ArcaTech Unveils Remote Cash Capture Systems for Retailers and Banks at BAI's Transpay show in Dallas
MEBANE, N.C. – (February 4, 2008) ArcaTech Systems, a leading supplier of transaction automation solutions for the financial, retail and self-service industries, has introduced a unique solution for the control and remote capture of cash (RCC) in retail environments. Similar to remote check depositing, this technology will allow banks and retailers to partner together to submit and accept secure electronic cash deposits.
Both currency and coin recycling devices are employed in the industry’s first integrated cash control system, which allows retailers to obtain provisional credit for cash that remains secured within the store. Designed specifically for retail cash management, this system dispenses and reconciles cashier tills, sorts and counts deposits and enables remote cash capture, the electronic deposit and receipt of cash.
“We’re proud to offer this first-of-its-kind technology and to make cash management easier and more efficient for retailers and financia institutions,” said Mort O’Sullivan, president of ArcaTech. “We are confident that both will welcome the innovation.”
Prior to the Arca8000D, financial institutions needed to physically receive and process cash deposits before credit could be granted. The remote cash capture system allows funds to be electronically deposited to retailer-specified accounts as soon as cash is secured in the store’s RCC depository safe. Cash can be transported to the financial institution at a later time.
This technology benefits both retailers and the financial institutions that choose to offer remote cash capture. Thanks to the immediate nature of the deposit process, a bank can have a clear understanding at all times of its cash position – especially helpful for banks serving large-deposit retailers. In addition, automating deposits streamlines the banking process, saving time and money for both the financialinstitution and the retail customer.
Perhaps most importantly, retail cash capture allows banks to offer an additional, valuable service for its retail-store customers. While RCC enables electronic deposits, it also limits for the retailer the number of employees who must manually process cash, thereby reducing risk and discrepancies and saving on costly labor. By offering the remote cash capture service, banks will have the opportunity to better serve, build and strengthen relationships with large retailers.
“While RCC is valuable for retailers, it is even more valuable for financial institutions,” said Jim Halpin, Retail Solutions Director. “Retailers are eager to work with and will remain loyal to banks that work to provide this level of service.”
“RCC technology will also allow a bank to expand its geographic footprint,” said Aubrey Meador, vice president of ArcaTech. “While a bank might not be able to build branches close to all of its retail customers, it can expand its service area by offering remote cash capture. With this solution, we’re helping financial institutions bring the bank to the store’s backroom.”
ARCA’s solutions help people control and streamline cash operations in financial institutions, retail stores, and self-service kiosks around the world. We develop technology and services that make transactions simpler, more efficient and more secure. Visit arca.com for more information.