Cash management specialist Loomis UK and NatWest are rolling out their Same Day Credit solution nationwide following a successful pilot.
The initiative will allow British businesses to deposit cash returns and receive credit to their account without leaving their premises.
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Driven by technology, Same Day Credit uses Loomis’ connected smart safe, SafePoint, to scan and sort notes at high speed while calculating the value that would be credited to the businesses’ NatWest account on the same day.
Additionally, SafePoint automatically notifies Loomis when it is necessary for the smart safe to be emptied, reducing the carbon footprint of cash by limiting the number of Cash in Transit visits.
The technology makes cash handling a swift experience, reducing the labour cost of manually doing so, and providing working capital to the businesses faster than other electronic payment methods.
Giving NatWest’s business customers access to Loomis’ retailer portal
Targeted at small and chain retailers, the solution gives NatWest’s business customers access to Loomis’ exclusive retailer portal – Loomis Direct – where they can track their cash balance and operations.
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By GlobalDataBusinesses also benefit from the ‘one-stop shop’ in terms of cash management, since both Loomis and NatWest provide a truly end-to-end solution that covers all fronts.
The model is also based on a pay-as-you-go basis, which is relative to cash volume.
Recognising that cash is an important payment option for many businesses, especially small retailers, Loomis’ technology coupled with NatWest innovative thinking, allows for the Same Day Credit solution to make cash management smarter, more digitalised and efficient.
Because of this, retailers and other businesses using this solution can focus on serving customers and prioritise other business needs as the economy continues to open.
Simon Wood, Commercial Director at Loomis UK, said:
“After a successful pilot, we are excited to continue our partnership with NatWest and launch our solution widely across the UK. Same Day Credit allows small businesses and chain retailers to truly focus on customer experience while we handle the rest.
“Thanks to NatWest’s banking expertise and our efficient cash handling technology, we can ensure that businesses receive their funds that same day and most importantly continue to offer cash as a payment option.”
Matt Tuck, Head of Customer Propositions and Delivery at NatWest, said:
“We’re committed to helping our customers succeed as part of our longer-term roadmap, and this includes bringing new technology that will help improve their experience and offer them ways to become more efficient.
“Our continuing partnership with Loomis and the Same Day Credit solution means we can offer our business customers a safe, innovative solution that enables them to deposit and store cash without having to leave their stores or premises, meaning more time is freed up to focus on running and growing their business.”
