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Argentine banks to launch technology business for cash logistics

Three of the biggest banks in Argentina – Banco Santander Río SA, Citibank NA Sucursal establecida en la República Argentina and HSBC Bank Argentina SA – are planning to launch a business called Ducitt to focus on technology to improve cash logistics and navigation of money transfer trucks with an initial investment of $10 million, El Cronista reported.

Ducitt will reportedly use different types of technology to improve the efficiency of armored trucks with robotics and electronic sensors.

The banks own varying stakes in Gire SA, the company behind the new service, which also manages electronic payment processing business Rapipago.