The journey of a brand powering the Cash Management Space of BFSI & Retail Industry by delivering experience and expertise: Logicash
The journey of a brand powering the Cash Management Space of BFSI & Retail Industry by delivering experience and expertise: Logicash
Undeterred by the change hosted by the technological innovations among the payments space in the way India pays for her spends, cash remains the undisputed king. Its popularity nurtured by elements like its convenience over the primary alternatives, the unbanked or underbanked population of the society, small value payments, contributes to an interesting mystery between the adoration of cash and the value of cash transactions. Also, micro-small industries like Microfinance, Wedding, Vegetables & fruit vendors, Restaurants, Chit fund subscribers and grocery stores nestles cash as the main gateway for their business. Despite being all the digitalization chatter, hard, cold cash represents one of the safest investments possible for the uncertain time when people doubt ‘plastic’ means of payments and other digital options.
Cash is dominating and alive, while it continues to remain the most preferred medium of exchange. Presently, 54% of retail payments are addressed with cash withdrawn from ATMs, 28% via POS and 18% through prepaid payments instruments. A study revealed, in 2017, ATM cash cornered 50% of retail transactions share, POS retained 26% and PPI, 24%. Altered by this, Cash Management in India is yielding a transformation at a noteworthy rate and is expected to boost up at a higher pace in the coming years.
LOGICASH SOLUTIONS Pvt Ltd
India’s booming industry, Cash dominance, installation of ATMs, and re-monetization are amplifying the growth rate of the Cash Management Industry along with the move harnessed by burgeoning leaders like Logicash. Characterizing itself far afield with its focus to rejuvenate the entire ‘Cash Management Space’ in BFSI & Retail Industry, Logicash pulled out its humble beginnings in 2011 as a Joint Venture with Royal Syntech Group Netherland. Logicash came into existence as a need for innovation in the Indian Cash Management Industry under the leadership of Mr. Vipin Jain, the industry veteran whohad laid the fundamentals of Indian Cash-In-Transit(CIT) Industry in 1998.Silently burning the midnight oil to give shape to his dream to create entrepreneurs to have inclusive growth for all the stakeholders right from the field to the boardroom, Mr. Jain rechristened the history of Indian Cash-In-Transit Industry with Logicash and showed the world that success does not happen by chance but struck those who have the perseverance to go after theirdreams. He officially launched Logicash on 1st January 2011.
The approach was fresh; to emerge out as an aggregator nurturing a comprehensive and exemplary web-based application (real-time information) to give its treasured customers pulse of their business which was missing all while in entire offerings of a value chain. Under the leadership of Mr. Jain, Logicash swiftly paced up its operations and within a span of 4 years reached to15,OOO plus ATMs. It has been an astonishing journey of Logicash in steaming up with a growth of 20-30% annually, year after year.
The leader behind Logicash
Mr. Vipin Jain
It’s always captivating to pen down and share the advice of those who are demonstrating good times in life and business as well by following their heart, executing their vision with a perpetual spirit of never giving up. One such industry veteran’s journey in laying the initial steps of a 22-year old industry stands as an inspiring and empowering treat for ambitious individuals. Mr. Vipin Jain’s journey is reminiscent of ‘nowhere to everywhere’ story. Today he is a name to reckon with in Cash Management Space and is symbolized as the one who laid the fundamentals of the Indian Cash in transit industry. A hands-on business leader with standards of excellence in everything he does, Mr. Jain is almost fanatical about delivering value to customers and his willingness to sacrifice business and profits to hold on to “His Promise” has won his customers’ loyalty and undying co-operation of his team, stakeholders and vendors.
- Right from his early days of career, as a young lad, he emerged as a promising entrepreneur. Looking to his strong sense of business acumen, he was invited by CMS Computers – Chairman & Managing Director, Mr. R. D. Grover to be part of his leadership team, wherein he pioneered a new Business Vertical and efficiently headed the entire Cash Management Business for about 15 years until 2010
- It was under, Mr. Jain’s core mettle of experience and vision, enabled CMS Securitas to become more than 350 crores empire, footprints in terms of +100 branches with the sizable presence in more than 900 cities covering more than 1700+ locations, encompassing over 11000+ employees and a fleet of over 1200 plus custom designed armoured vehicles. In addition to such accomplishments, Mr. Jain was also instrumental in the Blackstone deal with CMS.
