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ESQ Data and CashPilot Form Workflow Automation Partnership

cash management

ESQ Data Solutions has formed a partnership with Austrian cash management solution company CashPilot.

The collaboration is in response to demand from financial institutions, retailers, managed service providers and cash-in-transit companies for “comprehensive, hardware-agnostic,” solutions for self-service and cash ecosystem endpoint management (such as ATMs and SmartSafes), monitoring and predictive analytics, according to a Monday (July 8) press release.

“The combined solutions, integrated with AI, provides end-to-end workflow management, process automation and cash management software that meets the evolving needs in endpoint device and cash ecosystem monitoring, management and data-driven business intelligence for the financial services industry,” the companies said in the release.

Based in Austria, CashPilot offers artificial intelligence (AI)-based end-to-end modular cash management solutions to optimize cash logistics for banks, retailers and cash-in-transit companies around the world.

ESQ is based in the U.S. and offers tools for automating processes and workflows across self-service and cash ecosystem devices.

“CashPilot, a well-established cash management software company, will enhance ESQ’s state-of-the-art product offerings with its customer-centric modular software suite. From monitoring and forecasting to optimization, cash center workflow management, reconciliation, and more, customers will have a single, comprehensive cash management solution for all their needs,” ESQ President and CEO Anup Agarwal said.

PMYNTS wrote last month about the cost of cash use for businesses, noting that the “set of expenses associated with cash can be substantial, especially for businesses that handle large volumes of cash.”

For example, banks often charge businesses to deposit cash, with fees based on the amount in question. Even if it’s 10 cents for every $100 deposits, this can add up for businesses with high cash sales.

“Counting cash, preparing deposits and reconciling cash drawers at the end of the day are also labor-intensive processes,” the report continued. “The time employees spend handling these tasks is time not spent on other productive activities. Moreover, the risk of human error and theft is higher with cash transactions. Insurance against these risks, particularly theft, can be costly, and not all losses can be fully insured or recovered.”

That’s why, PYMNTS wrote, small businesses can protect their bottom lines by regularly reviewing and optimizing payment processes.