Bulk deposit device is safer cash delivery
Cash Connect offers a speedier cash-in-transit solution for banks and retailers
CASH Connect has launched its new self-service bulk deposit acceptor (BDA) device, or ATM, set to make a safer environment for the retail and banking sector. It is capable of handling 10 000 notes and can count 800 notes and 800 coins a minute.
Cash Connect Management Solutions offers an end-to-end cash management payment solution that encompasses cashin-transit logistics and cash processing.
Cash Connect launched the machine at the Seamless payments, e-commerce and retail conference at the Cape Town International Convention Centre yesterday.
Richard Phillips, the joint chief executive of Cash Connect, said that in a scenario where dozens of trucks left a depot in the morning to deliver COD (cash on delivery) consumer goods like cold drinks, milk or fresh produce to retailers across the country and during the day, the trucks returned carrying large volumes of cash, with drivers having removed the cash from an on-board drop-safe, traditionally spent several hours in the depot’s cash centre, counting the cash and filling out deposit slips, and thereafter had to wait in a queue to hand over the cash to the cashier. He said only once the deposit was verified by the cash centre could the driver get back on the road again.
Phillips said the bulk-deposit ATM provided an automated alternative, which had been proved to be four to six times faster than a manual counting and verification process, and in addition, the need for filling out a manual bank deposit slip was eliminated, further improving process efficiency and saving time.
He said the machine not only eliminated much of the hassle associated with traditional cash-handling methods, it enhanced existing safety and security measures and cut down on cash shrinkage.
“Automated cash management eliminates the need for manual paperwork and reconciliations and drastically reduces incidences of human error,” said Phillips.
Pierre Liebenberg, the general manager for solutions development and manufacturing of Cash Connect, said another feature of the ATM was the secure biometric identification system that reinforced accountability and eliminated cash shrinkage.
“Retailers’ cash is guaranteed through a system that identifies people and assigns accountability based on fingerprints,” said Liebenberg.
The BDA’s through-the-wall configuration offers a minimally invasive footprint that makes efficient use of available space in cash offices, and its touchscreen makes self-service deposits easy for depositors, drivers, cashiers and others, it is claimed.
Phillips said that with the BDA, Cash Connect enhances its reputation as a key enabler of South African businesses. Phillips said according to official armed robbery statistics, there are 57 armed robberies against businesses every day.