The Case for RFID-Enabled Traceability in Cash Movements

Cash movements between banks and customers are often conducted through armored courier services. These couriers hesitant to adopt new technologies because the business’s nature requires well-documented custody transfers of cash bags. Often, these still based on paper receipts. The researchers believe that using radio frequency identification (RFID) an application programming interface (API) all parties in management ecosystem reduces cost, improves efficiency, increases capacity. To alleviate hesitancy couriers, a simulation model is made operates much like existing 45-vehicle branch. Once was validated, changes were API interfaces RFID systems required. In addition, RFID-based sorting robot implemented. A comparison focused workforce utilization vehicle crews branch tellers. As expected, resulting significantly staffing requirements, operational behaviors tellers reduced by 79%, truck route durations 43%. expectation this research will help see advantages adopting such system spur additional investigation solution. Finally, cost savings put into return investment/payback period calculation, revealing annual approximately USD 2.2 million after one-year payback period.