Cassette Handling Instead of Cash Handling
Developments in cash cassette technology promise to minimize the human factor in ATM cash handling.
The concept of container technology related to the ATM is nothing new, however. Cassettes that easily can be exchanged, empty for full, have long been a feature of ATMs. But because those cassettes easily can be accessed by anyone in the cash handling circle, they carry an inherent risk.
Tracking the cash
Advancements in cassette technology could be on the verge of changing the way retailers, CIT companies and banks handle cash.
Guangzhou, China-based GRG Banking Equipment Co. Ltd., for example, has unveiled cassette swapping technology. The company unveiled the technology in September 2010 and expects to begin rolling it out in early 2011.
The cassettes are equipped with on-board smart chips, which store and carry a variety of information, such as how many notes are contained in the cassette, note currency or denomination and access history and error codes.
Cash collected by cash-recycling ATMs or Teller Assist Units is deposited into the intelligent cassettes, which count the number of banknotes and the denominations. The devices also track which bank employee loaded cash into the cassettes as well as who removed the cassettes from the machine.
The platform includes a cassette exchanger, which enables the cassette handler to transfer funds from one cassette to another without opening the cassette or touching the cash inside, GRG Banking officials say. The exchanger can monitor cash movement between the cassettes.
For example, the cash taken from a retail store can be transferred directly to a nearby ATM, eliminating the need for taking cassettes to a CIT operator’s cash center and counting the cash there.
Minimizing the human factor
The cash collected by the cash deposit machine, recycling ATM or TAU is placed in the intellectual cassettes that are able to store the complete information — number of notes, denomination, the place where the loading happened, who has removed the cassette and so forth. These cassettes can be directly used in ATMs or TAUs without recalculating and sorting the stored cash. The monitoring system is responsible for reconciliation of amounts among different point of usage of cash and also acts as a dispute resolution system.
The platform allows banks, retailers and CIT companies to introduce a closed cash circle, keeping the cash secure in the cassettes and making it “touchable” only by end users of the cash.
This approach will significantly lower cash management expenses because cash management operations such as sorting and checking for counterfeit bills are done by a single person in the cash handling chain.
Accounting operations that are normally very labor intensive and require a lot of paperwork can be centralized and performed automatically. Security levels can be lowered and less staff is needed to complete the cash management operation.