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Cashbox Tracking Solution for Banks

Background
Wenzhou rural commercial bank is responsible for the distribution of a large number of cash boxes each day. Before some time, the bank was using a manual process for distribution which was time-consuming, inefficient and handwritten. The information recorded in this method could Be manipulated easily and often result in losses and security breach.

Challenges
  • Management has to incurred high labour cost because all the cash boxes need to be returned to the vault every night for records as there is no electronic method of cashbox identification.
  • Security of the cash boxes is totally dependent upon the manual method of security like the magnetic card, documents, and password given to the person responsible for the delivery of the cash box.
  • The manual process of handover of cash box create chances for an employee to manipulate the data.
  • The delivery reports cannot be generated in real-time as no data is recorded electronically. 

Solution
Bank with the corporate of Chainway implemented an RFID base identification technology to track cashbox and cash logistics. It helps the manager to access the cash flow information in real-time and manage it with great accuracy that results in avoiding cash box related mistakes and maintain a high accuracy cash vaults management.

Electronic management for cash boxes
In this solution, two-dimensional code and the electronic tag are associated with each cashbox which helps the staff to scan and capture the cashbox's information via mobile computer. This process is more reliable for The manual process.

Intelligent handover management
All the process is managed with the mobile computer which records and store all the data of the cash box and personally responsible for the delivery of a specific lot of cashboxes. It stores a complete status of cash boxes thus handover process can be done fast and without Any chance of confusion and manipulation.

Real-time monitoring of cash box flow
These RFID base mobile computer can be connected via a wireless network and facilitating the real-time update of cashbox distribution.
 
Effects
 
1 The new process has replaced the old manual process of Cash management with an automatic solution.
2. Management is able to optimize the workflow and reduce the operational cost by optimum utilization of technology and scientific methods in cashbox handover & delivery.
3. With full automation, human error has been reduced significantly.
4. Real-time tracking for cashboxes has boosted the working and decision making of top management. Administration can identify and analyze the flow of cashboxes and plan the cash management accordingly.
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