GS1 US, the Federal Reserve and cash industry leaders collaborate to drive better cash visibility
GS1 US is collaborating with the Federal Reserve and cash handling industry leaders to bring greater transparency and efficiency to cash logistics using GS1 Standards. GS1 US has developed the GS1 US Cash Visibility Discussion Group, in conjunction with the Federal Reserve, financial organizations, retailers and armored carriers, to create a standardized framework for identifying, tracking and electronically exchanging information about cash as it moves through the supply chain. Through shared and automated cash visibility standards, partners can easily communicate their deposits or cash transit status throughout the cycle, saving significant time and labor.
“In proof-of-concept testing with major armored carriers, cash visibility based on GS1 Standards reduced dock time by one-half to two-thirds,” said Bernie Hogan, senior vice president of emerging capabilities and industries, GS1 US. “Intensive cash users and businesses have the potential for significant business process improvements, resulting in bottom line benefits.”
GS1 Standards for better cash visibility support efficient, reliable control environments at each point in the supply chain and facilitate the collection of more information about the status and value of cash in transit. This will provide numerous benefits to industry, including better oversight and security of cash, faster resolution of discrepancies between origin and destination, and improved financial planning.
“The Federal Reserve has long been a proponent of financial industry standards that promote efficiency, stability and resilience in payments. We look forward to partnering with the cash industry on this visibility initiative,” said Mark Gould, first vice president and chief operating officer, Federal Reserve Bank of San Francisco, and product director, Federal Reserve System Cash Product Office.
Members of the GS1 US Cash Visibility Discussion Group have appointed a leadership team to drive forward the Discussion Group’s priorities and implementation of GS1 Standards. The team includes:
- Barbara Bennett, vice president and senior policy & strategy officer, Federal Reserve System Cash Product Office, Federal Reserve Bank of San Francisco
- Kevin Meyer, managing partner, JPMorgan Chase
- Donna Becraft, chief information officer, Dunbar Armored, Inc.
- Darren Langton, vice president, cash in transit, Loomis US
- David Hasler, senior director, global treasury, Wal-Mart Stores, Inc.
- Louis Layton, director product strategy, cash & logistics, Fiserv
- Larry Waskom, vice president, strategic market initiatives, Glory Global Solutions, Inc.