Gasper Corp. has introduced software to help banks monitor cash requirements for automated teller machines during the transition to 2000.
Its Cash Monitor software is intended to improve banks' ability to respond quickly to depleted cash reserves rather than to predict cash needs. Such forecasting is deemed difficult given the uniqueness of the millennium changeover.
"We have no historical data to tell us what will happen," said David Gasper, president and founder of the privately held company in Dayton, Ohio. "Additional cash will be required by ATMs during the transition. But it is anyone's guess how many additional funds will be needed and when."
Like other ATM cash management technology, Cash Monitor lets machine owners view cash levels across their networks. As an additional step, it takes into account the varying response times of cash-replenishment teams when issuing warnings about low cash levels.
Cash Monitor also generates work orders for service teams when cash is running low.
The software has a basic price of $50,000, which can rise depending on the number of ATMs being monitored. Mr. Gasper said, "We're very close to signing a couple" of institutions to use the software.
Gasper has supplied software to networks driving more than 50% of the ATMs in the United States and 20% worldwide. Cash Monitor complements Gasper's year-old cash forecasting software, Cash Optimization, which lets a financial institution decide to stock up one ATM or hold lower inventory at another.