Standard Chartered Bank, a Dubai-based FI, has signed a partnership agreement with business support provider Transguard Group that will allow the bank to offer its corporate clients “smart” cash deposit machines with Transguard cash-in-transit services.
Under the agreement, Transguard will provide cash deposit machines to Standard Chartered Bank on an operational expense model, according to a press release. This will allow the bank to outsource the entire process — from installation to operation and maintenance.
Standard Chartered has already started taking delivery of the automated smart cash deposit machines to offer to its corporate clients, especially those generating large amounts of cash.
“A major benefit for our customers is the improved cash flow,” Transguard CEO Dr. Abdulla Al Hashimi said in the release. “When funds are deposited in the drop box, they are automatically credited into 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.”
The cash machines also eliminate the risk of loss through theft or fraud and, because the client is no longer liable for the cash once it has been deposited in the drop box, the release said.
There are operational benefits for Standard Chartered Bank, as well, the release said. The smart cash machines can reduce footfall at the bank branch as the cash machines eliminate the need for clients to physically travel to the bank. This reduces the workload for tellers and and allows the branch to improve operating efficiency.
Transguard is the only provider in the market with the technology to offer this service, according to the release.