There is a whole section of our website dedicated to cash depositing and recycling equipment but the fact is that a lot of business owners aren’t familiar with what a solution like this looks like or what it can do for their business.
There are many things that could drive the need to implement a cash management system in your business; cash volume increases, cost effectiveness, security, accountability, time, efficiency or compliance requirements.Here we give you a brief synopsis of what cash depositing and recycling actually is and the benefits it can offer.
Cash depositing and recycling equipment is a big investment but for any business that handles large volumes of cash, particularly financial institutions such as credit unions, the payoff speaks for itself. Installing cash depositing and recycling equipment will allow you to completely transform your cash handling processes by reducing risk, improving security and increasing efficiencies.
Handling cash comes with a unique set of requirements. Processes must be developed to ensure the highest level of security possible while maintaining optimum efficiencies.
Staff must be trained and re-trained every time a currency is updated. Cash must be authenticated, verified, counted, re-counted and recycled through an on-site ATM, collected by a CIT company or transported to a bank to be deposited by staff. There are also compliance requirements to consider. The Banknote Recirculation Framework applies to all financial institutions and professional cash handlers. The complexities can seem overwhelming once you start making lists.
There are lots of smaller coin and banknote counting and verification machines that can make the cash handling process easier but the key concerns around security and accountability that arise with larger cash volumes are typically not addressed with these machines.
Arca is an American organisation that has been supplying cash automation technology globally for over 20 years. They are based in North Carolina with offices In Asia and Europe. They invest 15% of their total revenue into research and development each year so you can trust that you are getting the most innovative and reliable solutions available. The global average for R&D investment is 2.64%.
We are proud to say that we are the official distributors for Arca products in Ireland.
Installing a teller line cash depositing and recycling system allows a credit union to totally transform the way it handles cash. The CM18 range is insurance approved with a UL291 / CEN III safe rating as standard so large volumes of cash can be safely stored overnight. Capacity starts at 4,000 notes on the most basic model. Because the CM18 incorporates an insurance approved safe, the branch is in a position to house more banknotes safely on site for longer periods. This means that depending on the branches overall volumes, the number of weekly CIT collections and/or drops could potentially be reduced along with the costs that accompany them.
If there is still a requirement for CIT collections, Money Point can arrange this for you with RMS Group Services, our trusted partners in the specialist area of cash and valuables in transit.
When CM18s are installed on the teller line, two tellers are linked to each machine. The unit is within arm’s reach of each teller and banknotes are deposited and withdrawn directly from the machine by the tellers via a link to their main software system.
Teller line installations mean that only coin is required for each float which further reduces risk for the branch. Notes are authenticated with multiple checks as they are fed into the machine and unfit notes and counterfeits are rejected immediately. Multiple currencies are supported by all models and the touchscreen and software are very user friendly.
With a teller line installation, the need for multiple ‘lifts’ from individual counters during the day or at the end of a shift is eliminated. No more ‘note traffic’ to and from the cash office!
This also saves time for the person responsible for the lifts and for the teller as they verified counts manually. End of day cash discrepancies, overages and shortages are therefore reduced and a considerable saving in time can be achieved. End of day cash up is practically eliminated and detailed transaction reports can be obtained by a supervisor or manager as needed. At the end of each shift the only thing that will need to be checked by each teller is a small float of coins.
Because the CM18 range allows for individual user logons, including different levels of access for tellers, managers and even CIT companies, the reports available are extensive, accurate and reliable, thus increasing the level of accountability within the branch. This basically means less time spent tracing and rectifying errors! Deposits, withdrawals and real time cash positions can all be monitored remotely from a back office or from a head office location.
The CM18 range has its own alarm sensors and fittings for standard locks, a software controlled safe door and remote control for monitoring. It can also be bolted to the floor via floor anchors. Certain models can even be integrated into an intruder alarm system.
For smaller branches it is possible to install the CM18 as a vault teller in the cash office, rather than on the teller line.
This allows the branch to take advantage of the UL291/ CENIII safe, the sophisticated reports, the restricted access for tellers, managers and CIT companies and automated float dispensing but at a price and capacity more in line with their budget and requirements. With this type of installation, teller floats can actually be programmed to dispense automatically and can be retrieved and deposited without any additional supervision.
For branches with high coin volumes, Arca also offer a coin recycler, the CC3R, which can be linked to the CM18 to provide a full circle solution.
The great news is that in most cases the return on investment for a solution like this is as little as 18 months. This means that your new equipment will have paid for itself within a year and a half and will then start generating tangible savings for your branch.
What follows is a quote from one of our credit union case studies;
"We are very happy with the CM18. After just 6 weeks of using it, the time spent handling cash has been reduced by 85% at the start of the day and by 55% at the end of the day. These time savings are mainly due to the fact that with the CM18, the tellers have become self-sufficient when performing most cash handling tasks.”
We understand that for credit unions, larger investments usually need to be board approved and that this process can take some time. If you would like to start the information gathering process for your credit union, the Money Point team would be happy to advise you on the most suitable solution for your particular branch.
If you require a more detailed consultation to include process mapping and/or a return on investment report for your specific branch, we can help with that.
Simply drop us a line or give us a call on (01) 8900466 today.
Back to news listings