NatWest will provide the integrated solution Intelligent Safe, along with equipment, software and services to the participating businesses
National Westminster Bank (NatWest), in collaboration with UK-based security services firm G4S, has introduced an advanced cash management solution Intelligent Safe, for businesses.
Intelligent Safe is an advanced and secure cash solution, allowing same-day automated account crediting of cash transactions for businesses, eliminating the need to deposit the day’s takings in the local branch.
NatWest commercial and private banking CEO Paul Thwaite 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.”
Intelligent Safe is an advanced and secure cash solution for businesses
In collaboration with the G4S, NatWest will provide the integrated solution, including equipment, software and services to the participating businesses.
The banking firm said that its Intelligent Safe enables businesses to deposit cash into the safe across the day for counting and validation, prior to the crediting of daily deposits in the account.
The device makes use of advanced note verification scanning to spot forged or invalid notes as they inserted into the safe.
In addition, the solution will also enable businesses to hold their cash onsite, to consolidate reporting of takings at the end of day, and reduce losses due to administrative errors and fraud.
G4S global cash solutions strategy and business development director Paul Van Der Knaap 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.”