During the recent wave of bank account closures threatening the independent ATM industry, cash management services have stepped in to fill the gap.
While many ATM operators might feel this is a less-than-ideal solution to the account closure crisis, these cash services are evolving to meet the needs of their ATM operator customers. Cascle Inc., is one such company working to provide a value-added service not available through traditional banking.
Cascle’s solution is allowing ATM operators to settle vault cash funds in a FDIC insured holding account. Operators can then call and have needed funds delivered through leading secured cash delivery companies (think outfits like Brinks).
Launched in the summer of 2018, Cascle joined with EFX (a worldwide cash exchange company) as its preferred ATM transaction processor. The company says the new program – believed to be the first strategic alliance of its kind – is still in its beta phase with a small number of clients, but is on track to be fully rolled out early this year.
“What we’re providing is a per portfolio solution for ATM deployers as opposed to other services that provide per terminal solutions,” said Cascle’s Lead Client Liaison Megan Martinez. “What differentiates us is we let independent deployers use their own vault cash, which makes it more cost effective.”
As Martinez explained, the strategic alliance between EFX and Cascle streamlines compliance (in order to fight money laundering and terrorist financing) through a single source.
It still remains to be seen whether the Cascle model will prove successful. However, less than a year out, officials at both companies remain upbeat about their chances for success. The point, they say, is to offer value and services in what just might be a growing field.
