Fifth Third Bank has expanded its currency processing solutions (CPS) to include a fully managed service solution.
The US bank, which is headquartered in Cincinnati, Ohio, said that its CPS suite provides a holistic approach to cash handling for retailers from point of sale (PoS) to account reconciliation and reporting. By offering a managed service approach, Fifth Third acts as a single service provider to help businesses reduce the amount of time they need to spend managing their cash handling activity.
CPS frees up key store resources so they can concentrate more time on customers, employee development and merchandising, and it reduces the need for armored courier service pick ups.
Other key benefits of include:
- Reducing or eliminating in-store working capital requirements.
- Improving employee safety and security by eliminating the need for personnel to make frequent trips to the bank with large amounts of cash.
- Reducing banking fees, cash in transit delays and cash over/short.
“We have simplified the process for retailers so they can minimise the amount of time personnel spend on reporting, reconciliation and end-of-day deposits, allowing them to focus on growing and managing their business and enhancing the client experience,” said John Bultema, executive vice president (EVP), CPS for Fifth Third Bank.
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