understand the trends
- Ability to analyse recurring and non recurring special events to predict cash usage
- Ability to select risk level for each cash point based on cash point demand and the risk appetite of the bank
Transfer Management - Manages end to end scheduling and filling details; providing the:
- Ability to generate Alerts or refill notifications based on user defined threshold levels to avoid cash outs
- Ability to schedule cash orders for scheduled and unscheduled refills
- Ability to capture filling company details and deliver automated messages to the filling companies and the operations department of the bank
- Ability to track all cash orders from initiation till closure
Key Benefits
- Integrates with existing cash point source systems without any customization to those systems
- Forecasting is based on bank specific historical transactions and allows bank to adjust the schedule in real-time based on evaluation of past filling schedule performance ROI is maximized as features are focused on top cost reduction drivers Vs. minimal return features and functions
- End to End Transfer Management, including filling and alert capabilities is fully automated Solution has been proven to reduce cash outages and reduce idle cash
