Transguard Group has signed a partnership agreement with Gunnebo to introduce cash management services to the UAE's retail and banking sectors.
Gunnebo will work to enhance Transguard's existing cash-in-transit (CIT) service.
The company will supply automated ‘smart’ cash deposit machines, to both retailers and banks. These units can receive, count, credit and securely store cash until collected by Transguard’s CIT service.
Dr. Abdulla Al Hashimi, CEO, Transguard Group, commented: “Gunnebo is a reliable and trustworthy partner and now both parties will be able to go to the market with a comprehensive joint proposal, covering secure and efficient onsite cash management solutions, all the way through to the transport, storage and processing of cash.”
The model is expected to reduce staff time sorting and counting cash, as well as merging sales with deposits. It is also expected to reduce shrinkage due to counterfeit notes and miscounts.
As an added benefit, the enhanced service will improve cash flows for clients, as deposited funds are automatically credited to the client’s bank account in real-time. The current model leaves clients waiting for the cash to be collected by Transguard’s CIT before it is credited.
Henrik Lange, CEO, Gunnebo, said: “The cost of handling cash in Europe is estimated to be the equivalent of up to two per cent ofGDP, so based on those figures the UAE could make substantial savings by adopting the latest smart solutions, underscoring its regional position as a technologyleader.”