Retail Cash Management System and Optimization

Despite the growth of cashless payment methods, banknotes and coins remain the most used payment method in the world. Also, the largest number of cash transactions occur at points of sales.

Retailers are required to accept, process, and store cash payments as well as the required amount for change. Keeping cash increases the need for working capital; and cash handling processes waste human resources. Consequently, an effective cash management system is one of the key tasks for the retail sector.

Cash circulation expenses for retail businesses

  • Cash insurance during storage and transportation
  • Interest on deposit and withdrawal
  • Cash collection services
  • Internal personnel costs
  • Maintenance and equipment of security systems for the cash counting room
  • Delay cost in depositing the collected cash to a bank account (risk of a cash gap)
  • Repeated collection costs, recount, and dispute resolution in the event of a discrepancy between the declared and actual collection amounts
  • Expenses in case of internal fraud or theft
  • Purchase and maintenance of special equipment for validation, counting and packing of cash

Optimization of retail cash circulation

  • Order automation for the cash collection and exchange delivery
  • Cash distribution within the organization (between points of sale/service)
  • Cash Flow visualization from cashier systems and electronic cashiers
  • Instant deposit using automated deposit machines (ADM)

Retail outlets, financial organizations can be connected to the cash monitoring software. This allows them to increase security and optimize processes of managing cash flow. Also, our cash management solutions allow different organizations to generate cash forecasting based on the historical data, and different variables.

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Cash Management.iQ modules

CashPoint Analytics.iQ – cash reporting module

CashPoint Analytics.iQ is a module of the Cash Management.iQ, which is responsible for generating, displaying, and exporting reports from each point of service as well as achieving key performance indicators and other aspects of integrated cash logistics.

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CashPoint Monitoring.iQ – real–time cash monitoring

CashPoint Monitoring.iQ is the main module of the Cash Management.iQ system, which provides the functionality of monitoring the cash status and cash demand forecasting. The estimation of cash need is based on accumulated historical data and CIT simulation tools.

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CIT.iQ – management of Cash-in-Transit operations

CIT.iQ provides management of the cash collection service for the CIT (cash-in-transit) staff, assignment of tasks, selection of routes, and accounting of all costs associated with operational activities (labor costs of employees, fuels and lubricants, depreciation of transport) for planned and emergency trips.

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Vault.iQ – cash center management

Vault.iQ is a separate module of the Cash Management.iQ platform. It allows financial institutions to monitor all cash inflows and outflows in the connected cash center. In addition, Our vault cash management software (Vault.iQ) ensures a two-way cash flows between central banks and service end-points.

Cash flow management tools also allow organizations to get accurate forecasts, for further cash automation. Our software ensures the effectiveness and transparency of cash center operations.

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Cash Order.iQ – cash service handling tools

CashOrder.iQ planning module helps to determine the optimal number of banknotes (currencies and denominations) for each self-service device. Besides the calculation of the optimal number of banknotes, it helps to calculate the frequency of ATM cash replenishment processes, place orders for the transportation of cash and other valuables (securities, precious metals, etc.) either in manual to automatic mode.

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Points of Optimization

Reducing the number of CIT visits

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Cost of Cash Optimization with Cash Forecasting Software

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ATM Cash Availability with Cash Monitoring System

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Excellence of Cash Supply Chain Management

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Levan Bukhaidze

Deputy Head of Retail Business Management Department, Basis Bank, Georgia

Irakli Lomidze

Head of Operational Support Department at TBC Bank (Georgia)

George Makatsaria

Head of Treasury Department at BasisBank (Georgia)

During the first two months of using CashPoint Monitoring.iQ, we were able to reach 25% of savings on rent of the cash. Besides, the solution allowed us to save internal resources (first of all, staff). In order to monitor and analyze cash supply chain using the Cash Management.iQ solution, one cash professional needs to work only for two hours a day.

The bank receives information about cash balances at ATMs from the processing center. The frequency of data transmission can vary, but this information is not enough for the optimal cash distribution to ATMs and CIT planning. For these purposes, TBC Bank uses Cash Management.iQ solution.

Cash Management.iQ software solution provides us the information on cash balances in ATM’s in real time, which allows us to more accurately plan the time of cash collection and  cash optimal amount by ATM’s, as well as to reduce logistics costs.