By Sam Pearl, Director, Marketing & Communications
Cash is not going away any time soon. Retailers, banks, and armored carriers must therefore be equipped to effectively view and manage cash in circulation throughout the entire cash cycle.
Why let cash handling become an expensive process? By digitizing cash information and converting it into easily exchangeable data, retailers and their financial partners can unlock a series of time-saving and cost-saving benefits across their operations.
While track-and-trace solutions for consumer packages have been in place for years, the Federal Reserve Bank and leading industry suppliers have laid the groundwork to establish a standardized process to make track-and-trace a reality for cash packages as well. It’s 2020: the technology and the infrastructure are already in place to bring the cash supply chain up to speed. According to our team of experts and our industry partners, below are the most common “myths” irrationally stopping stakeholders from implementing real-time cash visibility across their organizations. We’re here to debunk each one of them:
“It sounds great, but it’s too far away.”
The infrastructure already exists: a common ‘cash visibility’ language has been established by the Federal Reserve Bank and GS1 (an organization that develops and maintains global standards for business communication). Through their leadership, the standardized framework is set up to identify, track, and exchange electronic information as cash moves through the supply chain. Additionally, most bank deposit bags are already manufactured with a readable 1D barcode. Bag suppliers can already print GS1-compliant SSCC barcodes, which is crucial for traceability since it uniquely identifies each distributed bag and its content.
“I won’t be able to integrate with my current system.”
Many cash management suppliers – including SureTraxx Cash Management Systems – have implemented the Federal Reserve Bank and GS1’s common language to serve as the vehicle to easily capture cash deposit data and exchange it between all key stakeholders: banks, armored carriers, and retailers. These agnostic (universal) programs have been developed to send standardized ‘What to Expect’ files that will work with your existing deposit processes – without reinventing your company procedures.
“It will cost too much money to implement.”
A program or software is said to be agnostic if it can function and be integrated across varied systems. Universal cash management programs exist today and can be implemented without requiring any new hardware or software installation. If you’re a retailer, bank, or armored carrier stuck using a legacy system for your cash handling operations, programs like SureTraxx DT can integrate into your cash handling environment to digitize your processes and unlock visibility across your organization.
“My bank won’t process deposit slips without MICR ink.”
Electronic and printed deposit tickets are already being processed and accepted by the major banks and national/independent armored carriers. Barcode readers are in use at most cash vaults and financial centers to easily process digital (or printed) cash deposits and scan incoming deposit bags. Many banks are also using OCR scanners to lift the data fields off the deposit ticket itself. These existing tools enable retailers to use enhanced, digital deposit tickets and cash management programs without worrying about bank acceptance.
Don’t be left behind! The foundation is in place to experience cash visibility across your organization today. While the cash handling industry – as a whole – gets up to speed, your business can easily achieve real-time transparency and begin to see the countless, powerful benefits right away.
Begin to enhance your operations, eliminate discrepancies, and easily share cash deposit data across your business and with your financial partners. Please contact our team of experts to schedule a consultation and discover how to unlock cash visibility with SureTraxx DT.