While counting a “pile of cash” sounds wonderful to most people, it can spawn nightmares for financial institutions and businesses that deal in piles, even truckload equivalents, of cash every day. Not only does processing cash take time, but it also can result in costly mistakes, hard-to-reconcile balances and too many opportunities for internal theft.
For these reasons, more and more financial institutions—including some of the nation’s largest banks—as well as large retailers, restaurant chains, casinos, hospitals, universities and government agencies have all outsourced their cash processing to professional service providers like GardaWorld. This saves them time and headaches while their employees can focus more on serving customers and building sales. It also helps improve their cash flow and visibility of their financial operations.
Core cash vault services. To take over the burden of counting and sorting cash, GardaWorld provides the following core cash vault services, operating from more than 150 highly secure cash processing centers nationwide. These services are in addition to and complement our armored truck cash transport services.
Verification of deposits, including currency, coin and checks: We use the latest high-speed, single-pass processing equipment to verify, sort and count currency, coins and checks. Totals are reconciled against the customer’s deposit total before being deposited into a designated account. We operate our processing facilities in three shifts, so our customers’ funds can be available, in most cases, the day after pick up. In fact, we process about $15 billion in cash each month and wrap 425 million rolls of coins each year.
Fitness sorting: Our high-speed sorting equipment also ensures that banknotes are only recycled if the pass strict fitness and authenticity tests.
Preparation of outbound change orders: For both bank and commercial customers, we prepare all of their change order needs, so they always have the cash on hand they need to conduct business.
Check processing: Our high-speed scanning equipment ensures that checks are encoded, sorted, validated, imaged and balanced—all in a format acceptable to clear them electronically.
Cash vault reconciliation and reporting: Our trademarked CashTrak technology allows cash totals to be transmitted in real-time over secure networks, capturing that information at point of pickup. This starts the processing cycle even before cash and checks are anywhere near a vault.
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GardaWorld also provides cash handling services to more than 10,000 ATMs nationwide, using more than 3,000 armored vehicles and operating out of more than 180 locations. For more information, please visit: http://www.garda.com/cash-services/en/sectors/financial-institutions/.