Fiserv Inc. has announced the launch of its Deposit Manager, an integrated cash-deposit solution designed to allow financial institutions to offer their retailing clients an improved way to handle end-to-end cash operations.
According to a recent report from Mercator Advisory Group, 62 percent of consumer retail transactions comprise cash. Deposit Manager from Fiserv allows FIs to offer a solution that corporate banking customers can use to streamline cash operations, improve security, increase cash availability, provide fingertip balance and reconciliation reporting, reduce transportation spend and help facilitate a single banking relationship.
"Retailers have traditionally had to move cash to and from the banks daily to get credit for deposits and maintain the necessary mix of currency denominations. And they have either had to pay costly armored carrier fees or risk the safety of employees carrying large amounts of cash between the stores and the banks," said Nicole Sturgill, research director of delivery channels for TowerGroup. "Using an integrated cash deposit solution or retail currency management provides retailers with cost savings in cash recycling, reduced float and improved employee safety. Banks benefit from the opportunity for long-term servicing contracts."
By using networked hardware deposit devices installed in each retail location, encrypted electronic deposit information is sent to the Deposit Manager solution, which in turn sends the encrypted electronic deposit posting information to the bank's core banking system. The FI then has the option to provide provisional credit on cash deposits, giving the retailer faster access to funds. Depending on other factors, retailers may also potentially experience simplified in-store cash operations, reduced transportation services, easier reconciliation at both the cashier and deposit level and greater recycling of cash in the store.
