The Global Transaction Services unit at Bank of America Merrill Lynch has launched CASH360TM. The end-to-end cash automation product is being delivered through a strategic relationship with G4S, one of the world’s leading international security solutions organisations.
Currently, in-store management of cash, coins and checks can present major challenges for retailers. In many stores, staff manually count, recount, process and secure cash. Retailers also have to manage armored carrier relationships or arrange for physical transportation of daily receipts to a local bank branch. All of these tasks can be expensive, time-consuming and possibly susceptible to error and loss. Furthermore, when cash idly sits in registers or in cash rooms, it is unavailable for other uses, which could include such purposes as investment, expansion or debt repayment, thereby negatively impacting a retailer’s working capital position.
CASH360 encompasses the entire spectrum of services for cash automation needs, including hardware, software, armoured carrier, cash ordering, reporting, and facilitation of same-day provisional credit to a Bank of America account. Additionally, the solution replaces trapped cash at retailers’ stores with Bank of America cash. CASH360 leverages the automated cash management and recycling systems made by Revolution Retail Systems, a technology and hardware provider to the global retail cash management industry.
With CASH360, the manual counting of bills and coins is eliminated through the use of a smart recycler, enabling staff to focus on sales and customer service. All transactions are receipted and recorded to provide a full audit trail by cashier or register, improving reporting and cash visibility while potentially reducing losses. The recycler communicates the cash total to the bank every day, facilitating same day provisional credits to be made to the clients’ accounts at Bank of America. Responsibility for managing armoured carrier relationships, forecasting and placing change orders is also removed from the retailer and monthly account reconcilement is simplified. The CASH360 solution is available for a monthly fee, and with no capital expenditure required.
Paul Simpson, head of Global Transaction Services at Bank of America Merrill commented, “With CASH360, we are proud to offer a solution that can help big box retailers and department stores across the country maximise their working capital while also freeing up their staff to spend more time with customers and generate sales.”
New lockbox sites in Canada
Bank of America Merrill Lynch have also announced the addition of three new receiving sites in Canada for its proprietary lockbox service. The expansion to Calgary, Vancouver and Montreal will provide clients with same-day availability for payments received in those locations.
Paul is spot on. This is what bank’s Global Transaction Service departments are all about: supporting corporate clients maximise their Total Working Capital efficiency in a myriad of different ways.
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