US Bank cash-processing enhancements support reconciliation, remote-area deposits
Cash is still prevalent for retailers and other businesses that rely on smaller sales transactions, but accumulated cash presents challenges, including:
- cost of armoured car services
- questions surrounding employee
- vendor conduct — is cash transported on time, is the count correct, and does any cash go missing?
These are perennial problems which new technologies and systems are starting to solve.
DTS Tracking System
U.S. Bank have been providing, tracking and reporting technology to bring accuracy, security and accountability to cash transactions for several years. The US Bank DTS Tracking System allows companies to monitor their deposits from the time of preparation at their place of business until the deposits are processed and verified at the bank. The system allows retailers and businesses with multiple locations to monitor deposits online. This makes it possible to identify missing or late deposits, enabling businesses to resolve discrepancies quickly and minimize loss. This is accomplished through the use of barcoded documents that travel with the deposit and are scanned en route and at the bank vault.
Two enhancements have been introduced to their Unique reference numbers:
- adding an extra layer of tracking capability to the cash management process by creating a unique reference number for every deposit and change order: “This reference number gives businesses the ability to positively identify both deposits and change orders in the reporting process, which simplifies follow-up research. It’s the ability to create unique reference numbers for change orders that’s special, explained Jill Natrop, vice president in Global Treasury Management at U.S. Bank.
- union of mail and DTS: “We are enabling our customers to use the U.S. Postal Service to mail cash and check deposits into select cash vault processing sites,” Natrop says. “Our tracking system interfaces with the Postal Service’s tracking system so customers can monitor the movement of their mailed deposits.” Businesses must decide if mailing cash deposits is viable from a risk perspective, given the volume of their deposits. They can elect to purchase their own insurance to help mitigate risk and realise the convenience and tracking benefits of this service.”
U.S. Bank vaults nationwide will be updated with electronic posting by the end of 2014.
CTMfile take: Cash is still used for the majority of transactions in most countries world-wide, any improvements in cash collection management are welcome.
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