What Are Smart Safes and Why Would Your Company Consider Using Them

Transcription

1 What Are Smart Safes and Why Would Your Company Consider Using Them John Angove, Chief Cash Advocate VP of Sales & Marketing, Block and Company, Inc. Joe Haschka, Senior Product Manager VP of Product Management, M&I Bank

2 John Angove Vice President of Sales and Marketing

3

4

5 BHAG BHAG BHAG BHAG BHAG BHAG BHAG BHAG

6 Would someone who unplugs his toaster buy an ipad?

7

8 CiT VAULT*

9 Circa 1994/2011

10 Circa 1994/2011 Employee theft Cashier Drops Reconciliation by manager Deposit preparation expense Miscellaneous expenses $100 - $500 per month 90 to 120 minutes per day 90 to 120 minutes per day $167 per month, plus bank fees Deposit slips, bags, missing deposits, overdraft fees, idle deposits, employee claims, workers comp., hiring expenses

11

12 INDEPENDENT OPERATIONS INPUT: PROCESS: OUTPUT: DROP VERIFY DEPOSIT VERIFY CONSOLIDATE DEPOSIT VERIFY AGGREGATE CREDIT

13 Need meets opportunity

14 Opportunity Bill Reader technology Up to $100 note Lockable Cassette Affordable Note Sorters Demand for action End-user issues CiT vision FIRST COMPUSAFE INSTALLATION

15 Closed-loop system BILL-READING SAFE PROVIDE IN-STORE REPORTS & TRANSMIT EVENT DATA TO CiT s SERVER PICK UP CASH SEND REPORTS TO CUSTOMER S HEADQUARTERS PROVE AGGREGATE BANK OUT CiT VAULT

16 End-to-End Solution INPUT PROCESS OUTPUT

17

18

19 Cash Commingled Day 1 Day 2 Day 3 Pickup Period Accounting Period 6:00 am 6:00 am 6:00 am Partial Business Day

20 wifm? Armored Carrier: Sticky product

21 wifm? Depositor: Savings, security, Unexpected delight!

22 wifm? Banker: Increased deposits& fees; Disintermediation.

23

24

25 Joe Haschka Vice President, Senior Product Manager Treasury Management Services

26 Let s Review Some of the Information Smart Safes are computer-enabled safes equipped to: Scan and screen currency Count coins Track individual clerk activity Create electronic bank deposits

27 Let s Review Some of the Information Smart Safes are computer-enabled safes equipped to: Produce management reports Secure daily receipts until picked up by armored couriers Considered by some as the cash/coin version of remote deposit capture

28 More Details In general, Smart Safes are controlled access safes enhanced with computer technology and integrated currency recognition technology. Bills are fed into the safe through special slots where they are scanned and qualified for authenticity and dollar value. Some Smart Safes also accept checks into special slots where they are scanned and imaged for electronic deposit.

29 What Smart Safes Look Like

30 History/Evolution Provisional credit (aka daily credit), first offered in 2004, allowed merchants to make deposits while cash was still in the safe. Marketed under different brand names by the major vendors: Brinks CompuSafe Loomis SafePoint TM Dunbar Cash Manager SM Garda CashLINK TM

31 Treasury Manager s Perspective Further consolidation of banking relations is possible. Cash received over-the-counter can be deposited and the funds made available on a same-day basis. Funds concentration can be made more efficient.

32 Treasury Manager s Perspective Reconciling deposits reported by Smart Safe locations to entries posted by the bank can be automated. Detail transaction reports are available from the Smart Safe vendors. In some cases this information can be delivered as a machinereadable file.

33 Treasury Manager s Perspective Reconciling deposits reported by Smart Safe locations to entries posted by the bank can be automated. Individual deposits can carry location numbers. This provides the information necessary for deposit reconcilement services offered by the bank.

34 Treasury Manager s Perspective Reconciling deposits reported by Smart Safe locations to entries posted by the bank can be automated. Depending on the timing of the deposit report to the bank, same day information may be available through the bank s information reporting system.

35 You Have Options Select the armored carrier/smart safe vendor(s) of your choice and work with your bank to interface to your chosen solution(s). Select a bank-offered package solution which may be delivered by (and limited to) a specific armored carrier/smart safe vendor.

36 You Have Options Select a bank who has established an interface to a single Smart Safe solution. OK if you use only one armored transport service. Select a bank who has established interfaces with multiple solutions and are in effect Smart Safe agnostic. Great if you use Smart Safes from multiple vendors.

37 What the Future Might Hold By consolidating technology, Smart Safes may become a central receipt processing hub that combines cash, checks and plastic transactions and deposits the funds electronically. Coin and currency could be recycled - deposited and repurchased - without having to be transported back and forth to/from the bank. This technology could be employed to handle foreign coin and currency as well.

38 What Are Smart Safes and Why Would Your Company Consider Using Them Questions???

39