 Virtual Vault: Borderless Banking
From Portland, Oregon to Portland, Maine, our Virtual Vault solution offers banks of any size a way to compete in markets where they have no physical presence. This increasingly popular integrated solution from Loomis, Fargo & Co. in effect creates a borderless banking environment for our customers.
“In today’s competitive environment, large retailers and other commercial customers want a bank that can meet them in every market where they do business,” says Pete Silewicz, Senior Vice President Banking Services for Loomis, Fargo & Co. “Our Virtual Vault solution provides bank customers with the ability to serve their customers where they have no brick-and-mortar presence. Put simply, their team uses our national cash distribution network, supplemented by our eBusiness Solutions to provide seamless service to their retail and commercial customers from coast to coast.”
Our Integrated Solution: Virtual Vault
Through our national cash distribution network, we essentially become the bank’s brick and mortar in markets where they have no physical presence. We handle the transportation, processing and electronic reconciliation for their commercial customers. Our Customer Information Exchange provides an Internet gateway for the transmittal of account processing data. We serve as their virtual vault. This creates for the bank the ability to serve new markets without expensive startup costs. It also enables retail customers to have one armored carrier, one vault processor and a single national bank account.
This integrated solution provides the bank’s commercial and retail customers with the convenience they want and the predictability they need. This one-to-one relationship simplifies the cash flow process and reduces overhead costs. By using our established national network of cash management professionals, our bank customers can expand their influence beyond present borders to serve their customers better.
 Internet Change Order
One of our most popular eBusiness Solutions is our Internet Change Order (ICO) product. ICO is essentially an Internet portal accessed through our Customer Information Exchange (CIX) through which all of a multi-location bank’s branches can place their cash orders.
Once the orders are placed by the individual branches, the system aggregates the orders for bulk delivery from the Federal Reserve to the Loomis, Fargo & Co. branches which provide the transportation, and often cash management services. Those branches then prepare the cash for delivery to the individual bank branches. Depending on the number of branches in your network, this can create a dramatic reduction in Fed excess delivery end point charges. The result is a much more cost effective and efficient solution.
For banks which already deploy a cash management software tool to forecast cash volumes, ICO can be linked to a feed from the software to place orders. By doing so, we can create an exceptional level of visibility and centralized control for the bank’s cash management group. Often this results in significant cash inventory reductions.
ICO is secure and easy-to-use. For many of our bank customers, ICO has replaced the slow, inefficient, and hard to track method of faxing or telephoning in orders; methods which are fast becoming obsolete. With ICO, the chance of error is dramatically reduced, you can establish order limits and you will have an aggregate, accurate summary of the day’s branch cash order activity quickly and without manual intervention.
Some of the benefits of the Internet Change Order system are:
- Simplicity of use
- Increased control of inventory by extended visibility throughout the order-to-fulfillment cycle
- Reduction of Federal Reserve “end point” charges
- Increased speed in transaction processing and reporting
- More complete integration of the ordering/fulfillment process
Integrating ICO with our transportation and cash management services is assured to generate meaningful value for you.
RETAIL SOLUTIONS
The SafePoint solutions save money while enhancing security for your people
 While other cash handling service companies may offer a safe, Loomis, Fargo & Co. offers a choice of integrated safe solutions designed to address the specific requirements of convenience stores, fast food restaurants, movie theaters or virtually any retail businesses.
Our SafePoint solutions offer three distinct options ranging from a basic solution focused on reducing your risk to a full electronic cash management solution according to your specific needs. Each of the options includes armored transportation, the safe itself, installation, maintenance and warranty and designated levels of cash management services all for one monthly price. This is an integrated, one-source solution designed to serve your cash needs simply and reduce risk, while saving you money.
Basic Deposit Safe Solution
Our SafePoint Basic Deposit Safe Solution provides an economical answer for small single location operations. It represents a prudent business practice for managing risk at your location. The consequences of a loss through theft or robbery can be much more than just lost cash. There is potential injury or loss of life, and the cost of worker’s compensation claims or injury to an innocent bystander can result in substantial adverse judgments. SafePoint’s Basic Deposit Safe Solution, as well as our other SafePoint Solutions, keep your cash safe, and your employees and customers safer.
Our Basic Deposit Safe Solution includes a high security grade safe for on-site storage of your cash, armored transportation to one of our cash processing facilities, and secure consolidation, verification and delivery of your deposit to your bank. Security is assured through dual control – opening the safe requires both a Loomis, Fargo & Co. messenger and your designated store employee(s). Once your cash is in the safe, we guarantee it from loss through theft or fire.
Validating Safe Solution
The Validating Safe Solution option is intended for multi-location retailers who seek greater security as well as greater control over their cash. In addition to the benefits provided by our Basic Deposit Safe Solution, the Validating Safe Solution provides additional value in the form of reduced shrinkage, counterfeit detection, real time balancing and shift reconciliation. This solution also saves time for your employees in counting cash and deposit preparation.
The Validating Safe Solution offers you a choice of four electronic safes including single and dual 1500 note capacity validators and time saving 25 note bulk validators in single or dual configurations (2,000/4,000 note capacity). All are available in controller and remote versions and all have reporting and printer capabilities.
Validating & Dispensing Safe Solution
Designed for larger retailers and those with high volume cash handling, our Validating & Dispensing Safe Solution represents our full electronic cash management solution.
In addition to the benefits of our Basic and Validating Safe Solutions, this option adds a dispensing unit to provide change. The Validating and Dispensing Safe Solution offers a convenient means to:
- Manage and reduce your change fund requirements
- Keep POS/shift in balance
- Create detailed management reports
All our SafePoint solutions draw on our extensive cash distribution network including transport and processing capabilities as well as our innovative eBusiness products. By integrating these capabilities with the right equipment, we offer total solutions which save you money while enhancing security for your people. Interested? Contact us and we can do the math together.
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