The Bank of America Merrill Lynch Global Transaction Services division has partnered with security solutions firm G4S on a cash recycling solution geared towards retailers and other cash-intensive businesses.
The Cash360 product is designed to provide for cash automation needs including hardware, software, armored carrier, cash ordering, reporting, and facilitation of same-day provisional credit to a Bank of America account, the bank said. The solution leverages the automated cash management and recycling systems made by Revolution Retail Systems, a technology and hardware provider to the global retail cash management industry.
According to Bank of America, Cash360 eliminates the manual counting of bills and coins through the use of a smart recycler. All transactions are receipted and recorded to provide a full audit trail by cashier or register, which the banks says will improve reporting and cash visibility while potentially reducing losses. The recycler communicates the cash total to the bank every day, facilitating same day provisional credits to be made to the clients’ accounts at Bank of America. Additionally, responsibility for managing armored carrier relationships, forecasting and placing change orders is also removed from the retailer and monthly account reconcilement is simplified, said the bank.