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Burroughs Introduces Higher Capacity XLP Series to the SmartCash Vault Solution
11/18/2010 1:47:00 PM by Burroughs

PLYMOUTH, Mich. – Burroughs Payment Systems now offers a large capacity cassette option (XLP Series) to its SmartCash Vault Solution, the company announced today.

The new larger cassette holds up to 2,200 notes compared to the standard cassette capacity of 1,200 notes.  This increased capacity enables Burroughs to offer customers the XLP Series SmartCash Vault with a total note capacity of 4,400 notes.  The safes, placed in retail locations that collect more than $1,000 per day in cash, can save trips to the bank by the retailer or armored carrier to make the daily deposits. SmartCash Vaults accurately count the cash deposits, which saves store labor and reduces deposit disputes.  The retailer can then benefit from a same-day deposit when working with a participating bank along with the Burroughs Cache2Cash managed service offering. 

Networked safes record exactly how much money is deposited as currency is fed into the safe. The deposit amount is immediately transmitted to the Burroughs data center that collects data from safes throughout the day. The deposit total for the whole day is then transmitted to the client’s bank later that evening.  Participating banks are able to post the value as a deposit for the client. Once or twice a week an armored carrier will visit the safe and remove the cash, taking it to the bank for reconciliation with the credited amount.  Participating banks make this solution a part of their Treasury Management offering and include the services in their cash-management portfolio. Retailers then have enterprise-wide access to cloud-based transaction information for all safes on the Cache2CashTM service.

About Burroughs Payment Systems
Based in Plymouth, Mich., Burroughs offers customers world-class service, industry-leading technology and overall support for an array of payment-related needs.  It specializes in check-image capture and cash-automation solutions, and offers a variety of other complementary payments products to help customers become more effective and efficient. Burroughs is recognized as the industry leader with 50 years of experience and more than 100 years in innovating technology solutions in the payments area.

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Media Contact:

Jeff Caponigro, (248) 353-3270