NatWest launches UK’s first safe with automated account crediting
- Transaction Banking , Cash management
- 29.01.2020 08:48 am
NatWest has launched the UK’s first intelligent cash management solution for businesses, in partnership with G4S. Intelligent Safe is an innovative and secure cash solution that enables businesses to benefit from same day automated account crediting of its cash transactions, without having to deposit that day’s takings in their local branch.
Businesses using Intelligent Safe deposit cash into the safe throughout the day, where it is counted and validated before their account is credited daily with that day’s deposits. The cash is then securely held in the device until it triggers a collection. NatWest have chosen to partner with G4S to provide this integrated solution, including equipment, software and services to the participating businesses.
The safe uses advanced note verification scanning to spot forged or invalid notes as they are inserted into the safe, before they’re added to the device for collection. It also allows businesses to hold their cash securely onsite, reduces losses due to administrative errors and fraud, and enables consolidated reporting of takings at the end of day where businesses have multiple outlets.
Paul Thwaite, CEO, Commercial and Private Banking at NatWest, said: “We’re committed to using technology to find innovative ways to improve efficiency and enhance our customers’ experience. Intelligent Safe is an efficient, secure and cost effective way for cash reliant businesses to have quick access to that day’s takings, without making a trip to their local branch, thus improving cash flow and allowing them to spend more time on running their business.”
Paul Van Der Knaap, Strategy & Business Development Director G4S Global Cash Division, G4S Global Cash Solutions, said: “The payments landscape is changing and cash remains vital because choice of payment is important for UK consumers. G4S continues to invest in cash technology and to work with customers and financial institutions to improve the efficiency and ease of using cash, and we are delighted to be partnering with NatWest to offer UK businesses our truly innovative cash technology solution.”