ATEC America Improves Currency Exchange International (CXI) Foreign Exchange Services with Custom Cash Management Solution

Rhea-AI Summary

Currency Exchange International (CXI) has successfully implemented ATEC America's cash recyclers across multiple U.S. vault locations. The deployment of the ATEC LTA-450 system addresses CXI's previous challenges with outdated dispensing technology and storage capacity. The new solution offers key improvements including dual-teller operation, recycling technology with smart cassettes, capacity for up to 22,000 notes, multi-currency support, and doubled processing speed compared to previous systems. The partnership aims to enhance operational efficiency and cash management for CXI's FINTECH money service operations.

Positive

• Implementation of advanced cash recycling technology improving operational efficiency
• Increased note capacity up to 22,000 notes, reducing loading frequency
• Doubled processing speed compared to previous solutions
• Enhanced cash management visibility and security

Negative

• None.

ATEC LTA-450 has already yielded critical improvements to operations

EAST HARWICH, Mass.--(BUSINESS WIRE)-- ATEC America, a leading cash automation specialist offering retail, gaming and banking cash management solutions, announced today that Currency Exchange International, Corp. (CXI) successfully deployed new ATEC America cash recyclers in multiple vault locations across in the United States. CXI is a publicly traded FINTECH money service and payments business for financial institutions, businesses and consumers in the United States and select clients globally. Its vaults serve as distribution centers for its branch network, home delivery service and wholesale clients.

ATEC America, LTA-450 (Photo: Business Wire)

A significant portion of CXI’s demand involves smaller transactional amounts in a limited selection of currencies. When feasible, CXI prefers to use cash dispensers or recyclers to minimize errors and boost efficiency. As a high-volume user, it was not unusual for its dispensers to process a high volume of notes daily per machine. Recently, CXI encountered multiple issues with these machines; the dispensing technology became outdated, spare parts and expertise for repairs were no longer available and rolled storage solutions had limited capacity and slower operational speeds. The long lead times for newer technologies from existing vendors and the need for a software and hardware solution to support non-USD transactions prompted CXI to explore alternatives, ultimately deciding on ATEC America.

After evaluating numerous manufacturers and technological solutions, it quickly became evident that CXI required a cash recycler solution with cassettes. ATEC America’s processing speed and note capacity emerged as the optimal choice. ATEC America was dedicated to supporting non-USD currencies, a commitment lacking among other manufacturers and was confident in handling CXI's transaction volumes.

“CXI is a unique business case for ATEC. The company was seeking a comprehensive cash processing solution for its locations that handle a large amount of bills across multiple locations daily,” said David Pepin, managing partner of ATEC America. “ATEC has incredibly powerful tools to help companies like CXI improve operational efficiencies and see an immediate impact on how quickly they can process cash. The ATEC LTA-450 was the perfect solution for this business case. ATEC thrives in environments that require customized solutions, and we are glad to partner with CXI both now and in the future.”

ATEC provided CXI with the necessary software to support multi-currency applications. Key features of ATEC machines that fit CXI’s needs include but are not limited to the ability for dual-teller operation using left/right setup, recycling technology and smart cassettes able to maintain independent inventory from the POS system, large note capacity of up to 22,000 notes, reducing required machine loading frequency, support for various foreign currencies and high-speed performance twice that of comparable rolled storage solutions. CXI received exceptional support from the ATEC America team and its distribution partner, both working together to accommodate special requirements. These improvements in hardware streamlined the operation by not only increasing the speed of each transaction, but allowed better visibility to cash management and security.

“CXI considers ATEC a long-term partner and anticipates expanding its collaboration with ATEC America by adding nationwide remote monitoring of the LTA-450s and allowing hot swapping of multi-currencies,” said Wade Bracy, Managing Director at CXI.

For more information on this and other cash counting solutions, please visit ATEC America today.

About ATEC America

ATEC America is a leading cash automation specialist in the United States, with a growing network of reputable dealers over the decades. ATEC America was established to address the cash management needs of financial institutions and retailers in the US. After achieving success in the banking sector and carefully considering current cash trends, ATEC now extends its services to a wider range of industries, including retail, gaming and baking. As a forward-thinking company, ATEC America is committed to providing excellent customer service to dealers and end users of its products, while continuously innovating and expanding its product offerings beyond the current market spaces.

About Currency Exchange International, Corp. (CXI)

Currency Exchange International (TSX:CXI) (OTCBB:CURN) is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform order.ceifx.com (“OnlineFX”).

The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241114339771/en/

ATEC AMERICA PRESS CONTACT:

Emme Rothberg

(214) 642-2928

emme@masterplancommunications.com

Source: ATEC America

FAQ

What are the key features of ATEC LTA-450 implemented by Currency Exchange International (CURN)?

The ATEC LTA-450 features dual-teller operation, recycling technology with smart cassettes, capacity for up to 22,000 notes, multi-currency support, and twice the processing speed of previous rolled storage solutions.

Why did Currency Exchange International (CURN) choose ATEC America for its cash management solution?

CXI chose ATEC America due to their commitment to supporting non-USD currencies, superior processing speed, large note capacity, and ability to provide customized solutions for high-volume transactions across multiple locations.

What operational improvements has Currency Exchange International (CURN) achieved with ATEC LTA-450?

CXI has achieved streamlined operations through increased transaction speed, better cash management visibility, enhanced security, and improved operational efficiency across their vault locations.