Large U.S. Bank Licenses New Cash Network Optimization Solution From Carreker
19 10월 2006 - 7:29AM
PR Newswire (US)
New iCom(TM) Module Helps Banks Comply With Federal Reserve Cash
Re-circulation Changes and Reduce Cash Supply Chain Costs DALLAS,
Oct. 18 /PRNewswire-FirstCall/ -- Carreker Corporation
(NASDAQ:CANI), a leading provider of payments technology and
consulting solutions for the financial services industry, announced
today the release of a new Integrated Cash Optimization Module
(iCom(TM)) to help banks manage vaults and comply with Federal
Reserve cash re-circulation policies. The new module, called iCom
Vault and Network Optimization, is being implemented by a large
U.S. bank in conjunction with its enterprise deployment of iCom to
branches and ATMs. The bank expects iCom to drive enterprise cash
optimization through the balancing of cash and transportation costs
and Federal Reserve cross-shipping penalties. In addition, iCom
will assist the organization in achieving cash ordering
efficiencies. In March 2006, the Federal Reserve Board announced
policy changes intended to reduce the use of Federal Reserve Bank
cash-processing services by providing incentives for depository
institutions to re-circulate currency within their internal and
external cash vaults. In 2007, the Federal Reserve will begin
assessing cross-shipping penalties on banks that order and ship
currency in the same denomination within a five-business-day
period. The Federal Reserve estimates the policy changes will
affect approximately 150 U.S. depository institutions. To minimize
these penalties without significant increase in currency
inventories or transportation costs, banks will need to explore new
solutions and processes within vault networks. iCom Vault and
Network Optimization module, which is fully integrated within
Carreker's enterprise iCom suite, optimizes the bank's cash supply
chain by factoring in the cost of cash, the cost of cash
transportation, and enterprise efficiency. Carreker originally
developed the Vault and Network Optimization module for a client in
Australia and has since enhanced it to accommodate Federal Reserve
and U.S. market requirements. Brian Evetts, executive vice
president and managing director, Cash & Logistics, Carreker
Corporation, said, "Even for banks that have already taken steps to
optimize cash in siloed channels or across the enterprise, higher
interest rates along with the Federal Reserve's re-circulation
policy have raised the stakes higher. These contributing factors
help create a solid business case for a solution that can optimize
cash holdings across ATMs, branches, vaults, and the entire
network. We estimate that for many banks the business case can
amount to millions of dollars a year in annual savings." Web-based
and scalable for institutions of any size, iCom allows cash supply
chain data and tools to be securely accessed, managed, and shared
from any desktop at any time and from any location, including third
party vendors such as cash transporters. iCom is currently used by
more than 70 institutions around the world and typically reduces
excess cash inventories by 20 to 40 percent. Evetts points out that
the Federal Reserve is taking a similar approach to central banks
in many countries which have been even more aggressive than the
Federal Reserve in reducing their subsidies of commercial banks'
cash operations. J. D. (Denny) Carreker, chairman and chief
executive of Carreker Corporation said, "This new module is a
significant enhancement that validates iCom as a market-leading
solution at a time when regulatory change is driving demand, and it
solidifies our advantageous position as we work with financial
institutions to address their cash and logistics challenges." About
Carreker Corporation Carreker Corporation improves earnings for
financial institutions around the world. The Company's integrated
consulting and software solutions are designed to increase clients'
revenues and reduce their expenses, while improving security and
increasing the value of their customer relationships. Carreker
provides products and services to more than 250 clients in the
United States, Canada, the United Kingdom, Ireland, continental
Europe, Australia, New Zealand, South Africa, South America,
Mexico, and the Caribbean. Clients include the full range of
community, regional and large banks, among them more than 75 of the
largest 100 banks in the United States. Headquartered in Dallas,
Texas since 1978, Carreker Corporation has offices in London and
Sydney. For more information, visit http://www.carreker.com/ .
About Carreker's Cash & Logistics Carreker's Cash &
Logistics is part of the company's Global Payments Technologies
division. The Company's Cash & Logistics solutions help
financial institutions and other organizations around the globe:
improve cash optimization from an enterprise perspective (ATMs,
vaults, branches); drive new efficiencies and reduce transportation
spending; track all assets (physical or otherwise) throughout the
enterprise; react to new regulatory policies that impact
operations; and manage their ATM channel through comprehensive ATM
monitoring, estate management and profitability. Carreker's
advanced software applications reside on an integrated, web-based
architecture that facilitates the sharing of common data elements
and straight through processing. Complemented by thought leadership
consulting, these end-to-end solutions maximize efficiency,
minimize risk and reduce expenses throughout vault, branch, ATM,
proof, mailroom and lockbox operations. DATASOURCE: Carreker
Corporation CONTACT: Ann Cain, Strategic Communications Director,
+1-972-371-1748, or , or Lisa Peterson, Chief Financial Officer,
+1-972-371-1454, or , both of Carreker Corporation Web site:
http://www.carreker.com/
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