As an active participant in the Federal Reserve’s E-Manifest Readiness Program, Rochester was honored to be the first Cash-In-Transit to test the API connection with the Minneapolis Federal Reserve Bank. API, which stands for Application Programming Interface, is a set of programming codes that ultimately allows communication between two separate software systems.
The success of this test is a significant step in moving Rochester closer to adoption of the Federal Reserve’s new standard operating procedure. The successful API connection allowed Rochester to capture key information using a handheld scanner. The E-Manifest allows the Federal Reserve Banks to electronically process deposits and payments.
The pilot included a Rochester customer, Rochester’s fintech partner, Morphis, Inc., the Minneapolis Federal Reserve, and its Cash Visibility team.
Rochester continues to rely on the Federal Reserve’s E-Manifest Readiness Program (ERP) as it progresses in its E-Manifest adoption strategy. By participating in these pilots, Rochester gains critical insight on how the company will implement the Federal Reserve’s new standard operating procedure. Additionally, with every step, Rochester is in a better position to guide the financial institutions it serves through the Cash Visibility process.
In the spring of 2022, Rochester successfully completed a similar pilot where Rochester uploaded a What to Expect file to Fedline. However, there was no API connect. The file had to be electronically shared. This was the first Cash Visibility test that involved multiple bags and denominations.
Since 2017 the Federal Reserve has been working on its Cash Visibility Initiative.By tapping into supply chain logistics and best practices, this initiative created an approach that uses scanning technology to track cash shipments throughout the supply chain One outcome of the Cash Visibility initiative is the electronic manifest known as the E-Manifest. The E-Manifest replaces the industry’s current use of paper manifests. Quickly becoming the new new standard operating procedure, E-Manifest not only improves efficiency for the entire cash supply system but also establishes industry standards that create benefits to all participants,
As a member of the Federal Reserve’s Cash Advisory Council, Rochester supports the work done by the Cash Visibility Subcommittee.
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.
About Morphis, Inc.: Morphis, Inc. is a Global Fintech Partner for Financial Institutions, Cash-in-Transit Companies and their Customers providing Cloud-based solutions featuring Route Optimization with Mobile Track and Trace. For more information on Morphis, Inc., visit: morphisinc.com
