Halyk Bank partners Fiserv to streamline cash management processes

Thursday 21 February 2019 09:00 CET | News

Fiserv, a global provider of financial services technology solutions, has teamed up with Halyk Bank to enable the Kazakhstan-based bank centralise its cash management process.

The bank has implemented a full range of cash and logistics solutions from Fiserv, including Integrated Currency Manager for web-based cash supply chain management, and Device Manager for automated self-service device management.

In Kazakhstan the use of cash remains common, making efficient cash management particularly strategic for financial institutions in the country, according to the official press release. Moreover, centralising cash management operations will allow Halyk Bank staff to optimise cash levels at branches and devices based on demand.

When cash sits idle in a teller drawer or a self-service device, it is costly for the financial institution because the money cannot be used for another purpose, such as to fund a loan. However, if a customer wishes to make a withdrawal and there is not enough cash on hand the customer will be disappointed and may take their banking business elsewhere. Technology can help banks ensure the correct amount of cash is always on hand at bank branches, ATMs, and other self-service devices.

As a result of the partnership, Halyk Bank will be able to respond to changing needs for cash at devices including ATMs, in-branch deposit machines, and cash recycling machines.

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Keywords: Fiserv, cash management, supply chain finance, bank, partnership, Halyk Bank, automation, Kazakhstan
Countries: World