Reduced risk, increased efficiency, and more time to serve customers. These are the benefits an effective CIT partner provides its customers.

For a financial institution to fully realize these benefits, it needs to be sure it is working with a CIT carrier that strives to deliver. A quick review of the carrier’s approach to the industry’s best practices and audits can provide some good insight. A CIT carrier that builds its infrastructure around these two areas is committed to delivering results.

Adoption of Best Practices

Adherence to the industry’s best practices is critical. It is a huge factor in the risk reduction equation. For example, for nearly a decade now the industry has indicated that it is best for financial institutions to outsource the task of cash preparation and deposit processing for ATMs. By following this best practice, the CIT carrier and the customer not only reduce risk but also improve loss prevention. Any loss issues that come up can be quickly researched and resolved without any finger-pointing between the carrier and the customer.

Question to ask: How has your CIT carrier adopted and implemented best practices?

Did you know? Rochester has led the way in the implementation of recommended best practices by the Federal Reserve, using the Federal Reserve’s Manuel of Operation Procedures as the foundation for internal procedures and policies. When it comes to the previously mentioned example of outsourcing cash preparation and deposit processing for ATMs, Rochester works closely with any ATM customers to establish cash vault services for ATM preparation and processing.

Importance of Audits

An effective CIT carrier understands it can become stronger and more secure through regular audits. An audit discovery may even spark a way to better serve its customers. When you talk to your CIT carrier about its audit program it’s important to learn about how often the audits happen and who is conducting them. Ideally, the process should include a good mix of scheduled and surprise audits conducted by both internal and third-party teams.

It’s also good to understand when your FI is welcome to conduct an audit. If your FI has outsourced cash management tasks, it’s critical that there is transparency with that established inventory.

Question to ask: What is your CIT carrier’s audit program like?

Did you know? Rochester’s program is always evolving. This allows the company to maintain and evaluate company standards. All audit results are carefully reviewed as an opportunity to improve.

Why does it matter?

Ultimately, when a CIT carrier builds these two practices into its infrastructure the result is more than a happy customer. The CIT carrier is helping promote and protect cash, thereby strengthening the cash supply chain.