Bank of Ireland has signed a major multimillion euro IT deal for the implementation of a new end-to-end currency management solution that will allow the bank to better manage its cash supply chain.
The bank has signed a deal with international currency management software firm Transoft International following an extensive competitive evaluation of leading systems.
Bank of Ireland will use Transoft’s OptiCash, OptiNet and OptiVault to steamline business processes within the bank’s cash environment and optimise the level of cash held across the supply chain. Throughout the coming year, all ATMs, branches and vaults will be operational on Transoft’s applications, which will result in major cost savings for the bank.
Bank of Ireland spokesman Jim Molloy commented: “We are very impressed by the feedback we received from existing Transoft users, and we look forward to a successful partnership with Transoft in enabling us to deliver ongoing benefits across all of Bank of Ireland’s cash operations.”
Transoft develops solutions that enable banks to enjoy cost optimisation and implement effective currency management procedures. The company has customers spanning six continents, with its solutions managing cash for nearly 100,000 ATMs and branches.
Transoft’s CEO Bo Holmgreen said: “Due to the recent market changes following the introduction of the euro, we are currently seeing much success and expansion in Europe.”
Michael Printer, the director of Transoft Europe commented: “We consider the decision on behalf of Bank Of Ireland to be particularly strategic given the strong nature of the competition within the evaluation process and the bank’s adherence to rigorous quality standards.”
The deal is the latest in a series of IT contracts signed by the bank in recent months. Earlier this year the bank signed a multimillion euro deal with Microsoft for operating systems and desktop software. And in April it was revealed that Hewlett-Packard is in the final stages of negotiating an outsourcing deal worth about $600m with the bank.
By John Kennedy