Transguard and Standard Chartered Bank have signed a partnership agreement relating to smart cash transactions.
Under the terms of the deal, smart cash deposit machines will be integrated with the UAE-based facilities management (FM) firm’s cash-in-transit (CIT) services.
Transguard will provide cash deposit machines to Standard Chartered on an operational expense (OPEX) basis, allowing the bank to outsource the entire process, from installation of cash machines to operations and maintenance.
Transguard will install cash machines at several locations, enabling Standard Chartered’s clients to directly deposit and receive credit for cash.
Julian Wynter, chief executive officer of Standard Chartered UAE, said: “This agreement reflects Standard Chartered’s confidence in Transguard’s services, and reiterates our commitment to strengthening our relationship with them.”
Dr Abdulla Al Hashimi, CEO of Transguard Group, added: “A major benefit for our customers is the improved cash flow. When funds are deposited in the drop box, they are automatically credited to the client’s bank account in real time, as opposed to physically waiting for the cash to be collected by CIT before it can be credited to the client’s account, and we are the only provider in the market with the technology to offer this service.”
In addition to added convenience for Standard Chartered’s corporate customers, the partnership is expected to improve operational efficiency by reducing footfall at bank branches.
Motasim Iqbal, head of transaction banking at Standard Chartered UAE, said: “This agreement is of great benefit to our corporate clients. As it reduces staff time sorting, counting cash, and reconciling sales with deposits – as well as reducing shrinkage due to counterfeit notes and miscounts – it also improves cash flow.”
Once funds have been deposited in the drop box of the smart cash deposit machine, all transactions will be electronically tracked by Standard Chartered’s Straight2Bank electronic trading platform.
Standard Chartered, which successfully piloted its first smart cash deposit machine at its Bur Dubai Branch, has brought on board its first client, Maersk Kanoo UAE.
The bank has also selected the next UAE branches that will be enrolled in the scheme: Deira, Dubai, and Khalidiya, Abu Dhabi.