UK supermarket giant Tesco has awarded a multi-million pound contract to point-of-sale (PoS) cash management specialist, Cash Bases, which will see the integration of its SMARTtill technology in over 10,000 of the retailer’s UK tills.
The SMARTtill system, which offers automated cash management technology and monitors PoS transactions in real-time, will be adopted in Tesco’s Extra and Superstore outlets beginning from this month. The intelligent cash drawer system will enable the retailer to monitor the cash-flows of any given till, ensuring adequate change values are available and alerting management when cash levels reach minimum or maximum values, ultimately leading to a more seamless customer experience.
The retailer plans to introduce the SMARTtill to make the process at the checkout run as smoothly as possible, giving staff more time to focus on customer service.
A Tesco spokesperson said: “Despite the various transaction technologies available today, we find that many of our customers still use cash as their main method of payment. By giving our colleagues more time to help customers at the checkout, SMARTtill will help us to provide the very best possible customer service.”
Phil Stone, managing director of Cash Bases, added: “Cash is still used in the majority of retail transactions, but managing cash is a growing concern for management in today’s fast-paced retail environment.”
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.