Working with a Central Bank to optimise end-to-end cash operations
The cash industry in one of the Middle East’s largest economies is fragmented, with 12 commercial banks operating 109 cash centres in 22 cities.
The country’s Central Bank has a strategic plan to enhance and improve the efficiency of its end-to-end cash operations.
Concept DesignVaultex – working with a local partner – developed the concept operating model for a multi-bank cash centre (MBCC): the first of its kind in the Kingdom. The model includes the processing and verification of deposits, providing secure storage of cash, and packing cash orders for customers and ATMs.
Supporting Supplier WorkshopsVaultex supported the client during workshops with its chosen suppliers, providing specialist recommendations based on experience of multi-bank cash operations.
Policies & ProceduresVaultex is creating detailed operational procedures to support the running and management of the cash centre.
Greater Efficiency: Reduced costs and increased capacity in the central bank's cash centre network.
Optimisation: Improved efficiency of the business.
Improved Service: Increased the level of service provided to clients and consequently improved reputation in the market.
Stronger Controls: Improved financial controls and risk mitigation.