Bank of America Cash Handling Solution Piloted
Bank of America has announced that the US restaurant chain, Chick-fil-A, is piloting its new technology that is designed to automate cash handling for retailers. The patent-pending in-store solution is centered on a cash-handling device located in the client’s back office that accepts, counts and secures cash. The device will also communicate directly with Bank of America, allowing funds to be credited to the retailer’s deposit accounts, even while the currency is still in store locations. Through this rapid recognition capability, cash can go to work for the retailer even before it is physically deposited at a bank branch. Additionally, store employees are not exposed to the risk of carrying large amounts of cash. CFOs and treasurers can have a comprehensive, real-time view of receipts across all payment types – including cash, check and card transactions – in multiple physical locations and geographies. Also, retailers will be able to withdraw currency from the device – and therefore from their accounts – as and when needed. Bank of America anticipates the in-store cash handling solution will be widely available to its business and corporate clients in the first half of 2008. Chick-fil-A is currently testing hardware in select store locations and within the next few weeks expects to begin using the rapid recognition capability.