This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to the Vault Management System Solution

The vault management system is used by the Central Banks to perform various activities like currency inventory management.

The vault management system solution allows Central Banks to maintain adequate national currency stocks, manage payments and receipt of currency to and from (front office) cashiers and provide safe custody services of currency and approved non-currency valuables in a cost-effective and efficient manner.

The Central Bank procures currency from printers or minters based on the demand and it is distributed to commercial banks for circulation. Commercial banks need to raise a letter of intent for currency withdrawal, based on their needs, or they can raise the request through SWIFT messages. Also, they can raise a deposit request to the central bank when they need to deposit cash. The deposit request can also be made through SWIFT messages. The cash deposited by the commercial bank has to be sent to the currency processing unit to evaluate the currency to ensure that unfit notes are not sent for circulation. The unfit notes are then withdrawn from circulation and destroyed.

At any point in time, the amount that is withdrawn by the commercial bank or sub chest minus the amount deposited by the commercial bank or sub chest gives the currency in circulation.

This module provides the ability place the currency in different bags, mark these bags against an entity and keep them in the vault. Serial numbers are included on the banknotes when they are first issued. The number, which is unique for each banknote, allows the note to be traced and identified. An enquiry is available to track the currency with serial number.

This solution also allows the bank to run inter branch transfers and manage specimen and commemorative currency.

The benefits of the module are:

• Ability to define the bundle details, how many units of a specific currency will make a standard bundle or package.
• Ability to send a request to the printer for the value and denomination split up that needs to be printed.
• Ability to import the currency when received from printer.
• Ability to move the currency from teller to vault.
• Ability for commercial banks to raise a withdrawal request.
• Ability for commercial banks to raise a deposit request.
• Ability for commercial banks to deposit cash.
• Ability to input adjustment entries for excess or short or unfit notes.
• Ability to record petty cash movements.
• Ability for the central bank to record the destruction of unfit notes.
• Ability to view the available currency in circulation.
• Ability to manage currency withdrawal requests sent by a Commercial Bank through a SWIFT message.
• Ability to manage currency deposits requests sent by a Commercial Bank through a SWIFT message.
• Ability to record the receipt of the currency from the printer.
• Ability to place the currency in different bags, kept them in the vault and mark these bags against an entity.
• Ability to manage serial number details.
• Ability to adapt currencies to machines.
• Ability to manage specimen, souvenir and commemorative currencies.
• Ability to manage interbranch deposits and withdrawals.