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NatWest rolls out 'Intelligent Safe' for cash-reliant businesses

NatWest rolls out 'Intelligent Safe' for cash-reliant businesses

NatWest is to provide business customers with an 'Intelligent Safe' for same day automated account crediting of daily cash takings without the need to visit a local branch.

Businesses using the kit deposit cash into the safe throughout the day, where it is counted and validated before their account is credited daily with that day’s deposits. The cash is then securely held in the device until it triggers a collection from G4S.

The safe uses note verification scanning to spot forged or invalid notes as they are inserted into the safe, before they’re added to the device for collection. It also allows businesses to hold their cash securely onsite and enables consolidated reporting of takings at the end of day where businesses have multiple outlets.

Paul Thwaite, CEO, commercial and private banking at NatWest, says: “We’re committed to using technology to find innovative ways to improve efficiency and enhance our customers’ experience. Intelligent Safe is an efficient, secure and cost effective way for cash reliant businesses to have quick access to that day’s takings, without making a trip to their local branch, thus improving cash flow and allowing them to spend more time on running their business.”

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 30 January, 2020, 10:44Be the first to give this comment the thumbs up 0 likes

It is very well known business case and services using cash drop box with intelligence to check counterfeits enabling business with large foot fall at checkouts to automate cash operations.

Re-test needed for UK Market:

With Card and Mobile wallett adoption increasing in UK market, how relevant it will be in terms of no of cash transactions at business?