Cash-in-transit (CIT) or cash/valuables-in-transit (CVIT) is the physical transfer of banknotes, coins, credit cards and items of value from one location to another. The locations include cash centers and bank branches, ATM points, bureaux de change, large retailers and other premises holding large amounts of cash, such as ticket vending machines and parking meters.
Many cash-in-transit companies are private security companies that offer cash handling as part of their services. Loomis, following its split from Securitas, [1] [2] and Shields Business Solutions, a private equity backed company, [3] are the only major CIT businesses fully dedicated to cash handling. Brinks spun off its home security division, likewise placing its focus on cash handling. [4]
By law, the CIT companies are seen as logistics companies in the private security industry and therefore have to comply with transport and security legislation. In some countries, the transportation of cash has its own legislation (for example, Europe has varying CIT laws [5] ). The CIT industry is regulated by national, regional and local legislation, social regulations and current practices. Responsible authorities are usually the Ministry of the Interior, the Ministry of Justice and the police. Legislation and regulations may impose requirements and restrictions on use of firearms, types of vehicles, minimum number of crew members, and use of intelligent banknote neutralisation systems.
CIT services can be carried out in soft-skinned, semi-armoured or armoured vehicles. The use of soft-skinned vehicles is normally only allowed when alternative security methods, such as intelligent banknote neutralisation systems, are also used. Security cases containing IBNS are provided by companies as StrongPoint Cash Security and Oberthür. Such CIT is commonly referred to as "Light CIT". [6]
Inside CIT, the companies are specialized in the transportation and processing of cash, valuables and precious metals. They transport banknotes, coins, bulk cash, diamonds, non-personalised smart cards, non-personalised passports and other valuables. That is why, in many countries, the service was renamed "asset handling" or "asset-in-transit".
Cash processing is an industrial process far removed from traditional banking activities and culture. The internal organization of cash handling within banks is often obsolete and inefficient, inherited from old bank organizations and further complicated by mergers, acquisitions and restructuring. This has led the majority of banks to opt for the outsourcing of wholesale cash processing which includes coin and banknote processing. [7]
There are on the other hand inherent difficulties associated with outsourcing. One of them is the loss of control and the reliance on external providers. In some cases, banks no longer have the know-how in relation to cash handling.
Cash processing has evolved from a labor-intensive activity focused on the transportation of cash to a capital-intensive industry offering end-to end solutions. Transport no longer constitutes the value added in the business but continues to structure the organization. The CIT's footprint remains a key factor of selection by banks and retailers.
The industry is generally divided into two sectors: processing and ATM servicing.
Most armored cars have two to three occupants:
Depending on the jurisdiction, the guards are armed with weapons and required to wear bulletproof vests [8] and/or ballistic helmets. Most guards are issued with shotguns, while others carry handguns. Submachine guns and even assault rifles may be equipped by those officers in some countries. These guards are required to have firearms training before they can carry them.
Five member states of the European Union, Denmark, Greece, Ireland, Sweden, and the Netherlands prohibit weapons during cash-in-transit operations. [9]
The vast majority of passenger travel in the United States occurs by automobile for shorter distances and airplane or railroad for longer distances. Most cargo in the U.S. is transported by, in descending order, railroad, truck, pipeline, or boat; air shipping is typically used only for perishables and premium express shipments. Transportation is the largest source of greenhouse gas emissions in the United States.
In economics, cash is money in the physical form of currency, such as banknotes and coins.
Securitas AB is a security services, monitoring, consulting and investigation group based in Stockholm, Sweden. The group has over 300,000 employees in 53 countries worldwide. Securitas AB is listed at Nasdaq OMX Stockholm, Large Cap segment.
A banknote—also called a bill, paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities.
Offshoring is the relocation of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting. Usually this refers to a company business, although state governments may also employ offshoring. More recently, technical and administrative services have been offshored.
The Brink's Company is an American cash handling company, headquartered in Richmond, Virginia. Its operations include cash-in-transit, ATM replenishment & maintenance, and cash management & payment services, such as vault outsourcing, money processing, intelligent safe services, and international transportation of valuables.
