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Companies agree to bring new joint cash management services to the UAE retail and banking sectors that are secure and save time and money
Prominent UAE-based Transguard Group, an Emirates Group company, has signed a partnership agreement with Gunnebo a leading global provider of retail cash management solutions. The two companies will now be able to offer a market proposition which integrates the cash in transit (CIT) services of Transguard with the cash management solutions of Gunnebo.
"Gunnebo is a reliable and trustworthy partner and now both parties will be able to go to the market with a comprehensive joint proposal, covering secure and efficient onsite cash management solutions, all the way through to the transport, storage and processing of cash," said Dr. Abdulla Al Hashimi, CEO, Transguard Group.
"That will save retailers and banks, time and money, as well as offering an efficient and more secure working environment," he added.
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, as ironic as it sounds, handling cash costs money.
"The cost of handling cash in Europe is estimated to be the equivalent of up to two per cent of GDP, so based on those figures the UAE could make substantial savings by adopting the latest smart solutions, underscoring its regional position as a technology leader," said Henrik Lange, CEO, Gunnebo.
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 CIT. 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 is the improved cash flow. When funds are deposited in the drop box, they are automatically credited into the client's bank account, in real time, as opposed to physically waiting for the cash to be collected by CIT before it can be credited to the client's account.
The safe also eliminates the risk of loss through theft or fraud and, because Transguard is liable for the cash once it has been deposited in the drop box, at that stage clients have no access or ownership of the cash, which reduces risk significantly and can also reduce the cost of insurance premiums.
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About the Transguard Group
The Transguard Group, an Emirates Group company, was established in 2001 and is now the leading security services provider in the region. The group has diversified significantly and has become an international business support services conglomerate leading in the fields of facilities management, cash management, security, training, consultancy and aviation services, while group company Transguard Themis is a specialist provider of end-to-end recruitment and professional contract staffing and resourcing solutions. The group has an annual turnover of AED 1 billion and full-time staff of over 30,000, led by an experienced international management team.
For more details please log on to www.transguardgroup.com
About Gunnebo
Gunnebo is a global leader in security products, services and solutions with an offering that covers cash handling, safes and vaults, entrance security and electronic security for banks, retail, CIT, mass transit, public and commercial buildings and industrial and high-risk sites.
The Gunnebo Security Group has sales companies in 33 countries across Europe, the Middle East, Africa, Asia Pacific and the Americas as well as channel partners in over 100 additional markets. It has an annual turnover of EURO 610 million and employs 5,600 people.
For more details log on to www.gunnebo.ae
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© Press Release 2015
