The Cash Management.iQ platform enables banks to automate the entire cash circulation process, covering cash collection, volume planning, and ATM and branch cash replenishment. Throughout each stage, cash must be sorted and counted on an industrial scale. The Cash Processing.iQ module was created to streamline these labor-intensive procedures, allowing banks to synchronize cash-counting equipment, analyze, and forecast cash handling volumes efficiently.
The Cash Management.iQ automates cash handling processes in central banks, mints, cash centers, and cash-in-transit services. All parameters of processed banknotes, including the time and source of arrival, operators, and banknote condition, are stored in the database, making the banknote logistics fully transparent.
Announced only in June 2024, the new Cash Management.iQ module has already been implemented in two leading Azerbaijani banks and has been tested and approved for use by the Central Bank of Azerbaijan.
To optimize business processes and enhance cash management effectiveness, the Central Bank of Azerbaijan delegated certain cash-handling processes to designated operating banks. Thanks to their modern technological systems and equipment, ABB Bank and Kapital Bank were selected to handle these responsibilities. These operators are tasked with processing cash from other banks and the national postal operator, ensuring the recirculation of the national currency.
Vusal Aliyev, Head of Cash and ATM Management at Kapital Bank
“The Cash Processing.iQ offers reports that reflect volumes of fit and unfit cash. It also allows us to monitor the technical condition of sorting equipment, enabling timely maintenance.”
Operator banks are required to have industrial-grade cash sorting and counting machines, reliable security systems, and an efficient, transparent system for automating the sorting and counting of banknotes. Cash Processing.iQ with Vault.iQ, implemented at both ABB Bank and Kapital Bank, fulfills this role. Besides automating cash volume management in banks, the software generates a consolidated report for the banking regulator.
Kirill Degtyarenko, Cash Management.iQ Product Owner
“The implementation project in operator banks is the best proof of Cash Processing.iQ’s efficiency. Regulatory requirements demand detailed tracking of processed banknotes, including conditions and reasons for rejecting worn notes. Today, each operator bank processes approximately 800,000 banknotes daily, making server performance critical for storing and accessing billions of records.
BS/2 is focused on building a unified ecosystem, with the next step being further integration of data from the Cash Processing.iQ into other Cash Management.iQ components. In the future, this integration will allow tracking of all banknotes loaded into and withdrawn from ATMs.”
The automation process included integration with G+D BPS-Series and Kissan K6 industrial-grade banknote sorters, receiving detailed counting statistics from 25 machines. This data forms the basis for detailed cash analytics by quantity, denomination, and banknote quality, with separation into fit and unfit.
Previously, this reporting was prepared manually for the Central Bank of Azerbaijan, requiring substantial time and resources. With Cash Processing.iQ, data from sorting machines is now transmitted to the system in real-time and stored on a server. The information collected generates a report automatically, which is then submitted to the financial regulator.
According to the Head of ABB Bank’s Cash Handling Control Department, the new Cash Processing.iQ module enables accurate control of processed cash volumes. The Central Bank of Azerbaijan mandates that all cash-handling operations are recorded. “The module registers the serial numbers of all sorted banknotes, making it possible to trace which machine processed a specific banknote and the cashier involved in the counting. By implementing the Cash Processing.iQ, our bank and the Central Bank have gained an effective tool for monitoring cash counting operations”, noted the expert.
In the last week of September, a delegation from the Central Bank audited and reviewed the module’s operations in the Cash centers of ABB Bank and Kapital Bank. After conducting test counts and verifying data stored by the system, the Central Bank of Azerbaijan officially approved Cash Processing.iQ for automating banknote processing for operator banks.
The Cash processing.iQ cash handling module is a unique solution for automating banknote and coin sorting, counting, and preparation for any banking service involving cash withdrawal or dispensing. The architecture and the solutions used in the module provide banks, treasuries, central banks, and CIT services worldwide with efficient, scalable processes for cash movement and processing. To know more book a demo.
