In today’s competitive market, many organizations have decided to outsource their cash vault services (CVS) to decrease costs associated with internally managing vaults and to increase profits. This trend has given cash-in-transit companies a significant opportunity to distinguish their brand from competitors in every business aspect. While the companies operate similarly, the level of technology and visibility that each provides is different and should be evaluated when considering a cash vault service provider.
It is important to ensure the outsourced service is able to provide the visibility the organization needs through state-of-the-art technology. Companies provide several cash vault technologies that give insight into operations and cash depositing, but organizations need to ask the question: Does the cash vault service continuously research and update technology to provide better insight into operations?
Cash vaults that create proprietary technology and have their own development staff are able to provide a better overall customer experience from start to finish. This is why selecting a CVS provider that has in-house software development staff is beneficial because the cash vault service has complete control over the technology and does not have to rely on a third-party vendor—a key advantage when selecting a service.
Cash Vault Operations Software
The technology needed to efficiently run a cash vault is a cash vault operations software platform. This software should run every aspect of the cash vault process – from deposit processing and verification to providing access to numerous reports. The software should be used by the cash vault service to manage deposits, change orders, and inventories internally, and provide visibility of cash processing activity and customized reports to the customer.
Below are the technology elements that a software platform should provide for cash vault services:
Administration and Research Tools
This component of the cash vault technology is a web application for the cash vault employees to use as an administrative tool. The application is used to check on specific work and send file transmissions. This feature is very important because it allows the cash vault to run reports to verify necessary information. Additionally these reports are used to help verify and cross-check cash vault information. This allows the cash vault to assist the customer with research into deposit variances, credit timeliness, and inventory balancing.
In-house custom software development is important to be able to add additional features or update certain aspects of the software. While organizations who rely on third parties for their software development can also make these changes, an in-house development team can do it faster and better. This ability allows the CVS partner to meet a financial institution’s special needs, such as custom reporting or new file transmissions.
Make sure the cash vault service provider is able to customize reports based on certain specifications the organization may have or require in the future. This is why it is beneficial to work with a cash vault service that has an in-house development team that creates the technology used for their cash vault operations.
When customers want more visibility, they can log in to an online portal to view their inventories, deposit processing status, and transaction details.
This online reporting feature gives customers on-demand access for comprehensive monitoring and complete visibility of their cash processing activity. The research and reconciliation tools allow organizations to:
ꟷ View deposit processing and settlement detail
ꟷ Review variances
ꟷ Monitor orders
ꟷ Manage cash inventories
ꟷ Research cash processing data
ꟷ Verify transactions by date, account, or location
ꟷ Analyze trends and forecast future needs
This portal increases visibility and security for the customer by providing them with the information they need to streamline operations. The portal houses all the reports in a central location and gives the customer remote access to their information whenever it’s needed. Also, make sure the online portal provides the ability to place change orders and emergency change orders for ATMs.
Organizations must also ask the question: Is the CVS doing everything in their power to secure your data and money? The highest level of security protection should be included in the CVS technology to ensure the organization’s money, data, and their customer’s data is safe and protected. The CVS should know and be aware of all the financial institution regulations, and be able to ensure complete compliance of these regulations.
It is also beneficial for the CVS to have a dedicated Network Security Analyst that manages all aspects of information security and IT risk management. This person should be fully dedicated to CVS security— ensuring all bank audits are passed to guarantee compliance.
In addition, it is beneficial for the software development team to take annual trainings on technology best practices and apply the training recommendations to their programming. This allows the development team to adjust and modify any aspects that may need to be modified or corrected based on new findings.
Finally, always confirm that the CVS is testing new developed code before implementing. With an in-house development team, the code can be tested through an automated software internally, rather than outsourcing the code testing. Further, make sure the CVS encrypts all data at rest, meaning if servers are removed or taken off site, the data cannot be taken from the server.
Technology Support Service
In addition to having the appropriate CVS technology and security, ensure the cash vault service provider has dedicated staff that can support the customer’s organization. The service selected should offer free software training for the employees in the onboarding process. Further, the training should teach the employees how to use the cash vault operations software and help them customize it specific to their business needs.
Also, make sure the cash vault service offers 24/7 daily support. The support line can be used for anything from password resets to training. If a problem cannot be resolved directly with the support team, the cash vault service should escalate the matter to their developers to figure out a solution. Yet, another reason why it is beneficial to use a cash vault service with proprietary technology.
A Comprehensive CVS Technology Solution
This cash vault operations technology provides cash logistics and comprehensive financial management solutions to enhance cash management processes by verifying deposits and providing access to numerous reports. When selecting a cash vault service, ensure they include and provide all these components in their operations software to guarantee the organization’s cash is stored by a team that genuinely cares about the technology they are putting out, and that they are providing institutions with the industry best solutions.
See how automated cash technologies are evolving to enable organizations to efficiently manage their cash flow to meet the demands of the latest cash trends.