Global Transaction Services at Bank of America Merrill Lynch today announced the launch of a continuum of solutions to address the various challenges companies face when managing large volumes of cash and check receivables. The two new products, Safe Connect PlusTM and CASH360 LiteTM, complement the existing receivables solutions – Safe Connect TM and CASH360 TM – to provide a suite of cash and paper handling options that address challenges faced by companies of varying size and complexity. (CASH360 Lite, CASH360 and Safe Connect Plus are delivered through a strategic relationship that Bank of America, N.A. maintains with a global leader in security solutions.)
“We work closely with our clients to understand their particular cash management needs, and most importantly, to understand what specific services will most dramatically improve their back-office or cash handling processes,” explained Rodney Gardner, head of Global Receivables in Global Transaction Services. “It’s with this direct feedback we were able to create two new solutions that meet the requirements of smaller or less complex retailers.”
When using Safe Connect or Safe Connect Plus, companies generally can receive same-day provisional credit for cash deposited into a bill-validating safe. These solutions have the potential to improve security, operational efficiencies, and visibility into cash positions, while allowing quicker access to cash.
- Using Safe Connect, clients contract directly with an approved armored carrier for purchase or lease of a deposit-only electronic safe, hardware service, maintenance and armored carrier service.
- Using Safe Connect Plus, the bank has made arrangements to provide armored carrier services, including safe hardware/software and transportation, as part of the solution, thereby providing clients a true end-to-end cash handling solution.
CASH360TM, launched in November 2013, is an innovative end-to-end cash automation product. CASH360 and its new sister product CASH360 Lite offer companies the entire spectrum of services for cash automation needs, including recycling hardware, software, armored carrier, cash ordering, reporting, and facilitation of generally same-day provisional credit to a Bank of America, N.A. account. The core of the solution is a recycling device that can process seven notes and 50 coins a second. Furthermore, a check imaging module converts paper checks into image cash letters.
- CASH360 can be optimized by large retailers and other cash intensive businesses.
- CASH360Lite is designed for smaller retailers, grocery stores and quick service restaurants, for example, as the solution offers all the services of CASH360 but leverages a smaller recycling device.
The CASH360 and CASH360 Lite solutions are available for one monthly fee and with no capital expenditure required.
“We’re excited to offer our retailer clients a range of solutions that address the needs while matching the resources of retailers big and small,” said Galen Robbins, head of Global Transaction Services for Global Commercial Banking, Business Banking and the Client Development Group. “So whether our client is a big-box retailer or a family-run restaurant franchise, we have a cash handling solution that can help them run their businesses more efficiently while helping them to maximize their working capital.”