Transguard, Gunnebo extend smart cash deal

Emirates Business

Leading UAE business support services provider Transguard Group extended its partnership agreement with Gunnebo, a leading global provider of retail cash management solutions. The two companies have been offering a joint market proposition since 2014, which combines automated cash handling processes with transportation, storage and counting services. Transguard’s successful arrangement with Gunnebo not only covers front and back-office deposit machines, but also core banking integration units, which are ideal for high traffic bank branches and corporate locations.
With over 2,000 machines expected to be in circulation in the UAE by 2020, the joint proposal provides retailers and corporate customers with an alternative to physically handling cash and their dependency on cash-in-transit companies to pick up cash and credit their bank accounts.
“This solution has revolutionized the cash industry in the UAE and the majority of our clients, including hyper/supermarkets, hotels, retailers, educational institutes, government entities and healthcare sectors etc. have significantly benefited on time and money.
The machines, which fit perfectly with Dubai’s 2020 Smart Vision, also offer an efficient and more secure working environment, eliminating the risk of theft and loss.
“Transguard owns 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, and this significantly reduces risk and can potentially also reduce the cost of insurance premiums,” said Dr. Abdulla Al Hashimi, CEO Transguard Group.
Despite the significant growth in online banking in the UAE, as well as broader and more efficient connectivity, cash is not disappearing. Today it still remains the most widely accepted form of payment, however, handling cash costs money.
“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,” said Henrik Lange, CEO, Gunnebo.
Transguard, in partnership with Gunnebo, supplies automated ‘Smart’ cash deposit machines, to retailers and banks, which receive, check, count, credit and securely store cash until it is collected by Transguard Cash in Transit (CIT) team. This reduces staff time sorting and counting cash and reconciling sales with deposits, as well as reducing shrinkage due to counterfeit notes and miscounts.
Another major benefit for retailers and banks is the improved cash flow. When funds are deposited in the machine, they are credited into the client’s bank account multiple times a day, as opposed to physically waiting for the cash to be collected by CIT before it can be credited to the client’s account on the following day.