NBU takes control to carry out cash collection services and transportation of the currency valuables within Ukraine.
Since January, 1, 2016, the National Bank of Ukraine will issue licenses to the legal entities to carry out the cash collection services. To obtain such a license, a legal entity should be required to meet a number of the requirements.
This move has been prompted by the need to streamline cash handling processes based on the contemporary international best practices that provide for the possibility to engage specialized companies (Сash-in-Transit companies or СІТ-companies) in outsourcing projects for the cash handling services, in particular projects involving the provision of cash collection services to the banks.
Director of the NBU Cash Circulation Department Viktor Zaivenko pointed out that leading European countries' experience shows that outsourcing projects involving the transfer of cash collection services to СІТ-companies proved successful.
“СІТ-companies provide cash-in-transit services to both banks and their clients, fully meeting their needs in these services. Furthermore, outsourcing will allow banks to reduce cash handling costs owing to larger cash flows and streamlined operational processes. Large banks’ retail networks handling large cash flows are interested in cash collection, cash-in-transit, and cash logistics services provided by professional companies,” said Mr Zaivenko. “Experience shows that contracting out these services to external service providers brings cost saving benefits to banks, enabling them to cut capital investments and staff costs, reduce insurance, as well as procurement and logistics expenses.”
According to Mr Zaivenko, Resolution No. 926 is intended to contribute to the improvement of banks’ financial conditions, as it would enable banks to use funds available from a reduction in cash handling costs to increase their capital.
Dear customers! Purchasing and operations dealing with the significant amounts of the cash will be significantly simplified thanks to the Cominvestbank carry out cash collection service. After making the purchase, the customer will be able to order the delivery of the cash required amount at the in intended time and place; the amount received under agreements of the sale service can be delivered to the bank by the collection service for further payments on your card or current account.