Night deposit boxes smarten up

February 02, 2006

Automating manual processes such as cash handling and money deposit is the future of the banking sector. A new smart night deposit box developed by the Danish company RFID-Solutions will increase security for bank customers and efficiency for the banks themselves. These deposit boxes feature automatic registration of the deposit bags and automatic calculation of the amount of the deposit. The system, based on RFID tags integrated into the labels on the bags, has already been implemented in a number of night depositories in Copenhagen.

Banking is just as much about security as the bottom line. In the information age, ensuring the security of transactions is crucial for banks and their customers. The Danish branch banks that have installed the new RFID night deposit box have already experienced improved security and efficiency. After these successes, RFID-Solutions is now prepared to market the system to banks in the rest of Europe.

The ICFCS (Intelligent Cash Flow Control System) benefits customers by reducing the amount of time it takes to drop off deposits. At the same time, the system registers valuable information for both the bank and the customer. Instead of having to remember and enter a PIN code to open the deposit box, customers simply hold their deposit bags in front of a unit that reads the bags’ serial numbers. The system thus recognizes the customer and registers the number of bags being deposited. When the deposit is completed, the system prints out a receipt for the transaction, a service that conventional deposit boxes just aren’t smart enough to provide.

The receipt also serves as the customer’s guarantee that the day’s profits won’t just ‘disappear’ in the case of theft, bolts from the blue, or simple human error. Customers can also choose to receive a digital version of the receipt, such as an SMS text message or e-mail to their accountant or the shopmanager. The accuracy and flexibility of the system mean improved record-keeping for even the most complex businesses. All digital information transfers from the system to the customer are encrypted, which keeps unauthorized ‘intruders’ from intercepting or monitoring information about deposits.

RFID-Solutions has collaborated with a number of other Danish companies with complementary expertise. Partners include Cordura (programming), Cell-Point (telecommunications) and Dansk Industri Optimering (automatic data capture).

Posted by joakim-ditlev

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