Australia's three largest banks - ANZ Banking Group, Commonwealth Bank of Australia and Westpac - have bought out Carreker's 25% stake in Cash Services Australia (CSA), a joint venture currency supply chain company established in 2001.
The three banks teamed with Carreker to form CSA in 2001. The company was originally 100% owned by Carreker, with the banks becoming part owners in 2002. The banks now each own a one-third share in the cash outsourcing entity.
CSA utilises Carreker technology to aggregate and streamline cash ordering processes for banks.
Brian Evetts, managing director of Carreker's cash and logistics business, says: "CSA is at the forefront in helping Australian commercial banks manage a major challenge that is arising for banks in many countries. That is the rising cost of providing cash services as the reserve banks in many countries reduce their cash services roles or increase their pricing."