Caesars Entertainment partners with Fifth Third Bank for currency processing solutions

CPS enables businesses to reduce labor costs and paperwork, mitigate theft, and make working capital more readily available.

“We continue to expand this program across our franchise because the smart safe technology combined with the managed service aspect allows us to spend less effort managing cash and more time focused on customer engagement and experience. We have been extremely satisfied and impressed with the level of support that we have received from Fifth Third Bank,” said Clay Behrman, director of enterprise operational finance at Caesars Entertainment Corporation.

A comprehensive managed service method to managing and handling cash, CPS automates manual processes such as counting bills, creates fewer cash-handling touch points and tracks transactions across locations to provide detailed, real-time insight to a customer’s overall cash position. The redundancies that typically exist with cash management have been streamlined or eliminated, making the reconciliation process easier and efficient.

“As our Currency Processing Solution has evolved into a managed service that complements the benefits associated with smart safe technology, we are reducing many of the pain points our commercial customers experience with handling cash. We are delighted that our solution is enabling commercial customers like Caesars Entertainment to reduce costs of handling cash, streamline operations and free up working capital,” said John Bultema, executive vice president, treasury management and currency processing solutions.

Caesars went live with their first property in January of 2014. Since then Fifth Third has deployed solutions in an additional 7 properties across the Caesars franchise supporting a number of environments including food and beverage, retail, cage and slots. Fifth Third has also developed software that reduces the time required for associates to secure beginning tills and in the post shift deposit process, providing a boost to productivity.

Other key benefits of CPS include:

• Round-the-clock access to services;
• Increased employee efficiency;
• Optimal required cash on-hand in the vault at all times;
• Reduced banking fees, cash in transit delays and cash over/short.