Bank of America Merrill Lynch announced last week the launch of CASH360, a cash automation product aimed at reducing costs, lowering risk and improving efficiency at retailers and other cash-related businesses.
CASH360, which will be powered through a relationship with G4S, an international security solutions group, provides an end-to-end solution for cash automation needs, including software, hardware, armored carrier, reporting and the facilitation of same-day credit to a Bank of America account.
The solution leverages the automated cash management and recycling systems developed by Revolution Retail Systems.
“CASH360 is a holistic technology solution that changes the whole dynamic of trapped cash in stores,” Rodney Gardner, the head of global receivables in global transaction services at BofA Merrill Lynch, said. “It can help retailers automate manual processes, achieve faster access to funds, improve their information management and make significant long-term cost savings while eliminating the need to have funds idly sitting in retail locations.”
Staff in retail stores often count, recount, process and secure cash, and retailers also have to manage armored carrier relationships or arrange for delivery of receipts to a local bank branch. Cash tied up in registers and other cash-related functions make it unavailable for other uses like investment, expansion or debt repayment.
“We are in discussions with many of America’s leading retailers about the benefits of an improved and enhanced approach to the management of cash, coins and checks,” Gardner said. “These conversations are taking on heightened urgency given the expectation that in the coming years, the value of cash payments in the U.S. are expected to rise further.”