http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.54Change: 0.02
R/$ = 12.17Change: -0.01
Au 1173.05 $/ozChange: -1.46
Pt 1078.00 $/ozChange: -1.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 10, 2012

On-site retail cash recycling a growing trend

Back
Global Payment Technologies operations manager JJ Kelly discusses cash movement technologies in South Africa. Camerawork: Nicholas Boyd. Editing: Darlene Creamer.
 
 
 
Johannesburg|Africa|Global Payment Technologies|Safety|System|Systems|transport|Africa|South Africa|Displayed Several International Cash Movement Technologies|Retail Outlets|Systems|Infrastructure|Currency|Operations|Cash Movement Technologies
|Africa|Safety|System|Systems|transport|Africa||Systems|Infrastructure|Operations|
johannesburg|africa-company|global-payment-technologies|safety|system|systems-company|transport|africa|south-africa|displayed-several-international-cash-movement-technologies|retail-outlets|systems|infrastructure|currency|operations|cash-movement-technologies
© Reuse this



Cash recycling, when money received is securely dispensed after being recorded, will increasingly happen on-site at retail outlets and banks. Businesses will have to sort notes for fitness in the near future without sending the currency back to the South African Reserve Bank, says Global Payment Technologies (GPT) operations manager JJ Kelly.

In the past, all notes had to be sent to the Reserve Bank for the sorting and destruction of unfit notes.

“However, banks, retailers and businesses will have to sort currency for fitness in-house, send damaged currency to the Reserve Bank and reuse the cash that it has, either by sending it to where it is needed in a local area and reducing the distance the money must travel, or reusing it on-site after it has been sorted and reconciled for accounting purposes,” he said at the GPT cash movement conference in July.

The showcase displayed several international cash movement technologies, such as automated transport of medical samples and cash along tubes, as well as money verification and sorting technologies.

There is a trend among retailers and banks to turn tills and pay points into safe deposit and withdrawal points, where money in the till is kept to a minimum and deposited money is automatically counted, verified, reconciled and deposited into a category-four safe on the premises, he said.

From these recycling safes, money can then be sent to nearby automatic teller machines (ATMs), till floats can be dispensed directly to cashiers when they come on shift, or if two or more share a till, separate floats can be used. Money can also be withdrawn by individuals or sent to the banks, as required.

“An example of such a system in South Africa is East Gate retail mall, in Johannesburg, where pneumatic tubes transport cash from stores to an underground vault, from where it is used to refill ATMs on the premises, or sent to the banks. Legislation for standards and specifications will enable easier integration of these systems among different companies.”

However, companies must select the cash movement and handling technology that best suit their processes, he specified.

Cash recycling also improves the safety of patrons by reducing the movement of money in and out of stores and shopping centres. It also improves reconciliation by checking notes received for secu- rity features and enables safe deposits to be made from the tills, he said.

“The localised use of money reduces the distance and volume of cash in transportation. It also improves distribution. However, this will mean that retailers, as well as the banking and business sectors, will have to resort to technology to sort cash received for fitness before it is dispensed.

“New systems are increasingly being implemented worldwide. Some of these will enable retailers to use new technologies, such as near-field control on smart devices that can securely be used as an electronic wallet, further reducing the need to move cash. Banks and industry must invest in the infrastructure needed to support these systems in the future,” concluded Kelly.

Edited by: Creamer Media Reporter
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Video News
More
 
 
Latest News
Updated 5 hours ago Gauteng Premier David Makhura recommitted the provincial government’s support to the revival of Gauteng’s manufacturing base, telling the second yearly Manufacturing Indaba on Tuesday that policymakers would drive legislation that created an environment in which the...
The Competition Commission has reached a settlement agreement with Japanese shipping liner Nippon Yusen Kabushiki Kaisha (NYK) for contravening the Competition Act in the transportation of motor vehicles to and from South Africa by sea. This settlement followed the...
State-owned aerospace and defence technology conglomerate Denel on Tuesday launched a book to demystify defence technology to South African learners and attract them to the defence industry’s career opportunities, while creating greater awareness about innovation and...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.
TEAMWORK Aggreko Europe, Middle East & Africa MD David Taylor-Smith; Aggreko Zambia chairperson Dr. Sixtus Mulenga; Aggreko Africa MD James Shepherd
Temporary power generation services provider Aggreko announced earlier this month that it had appointed Dr Sixtus Mulenga as nonexecutive chairperson of Aggreko Zambia, a move it believed was integral to the ongoing expansion of its operations in Zambia and the rest...
Major global aircraft manufacturer Airbus Commercial Aircraft is maintaining a steady course. "I don't have any big news, good or bad," company President and CEO Fabrice Brégier told international aviation journalists in Toulouse, France, at the company’s recent...
MEASURING DEVICES Bosch has released a mobile app that enables the measurements made with measuring devices to be sent and used directly on the app for accuracy and on-site quoting
Industrial tool manufacturer Bosch has increased the compatibility of many batteries in its range of blue industrial power tools and has released mobile-device applications (apps) for users of the tools, says Bosch South Africa training manager Peter du Bruyn. Many...
The new Nissan Navara has been launched onto the global market, but Nissan South Africa (NSA) will only know in August whether the local Rosslyn plant will assemble the one-ton pickup. The NSA plant currently produces the old NP300 Hardbody one-ton bakkie, as well as...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96