It can be standard that SA businesses manage cash safely

As banks look to reduce the cost and risk of cash, it’s important not to lose sight of the customer. 

For many SA SMMEs, especially those operating in cash-rich sectors, physical cash is still king.

Making cash too expensive for businesses to use would not support Standard Bank’s purpose of driving business growth, says Dwain Breedt, senior manager: transactional products, sales and solutions.

Instead, the bank recognises that a sustainable migration to digital banking involves using systems and technologies to make cash management more efficient, cheaper and safer for all SA businesses.

Realigning existing infrastructure  

To continue supporting 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.

The value of cash removed from safes is immediately posted to the clients’ account before the physical cash reaches the cash center for processing.

Should there be an incident on site, or the cash is stolen in transit, money deposited in the cash-accepting device remains credited to the clients’ account despite the money being gone.

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. 

The moment the cash is deposited in a safe and authenticated, the risk transfers to the bank.

Service innovation

For smaller traders needing to make smaller deposits of notes and coins, Standard Bank will soon be introducing teller cash recyclers (TCRs). ATMs only take notes, whereas TCRs will take coins as well. 

When fully developed, TCRs will also pay out in coins and, as with a parking meter, provide change where necessary. TCRs will allow cash clients to pay, for example, a R98.80 monthly funeral plan with a R100 note - receiving the exact change, in coins, from the machine.  

Hybrid cash infrastructure  

Standard Bank is also about to pilot community devices. These are cash-accepting devices placed in a business precinct, such as Johannesburg’s Oriental Plaza, allowing several businesses to make deposits into the same safe 24/7. 

Each business client will have their own access code with all cash deposited immediately to their account. The moment any cash is deposited in a community device, all risk will transfer to the bank.

This cash solution will be ideal for smaller businesses operating in specific precincts, removing the need and risk of travelling with cash, to branches or queueing at ATMs to deposit cash.

Community devices will also allow third party deposits. In other words, if a client wants to pay a business a large amount in cash, the business can provide the client with a code. The client can then place the cash directly into the community device, and the value is immediately credited to the right business account.

Smart cash for tomorrow’s business 

Rather than abandoning clients who 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.

Combined with the strategic realignment of existing infrastructure and the targeted deployment of new solutions, Standard Bank remains committed to extending the ability of SA businesses to manage cash securely and affordably in a digital age.

This article was paid for by Standard Bank.