Cash services with a difference

Issue 3 2021 Financial (Industry)

South African consumers remain loyal to cash. In fact, according to a recent Deloitte study, although 80% of South Africans have a bank account, most consumer transactions are still cash-based and cash usage in the economy continues to grow at an annual rate of between 6% and 10%. “These statistics underline the need for secure, reliable and efficient cash services,” says Albert Erasmus, founder and CEO of iziCash Solutions, which specialises in cash management services for the retail industry.

The volume of cash in the economy is, however, not the only reason why expert cash management is essential. Security and operational efficiency are of paramount importance, especially to the retail sector that cannot trade without cash.

Established in 2016, iziCash distinguishes itself in both the range and quality of services it offers, particularly in terms of security and the precision with which cash is handled.

“Our culture and approach of executing cash services with absolute precision and strict security are testament to the expansion of business,” says Erasmus. iziCash provides cash logistics and cash management services to businesses in Cape Town, Johannesburg, Pretoria, Durban and Pietermaritzburg, with an expansion programme into other areas in the near future.

Cash management services for retailers and other businesses that require cash to trade is the backbone of iziCash’s offering. Depending on the client’s needs, iziCash is geared to collect, deliver, process and insure cash. Included in the range of cash management services, iziCash also lends its expertise to clients for the management of ATMs, which includes cash replenishment, balancing and first line maintenance.

A noteworthy partnership is the one iziCash holds with Brinks Global Services, arguably the largest global CIT company, specialising in secure transportation and the handling of valuable goods in South Africa. IziCash is the primary subcontractor for all the Brinks CIT and armed escort services in Gauteng, KwaZulu-Natal and the Western Cape.

iziCash uses Transtrack software to manage the entire cash cycle This is an end-to-end cash management system used in the CIT and cash centre operations to track cash bags and to process customer deposits on a daily basis. This meticulous tracking of cash significantly improves operational efficiencies, optimises and streamlines every stage in the cash logistics process.

This end-to-end tracking capability is enhanced by Fleetcam, an integrated surveillance and intelligent vehicle tracking system, enabling real-time monitoring of the iziCash fleet and personnel. Each cash-in-transit vehicle within the iziCash fleet is fitted with seven CCTV cameras that feed real-time footage to the company’s control rooms where the fleet is monitored around the clock and audio-visual recordings are stored for at least 60 days.

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