Transguard and Gunnebo extend cash-management deal
Transguard and Gunnebo have extended their existing partnership agreement, which combines automated cash-handling processes with transportation, storage, and counting
Transguard and Gunnebo have extended their existing cash-management partnership agreement.
Under the terms of the agreement, Transguard – in partnership with Gunnebo – supplies automated smart cash deposit machines to retailers and banks. The machines receive, check, count, credit, and securely store cash until it is collected by the Transguard Cash in Transit (CIT).
The joint offering is designed to negate the need for retailers and corporate customers to physically handle cash, and reduce their dependency on cash-in-transit companies.
Dr Abdulla Al Hashimi, chief executive officer of Transguard Group, said: “This solution has revolutionised the cash industry in the UAE, and the majority of our clients – including hyper- and supermarkets, hotels, retailers, educational institutes, government entities, and healthcare [providers] – have significantly benefitted in [in terms of both] time and money.
“Transguard [takes] responsibility for the cash once it has been deposited in the machine. At that stage, our clients no longer have access to, or ownership of, the cash. This significantly reduces risk and [also has the potential to] reduce the cost of insurance premiums,” he added.
The deal, which has been in effect since 2014, combines automated cash-handling processes with transportation, storage, and counting. The arrangement not only covers front- and back-office deposit machines, but also core banking integration units commonly used in high-traffic bank branches and corporate facilities.
By offering an efficient and more secure working environment, and minimising the risk of theft and loss, Transguard and Gunnebo claim that the machines fit perfectly with the aims of the Smart Dubai vision.
Henrik Lange, COE of Gunnebo, concluded: “The cash-management business has developed rapidly throughout the UAE over the last few years, and we are looking forward to extending our partnership with Transguard, the UAE’s strongest player in this sector.”