Recently Rochester Armored Car completed a Cash Visibility (CV) pilot that included a Rochester customer, Rochester's fintech partner, Morphis, Inc., the Minneapolis Federal Reserve, and its CV team.
DALLAS, April 14, 2022 /PRNewswire-PRWeb/ -- Recently Rochester Armored Car completed a Cash Visibility (CV) pilot that included a Rochester customer, Rochester's fintech partner, Morphis, Inc., the Minneapolis Federal Reserve, and its CV team.
During this one-month pilot, Rochester prepared deposits for its customer and used handheld scanners to create a What To Expect (WTE) file that was electronically shared with the Minneapolis Federal Reserve. The software utilized in the creation of the file was created by Morphis, Inc. a global currency supply chain software company. This was the first CV test that involved multiple bags and multiple denominations.
Rochester relied on the Federal Reserve's e-Manifest Readiness Program (ERP) to prepare for the launch of this pilot. The ERP provided Rochester with a step-by-step road map of what needed to be done before launching the test.
A better vision for adoption
By participating in this pilot, Rochester now has a better vision for how the company will approach CV adoption. Going through this process and understanding the areas that went well and those where improvements could be made has provided a clearer path to adoption than before. Additionally, Rochester now is in a better position to guide the financial institutions it serves through the CV process. Through this pilot, Rochester also discovered how the data collected could streamline its operations and enhance the services it provides.
Next steps
The company continues to think through how CV adoption works within its processes and standards and is excited to explore the next step to adoption. Rochester is currently working with the Federal Reserve's CV team to schedule a pilot that would test API connections.
Rochester is a leader in adopting and implementing industry best practices. For this reason, the company continues its efforts to become CV compatible. As a member of the Federal Reserve's Cash Advisory Council, Rochester supports the work done by the Cash Visibility Subcommittee.
About Morphis, Inc.
Morphis was founded in 1999 and has become the world's leading supplier of payment systems and currency supply chain management software. Central banks, depository institutions, card issuers, armored carrier companies, BTM operators, and many other companies in the consumer financial services sector use Morphis products daily. By utilizing proprietary technology, Morphis provides cutting-edge, on-demand analytics, and fulfillment logistics, delivering efficient, robust solutions for enterprise cash management. Their software suite includes a customer relationship management platform; applications for cash forecasting, logistics optimization, and financial reporting; and tools for managing assets, vendors, contracts, and service tickets. Their customers have a choice of on-site licensing or SaaS licensing, ideal for larger clients, and web-based applications for small businesses.
About Rochester: Since 1964 Rochester has specialized in providing high-quality armored car services to the middle U.S. Over the years, the company's services - as well as its service area - expanded as the needs of its customers changed. Today, Rochester has more than 30 offices in Iowa, Nebraska, Minnesota, Wisconsin, North Dakota, South Dakota, and Texas. Each office offers high-quality armored car services and cash management solutions. With one of the most experienced management teams in the industry, Rochester excels at listening to the needs of our customers, creating solutions that work for them, and providing exceptional service they can count on. Simply put, Rochester is always delivering more than you expect.
Media Contact
Tory Rahman, Morphis, Inc., (214) 378-2772, [email protected]
SOURCE Morphis, Inc.
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