According to a December ATM Marketplace article, already high ATM usage trends will continue through 2022. The article contributes this to the fact that ATMs continue to provide a safe, reliable, and convenient option to customers.

The article also cited an ATM Software Trends Report, which found 43 percent of banks increased the number of ATMS they deployed during 2021. A separate ATM Marketplace article shared the immense growth ITMs are experiencing, stating 33 percent of FIs have between 100-500 ITMs and more in the works for the next three years.

If your financial institution is part of the ATM/ITM growth, the start of 2022 is the perfect time to reevaluate how your financial institution handles the cash preparation and deposit processing for your ATM/ITM fleet.

The best advice

Industry best practices point again and again to outsourcing the tasks of cash preparation and deposit processing. A White Paper on ATM Best Practices by Lowers Risk Group states: “When at all possible, the processing of currency should be done in a vaulted facility, preferably by the CIT carrier servicing the account. By having cash loads prepared within a vaulted facility, the minimum compliance standards are addressed. The internal structure allows visibility and accountability…with evidence or controls in place for reference.”

The bottom line is outsourcing ATM/ITM preparation and processing significantly reduces risk. With the currency and coin securely stored and prepared off-site, the FI experiences less liability and risk. Additionally, the checks and balances that are part of the vault processing add another layer to loss prevention.

As a leader in adopting and implementing industry best practices, Rochester continues to encourage existing ATM/ITM customers to make the move to Rochester handling ATM/ITM preparation and processing through its Cash Vault Services. As new customers come on board, Rochester works closely with them to establish vault services for ATM preparation and processing to ensure that they reap the most benefits of having Rochester as a Cash-In-Transit partner.

The many benefits of outsourcing ATM and ITM preparation and processing

When a FI makes the move to outsource ATM/ITM cash preparation and processing, it undoubtedly experiences efficiencies that improve day-to-day operations.  Managing simple tasks like changing ATM/ITM loads is done online at the staff’s convenience. Secure, automated ordering systems enable FIs to better manage risk by setting limits for each user while maintaining a consistent system.

The FI is once again able to focus on its customers. Often chosen by customers for the promise of personalized service, this is especially key for regional and community banks.

Rochester’s recommendation

Rochester recommendation to any FI considering outsourcing ATM/ITM preparation and processing to a CIT partner is simple. Ask questions. Here are just a few key questions Rochester recommends:

• What experience do they have in cash vault management services?
• How often are audits performed? Are they strictly internal or is a third-party auditor used?
• How has the company adopted and implemented industry best practices?
• Does the company use a reliable cash management system?
• Does the company carry cash management insurance?

 

Learn more about Rochester’s Cash Vault Services.