Safeguard Engineering has introduced a revolutionary new automated safe that counts cash in any denominations, deposits the money into a removable bag locked securely inside it and issues a receipt for the deposit with a breakdown of the cash received.
The Denominator, as the revolutionary safe is called, is a secure cash receiving terminal built as a modular unit that can be installed and operational within an hour of its arrival at the site it is to be installed at.
Bulk cash notes placed, irrespective of their denomination and face value, on the receiving terminal on top of the safe are counted at a high speed of 16 notes per second, regardless of their denomination and dropped into a bag within the safe.
Every note is verified as authentic at the same time it is being counted. Denominations may be mixed but the Denominator is able to identify and record each denomination.
The transaction receipt that is printed gives the number of the transaction, the user’s code, a breakdown of the notes deposited and the total value of the deposit.
The safe has two locks so that one key can be held by the manager or cashier and the other by the cash-in-transit service that transports the money to the bank. The safe can only be opened if both locks have been unlocked.
When the safe is opened, the bag into which money has been deposited can only be removed when a metal lid has been slid on top of it and locked in position.
The lid can only be removed after it has been unlocked with a key held by the bank to which the money is transported.
This means that nobody can handle the cash from the time it is dropped into the safe after being automatically counted until it arrives at the bank and is unlocked by a bank teller.
After every deposit dropped into the safe, the hidden hole through which the money is dropped into the bag in the safe is securely closed and locked.
The new safe is ideal for garages, supermarkets, banks, retail stores and any place where large amounts of money are received and stored prior to being banked.
The person receiving the cash can place it on the Denominator’s high speed note counter and have it deposited in the safe, doing away with the need for any intermediary to handle the cash. The printed slip providing details of the deposit can be used to balance the cash received with the cash deposited.
The high speed at which the cash is counted saves considerable time when it comes to cashing up. There are no third parties who need to handle the cash, reducing possibilities of reconciliation difficulties or fraudulent activities.
Existing safes can be adapted to incorporate the high speed counting and drops into a secure bag within the safe.
The Denominator’s high speed note counter has a South African Bureau of Standards approved rating. The Denominator has a 10-inch colour touch screen, built-in printer and ethernet connectors.
Safeguard Engineering managing director Loveday Magaya explained that the Denominator stores information on all transactions.
“Storage of all transactional information with a full audit trail of all deposits is possible, as each terminal has its own unique serial number and user-defined client number,” he said.
“The Denominator will print an end of day or shift value transaction report which will detail the total value for the shift including the breakdown of the notes per denomination. Each transaction will contain the bag number into which the notes have been dropped,” he said.
“The Denominator reduces the time it takes to cash up as the high speed note counter does the job quickly and efficiently. There are also no reconciliation differences between cashiers and other intermediaries as all money counted is locked in the safe,” he said.
He added that the bags into which the money was dropped, which were removed from the safe after being securely sealed, were tamper evident re-usable bags.
“The system’s highly advanced, automatic functions give users the security edge that they have always been looking for when it comes to securing money. Off-site monitoring of all deposits can be done via the internet.
“Arrangements can also be made to link the Denominator to the user’s bank account so that any money dropped into the safe is automatically credited to the user’s bank account.
“Once that is done the money will cease to belong to the depositor and the bank will handle the transportation of the money from the safe to its own premises,” he said.