Smart safe solution gets businesses’ cash into their bank accounts faster than ever

The smart safe is an intelligent cash deposit safe installed on a company's premises. It automatically counts deposited cash, stores it securely, and allows businesses to monitor transactions in real time through an online customer portal.

According to Erje Mettas, Head of Daily Banking for Business Customers at Coop Pank, the key advantage of the smart safe over traditional cash collection services is that it makes cash handling significantly faster and more secure.

"Many businesses still handle substantial amounts of cash. Counting it, documenting it and transporting it to the bank takes valuable staff time and introduces unnecessary risks. The smart safe automates these processes and gives businesses greater visibility over their cash flow," said Mettas.

The solution also provides businesses with quicker access to their working capital. "Although the cash remains physically stored in the safe on the company's premises, it is credited to the business's current account on the next working day, making the funds available for immediate use."

The smart safe is suitable for businesses handling a wide range of cash volumes. It accepts banknotes and, where required, coins, while reducing the need for frequent cash collections. According to Mettas, the solution is particularly beneficial for businesses that handle cash on a regular basis, such as retailers, service providers, petrol stations and restaurants.

Alongside the new smart safe solution, businesses can continue to use traditional cash collection services or deposit cash directly into their business accounts at six Coop Pank branches offering cash services, as well as at all Coop stores across Estonia.

"Smaller businesses continue to make active use of our cash deposit service available in Coop stores, and we see strong ongoing demand for this option," added Mettas.