Accolades & Accreditations
- Mr. Jain has been a Guest speaker at ICCOS Manila – 2012 and had presented a white paper on “Cash Management Companies in India-Challenges and future outlook”.
- RBI has nominated Mr. Vipin Jain as one of their Members of High-level expert Committee constituted for Business Process Reengineering of Currency Management in India.
- Mr. Jain was elected unanimously by the managing committee as the President of Cash Logistics Association (CLA) during 2015-2016
- Under his leadership, Logicash Solutions Pvt Ltd has received;
a.“ The Best Mid-Corp award awarded by PM of Netherlands in June 2015,
b.”The Emerging Mid-Corporate Excellence Award 2015 “conducted by Karur Vysya Bank – Dun & Bradstreet SME Business Excellence Awards 2015. The award was given by Shri Jayant Sinha, Minister of State for Finance Government of India.
c.“ TheAtmosphere award – by Electronic Payment and Services private limited in 2015
- He has also received the “Best Entrepreneur, Rajasthan” Award on 29th of March 2013 at an award function held in Jaipur emerging as a role model for his team across the organization. He has prompted each and every individual to become aspiring entrepreneurs for their key role assignment, based on sound values and uncompromising integrity.
Cash is the lifeline of every business and in today’s business scenario where business transactions are swelling up, an efficient cash management algorithm is a pre-requisite to properly execute payments, collect receivables and manage excess cash. Hit by slow credit off taking and thin margins, banks now prefer to outsource Cash Management activity. In specie, BFSI and Retail sectors are becoming innovative for servicing their customers and look out for the cash management pioneers which can provide consistent service delivery and real-time reporting so as to enable them to manage their cash efficiently. Also, there were few bottlenecks like High operational costs, No automation of process resulting in dilution of controls, no Real Time Information availability and others which needed to be plucked out. The inquest was to unearth a unique and innovative business solution that would address current business challenges which paved a way to the incorporation of Logicash. The organization introduced a business model that was distinct in the Cash Management Industry. With all this, Logicash was all set to usher in best practices across the globe as India’s leading cash management service provider nurturing expertise in cash management, cash pickup, ATM management, cashiering services to BFSI & Retail sectors. Logicash’s infused advancements have steered up the productivity and global operating standards for BFSI and Retail sector.
Mr. Vipin Jain played an entrepreneurial role to rejuvenate the industry by combining knowledge with technology. His commitment towards his customers has energized him to overcome their challenges and attain customer delight.
Empowering its process: Logicash and Innovation
- OTC- One-time combination generation
“We are the first one in cash logistics industry to work on Enterprise Solution for our business. This has helped the customer to view his business transaction on the real-time basis.” – quoted by Mr.Vipin Jain
Logicash introduced first-of-its-kind One Time Code (OTC) for identification purpose while servicing its customer. This modern method was accepted by the existingcustomers and impressed many of the new customers as well.
A Unique one-time Combination is generated every time an ATM loading takes place. This one-time combination is unique and more securitized which is an additional security feature of Logicash along with the S&G key and the password this OTC will be keyed in.
- Geo Tagging
Geo Tagging of all the Service Points on the Map’s which helps the organization to plan its routes in a more effective way. Any new service point coming within the serviced routes will be automatically mapped with the help of GEO tagging.
- Real-Time Reporting- Mobile application
It is a mobile reporting app where the custodian, as and when, loads an ATM or picks up the cash he will update the status through mobile. Near real-time updates of all the transactions via mobile application along with the images of Withdrawal / Deposit / Pickup Slip, Counters / CBR helps the organisation closing on reconciliation on a real-time basis.
- Sales & Marketing Innovation- LC COMBO plan of E-surveillance of ATM Chambers along with ATM replenishment
Along with ATM replenishing and cash Pick up services Logicash also offers a combo plan of 24/7 E-surveillance service to the customers which can cut the cost to almost ¾th of their expense if the client opts to outsource such service.
