ATLANTA, April 11, 2016 – CetoLogic, a leading provider of software and analytics for financial institutions and retailers, announced that $7.9 billion Renasant Bank based in Tupelo, Miss., $1.2 billion Machias Savings Bank based in Machias, Maine, and $5.1 billion Independent Bank, based in McKinney, Texas have selected its C3 Financial, a cash management and forecasting solution, to simplify cash operations and accurately predict cash levels to service customers’ needs.
Renasant Bank is implementing C3 Financial at its 135 branches and 151 ATMs in Miss., Ala., Ga., Fla. and Tenn. During 2015, Renasant Bank increased their footprint through an acquisition and the bank’s extensive branch and ATM network called for a standardized cash management process to forecast its client’s cash needs. After exploring various solutions, Renasant Bank decided to partner with CetoLogic and employ C3 Financial.
“Cash management has always been a focus for our bank - to ensure our clients’ cash demands are met and our investment team has the tools to accurately and effectively manage their cash levels. CetoLogic and C3 Financial came highly recommended from the employees of HeritageBank of the South, which we acquired last year,” said Phyllis Drope, Funds Management Officer for Renasant Bank. “With C3 Financial, our entire branch and ATM network will submit orders centrally to one department. C3 Financial also offered us integrations to our teller platform system, Teller Insight and money supplier, Loomis. We plan to realize significant time savings and cash reductions utilizing a standard and central cash management application.”
In addition to centralizing cash operations, C3 Financial forecasts accurate cash order and deposit recommendations based on the branch or ATM’s unique cash demands. By providing requisition guidance to retail employees, banks can reduce cash overages and align cash inventory with actual usage.
“We are excited to be partnering with Renasant Bank, Machias Savings Bank and Independent Bank to help them achieve their cash management goals and increase efficiencies within their branch and device network,” said Douglas Ceto, President and CEO of CetoLogic.
“More and more institutions are making cash management a strategic focus as banking and the branch environment continue to transform. The task of overseeing multiple cash points with antiquated systems and processes is difficult and expensive. C3 Financial empowers clients with insight into their cash network, which is across tellers, vaults, ATMs and numerous cash
handling devices in a central easy to use web-based application.”
About Renasant Bank
With perseverance as its watchword, Renasant, which stands for constant renaissance, has a rich history of achievement in its journey to becoming one of the South’s most successful companies. A collection of community banks that values its relationships with employees and clients above all else, Renasant has found its strength in being a company dedicated to solid
leadership, innovation, and community partnership.
From its humble beginnings on February 27, 1904, as a makeshift $100,000 bank started in an old Lee County, Mississippi bakery to its current multi-state 170+ banking, lending, insurance, wealth management, mortgage and financial services offices with $7.9 billion in assets, Renasant has evolved into a client focused corporation that is stronger than ever.
Atlanta, Ga.-based CetoLogic provides software solutions and analytics to financial institutions and retail organizations. CetoLogic proudly services the needs of more than 1,500 clients in 50 states and Canada by providing “Smart Solutions that Make Dollars and Sense.” CetoLogic is the designer of C3 Financial, a web-based cash forecasting and management software.
CetoLogic is also responsible for Deposit Reclassification, a Regulation D retail sweep program designed to eliminate reserve balances. CetoLogic’s pALMs is a web-based asset/liability management simulation software that provides accurate and detailed analysis asset-by-asset and liability-by-liability. These solutions improve earnings, efficiencies, risk management and
operations. For more information about CetoLogic’s solutions, call 1.877.495.0687