LAS VEGAS – CetoLogic, a provider of software and analytics for financial institutions and retailers, on Tuesday said two credit unions have selected its C3 Financial cash management and forecasting solution.
The Atlanta-based company’s announcement came at the 2015 BAI Retail Delivery Conference here. CetoLogic said $424 million Matanuska Valley Federal Credit Union, based in Palmer, Alaska, and $968 million KeyPoint Credit Union, Santa Clara, Calif., wanted to streamline their cash management processes and better align cash levels with member demand.
Prior to implementing C3 Financial, Matanuska Valley FCU noted it conducted cash orders for all 11 branches through one central branch, and then coordinated cash deliveries from three separate money suppliers to the other branches.
“The inter-branch cash transfers became incredibly costly and time-consuming, especially for our central branch that was responsible for servicing cash orders for our entire branch network,” Penny Cook, community office manager for MVFCU, said in a statement. “Now our branches simply submit their own cash orders directly through C3 Financial, which are then reviewed and approved by accounting and delivered directly to the branches.
“We have realized significant time and cost savings by streamlining our cash management efforts using one, central platform,” Cook added.
According to CetoLogic, in addition to streamlining cash management operations, C3 Financial uses historical data to provide accurate branch and ATM cash order and deposit recommendations to ensure each location has the correct amount of cash on hand to cover its unique member needs.
“As the branch landscape transforms, CetoLogic strives to empower branches to increase productivity and allow operations to have insight into branches and devices as never before,” said Douglas Ceto, president and CEO of CetoLogic. “Many of our solutions are designed to assist institutions in freeing up their resources, which allows them to focus on their membership.”
CetoLogic services more than 1,500 clients in 50 U.S. states and Canada.
