PR - Bank of America Launches Cash Handling Process Trial

Charlotte, N.C.-based Bank of America announced today that the national restaurant chain Chick-fil-A, Inc. is piloting a revolutionary Bank of America technology that will automate and simplify cash handling for retailers and give them faster access to funds.

The patent-pending in-store solution is centered on a sophisticated cash-handling device located in the client’s back office that accepts, counts and secures cash. The device will also communicate directly with Bank of America, allowing funds to be credited to the retailer’s deposit accounts, even while the currency is still in store locations. Through this innovative "rapid recognition" capability, cash can go to work for the retailer even before it is physically deposited at a bank branch. Moreover, store employees are not exposed to the risk of carrying large amounts of cash.

"Managing cash is enormously important to retailers but historically is expensive, time-consuming and prone to error and fraud," said Cathy Bessant, President of Bank of America Global Product Solutions. "As the leader in the treasury business, Bank of America has a constant focus on innovation, and this in-store cash handling solution has the potential to revolutionize how retailers do business."

Another key capability allows CFOs and treasurers to have a comprehensive, real-time view of receipts across all payment types – including cash, check and card transactions – in multiple physical locations and geographies. Also, retailers will be able to withdraw currency from the device – and therefore from their accounts – as and when needed.

Bank of America anticipates the in-store cash handling solution will be widely available to its business and corporate clients in the first half of 2008.

Chick-fil-A is currently testing hardware in select store locations and within the next few weeks expects to begin using the rapid recognition capability. "So far the test experience has gone very smoothly. With the help of our Bank of America team, employees have found it easy to adopt," said Terry Shelton, Chick-fil-A store operator. "We believe it will improve employee safety, and improve customer service by decreasing the amount of time our staff spends handling cash."

"We’re very excited about the potential to improve our cash management opportunities with the rapid recognition capability that the Bank of America solution offers," noted Phillip Barrett, vice president and controller, Chick-fil-A. "Receiving credit for funds that are physically in the store gives us better visibility into our cash position enterprise-wide and quicker access to capital."

This in-store cash solution is the cornerstone of a new suite of services Bank of America will offer to streamline and simplify the logistics of cash handling, including forecasting and transportation.