Fiserv Inc. has a new integrated cash deposit system that its customer banks can offer to corporate banking customers in the retailer segment.
The Brookfield, Wis., financial technology company said Deposit Manager is designed to integrate with a variety of devices, including those that allow recycling of cash in a store.
A number of banks have begun offering "smart safe" services that allow retailers to claim provisional credit for deposits into the Internet-connected devices, even though the cash remains in the store. The safes record electronically when money is placed inside, and the bank counts the money as a depost then, even though it does not gain physical custody of the notes for several days or more.
The Fiserv system gives banks and retailers "the freedom to choose devices and service vendors based on the needs of each retail location, regardless of geographical footprint," Brian Jorgenson, Fiserv's director of cash and logistics product management, said in a press release last week.