Despite the war, Ukraine’s financial sector is developing to provide the best service for our citizens. Therefore, by the partnership of RENOME SMART company, the Bank Forum UKRAINIAN CASH FORUM 2023 took place in Kyiv.
Alla Kyrgyzova, an account manager of the company, presented technologies and solutions developed by RENOME SMART for building a new financial ecosystem in Ukraine. She proposed a model that optimizes and automates existing processes and introduced a solution that helps process large cash volumes efficiently and quickly.
“Despite the trend of cashless payments, we observe an active growth of cash circulation in Ukraine. Therefore, banks and technology companies are faced with an urgent problem of processing this cash. Moreover, the key criteria are optimization of cash collection and reduction of operational costs,” Alla told the audience.
The increase in cash at small, medium, and large businesses in Ukraine requires a review of the current cash collection model. When dealing with large cash volumes, the following priorities should be considered:
- Large cassette capacity of the device: ADM ES 3003 has a total capacity of up to 30,000 banknotes.
- Cash processing speed: ADM processes 1,200 banknotes per minute. If we compare ADM with a Formula 1 racing car, while the car changes four wheels, our device accepts 40 banknotes, which takes 1.88 seconds.
- Security of the cash deposit process: It includes a certified high-security safe that allows cash storage during nighttime.
- Convenience and profitability for both the cash-in-transit service and customers.
The automated deposit machine ES 3003 is a device designed for instant cash transfer to a bank account, accounting, and secure storage until the arrival of cash-in-transit personnel. The software allows integration with multiple banks simultaneously.
The modernization of the existing cash management model for businesses in Ukraine should optimize and automate processes. Previously, we spent resources on recounting and daily cash collection, but now, by building a self-service kiosk ecosystem for cash depositing, we can accumulate funds and collect them at a convenient time.
Here’s how it works: The client comes to our deposit safe and undergoes initial identification. The system then sends a request through the integration gateway to the bank’s software and recognizes the client. The client deposits funds, and the transaction data is transmitted to the bank for immediate online crediting.
The cash-in-transit service is independent of business operations, allowing for optimizing their own visit schedules to various locations and reducing repeated visits. The service receives a commission for each deposit made on the device.
Financial institutions that join the existing solution save on equipment investments, software, service maintenance, and cash-in-transit.
Additionally: UKRAINE CASH FORUM is an annual forum for professionals in the cash circulation field. The event was attended by representatives of the National Bank of Ukraine, commercial banks in Ukraine, CIT companies, as well as leading experts in the management, processing, and regulation of large cash volumes, developers, and providers of technological and software solutions for banks.