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 FedCash E-Manifest replaces the industry’s current use of paper manifests.
Quickly becoming the new standard operating procedure, FedCash E-Manifests not only improve efficiency for the entire cash supply system, but also help establish industry standards that benefits all participants.
Why should your FI become FedCash E-Manifest Ready?
When you complete the cash visibility journey, your final destination is a place of leadership. When you are FedCash E-Manifest Ready, you join the elite rank of financial institutions who are adhering to this new standard operating procedure and industry best practice. In an age where access to instant information is an expectation, you know your financial institution is ready and positioned for growth.
How Rochester Can Help?
Rochester is a leader in adopting and implementing industry best practices. For this reason, Rochester completed the Federal Reserve’s E-Manifest Service Readiness Program, which included obtaining its GS1 company prefix and global location numbers for all of its branches and cash vaults.
Our E-Manifest Preparation Service leads financial institutions like yours through those necessary stops to a final destination of being FedCash E-Manifest Ready. We navigate the entire path on your behalf and position your FI for success.
The Benefits of Being FedCash E-Manifest Ready
Quickly becoming the new new standard operating procedure, E-Manifests not only improve efficiency for the entire cash supply system, but also help establish industry standards that benefits all participants.
- Compliant with the practices of the Federal Reserve Bank: By becoming FedCash E-Manifest Ready, your financial institution is in good standing with not only the Federal Reserve Bank, but an industry best practice.
- Improved transparency and tracking: The entire supply chain will benefit from the ability to exchange information in a standardized way.
- Accelerated service times: The transaction between armored car carriers and the Federal Reserve and customers will be quicker and more efficient by eliminating manual processes.
- Improved efficiency: Many benefits come from removing the paper and sharing data electronically. These range from improved controls and loss prevention to opening the door to the possibility of automating cash management tasks.