Leading Cash-in-Transit Provider Experiences 200% Growth in East Coast Business Unit Backed by New FI Relationships
FRESNO, Calif., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Operational Security Solutions (“OSS”), a premier provider of end-to-end cash management solutions, and facility hardening, today announced significant expansion of its Cash Management and Logistics services throughout the United States, fueled by growth in new markets on the East Coast and stabilization of the West Coast market. In the last few months the company has added strategic relationships with Financial Institutions (FI) on both coasts and has experienced 200% growth in its East Coast business unit in 2024. OSS predicts the growth trend to continue as it expands its physical presence in both regions, creating efficiencies in its operations and route logistics.
OSS has been a leading cash-in-transit (CIT) service provider on the West Coast since its inception in 2017. Since then the California market has experienced tremendous volatility. OSS saw an opportunity to expand into the East Coast region following regulatory shifts in 2022, bringing new markets to the industry. OSS first established a physical presence in Pennsylvania in 2023 which serves as its east coast hub, and has since bolstered its presence with the addition of qualified personnel and convenient service routes for those in prime markets, including New York, New Jersey, Pennsylvania, Maryland and more. So far this year, OSS has hired executive and operational staff to support the burgeoning east coast market, resulting in over 200% growth and market penetration in the region.
Additionally, despite historical volatility, the west coast market has seemingly stabilized, and OSS has benefited from this stabilization by adding additional FI and operator partners, greatly expanding its presence. OSS is in the process of further identifying physical hubs in the California market in order to optimize routes and manage costs.
While cash transactions will remain a staple in highly regulated and high-risk industries, OSS has witnessed a reduction in the overall dollar volume being moved. New markets continue to open, but competition is stronger…and “smarter.” Accordingly, pressure to reduce pricing for cash processing has increased. OSS has strategically enhanced services to include SmartSafes, compliant e-payment programs, and innovative ways to easily receive cash payments from clients and even pay taxes - with cash. On top of that, OSS has a best-in-class compliance program that readily augments compliance teams within financial institutions to assist with audits and remote site visits. The ability to flex with the markets and needs of our clients has enabled us to compete with much larger competition.
“While some regulatory delays and setbacks are hurting many operators in the space, OSS continues to execute and grow, which is truly a testament to our positioning and expertise as leaders in the space,” said Scott Solomon, Chief Executive Officer of Operational Security Solutions. “The east coast continues to represent an outstanding growth opportunity for OSS as legacy CIT providers continue to lose market share. We are seeing many financial institutions who are seeking more agile and customer-service driven partners and while larger CIT players have a significant brand presence on the east coast, we are hearing that the level and quality of service of these larger shops is just not up to their standard. This is where OSS shines! We are experts in compliance and always treat our clients as partners, elevating us as a best-in-class alternative to traditional CIT providers. We look forward to further growth in our east coast operations as well as the west coast market, as new operators open their doors and legacy markets further stabilize.”
Banking and cash management services in highly regulated and cash intensive categories are a unique challenge given many factors such as the compliance requirements. OSS has years of experience in these exact situations and offers its clients a full suite of services that enable them to focus on their business while OSS does the rest.
For more information on the services provided through this partnership, please visit: https://opsecsolutions.us
About Operational Security Solutions
Operational Security Solutions (OSS) was assembled in 2017 by professionals that have spent their previous careers in law enforcement, federal service, and military special operations -- but have now founded a security and risk management company that supports compliant relationships with financial institutions and their high-risk and cash-intensive clientele.
Media Contact:
Kyle Porter
Virgo PR
oss@virgo-pr.com
