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Transforming Depository Banking Structure

By: Joe Gavaghan
May 23, 2011

Garda Cash Logistics participated recently in a presentation by Amtrak, the National Railroad Passenger Corporation, at the Association of Financial Professionals (AFP) Annual Conference in Los Angeles.

 

“Back on Track” The Transformation of Amtrak’s Depository Banking Structure,” presented by Jeffrey R. Carnicelli, Amtrak’s Senior Director of Treasury Operations, described how Amtrak transformed its national railroad station banking structure into one that is now efficient, cost effective, and well controlled.

 

Karl Harman, Vice President of Business Development for Garda, described how its cash logistics solutions assisted in achieving Amtrak’s transformation.  Using Garda and their banking partners, Amtrak was able to accelerate its cash flow through more efficient cash processing and route optimization. Garda also took responsibility for much of the subcontracting required for armored car service providing a single point of contact.

 

Amtrak worked with Garda to achieve route optimization for its cash pick-up and delivery services, assisted with detailed cost/benefit analysis to maximize efficiency, and employed a phased rollout of its services accompanied by comprehensive communications and training support.

 

“We are delighted to be part of this successful project with Amtrak,” noted Mr. Harman, “providing the critical interface between Amtrak and its banks. Advising Amtrak on comprehensive cash management solutions, we helped speed the overall process, reduce costs and provide Amtrak with the flexibility it needs for its banking structure.