Managing cash intelligently in a digital age

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Dwain Breedt Senior Manager: Transactional Products, Sales and Solutions, Standard Bank Business and Commercial Clients
Dwain Breedt Senior Manager: Transactional Products, Sales and Solutions, Standard Bank Business and Commercial Clients

As banks look to reduce the cost and risk of cash, it’s important not to lose sight of the customer.  For many South African SMMEs, especially those operating in cash rich sectors, physical cash is still king. A sustainable migration to digital banking requires using systems and technologies to make cash management more efficient, cheaper and safer for all South African businesses.

Realigning existing infrastructure

To continue to support business clients’ cash needs, Standard Bank has realigned existing infrastructure to make cash more efficient. Nodal optimisation, for example, channels cash services in multi-branch neighbourhoods to a single branch. Retailer deposits and withdrawals at most supermarkets also provide an alternative to in-branch cash management.

Leveraging technology

When it comes to safely managing larger amounts of cash, Standard Bank’s CashSecure service installs cash accepting devices at client premises. CashSecure includes regular and secure safe clearing by approved cash-in-transit professionals.

Digital agility

Standard Bank’s Cash Services solutions also include an online portal called Node2 for clients receiving cash at single or multiple premises. Node2 provides clients with visibility, instant authentication and recording of all cash deposits, with amounts showing immediately in their accounts.

Service innovation

For smaller traders needing to make smaller deposits of notes and coins, Standard Bank will soon be introducing Teller Cash Recyclers (TCRs). Whereas ATMs only take notes, TCRs will take coins as well.

Hybrid cash infrastructure

Standard Bank is also about to pilot Community Devices. These are cash accepting devices placed in a business precinct, like the Oriental Plaza, allowing several businesses to make deposits into the same safe 24/7.

Smart cash for tomorrow’s business

Standard Bank remains committed to extending the ability of South African businesses to manage cash securely and affordably in a digital age. Rather than just abandoning clients that use cash, Standard Bank has evolved a judicious blend of cash solutions, augmented by new digital capabilities to serve the full range of client transactional needs.

This post and content is sponsored, written and provided by Standard Bank.

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