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Overview
The GS1 System of Standards supports the ability to track and trace cash. For example, Global Location Numbers (GLNs) can be created by licensing a GS1 Company Prefix or they can be licensed individually. They identify physical locations (such as banks, ATMs, and vaults) and legal entities. Additionally, the Serial Shipping Container Code (SSCC) is an industry standard used by various institutions to identify cash bags in a standardized way.
In fact, the Cash Visibility Subcommittee and the members of the Cash Advisory Council, which includes both local and national banks and major armored carriers, have committed to collaborate toward full adoption of GS1 Standards for Cash Visibility.
Read their joint statement here.
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Related Topics
“"Cash visibility and GS1 Standards represent the mechanism for making sure that our processes take place not only reliably but transparently for the entire supply chain."
- J.R. Davis, President, Davis Bancorp
Benefits of Cash Visibility
Together with the financial services community, GS1 US is working to develop and adopt data standards and best practices for cash logistics affecting intensive cash users and businesses. Through this effort, a new level of cash visibility will enable:
- Improved data accuracy with reduced manual data entry
- Faster resolution of discrepancies between origin and destination
- Value-added information on status and value of cash in transit across a merchant’s footprint
- Potential real-time access to cash parcel movement status
- Automated custody vs. manual paper-based
In limited proof-of-concept testing with major armored carriers, our cash visibility efforts produced a reduction of one-half to two-thirds in dock time.
