Loomis Armored U.S. LLC, a major organization in the cash handling sector, recently announced that it entered into a strategic partnership with Fifth Third Bank. The bank’s currency processing offering, Remote Currency Manager (RCM) will now be provided with reliable courier service by Loomis. The bank will therefore be able to offer its RCM service to an increasing number of retailers across the country.
The bank will be able to monitor cash deposits in a dependable manner with the wireless connectivity offered by Loomis. The wireless connectivity will also allow the bank to offer temporary credit for customers utilizing smart-safe technology.
In a release, Jeff Ficke, senior VP and director, Treasury Management, Fifth Third Bank said, “Loomis will be a great addition to expand the Bank’s currency processing offering. With Loomis’ more than 224 locations throughout the United States, the Bank will be able to provide currency processing and armored courier services to more of our customers across the nation.”
In 2007, Fifth Third Bank started its currency processing services with an aim to offer retailers an efficient method of managing cash. The currency processing services have decreased the expenses incurred while transferring cash to the business’ bank account. With the incorporation of smart-safe technology with the RCM solution, currency will now be transferred for retail customers from the smart safe to the bank using Loomis’ armored courier service.
Robert Lynch, senior VP, National Sales, Loomis U.S. said, “We are pleased to be working with Fifth Third Bank to support its innovative currency processing solutions. These solutions will help customers automate cash deposit services, achieve better cash flow through accelerated access to funds, free up time for management to oversee staff and provide better customer service, and reduce time spent processing and reconciling deposits.”
Fifth Third Bancorp is a diversified financial services organization with assets worth $118 billion. The bank, with headquarters in Cincinnati, Ohio, runs 15 associates with 1,321 full-service Banking Centers.
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Edited by Rachel Ramsey