Logicash Cash Cycle
Infrastructure plays an important role to counterbalance against the unethical functioning of Cash movement. Logicash has made sure that Cash remains secure wherever it moves. Logicash’s Cash Centers are designed with features includingCustom designed standard Office Layout, Access Control to Secure Zones, Interlocking mechanism for Secure Doors, OTC Lockson Vault Door andRemote viewing of vault access.
Logicash Cash Vans are also integrated with latest technologies like:
- Cash Compartment with Automatic Door Closure and dual cylinder locks
- Pilfer Proof Boxes grouted to floor
- Riot Grills
- GPS &GPRS Tracking
- Driver Identification
- Vehicle Immobilizer
- Panic Button
- Door Sensors
What makes Logicash, a pioneer?
- LENS: a gateway to secure cash management and a control over operations.
In order to meet the new cross-industry challenges, there is a need to embrace an innovative approach that holistically manages risk, policies and processes. Banks need projection, consolidation and reconciliation information at a click of a mouse while eliminating human interaction and hence Logicash introduced “LENS” to attain customer delight.
LENS is a business Management tool, that is fast, accurate and efficient with unmatched configurability, flexibility, and easy to use in the Cash Management Environment. With advanced functions like transaction monitoring, Executive dashboard, service level management; the system provides banks and other customers a centralized platform to manage its performance and analyzes its resource profitability.
Area of Expertise
Mr. Jain mentions, “Our ‘IT-enabled’ cash management services give a clear direction to a roadmap realizing the benefit and knowing the right question to ask before you get started makes all the difference.”
LogiCash Management services promote two major brands MOBIcash & ATcash
Crowing itself as the only organization in India offering ‘real-time information’ for cash movement with the support of a vigorous technology team, Logicash has been striving to deliver “tailor-made” solutions catering the specific needs of every individual customer. This includes:
- Cash Pick– Up & Cash Delivery
- Bulk Cash Movement.
- Cash Disposal.
- Bullion Movement
- Cash Sorting & Processing.
- Other Cash Related activities
- ATMCASH MANAGEMENT SERVICES- ATcash
Logicash’s services help to transform resource-draining cash activities into powerful advantages that drive operational efficiencies, lower risk and enhance competitive advantage. Under the highest security controls, we have technological advances that cover the entire process of Cash Replenishment, opening bags, counting, and detection of incidents. Logicash helps bank by taking care of the entire replenishment process that includes:
- ATM Cash replenishment and related activities.24 x7 x365 days
- ATM Cash Vaulting
- Sorting and Processing of Mixed Currency to ATMFIT Notes with G&D M/Cs.
- FLM/SLM services 24×7 x365 days
- Processing Second Line Maintenance
- Transportation of cash up to the ATM site
- Reporting and Reconciliation
- Daily EOD
- Drop-Box, Kiosk and depository clearance
- Caretaker Services 24 x7 x365 days
Facility Management Services
Logicash stands as an integrated facility management service provider offering manpower and infra for handling cash at the customer location.
Logicash’s Customer-Centric Approach
Banking upon Mr. Jain’s Goodwill among customers, it took no time for Logicash to get empanelled with all major clients within few months of its launch, which again reassured that they were on the right path of success. Logicash’s Artificial Intelligence analytics has powered Logicash to combine Apps with end-user computing and datacenter. Another gem under Logicash’s hat, Server Virtualization has catered Logicash’s clients to track daily collections and help them in taking prompt decisions for running their businesses. Storage virtualization is also part of a Logicash foundation for effective cloud deployment and software-defined infrastructures for its business continuity and disaster management.
Currently, the organization is gearing up for new products to reach masses with lowest ticket size to de-risk and support in running run their core business.
Over its successful journey of 7years, Logicash has achieved major milestones such as a Cash logistics company to take over and operate 15000+ ATMs in just 48 months. From its beginning as an initial step, the organization has grown to 22,000 service points and today stands as the fifth leading player in the cash logistics industry. Within a short span of time, the organization was successful to expand its wings over 15 states and today, enjoying a PAN India presence.
