Collaborating with the Federal Reserve to bring greater transparency and efficiency to cash logistics

The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.

Country: 
U.S.
Industries: 
General Merchandise
Results

By using shared and automated cash visibility standards, regulators and cash handling industry leaders aim to gain:

  • Significantly greater efficiency within cash handling logistics
  • Greater transparency between partners re deposits or cash transit status throughout the cycle
  • Better oversight and security of cash via real-time access to cash parcel movement status
  • Improved data accuracy with reduced manual data entry
  • Faster resolution of discrepancies between origin and destination
Situation

Traditionally, cash handlers in the financial services industry have been challenged by a lack of visibility when moving cash between partners.    When cash logistics partners don’t speak the same language, it’s difficult to track the movements of cash and to share information efficiently.  The accuracy of data and deposits can also be compromised because of manual data entry.  It is also difficult to plan for incoming cash shipments.

Approach

GS1 US is collaborating with the US Federal Reserve and cash handling industry leaders to bring greater transparency and efficiency to cash logistics using GS1 Standards. GS1 US has developed the GS1 US Cash Visibility Discussion Group, in conjunction with the Federal Reserve, financial organizations, retailers and armored carriers, to create a standardized framework for identifying, tracking and electronically exchanging information about cash as it moves through the supply chain.  The goal is to help cash handlers speak the same language.

For more information about GS1 US and the GS1 US Cash Visibility Discussion Group, visit www.gs1us.org/cashvisibility

 

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