As part of a global survey, Vaultex asked central banks across the world for their thoughts on cash’s place in the wider payments industry.
Head of Business Development Rob Evans presented Vaultex’s findings the European Cash Cycle Seminar in Tbilisi, Georgia.
The results show that while trends in transactional cash use may differ from one country to the next, the challenges and opportunities surrounding cash management are often similar. For example over 80% of respondents thought that technology adoption would help reduce cash management costs, while 54% said that cash cycle optimisation was a priority.
By sharing best practice, there are opportunities to make the end-to-end cash cycle more cost effective and efficient in markets where cash use is declining, as well as in heavy cash using countries. Our presentation looked how new technology, consolidated services and better utilisation of more accurate can help keep cash competitive and inclusive. One of the examples given was a the UK’s first white label bank branch – which Vaultex recently piloted for a consortium of three commercial banks.