ALVARA Interactive Cash Control oversees the cash cycle for financial, trading, and value services companies with a focus on efficient processes and secure documentation. This has been the case for 17 years. In 2006 and 2007, we conceived a platform that transparently manages the entire cash cycle from deposit at any cash point to booking at the Bundesbank. We promptly began implementing this idea, resulting in our ICC solution for modern and digital cash management.
ICC – the beginning of modern cash management
Do you remember the unprecedented fraud scandal of a market-leading cash-in-transit company in Germany? The year was 2006, and it dominated the headlines. SPIEGEL wrote about the “mysterious bankruptcy of a cash transport company,” while The Rheinische Post reported on a “self-service money transport”. The underlying cause was a multimillion-dollar fraud linked to the Heros group of companies. In an industry where customers supposedly have to be able to rely 100% on reliability and security.
What does this have to do with us? Numerous trading companies were directly affected by this scandal, in individual cases damages of many millions of euros were incurred. A wake-up call went through the industry. The need for security and transparency gained immense importance overnight. Many trading companies turned to ALVARA for a solution, and even then we were one of the leading software suppliers for value services companies.
The concept grew to not just provide advice on the subject, but to find, develop and offer a real solution for our customers. Consequently, we initiated the ALVARA ICC project in the same year. The objective was obvious: the software should monitor and protect cash cycles in Germany. Initial successes and awards quickly showed us that we were on the right track:
- – 2007: Foundation of ALVARA AG, presentation of ALVARA Interactive Cash Control (ICC) at the ALVARA INNOVATION DAYS 2007
- – 2007: CashEDI certification by the Deutsche Bundesbank as one of the first companies
- – 2008: First pilot customer and award of ALVARA ICC with the Security Innovation Award 2008
- – 2009: ALVARA INNOVATIONSTAGE finally establishes itself as the forum for cash logistics companies in Germany + first productive CashEDI cash order
- – 2012: “Best Cloud Service” award from SAP for the ALVARA ICC platform
- – 2013: Merger of CMS Cash Management Systeme GmbH into ALVARA Cash Management Group AG.
- – 2015: The first “CashDialogue” – a working group of experts to discuss and create standards.
- – 2016: ALVARA Logistic App with live connection to ALVARA ICC for real-time digital receipt and shipment tracking
- – 2018: Digital driver legitimation – secure, efficient and intuitive
- – 2020: Integration of the Safelogy Smart Monitoring Platform for networking smart safes and cash recyclers
- – 2021: ICC app for mobile devices as a digital solution for the PC- and paperless branch of tomorrow
At a glance: our ICC highlights
Commercial dishonesty was the starting point for our development. Our system alerts us when it detects discrepancies in cash processing, including variances in counts or differences in registered denominations. We have also integrated considerations for discrepancies in Bundesbank deposits, such as the requirement to deposit at the Bundesbank within one bank working day after collection at the branch. Thus, the ICC initially operated as a technical control authority.
However, as time progressed, the needs of our retail, banking, and value services sector customers for software support evolved. Specifically, the rising costs and time consumption associated with cash processes led us to enhance and expand our solution with new functionalities. Consequently, we developed software that substitutes analogue processes with digital cash management.
Today, ALVARA ICC prioritises security through extensive automation and monitoring capabilities, while striving for efficiency in processes such as optimised cash orders. Moreover, transparency is a top priority, from the deposit at Cashpoint to the posting at the Bundesbank.
ICC today
With these advantages at its disposal, Interactive Cash Control has become one of the top and well-established industry solutions for managing the cash flow between financial, retail, and value services companies. The ICC modules offer flexible and personalised options to our customers, accessible via the platform solution or the ICC App, which enables tailored solutions. This translates into everyday business, as illustrated by a few facts and figures about the software:
- – 15 million safebags are recorded through ICC every year.
- – Presently, around 60 clients utilize the system.
- – Additionally, more than 120 cash and point-of-sale systems have already been integrated into the application.
- – By doing so, branch employees and the head office are able to achieve time savings of between 50 to 70 percent.
- – ICC benefits from data protection-compliant server hosting in Germany and in-house development.
Conclusion and Future Plans
the growth of the ICC platform is an ongoing process and we remain committed to expanding it in line with customer requirements and the increasing trend towards digitalisation. We are currently designing new and innovative features such as smartphone-based coin inventory management, document control through the ICC app, and an AI-driven needs-based model- just three examples of the exciting possibilities that lie ahead for the optimised ICC of the future.
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