Thinking CashTech for the Future of Cash

At the Future of Cash conference, which takes place 14-16 September in Madrid, there is a session dedicated to CashTech, this being the confluence of cash and technology. CashTech gathers companies which leverage software and communications technology to provide improved cash services – including access to cash and acceptance of cash payments – as well as to enhance the efficiency of the cash cycle.

A panel will consider the impact CashTech is actually having on the cash cycle. Should traditional industry participants regard CashTech players as a threat or a partner? Are there solutions that are allowing cash to live alongside or even work within the digital cash cycle? How should central banks regard CashTech? The conference will also include the first CashTech awards ceremony with three categories: 

• Best CashTech – open to all organisations

• Best CashTech Innovator – open to start-ups and companies founded after 2015

• Best CashTech Start-up – open to start- up companies founded after 2019.

Clip Money

Clearly Glory Global Solutions, a long- established industry participant working in the financial and retail industry sectors, is comfortable with CashTech. It has invested in a range of CashTech companies, most recently Clip Money, a fintech operating in Canada and the US.

Clip Money has a solution intended to simplify the process of depositing cash for businesses. The pain point for businesses is having to make trips, particularly during business hours, to deposit cash. Clip Money’s solution is to have secure cash deposit devices located conveniently where businesses can deposit cash. Irrespective of who the business uses as a bank, they can deposit money locally.

Clip Money’s platform is connected at every stage using a mobile app working to a cloud based transaction platform, RFID connected deposit bags, connected cash deposit devices and management software to handle the end-to-end process.

In addition to being located conveniently for businesses, the deposit boxes are available well past usual bank branch hours.

As the footprint of bank branches reduces, this service is helpful both to business and banks helping them to reduce costs, manual process and in-person transaction processing.

OneBanks

In August 2021 Glory announced that it would become a cornerstone investor in OneBanks, the shared bank branch innovator.

Building on Open Banking standards, OneBanks has developed proprietary technology that enables multiple banks to offer services from a single physical location at significantly lower cost than a traditional branch.

Participating banks’ customers – both personal and small business – have free access to multiple transaction types all supported by a member of the OneBanks team who is recruited from the local community.

Paysafe

In addition, in August 2021 Glory entered into a strategic partnership with Paysafe, a leading specialised payments platform. The aim being to improve access to the digital economy for consumers with limited access to mainstream electronic payments.

One element of that deal involved Glory selling its majority share interest in viafintech to Paysafe. Glory had acquired 51.93% of viafintech’s issued share capital in January 2020. Viafintech supplies payment infrastructure that links 20,000 retail partner stores, through an app, allowing them to offer customers financial services at the point of sale, for example cash withdrawals and deposits, cash payment options for bills and online purchases, cashless payment methods, and gift card solutions.

The partnership brings together Glory’s cash automation solutions with paysafecard. As a result, retailers can enhance their position at the centre of the new cash cycle as well as drive more in-store footfall such as e-wallet top ups and cash payment for utility bills. Glory sees the sale of viafintech as allowing viafintech to grow faster as part of Paysafe, from which Glory will benefit as part of the new partnership.

Final word

Glory has embraced CashTech and its strategy to be in the payments business on a broad basis is clear. It is an interesting example of incremental innovation supporting a thoughtful strategy. Not unique, but a useful case study for all to consider.