NatWest to pilot UK’s first intelligent cash management system with automated account crediting

Credit: Ed Robinson/OneRedEye

Credit: Ed Robinson/OneRedEye

NatWest and G4S are working in tandem to pilot the UK’s first intelligent cash management solution for businesses later this year. This innovative and secure cash solution enables businesses to benefit from automated account crediting of cash transactions without having to deposit that day’s takings in their local branch.

The intelligent cash solution works like an on-site automated deposit system. When businesses deposit cash into the G4S device, the cash is validated and their accounts are credited daily. The cash is then securely held in the device until the Cash-in-Transit provider visits the business.

During the pilot, G4S will provide the integrated solution including equipment, software and services to the participating businesses.

Additional benefits of the system include validation of bank notes and forgery detection, consolidated end of day reporting across multiple sites, the fact that cash can be held securely on site, reduction of losses due to administrative errors and fraud and no need to ‘cash up’ at the end of the day.

Alison Rose, CEO of commercial and private banking at NatWest, said: “We’re committed to using technology to find innovative ways to improve efficiency and enhance our customers’ experience. The intelligent cash solution is an efficient, secure and cost-effective way for cash reliant businesses to have access to that day’s takings without having to make a daily trip to their local branch, allowing them to spend more time on running their business.”

Jesus Rosano, divisional CEO for G4S Global Cash Solutions, said: “Our innovative cash technology benefits thousands of businesses around the world by managing their daily cash flow and payments more securely and more efficiently. G4S welcomes this partnership with NatWest to bring these benefits to its customers through the use of G4S technology and its software.”

Rosano added: “The payments landscape is changing, but cash remains vital because choice of payment is important for consumers and citizens right across our society. G4S continues to invest in cash technology and works with customers and payment institutions on an ongoing basis to improve the efficiency and ease of using cash.”

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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