The case for remote cash capture can hardly be heard above the din, with related technologies like remote deposit capture, and the ever-rising tide of electronic payments, getting much of the attention and investment. Hidden in the hype is the reality that the lowly greenback still accounts for nearly a third of all transactions, according to Hitachi Consulting, and currency in circulation has seen a compound annual growth rate of about four percent over the past eight years.
For most merchants, couriers and banks, cash handling is still predominantly manual, but a growing number of institutions are offering remote cash capture products that sweeten the deal by offering provisional credit for deposits that are counted and validated by a "smart safe" that also provides audit trails for cash. Among those piloting or planning to launch remote cash capture this year: Bank of America, Wells Fargo, and JP Morgan Chase. Beating them to market were Fifth Third Bank, Huntington, PNC, Regions Financial and SunTrust.