The 2006 Securitas depot robbery in Tonbridge, England, was the UK's largest cash heist. It began with a kidnapping on the evening of 21 February 2006 and ended in the early hours of 22 February, when seven criminals stole almost £53 million. The gang left behind another £154 million because they did not have the means to transport it.
Automated cash handling refers to the process of dispensing, counting, and tracking cash within various business environments using software and hardware devices such as banknote processing. Automated cash handling is used by banks, retail stores, check-cashing outlets, payday loan/advance providers, casinos, and more. This process is facilitated through the use of specially designed hardware and software, with the primary goals of preventing loss, deterring theft, and reducing the need for constant manual oversight of cash operations.
The Security Industry Authority (SIA) is the statutory organisation responsible for regulating the private security industry in the UK. Established as a non-departmental public body in 2003, the SIA reports to the Home Secretary under the terms of the Private Security Industry Act 2001 (c. 12).
Guardian Alarm is an American security company based in Southfield, Michigan. Founded in 1930, Guardian Alarm is the largest independently owned security company in the Midwest and continues to be ranked in the top 20 in the United States. The company has over 500 employees in various cities across the United States.
An armored vehicle is an armored van or truck used to transport valuables, such as large quantities of money or other valuables, especially for banks or retail companies. The armored car is typically a multifunctional vehicle designed to protect and ensure the wellbeing of the transported contents and guards. Typically customized on a basic van or truck chassis, they feature bullet-resistant glass, armor plating, and reinforced shells and cabs. Armored cars are designed to resist attempts at robbery and hijacking, being able to withstand bullets from most handguns and rifles, as well as extreme degrees of heat, explosives, and collisions.
Loomis AB is a Swedish cash handling company. The modern company was formed in 1997 by the consolidation of two armoured security concerns, Wells Fargo Armored Service and Loomis Armored Inc. Their international network covers over 200 operating locations in the US and eleven Western European countries.
A security guard is a person employed by a government or private party to protect the employing party's assets from a variety of hazards by enforcing preventative measures. Security guards do this by maintaining a high-visibility presence to deter illegal and inappropriate actions, looking for signs of crime or other hazards, taking action to minimize damage, and reporting any incidents to their clients and emergency services, as appropriate.
The Cargo Preference Act or Cargo Preference refers generally to legal requirements for the carriage of government-impelled cargoes on the vessels flagged within the registry of that government for the purpose of promoting a national merchant marine. Cargo Preference is commonplace among the world's seafaring nations, including Australia, Brazil, France, Japan, Taiwan.
An intelligent banknote neutralisation system (IBNS) is a security system which protects valuable items by rendering them unusable or easily detectable if an unauthorised individual tries to gain access to them. Dye packs are commonly used to safeguard currency against bank robberies in this manner; when such a pack is taken out of the bank, it releases an indelible dye that stains the money with a conspicuous bright color, making it easy to recognise as stolen. Bonding agents (glues) have been used more recently as alternative degradation agents.
Oberthur Cash Protection is a French manufacturer of Intelligent Banknote Neutralisation Systems to protect cash, based in Dijon, France. Established in 1985, the company holds one of the first IBNS patents to protect valuables by neutralizing them with ink and, as of 2011, is the largest manufacturer of such systems in the world, with over 60,000 systems installed.
Currency packaging includes several forms of packing cash for easy handling and counting. Many systems use standard color-coding or are marked to indicate the amount in the package.
Securitas Services d.o.o. is a Serbian security company specializing in guarding, monitoring, cash handling, analyzing, consulting, security education, and the sale of security systems. The company has about 3,900 employees and is part of Securitas Sverige AB, with headquarters in Belgrade.
Banknote processing is an automated process to check the security features and the fitness of banknotes in circulation, to count and sort them by denomination and to balance deposits. This processing of currency is performed by security printing companies, central banks, financial institutions and cash-in-transit (CiT) companies.
Armaguard is an Australian cash handling company. Founded in 1938 by Mayne Nickless, it is a subsidiary of Linfox.