News

NatWest, G4S partner to test UK's 'first intelligent cash management solution'

September 20, 2018

NatWest and G4S are working toward a pilot test later this year of what the companies describe as the "U.K.'s first intelligent cash management solution."

For the pilot, G4S will provide the integrated solution — including equipment, software and services — to participating businesses, according to a press release.

The solution works like an on-site automated deposit system to give businesses the benefit of automated cash account crediting without the need to visit their local branch.

Deposited cash is securely held in the device until a cash-in-transit provider comes to collect it.

Benefits of intelligent cash management solution include:

• Bank note validation and forgery detection.
• Consolidated end-of-day reporting across multiple sites.
• Secure on-site cash storage.
• Reduction of losses due to administrative errors and fraud.
• Elimination of the need to "cash up" at the end of the day.

"We're committed to using technology to find innovative ways to improve efficiency and enhance our customers' experience," Alison Rose, CEO of commercial and private banking at NatWest, said in the release.

"The intelligent cash solution is an efficient, secure and cost-effective way for cash-reliant businesses to have access to that day's takings without having to make a daily trip to their local branch, allowing them to spend more time on running their business."