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Remote Currency Verification Private business owners know that cash management is a critical task. One of the most important ways a business bank can help its customer with cash management is decreasing the time between when payment is received and when those funds are deposited in the bank. This allows a business to reduce the amount of money it borrows and to reinvest more of that cash into the business or use it for interest-bearing investments. Many businesses already use remote deposit check scanning to quickly process receivable payments by converting checks into electronic payments. Now, a new complementary technology delivers that same accelerated processing for currency. The Remote Currency Verification System (RCVS) allows currency deposits to be processed in hours, providing secure, automated currency-counting and bank-deposit verification. RCVS allows employees to focus on tasks other than counting currency, allows managers to free up valuable time that would have been spent verifying drawer counts, and helps to reduce the risk of robbery or fraud. Oak Brook-based Leaders Bank is at the forefront with RCVS, partnering with Dunbar Armored to provide this latest currency management innovation. RCVS includes a safe, equipped with laser bill-readers, which can process currency singly or in bulk. The safe can hold multiple cassettes that each have a capacity of 1,200 notes. Individual employees at a business are given a unique ID and password and can empty their currency drawers throughout the day, depositing currency into the safe and receiving a receipt for the deposit entered. "The Remote Currency Verification System opens new opportunities for our customers who accept currency and either come to the bank themselves, or send a courier with those deposits. It's a solution that provides a more convenient option," said Rob Brucato, SVP Treasury Management at Leaders Bank. "This technology provides greater efficiency for the end-of-day processes and permits a business owner to keep a minimum amount of currency on hand at the counter," added John Finerty, VP Treasury Management at Leaders Bank. After each business day, the RCVS generates an end-of-day report for the customer. Leaders Bank also receives a report from Dunbar Armored and then provides their customer provisional credit the next morning. "Even though the currency may still be in the safe, we can still provide the customer credit because we have a verifiable balance of what the deposit for the day has been," Finerty explained. The safe is small enough to fit under a desk. Weighing approximately 225 lbs, it's lug-bolted into a cement floor and can only be opened by an employee of the company and an employee of Dunbar Armored. Dunbar Armored picks up the cash from the customer's safe, transporting it to the Dunbar vault. Deposit pickups are scheduled by the customer according to their currency volume. A heavy-volume business may opt for several pickups a week, while other businesses may need less frequent pickups. In addition to its accuracy, the RCVS is very easy to use. "The currency doesn't have to be sorted, bank-faced or ‘iron-flat.' The machine will take virtually any bill in any condition," Finerty noted. "The system also provides an additional security advantage; it will tell the business owner if a currency note is counterfeit because it will not accept it." The RCVS adds protection and helps optimize operations for grocery stores, retailers, fast food restaurants or any business accepting currency payments. "We strive to be leading-edge, with continuous innovation in products and services such as RCVS," Brucato said. "Our customers benefit when we stay ahead of our competition, and our product innovation allows us to compete very effectively with all banks, large or small. "Leaders Bank is able to bring these types of solutions to market sooner than our competitors because of our flexible organization. When we believe that a new product or service will be advantageous to our customers or a new market, we take ownership for the initiative and its development." RCVS improves funds availability, eliminates courier costs, provides an additional level of security and helps businesses benefit from deposit deadlines that are later than a bank's typical closing time. Leaders Bank's cash management products and services, such as RCVS, help businesses operate more efficiently. |
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