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Bank Vault Management Solution with UHF RFID Technology

The vault management in any bank is a matter of internal security and bank’s integrity. It plays a vital role in a banks’ financial system. These processes require accurate records of cash boxes moving in/moving out and precise inventory on a real-time basis, wherein manual errors could result in huge losses, low efficiency and a waste of manpower and material resources. This could adversely affect the quality of banking service. In order to augment their competitiveness, the banks in China have adopted modern technological marvels like RFID, barcode and face recognition technologies.

Challenges
  • The verification of identities is of utmost importance during cash box handover to prevent fraudulence and substitution.
  • The manual method of inventory is error-prone and sluggish and an inaccurate inventory can lead to massive financial losses to the bank which the bank would eventually fail to decipher.
  • A much-needed collaboration between departments in a bank is conducive for best results but due to inefficient collaboration between the departments (because of deficient real-time information sharing) leads to a chaotic situation which adversely affects the performance of a bank.
  • It is difficult for administrators to analyze real-time data, which might turn out to be a hindrance to strategic management.
Solutions
Chainway has come up with an effective solution based on various guidelines of a technological marvel like UHF RFID barcode reader and 4G WIFI network for the Bank of China, wherein the identities of bank personnel can be verifying and the assignments could be sent directly to the clerks for further processing. The handover of cash boxes can be easily documented, scanned and synced to the online server database via a wireless connection by enabling barcode scanning and reading of each cashbox.

Effects
  • The data management has become low cost and efficient with secure handover after definite verification of bank personnel.
  • The backend server can easily be checked in real time for a prompt flow of cash boxes and efficient inventory.
  • Now the bank gets the 99% accuracy with vault inventory, which is why the process of vault management has improved a lot.
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