Fiserv Simplifies Cash Management In Smart Safes

Fiserv, a financial technology company, has partnered with cash solutions company NationalLink to simplify cash management for users, the company said in a press release.

NationalLink will use a financial services technology called CorPoint, which is a cash supply chain management software. With the new software, the NationalLink cash management platform now has the ability to work with all smart safes, regardless of what company manufactured it or where it is located.

The technology also gives users a centralized view of all their cash transactions. It is currently available to commercial banks and large merchants.

Smart safes are used to count money in-store and to validate in-store payments, and they generally only run on proprietary software programmed by the manufacturer. This can make cash management difficult, especially for larger enterprises with a number of safes in different locations. Operators will usually have to keep different software subscriptions and spend large amounts of time running reports from each machine and switching through the different systems.

CorPoint handles this problem by being able to accept info from any smart safe and also pull together all the input from different safes into one platform, giving the user a complete view of a cash situation. The software also provides real-time insights into all transactions – including deposits, balances and pickups – and has customizable features that can separate data into categories by cashier, denomination, location or other set parameters.

“For many consumers, cash remains a preferred form of payment, but cash is labor-intensive for merchants to manage,” said Shawn Holtzclaw, senior vice president and general manager of fraud, risk and compliance at Fiserv. “Merchants are actively seeking ways to improve cash management efficiency, and NationalLink is meeting this demand with a single platform that provides a holistic, hardware-agnostic view of smart safe transactions.”

NationalLink was founded in 1992 as a merchant services provider, and Fiserv has been a financial services company for more than 35 years.