How to synchronize cash supply with external collection or security service? – CashManagement.iQ
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How to synchronize cash supply with external collection or security service?

In the course of transforming business processes related to the provision of cash, banks often resort to the use of third-party CIT or security services.

Outsourcing cash collection allows banks to solve the problem of excessive costs of transporting cash and valuables, and not to divert operational resources to various routine issues such as finding and hiring specialists, training, and certifying them, equipping, and purchasing vehicles, and much more.

2021-07-28

In developing the Cash Management.iQ system, BS/2, as a developer and system integrator, faced the task of ensuring seamless interaction between bank employees, who directly place orders for cash collection, and representatives of third parties, who perform collection or provide escort and security.

For one of our largest customers in Georgia, a Cash Management.iQ integration project was implemented with a special bank service that automates the process of ordering escort for transportation of valuables by the national police.

Business process stages within the implemented solution:

  1. Monitoring of objects requiring replenishment or unloading of cash
  2. Automatic calculation of replenishment with optimal currency and denomination allocation
  3. Generating a request for transportation of valuables with an automatic request to the police
  4. Querying and retrieving data on the collection agents who have been assigned by the national police for each order
  5. Carrying out the collection according to the formed order

Thus, it was possible to speed up the process of coordinating orders for escorting transportation of valuables and remove “gray zones” (part of business processes with disputable responsibility) between employees of different organizations.

This solution based on Cash Management.iQ can be used for synchronization of work with any third-party suppliers of cash collection or security services whose services are required when executing orders for collection and replenishment.

Cash Management.iQ platform allows to take a comprehensive approach to cash flow optimization on the bank side ensuring reduction of the amount of money in use and lowering the number of necessary collections. At the same time, the system allows you to control all related processes and eliminate the need for paperwork.

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