Georgia-based NCR has acquired Transoft International, a cash cost optimization software provider, which will enable NCR to deliver unique and persuasive integrated cash management technology for banks and retailers.
Upon the completion of the transaction, NCR will combine Transoft’s software and SaaS-based product suite and use it into its financial services line of business in a strategy to boost NCR’s existing cash management offering.
According to the acquirer, Transoft manages cash for hundreds of thousands of ATMs, branches, vaults and retailers, using optimization software that employs intricate statistical analysis to assist financial institutions to optimize their cash requirements and shrink costs associated with cash handling.
NCR executive vice president Peter Leav said the addition of Transoft’s solutions and experience will help NCR build a unique and compelling integrated cash management solution.
"As financial institutions continue to reinvent their customer experience through intelligent deposit and branch transformation, managing cash is becoming increasingly complex, making Transoft’s software an increasingly important opportunity," Leav added.
"The integration of Transoft’s software and SaaS offerings with NCR’s experience in ATM and branch technology and strategies will give our customers a unique source of innovative solutions."
According to ATM Industry Association (ATMIA), cash management accounts for nearly 30% of an ATM’s annual expenses and effective cash management plan can save a financial institution from $3,000-$10,000, on an annual basis for each branch.