Cash Management refers to the process of collection, counting & counterfeit detection, reconciling, safe transit, and
Cash Management refers to the process of collection, counting & counterfeit detection, reconciling, safe transit, and Cash Management refers to the process of collection, counting & counterfeit detection, reconciling, safe transit, and deposit of cash. In a developing economy like India, most sectors such as Banking, Retail and Petroleum are cash intensive. Despite the stupendous surge in digital payments in past few years, cash usage has been increasing in absolute terms in India. According to recent data released by the Reserve Bank of India, the currency with the public has risen to Rs 29.90 lakh crore as on June 11, 2021. Additionally, according to the annual report released by RBI, the value and volume of banknotes in circulation has increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21. Factors like convenience of making cash payments and the satisfaction of holding currency are the possible reasons behind this.
For cash-intensive sectors, streamlining their day-to-day cash handling processes and reconciliation is of utmost importance. However, it is also a tedious and time-consuming process. Therefore, big retailers, banks, ATMs, fuel retail outlets, temples etc., often collaborate with cash management companies who specialise in safe collection, transit & deposit of the cash or even high-net valuables.
AGS Transact Technologies offers one of the best-in-class Cash Management Solutions through its wholly owned subsidiary Securevalue India which is also the country’s fastest growing Cash-in-Transit companies:
Cash-in-transit involves the physical movement of currency notes, coins, and other valuables from bank vaults and other cash intensive institutions such as ATMs, Retail Outlets, Fuel Stations, etc. The physical transit of cash and valuables is done through secured vehicles that are insured and monitored. Cash management companies collect, process and deposit cash at the designated location i.e. banks, vaults or customers’ office.
According to the recent data by RBI, Indians have withdrawn over Rs. 57,800 crore in the first four weeks of April 2021. This data indicates that ATMs have to be replenished at frequent intervals to cater to the increasing cash demand among public. Cash management companies replenish ATMs on behalf of banks by ensuring the safe transit of currency from bank vaults to the dedicated ATM. These services go a long way in ensuring cash availability to customers. These ATM solutions also include reconciliation, ATM tracking and first-line maintenance of ATMs to ensure maximum up-time.
For any cash intensive industry, sorting notes and coins becomes a herculean task. To aid such organisations, many cash management agencies engage trained personnel and best-in-class technologies to count, sort and reconcile cash-heavy transactions. These solutions are beneficial for MSMEs, Banks, Local Businesses as they eliminate waste and standardise tasks. This service also ensures increased accuracy and eliminates human errors.
Cash Vault Services
Cash vault solutions are extremely beneficial for cash-intensive organisations as they require continuous inventory, deposits, and pick-ups of cash. Cash vault solutions ensure that this currency is stored and deposited securely on behalf of cash-intensive entities such as petrol pumps, retailers, ATMs, or Banks. Cash vault services comprise of currency inventory management including maintaining currency in secure vaults, managing the inventory for cash shipment, consolidation, and branch deposit processing.
Benefits of cash management solutions
Optimisation of resources like Cost & Time
Enhanced customer & end-user experience
Enhances overall efficiency of other operations at customer’s end
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To know more, visit https://www.securevalue.in/