How can the overall efficiency of the cash handling process be improved? According to experts, a potential solution lies in a more efficient cash cycle, in which players such as banks, retail enterprises and cash-in-transit companies integrate their processes more closely, for example when it comes to communication along the cash stream.
Under the aegis of GS1 Germany, the industry is working to develop process recommendations covering standardized communication via electronic data interchange (EDI), the unambiguous identification of objects along the cash flow and jointly coordinated processes. Now, in the shape of Wincor Nixdorf, GS1 Germany has a new partner to assist in implementing these measures.
Wincor Nixdorf, one of the world's leading suppliers of IT solutions and services for retail banks and retailers, has decided to become a GS1 Germany solution provider. Wincor Nixdorf's goal is to take the GS1 standards into account in its software solutions, its ATMs and cash recyclers as well as in the overarching project plan for Managed Services that is still to be adopted. In this way, Wincor Nixdorf intends to make a contribution toward evolution of the GS1 standards together with other partners in the market. "The commitment made by system and software providers like Wincor Nixdorf has a decisive influence on other cash cycle participants, encouraging them to integrate their processes more efficiently," says Christian Fischer, Cash Logistics Industry Manager at GS1 Germany, welcoming Wincor Nixdorf's involvement. "It takes us a big step closer to the vision of an IT-based network of all cash cycle participants." The advantage of such a network is, for instance, that the commodities in the cash cycle, i.e. the coins, banknotes and transport receptacles, can be tracked no matter where in the cycle they happen to be. That way, those involved always know exactly where their consignments and cash cassettes are, making it easier to manage the risks involved.
"The next important step forward for us will be to integrate the GS1 standards in our solutions and services. Standardized open interfaces will enable our customers to adapt and gear their business to a world that is increasingly governed by networking and shared standards. In our capacity as a GS1 Germany solution provider, we want to play an active part in developing, implementing and disseminating the GS1 standards," says Thomas Fell, Senior Vice President, Retail at Wincor Nixdorf.
The group of GS1 Germany solution providers comprises almost 100 companies from the fields of hardware and software, communications, logistics and category management. They provide solutions that enable companies to optimize their interfaces with partners in the value chain.