VECTOR Currency Control Solution
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It removes the complexity from currency management.
In a survey conducted by the Federal Reserve, banks stated that cash is their most costly, least profitable payment instrument. They also stated it's their least automated. Maybe that's no coincidence.
By automating the entire currency control process, the VECTOR Currency Control Solution will eliminate surplus cash (in many cases, cash reserves are reduced up to 40%). But VECTOR Currency Control goes far beyond surplus elimination - with strategic cash management features such as daily needs forecasting and courier optimization. All serve the main goal of the Solution: to control excess cash while meeting customer demand for cash on a daily basis.
Too much of a good thing
The VECTOR Currency Control Solution identifies surplus cash (defined as cash that is never needed on any day during the month), provides a monthly target balance for each of your cash sites, then makes that excess cash available for long-term investment.
These target levels provide performance standards to evaluate future cash activity. The Solution analyzes actual cash levels and targets, then assists you in correcting any variance.
Don't get caught short
The prime objective of the VECTOR Currency Control Solution is to help you provide outstanding customer service - meaning you always have the cash they need on-hand.
Besides determining what cash is needed for each cash site, for each day of the month, the Solution identifies what levels of currency denominations are needed. This is particularly important for providing quality service to your commercial customers, with their demands for specific cash amounts by denomination.
And the Solution is designed with flexibility in mind, to accommodate changes in your customer base and their needs. Adjustments can be easily made to the system based on daily, weekly, one-time or holiday customer needs.
The site-specific solution
VECTOR Currency Control provides a systematic method for identifying the specific cash needs of each individual site (whether it's a branch, ATM, vault or cash center), so proper cash levels are always available. Cash requirements for each site can be "customized" to account for various holiday calendars, currency (U.S. dollars or other), ledger days, shipment days and maximum/minimum balances.
The forecast calls for more control
One of the key features of the VECTOR Currency Control Solution is its ability to perform daily forecasting. It will forecast the amount of cash needed for each day, throughout the month, and can manage cash needs.
Anything but non-denominational
VECTOR Currency Control will determine the amount of cash per denomination used each day during the month or reporting period at each of your cash sites. What is needed each day by denomination at each site can then be e-mailed as a shipment report to your courier.
Curb the couriers
VECTOR Currency Control will optimize your courier schedule, which helps significantly in lowering transportation costs. The fact is, cash shipments are often too small and/or too frequent.
If your courier schedule isn't optimized, you may succeed in lowering excess cash levels while incurring more courier fees at the same time (because your branch managers start calling for a pickup every time there's a little extra cash).
The Solution performs shipment calculations, determining the amount to be shipped to a site to supply cash needs, as well as the amount to be removed (determined by finding the break-even point of invested value versus courier fee).
With the VECTOR Currency Control Solution, you can also streamline the movement of cash within your organization by moving cash directly from one site with excess cash to another with too little.
Easy to learn, easy to use
The VECTOR Currency Control Solution is designed to be an intuitive, versatile, easy-to-use application. Windows®-based, multi-currency and multi-lingual, it's a true "thin-client" application. And it runs on standard Internet browsers.
A powerful productivity tool
The VECTOR Currency Control Solution does more than manage cash - it will help improve productivity and staff optimization. Its features include quick target adjustments, courier order handling, management screens and a surplus cash indicator. It allows for the verification of acceptable cash orders and facilitates the ordering of cash via e-mail. And it requires minimal systems maintenance. All this means your branch managers and other management personnel are freed up for other, more essential tasks - such as sales, systems maintenance.
Managing your inventory of cash - and more
VECTOR Currency Control is essentially an inventory control tool, able to manage non-currency items as well as cash. It's an ideal tool should you choose to dispense items such as phone cards, postage stamps or travelers' checks at your teller windows or ATMs.
Reporting from the scene
Imagine sitting at your computer and being able to see the cash position at one or all of your cash sites. Compare actual cash with cash targets. See how much cash is needed by each currency denomination. All of this is possible with VECTOR Currency Control, which generates a variety of management reports based on cash needs. These reports include such useful data as cash usage by site and forecast usage versus actual usage. The Solution also issues reports which will assist you in filing accurate Currency Transaction Reports.
The solution that's "just right"
With the VECTOR Currency Control Solution in place, you can be assured of never having too much cash, or too little, at any given site. And with enhanced features like daily forecasting and courier optimization, it will help you extract as much profitability as possible from your cash resources.
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