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CashEDI – Standardized electronic data interchange for cash operations



As of 1 January 2013 in Germany the application of CashEDI in compliance with the GS1 standards becomes mandatory for the Deutsche Bundesbank and other financial institutions handling cash transactions. According to Carl-Ludwig Thiele, member of the Board of Directors of the Deutsche Bundesbank, CashEDI is a very important element in the cash cycle. 

Thanks to the GS1 system of standards all data related to cash operations, such as money orders, letters of advice, etc. can be transmitted electronically. Thus, higher automation of the processes and increased efficiency will be achieved. The solution will result in more security and transparency not only for banks and cash-in-transit companies (CIT), but also for the companies that work with cash (such as stores, restaurants, casinos, public institutions, etc.). If in the past at least two days were needed to confirm that the money was deposited to the account, the new method allows this to happen in real time. By marking any money bag and container with a barcode, it can traced along the entire chain – from the market, through the cash-in-transit company to its depositing in the respective bank office. 
 
The description of the processes in the electronic data interchange for cash operations – CashEDI – was made by GS1 Germany in cooperation with the Deutsche Bundesbank. It is based on the world-known GS1 standards for identification, communication and description of processes, which have proven their efficiency in time and have contributed to the smooth flow of processes in trade, and which are currently aiming at the financial market. Investments for each of the participants working with cash will be different in size. In order to ensure the smooth and safe cash supply for the various users, many and various systems will have to be adjusted to the match the single functionality CashEDI. 
 
In 2012 various banks and cash transporting companies were trained to work with CashEDI. The implementation of electronic data interchange takes time and should not be underestimated. As of 2013 more than 2000 credit institutions/companies will start using CashEDI for cash transactions, which means that the currently used systems will have to be adjusted. The first requirement is to receive a global location number (GLN). Money bags and containers will be identified by means of unique serial shipping container codes (SSCC). Electronic letters of advice and confirmations for receiving the sum will make it possible to follow the entire process and will increase security. 
 
At present, in Bulgaria electronic data interchange in compliance with the world system of standards GS1 is used only by store chains and their suppliers. The standards can be successfully implemented in the public sector, healthcare and banking because they allow for a harmonized approach without limitations as to the sector of industry. 
 

GS1 is a leading global organisation dedicated to the design and implementation of global standards and solutions for identification and exchange of information in supply and demand chains globally and across sectors.

The Bulgarian Chamber of Commerce and Industry has been official representative of GS1 in Bulgaria since late 1991. The activity of national GS1 organization is carried out by the GS1 Bulgaria Council with BCCI. 

 


03.01.2013

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