Digitisation of the cash cycle: ALVARA ICC and the new “Track & Trace Main Cash Station” module
The ALVARA Interactive Cash Control (ICC) online platform manages and documents the cash cycle between finance, retail and cash-in-transit companies. The path of the cash from deposit to booking at the Federal Bank can be mapped and monitored completely transparently. The new “Track & Trace Main Cash Station” module will be particularly beneficial to financial institutions that manage their cash processing themselves and work with a cash-in-transit company.
Leipzig, 10 November 2020. The Leipzig-based ALVARA Cash Management Group AG is launching a new module in its often successfully used ALVARA Interactive Cash Control (ICC) online platform. Using this software, the Europe-wide recognised cash logistics specialists manage and document the cash cycle between finance, retail and cash-in-transit companies efficiently and transparently.
“With ALVARA ICC, the entire cash cycle – from the deposit at any cash point to the booking at the Federal Bank – is visible and understandable for all stakeholders”, says Bernd Hohlfeld, CEO of ALVARA Cash Management Group AG.
Now ALVARA has developed a new module that especially supports financial institutions that handle their own cash processing and use a cash-in-transit company as a transporter. With the “Track & Trace Main Cash Station” module, in conjunction with the logistics application of the cash-in-transit company, branch supply and disposal is completely digital, without media disruptions, and is secure, efficient and traceable.
“Up to now, the main register gave the cash-in-transit company a paper list with all the (cash) parcels that were to be delivered and also picked up from the branch, including the corresponding branch allocation”, says Bernd Hohlfeld, explaining the previous procedure. “Both the handover and the acceptance of the containers were confirmed in writing on the paper lists with a signature”.
Up to now, the main register has not been able to determine whether the picked-up (cash) parcels were correctly delivered to the individual branches as planned and whether the cash stocks to be disposed of have been completely picked up by the branch.
The new ALVARA ICC module helps to make this process safer and more efficient. It supports both the branch supply process and that of branch disposal. In the course of the branch supply, the main register records the picked-up containers in the system with the target branch.
The cash-in-transit company picks up the valuable goods from the main register, scans them when they are picked up using its logistics application and delivers them to the branches. In the course of this, the logistics application of the cash-in-transit company then checks whether the target branch is correct and all the containers to be returned are complete.
The main register can then check and evaluate the process in ALVARA ICC using a report and calendar. The branch disposal works just as smoothly: The main register can check here whether all the containers that the cash-in-transit company has picked up from the branches have been properly delivered to the main register.
“With the help of the new module, the picked-up containers arrive precisely at the branches as the bank or savings bank had planned”, says Thomas Vietze, second member of the ALVARA Cash Management Group AG board. “The process is completely traceable, secure and transparent for everyone involved. The error-prone and above all time-consuming maintenance of paper lists is no longer necessary”.
With the new “Track & Trace Main Cash Station” module and the connection between cash-in-transit company software and the bank’s requirements, ALVARA ICC is digitising yet another process in the cash logistics chain.