Among the latest additions to the Cash Management.iQ software family are “ATM Bags”, “ATM Cassettes”, and the option of monitoring cash advances provided to cashiers.
The “ATM Cassettes” functionality records the loaded cash cassettes used by cash-in-transit services.
Displayed information includes:
- Loaded amount considering the denomination
- Number of filled cassettes
- Date of filling and cassette number
- Seal number
- Cashier’s name
The “ATM Bags” functionality registers cash bags formed from cassette sets, with detailed accounting data recorded for each cassette within the bag. Prepared bags are assigned to loading into ATMs and tracked throughout the entire cash-in-transit cycle.
This functionality has been successfully utilized by a prominent Azerbaijani bank with the country’s largest ATM network for over a year. Thanks to the implementation of updates, the financial institution has effectively automated tasks related to managing cash logistics during the loading of cash into bags and cassettes for cash-in-transit operations.
The number of errors in cash counting at the vault’s cassette balance has decreased
Commercial banks engaged in cash preparation for ATM loading typically pre-fill cash cassettes and bags in advance, store them in the vault, and hand them over to cash-in-transit personnel the next day.
The implementation of the new “ATM Bags” and “ATM Cassettes” functionality allows for automating the recording of loaded cash in an electronic format and ensures full control over the balance of each storage unit. The responsible cashier only needs to input the necessary data into the system, and the cash cassettes will be automatically accounted for in the corresponding bags and vaults.
For each vault the system preserves and displays the following information:
- Beginning-of-day balance of cash and valuables
- Total balance, taking into account the cash held in cassettes and bags
- Changes in balance due to incoming and outgoing operations
- End-of-day balance of cash and valuables
The process of loading cash into cash cassettes and bags has become accessible to all participants
The automated cash accounting system for cash cassettes and bags, integrated into the “ATM Cassettes” and “ATM Bags” vault balances, allows for centralized and simultaneous data access. Access levels depend on the employees’ authority and responsibilities.
If the functionality of “ATM Cassettes” and “ATM Bags” were installed in the bank where Diana (from the example above) works, the specialist would have noticed her mistake herself and corrected it in a timely manner.
There is no longer a shortage or surplus of cash: funds are efficiently distributed across locations for storage and dispensing
When accounting is managed through a standard electronic spreadsheet program, the issue of centralized data access arises, hindering synchronization and information exchange among employees, especially when they work remotely or in different departments.
The “ATM Cassettes” and “ATM Bags” features enable bank employees to view real-time, precise data on cash reserves in the cash cassettes and bags stored in the vaults.
Instead of cumbersome files, there is a simple and user-friendly tool
Managing the balance of cash cassettes and bags in an electronic spreadsheet, such as Excel, presents additional complexities along with data input errors and limited information access. Financial specialists must manually update data for each cash collection operation, resulting in time-consuming processes and delays in balance control.
Moreover, e-spreadsheets are vulnerable from a data security perspective. Unauthorized access, file deletion, or corruption can lead to the loss or leakage of confidential information, posing additional challenges for data recovery.
Standard electronic spreadsheets provide basic tools for analytics. Manual report generation consumes staff time and relies on the competence and logical deductions of specialists, affecting the accuracy of the results. As data volume increases, managing information in such files becomes even more challenging.
Not every expert is proficient in handling the same Excel tasks. Constant employee training is required. Sometimes banks become reliant on the competencies of staff who possess knowledge of the process and expertise in report formatting within the bank.
The functionality is highly customizable to align with the bank’s business processes (roles and access levels, storage names, cash-in-transit team designations, etc.). With an intuitive interface and straightforward technical documentation, any staff member can easily operate the tool.
Accompanying documents can be generated with just a few clicks and printed, eliminating the need for rewriting in the case of paper stains or typographical errors in the cash-in-transit team member’s name. Electronic records are stored for historical purposes, facilitating the preparation of analytical reports.
Summary: 5 cash management questions addressed by the “ATM Cassettes” and “ATM Bags” functionality during cash-in-transit operations
The implementation of the new Cash Management.iQ software functionality — “ATM Cassettes” and “ATM Bags” and options for controlling cash advances to cashiers — significantly enhances the process of cash tracking cassettes and bags in the bank’s vaults.
This functionality allows for:
1. Implement automated cash reconciliation with the ability to track cash inventory in ATM cassettes and bags
2. Enable the capability to place orders for ATM cash replenishment using pre-prepared cash bags and cassettes
3. Generate accompanying documents and reports seamlessly
4. Mitigate potential cash surplus and shortage risks in cash storage and dispensing locations