Valero Retail Selects Fiserv for Cash Management
Deploying agnostic armored-carrier solution, smart-safe hardware devices
SAN ANTONIO -- Valero Retail Holdings Inc., a subsidiary of Valero Energy Corp., has selected Fiserv Inc.'s CorPoint: Deposit Manager cash management solution for use in the company's North American retail stores. By using CorPoint: Deposit Manager, Valero will be able to deploy an armored-carrier agnostic remote cash capture solution and select smart-safe hardware devices that best meet the needs of its retail stores.
"Valero, a Fortune 500 international fuel manufacturer, had previously been using a fragmented remote cash capture solution and had outgrown its armored carrier solution," said Brian Jorgenson, vice president of operations, cash and logistics for Fiserv. "It needed a cost-effective, automated solution for easy implementation across its retail stores nationwide. Through CorPoint: Deposit Manager, Fiserv is able to provide that."
It will provide Valero near real-time information delivered from smart safes in Valero retail stores to the company's central site to ensure consistent accounting and bank reconciliation procedures are maintained. Since the Fiserv remote cash capture solution is armored-carrier agnostic, Valero can choose the most cost-effective armored carrier provider, while still maintaining use of consistent smart-safe manufacturers.
Brookfield, Wis.-based Fiserv is a leading global technology provider serving the financial services industry with payments, processing services, risk and compliance, customer and channel management and business insights and optimization.
Valero, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. The San Antonio company's assets include 16 petroleum refineries with a combined throughput capacity of approximately three million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year and a 50-megawatt wind farm. Approximately 6,800 retail and branded wholesale outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland.