At NRF, ArcaTech Introduces A “Bank 2.0” Solution
Handling money really is a job and process of its own. One creates and has a successful retail enterprise and then the biggest problem becomes “How do we accurately count and keep what money we take in on our goods and services?”
Traditionally, tills would go to the backroom, the money physically counted, documented and pouched ready to transport to the bank.
For the bank's part, when they receive pouches from the many merchants they serve, the bank location would have the assistance of automated machines to count and document the currency received.
ArcaTech Systems (a company that manufactures automated currency handling machines) recognized that a need existed where the retailer could reap the benefits and advantage of automation by creating a device that could bring the automation of the bank right there to the backroom of the retail operation.
This excerpted from ArcaTech Systems NRF Press Release –
ArcaTech Unveils Industry's First Integrated Remote Cash Capture System With Currency and Coin Recycling and Bulk Cash Storage
News Release - MEBANE, N.C - Tracy Phelan, The Catevo Group – Jan. 17, 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 in retail environments.
Both currency and coin recycling devices are used in the Arca8000D, the industry’s first integrated cash control system that allows retailers to control the cash handling process and obtain provisional credit for cash that remains secured within store locations. 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 of cash values.
ArcaTech introduces the Arca8000D Cash Recycler at the NRF 97th Annual Convention & EXPO 2008 held at the Jacob Javits Center in New York. Image Credit: Marr International Ltd
Previously, cash had to be physically picked up and processed before credit would be granted by a bank. Remote cash capture systems allow funds to be electronically deposited to retailer-specified accounts as soon as cash is deposited into the RCC depository safe at the store. Cash can be transported to the financial institution at a later time.
Ideal for large retail operations, the Arca8000D is a cash recycler and high-volume, bulk storage system for banknotes. A bulk coin recycling and bulk storage device also can be added for till management and coin handling.
"We're proud to offer this first-of-its-kind technology and to make cash management easier and more efficient for retailers," said Mort O'Sullivan, president of ArcaTech. "We are confident that retailers will welcome the innovation."
ArcaTech officials say the most obvious benefit of the integrated system is the way it limits in-store cash touch points while enabling electronic cash deposits. By automating cash handling and deposits, the remote cash capture system limits the number of employees who must manually process cash, reducing risk, discrepancies and costly labor.
"Retailers know that more employees handling cash means more mistakes and discrepancies," said Jim Halpin, ArcaTech's Retail Solutions Director. "Our automated cash control system will eliminate human error and reduce shortages and deposit variances."
"We understand the challenges of processing and controlling cash in the retail environment,” Halpin continued. “That understanding guided the development of our systems. With this solution for retailers, we're bringing the bank to the store’s backroom."
Arca8000D Cash Recycler
The most unique cash handling device in the world.
Combining the best of cash recycling technology with bulk cash acceptance, the Arca8000D allows you to deposit and withdraw money for your normal operational needs, and move excess cash into a secure, deposit-only safe. Once cash is moved to the deposit-only side, access to the cash is limited to only those who have been authorized to open the second safe.
Cash deposits and cash recycling in one.
The eight cash recycling cassettes allow users to deposit withdraw money for all kinds of transactions. You can create and settle cash tills, exchange large bills for smaller bills, sell excess cash, buy cash, or perform customer cash transactions.
The two removable deposit cassettes store over 8000 notes. The notes moved in here cannot be dispensed back out. This allows the money to be extremely secure and accessed only by authorized personnel. You can also automatically segregate fit from unfit currency and store them in separate cassettes.
Easy Access - The intelligent design of the Arca8000D allows users to have easy access to the note path. This allows greater uptime because most of the note path is accessible without having to open the safe. Image Credit: ArcaTech Systems
Two Separate Safes - Because the recycling and deposit-only modules are housed in two separate safes, ownership and access to the money in each side can be easily segregated. Image Credit: ArcaTech Systems