Cash in Transit: How Advanced Telematics Improves the Security of Financial Service Businesses?

Highlights

• Introduction
• Role of telematics in cash in transit
• New service launch and partnership

Cash-in-transit (CIT) is the secure transportation of physical currency, valuable assets, and financial instruments between different locations. This essential function is vital in the financial industry, enabling the smooth transfer of cash and valuables among banks, enterprises, and clients. CIT plays a vital role in maintaining the financial sector's efficiency by enabling the secure transportation of funds and valuables by reducing the potential for theft or loss during transit. The global cash in transit industry has gained popularity due to rise in cash demand in transit services from financial institutes, retail, casinos, hospitals & hotels, government agencies, and others. 

Telematics is a gamechanger for cash in transit system

Telematics for cash in transit involves technology to monitor and track the transportation of cash while safeguarding the individuals tasked with its delivery. This comprises various technological tools such as GPS tracking, RFID, and other surveillance solutions, which offer real-time data and alerts. These abilities empower businesses to retrieve any lost fleet and pursue legal action against robbers in emergencies.

Integration of telematics enables the real-time monitoring of drivers & vehicles, optimization of routes & fuel usage, and immediate alerts for maintenance & repairs, all accessible through a centralized platform. In addition, navigation and routing applications seamlessly integrate with telematics systems to offer precise & current directions and minimize traffic congestion & travel duration.

Video telematics has gained recognition

Fleet telematics technology has seen extensive adoption across various industries, such as transportation, logistics, and fleet management. Video Telematics developed for cash in transit offers a comprehensive solution to tackle the challenges encountered in the cash in transit sector.

Cash logistics, characterized by its high-risk nature and significant stakes, prioritizes the protection of cash-in-transit from theft or tampering. Beyond safety considerations, the integration of video telematics in cash logistics enhances operational efficiency, optimizes routes, and ensures compliance with the mandatory safety regulations by the higher authority.

Top players have deployed strategic alliances to lead their supremacy

Frontrunners are actively implementing diverse strategies to boost their revenue share. These strategies involve developing new formulations, forming partnerships & distribution agreements, and extending their reach into different geographic regions. As a component of their initiatives, vendors have made substantial investments in R&D to introduce fresh and improved services. For instance, in February 2022, a leading global security firm, Garda World Security Corporation, introduced a pioneering company specializing in cash ecosystem performance and technology, Sesame Cash Management Technologies. Sesami functions as a separate entity under GardaWorld's supervision.

Sesami provides an open, integrated, and advanced business intelligence platform. It offers personalized services such as software, intelligent devices, and managed solutions for comprehensive cash ecosystems and automated cash operations.

On the other hand, in May 2022, Mastercard and a subsidiary of SoFi Technologies, Inc., Galileo Financial Technologies, jointly declared a multi-year strategic partnership aimed at expediting digital transformation and enhancing access to financial opportunities for underserved communities in Latin America and the Caribbean.

Galileo's scalable platform combined with Mastercard's developer-first approach and the comprehensive suite of APIs from both companies empower issuers, banks, e-commerce providers, and fintech developers to create and deploy innovative solutions throughout the region.

To conclude, cash in transit is vital in the financial industry, enabling the smooth transfer of cash and valuables among banks, enterprises, and clients. Moreover, the integration of advanced telematics technology efficiently manages the process of cash in transit. It further enhances the safety and security of both the driver and fleet. Frontrunners are actively implementing diverse strategies to boost their revenue share.

To initiate a new era of your finance service business in the cash in transit industry, feel free to contact us!

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