Banking News

BoA pilots in-store system

BoA pilots in-store system

(23 October 2007 – Australia) Bank of America (BoA) has begun a pilot for in-store cash management hardware for retailers that counts, secures and communicates directly to the bank. The in-store system is a cash handling device located in the retailers back office. It accepts, counts and secures cash, then directly communicates with BoA, so funds can be credited to the retailer’s deposit accounts, even while the currency is in store.

Bank of America president of Global Product Solutions said that managing cash is important to retailers but historically has been expensive, time consuming and prone to error and fraud.

The bank said that the system also provides a real-time view of receipts across all payment types, including cash, cheque and card, in multiple locations.

Retailers can also withdraw money from the device, and hence their accounts, when needed.

BoA expects the system to be widely available, after the trial, in early 2008.
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