Cash-in-Transit segment dominates the overall cash-logistics market. Cash/valuables-in-transit (CVIT) generally refers to the physical transfer of banknotes, coins, credit cards and items of value from one location to another. These locations may include cash centres and bank branches, ATM points, large retailers, and other premises holding large amounts of cash such as ticket-vending machines and automated parking locations.
Besides the process of cash transfer being long and tedious, there is also no scope of compromise on security and safety. Everyday, thousands of cash vans are on the move; refurbishing ATM’s, servicing the retail industry and so on. As these vehicles carry cash from and to the vault, they are vulnerable to attacks and thefts. Once the vehicle is in-transit, as a service provider, one can face the following challenges:
- Unavailability of any Real-time information about the vehicle’s whereabouts
- Unwanted Route Deviations
- Unscheduled Stoppage
- Emergency Situations
- Unaccounted Costs of Manpower and Fuel
- Exponential growth in the Crime rates on real and electronic cash including organized criminal activities with inside expertise
- Non-deterrent security system
Considering the above challenges, it is absolutely necessary to have strict procedures and processes for the cash logistics companies, along with the required infrastructure to carry out the operations. The cash handled, transported and stored by the cash-logistics companies is public money and everyone associated with it must ensure that these activities are carried out in such a manner that is not detrimental to the interest of the public/ depositors. The requirement is for a solution that should go beyond a routine GPS system, providing basic features like real-time monitoring, route mapping and tracking, alarms and alerts, etc.
Therefore, a service provider needs to have a solution which has the capability to address all the above-enlisted challenges and in addition to that can also provide the following functionalities:
- Security: Vehicles should adhere to and maintain minimum security guidelines to ensure the safe passage of cash and other valuables.
- Cash Security: A solution that can protect the vehicle from pilferage, break-In attempts, etc., ensuring only authorised persons get access to the valuables inside the vehicle, at the designated places, which the Control Centre can monitor.
- Information Support: A solution enabled with features that provide alerts to the authorised personnel of the Control Centre with Real-time vehicle location, information and data, estimated trip time, notifications, etc.
- Optimum Utilization: Authorised personnel of the Control Centre must have means to track how fast vehicles are moving, how long they remain idle, and how well the Driver is driving the Vehicle to ensure optimum utilization of the fleet as well as to ensure the safety and security of the cash-in-transit.
- The Solution must be able to provide complete Vehicle and Driver monitoring in Real-time, with lucid reporting, for improved decision-making resulting in improved savings in fuel cost, vehicle maintenance, and operations.
Employing such a solution will allow the cash-logistics companies to think differently from a security firm, hard armour and “guns” mindset and implement a modernized “cash-courier” concept that saves time, manpower, and money invested allowing the business to grow further.
So, choose an integrated Cash-In-Transit Technology Solution that would deliver all these serviceability, as well as allow you to provide the high standard of Cash-Logistics that your customers have always enjoyed from your business. You may try the solution from FleetRobo® and visit www.fleetrobo.com for details.