Gresham Technologies, a leading software and services company, announced that it has secured a strategic contract worth $1.5 million over a minimum of five years with a cash management solutions provider. The contract involves the use of Gresham's innovative Clareti Control technology.
The customer, which specializes in cash management and retail digital solutions, is already utilizing Gresham's technology in their European operations. Under the new contract, Gresham will implement its cloud-based Clareti product to support the customer's U.S. business.
The primary objective of this partnership is to introduce automation to cash and payments processing controls, ultimately enhancing operational and financial risk management while reducing operating costs. Ian Manocha, CEO of Gresham Technologies, expressed enthusiasm for the collaboration, emphasizing its potential to deliver significant benefits.
The initial contract has a minimum term of five years, during which the customer will pay total committed incremental subscription fees amounting to $1.5 million. Additionally, there will be supplementary charges for professional services, but specific financial details were not disclosed.
Gresham Technologies anticipates a future phase of the project that will enable streamlined straight-through processing of payments to multiple bank partners. This phase is expected to result in further incremental subscription fees. With its global presence across more than 50 countries, the customer offers ample opportunities for expanding the partnership, according to Gresham.
In conclusion, Gresham Technologies is excited about partnering with the cash management solutions provider to revolutionize cash and payments processing controls. By leveraging their innovative Clareti Control technology, Gresham aims to improve operational efficiency, mitigate financial risks, and reduce costs for its customer.
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