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.”