Empowering its prowess: Partnership with the NISA Group
To sustain a competitive edge and finetune its adroitness for conquering both the worlds, founder Mr. Vipin Jain joined forces with NISA Group, a market leader in the Indian Security industry for the realization of synergies for a robust pan-India network.NISA Group has positioned itself as a niche offering security, productivity & business support solutions with over 44 years of experience in delivering world-class services with an emphasis on growth out of stability, Robust system and process orientation and a philosophy of leveraging infrastructure, man-management skills, and an adaptive core-expertise. Logicash’s partnership with NISA Group under the aegis of the Group President, Ms. Rupal Sinha will fruit its excellence by giving broader resource bandwidth and synergizing its strength with access to new technological advancements.
Key to being progressive & dynamic: Partnering young talent and infusing new idealogies to Business
Mr. Vijay Iyer joined Logicash’s dexterity as its Chief Operating Officer and DirectorOperations.
Mr. Vijay Iyer
New addition in the top cream of the organization, Vijay’s experience spans over 20 years in Cash Management blended with 8 years of operating experience In ATM Managed services. Prior to this, Vijay has catered his expertise chairing as the Director at Securevalue as well as Sr. Vice President & Head – Cash Management at AGSTTL. Vijay was also associated with Brinks Arya India Private Limited from their early days in the India geography.
Ushering in turnkey technology, Logicash’s footprints are spread across the country, through a robust infrastructure of a secured vehicle and a workforce of more than 3000, Logicash’s top layer of the cream is adorned by industry veterans who are entrepreneurs in their own fields of expertise.
Surya Singh -Director -Sales
Surya has recently joined Logicash as the Director – Sales. Prior joining Logicash, Mr. Singh has catered his expertise while chairing as the President at AGS.
Samir Vithlani – Finance & Accounts
Samir is a qualified Chartered Accountant possessing over 8 years of experience in Finance &Accounts.
Yogita Shah – Business Head
An MBA, Yogita holds expertise in handlingentire product line of Cash Management Business including Compliances, Client & Vendor Contract Mgt for over 10 years. She is actively involved in Logicash’soverall Business Development.
Vidit Jain – Business & Operations
Vidit holds a Bachelor’s degree in Business Administration with a Strong Business Acumen and Analytical skills along with excellence in Branding & Marketing
Sonali Thakker – Human Resources
An MBA in Human Resources and with an outstanding experience in assisting Senior Management for over 8 years, Sonali hails from a background of fair multitasking along with excellent track record in people management & execution of Turnkey projects.
Hemant Thakker – National Manager – Operations
A Graduate with Diploma in Computers, Hemant nurtures profound Experience in Operations & Risk Mgmt, Route Management, ATM Reconciliation & Cash Management
Lawkesh Jain- Administration
A seasoned persona, Lawkesh Jain is a qualified Civil Engineer holding rich experience of over 15 years in the area of Administration and Vendor Management.
Suchitra Naidu – Information & Analytics
An MBA graduate in the field of Marketing, Suchitra brings on board notable experience in assisting the senior management Business development, Business Analytics, and Process Automation.
Birender Rawat – Security
Birender is a Law Graduate hosting a rich experience of more than 15 years in the field of Security with proven track records.
Sushil Kharatmol – Reconciliation
An MBA degree holder with over 18 years of experience in ATM Cash Management, Sushil’s prowess also includesOperations, Reconciliation, Business Development as well as Banking related Operations
Holy Chowla – Reconciliation
Holy has over 14 years’ experience in the field of Analytics and Process Excellence. He has assisted Big banners with his expertise.
Along with a veteran management team, Logicash’s team of highly experienced Governors robustly executes PAN India operations of the organization.
With multi-fold growth and increase in the number of ATMs, the future of the cash-in-transit seems to witness bright sunny days ahead.
It is the day & age of collaboration and Logicash is building a robust roadmap basis this philosophy. Eyeing to emerge as a preferred ‘KPO as a MSP’ for BFSI and Retail