New venture will reduce costs of cash management in retail.
Deposit Manager and Cash Connect Management Solutions have concluded a merger agreement in terms of which a new company, Deposit Manager, has been formed. Cash Connect Management Solutions has a 51% interest in the new company with the balance of the shares held by Robert Tweedie, Alan Serrurier and Pierre Liebenberg, the former partners of Deposit Manager.
Deposit Manager has been offering automated cash management solutions to the banking and retail industries since 2005 and brings to the new company its technology developed on a sound engineering platform and years of experience in the cash acceptance industry.
Cash Connect Management Solutions boasts 86 years’ collective experience in specialised cash management, processing, logistics and security, emphasising the company’s ability to deliver a comprehensive end-to-end cash management solution. Formed in 2006, Cash Connect’s service offering is enhanced by its access to the significant financial base of its holding company, the Basileus Capital Group, as well as an extensive insurance portfolio, an efficient and experienced treasury, a national technical support team and an unsurpassed cash logistics network.
Cash Connect has over 450 sites nationally and is processing some R640 million a month through the footprint. In February 2010 the company clocked its 10 millionth transaction. In this time they have had eight attacks against their safes in the field, of which five were successfully defended.
“The combination of Deposit Manager’s technological expertise and Cash Connect’s commitment to service is set to create the strongest, independent retail cash solutions service provider, capable of meeting all the operational, safety and accuracy requirements of the South African marketplace and beyond,” said Pierre Liebenberg, CEO of Deposit Manager.
Deposit Manager’s innovative approach to cash acceptance and management systems led to the development of a product called the Compact 5000. This technology platform has in turn spawned a family of products under the Compact banner, all of which are new-generation cash acceptance and management products that are available to the banking and retail sectors. The Compact range comprises an intelligent safe capable of accepting, securing and managing cash from within a retail environment, linked to a GPRS modem. The Compact products provide an answer to the needs identified as critical in a typical retail cash-management environment from low cash receipt stores to high volume, multicashier wholesalers or banking environments.
They provide the user with a minimum SBSA Category 3 or 4 rated safe, which houses purpose-developed mechanical, electronic and software interfaces which include:
* A cash validation device with a high-speed acceptance rate.
* A cash-bagging mechanism to accept the cash into tamper-evident packaging.
* A bag-sealing mechanism to apply a primary anti-tamper seal on the tamper-evident bag.
* A trap-door arrangement to accommodate filled and sealed bags until collection and seal-off user access door from cash depository.
* A bar-code reader for identifying serial numbers of disposable tamper-evident bags loaded into the device by the user.
* A biometric/fingerprint reader to validate access to the device.
* A main control module containing a main processor module, printer, backup power supply and GPRS modem. This module is responsible for both controlling the functionality of the device and providing transmission of transactional data to an off-site server.
The combination of experience in cash management solutions that each of these partners brings to the new venture will not only significantly reduce costs of cash management when compared to manual cash processes but will also virtually eliminate the risk of armed robbery by removing access to cash receipts. The Deposit Manager and Cash Connect partnership is well positioned to take cash management to a new level within the retail sector.
For more information contact Cash Connect Management Solutions, +27 (0)11 531 5464, www.cashconnect.co.za
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