NatWest pilots intelligent cash management
Written by Peter Walker
NatWest and G4S are working together to pilot the UK’s first intelligent cash management solution for businesses later this year.
Business will get access to automated account crediting of cash transactions without having to deposit that day’s takings in their local branch.
The solution works like an on-site automated deposit system. When businesses deposit cash into the G4S device, the cash is validated and their accounts are credited daily. It is then securely held in the device until the cash-in-transit provider visits the business.
During the pilot, G4S will provide the integrated solution including equipment, software and services to the participating businesses.
Alison Rose, chief executive of commercial and private banking at NatWest, said: “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.”
Jesus Rosano, divisional chief executive G4S Global Cash Solutions, added: “The payments landscape is changing and cash remains vital because choice of payment is important for consumers and citizens across society – G4S continues to invest in cash technology and to work with customers and payment institutions to improve the efficiency and ease of using cash.”