Volumatic supports new report calling for the protection of cash and access to cash

28 June 2024

Protecting cash and expanding people’s access to cash and other essential banking services needs to be prioritised by the next government says a new report published at the end of June.

At a time when many businesses and consumers are struggling with their finances during the cost-of-living crisis and facing a unique period of financial uncertainty, this report highlights the everyday issues facing both organisations and households across the UK. 

The report, commissioned by independent experts from the Financial Inclusion Commission (FIC) and conducted by the University of Birmingham’s Centre on Household Assets and Savings Management (CHASM) has appealed to all the major political parties to include this in their manifestos ahead of the general election on 4 July.

They’re calling for the next government to introduce a ‘National Financial Inclusion Strategy’ to help the millions of people across the UK who continue to struggle to get access to reasonable financial services – something that Volumatic, as leaders within the cash handling industry, fully support.

One of five key priorities highlighted by the report is the protection of access to cash and face-to-face banking, particularly for those living and working in rural communities and more vulnerable people who perhaps cannot rely on online banking.

Bringing the bank to your business

Volumatic has long supported the use of cash and the importance of maintaining access to cash for both consumers and businesses and recognises how important this kind of strategy could be to businesses and consumers across the UK.

Last year Volumatic offered advice to businesses following the closure of yet more bank branches – something that has continued into 2024 – which outlined three options for those who have lost their local bank branch:

  1. Travel to your next nearest branch to do your banking or locate your nearest banking hub – which for some may be a short drive, but for others could be many miles out of their way. 
  2. Use the banking facilities at your nearest Post Office branch – this has become invaluable for many, but with cash transactions at the Post Office in April 2024 totalling their highest ever figure of £3.48 billion, this is most definitely putting the Post Office under more strain.
  3. Bring the bank to your business! Invest in intelligent technology for your business that offers collaboration with your Cash in Transit (CiT) provider and invest in a CiT provider who can offer banking services, meaning you no longer physically need to go to your bank.

With time being of the essence for most businesses in the current climate, making a long journey to your next nearest bank or waiting in queues at the Post Office isn’t a productive use of time, plus there is an obvious security risk to both your money and the person taking it to consider.

As industry leaders, cash handling experts Volumatic believe option three is the most viable for any business – and that’s where they can help.

Volumatic offers a range of cash handling solutions, with their crown jewel being the CounterCache intelligent (CCi), an all-in-one solution that validates, counts and stores your cash securely at POS, and with our upgraded CashView Enterprise cash management software and its suite of intelligent apps, it can offer a full end-to-end cash management solution.

It does this by providing web service integration with other 3rd party applications. Volumatic currently works with all the UK’s major CiT companies, and UK banks process over 3 million CCi pouches each year, all of which can provide accelerated credit to your accounts.

Volumatic’s Sales & Marketing Director, Mike Severs is pleased that the new FIC report is once again highlighting the need to protect access to cash and the right of consumers and businesses to continue to use cash. He says: “Access to cash is so important to so many people across the country and we truly believe everyone has the right to pay by cash if they want to – as our white paper ‘Consumers Demand Payment Choice’ attests to.”

“We really hope the next government makes this strategy a reality because, while the Post Office have provided an absolute banking lifeline to everyone, the reality is that as more people switch to use these services, queues are getting bigger, transactions are taking longer and for those running a business, they just don’t have that time to waste.”

Volumatic recommends that businesses bring the bank to them through an investment in technology like the CCi that can offer integration with your CiT provider which opens more options for traditional banking services. This technology will make their cash handling more efficient and more secure from day one and the return on investment is extremely compelling – and they won’t need to be concerned about further bank closures either.”

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