Bank Vault Management for Bank of China with Chainway C4050 UHF RFID Readers

Background
Bank vault management plays a very important role in a bank’s financial system. It requires accurate records of cash box moving in/moving out and real-time inventory control. Manual operations in these steps sometimes result in high error rates, low efficiency, and a waste of manpower and material resources, which directly affects the quality of banking service. Banks in China have turned to RFID, barcode and face recognition technologies one after another in order to improve their competitiveness.
 
Challenges

• Identity verification is a problem during cash box handover. Some may pretend or substitute others.

• There are a large number of banknotes flowing in and out of the vault every day. Manual inventory is error-prone and time-consuming.

• Inaccurate inventory causes financial loss to the bank. And the bank couldn’t find out any reason behind the issue effectively.

• Collaboration between depts. is inefficient due to the inability of real-time information sharing.

• It is hard for administrators to collect and analyze real-time data, such as banknotes consumed, banknotes increased, staff performance, etc. It is not conducive to strategic management.

 
Solution
Chainway comes up with an effective solution based on UHF RFID, barcode, and 4G, WIFI network for the Bank of China. Now bank clerks can receive assignments on C4050 UHF RFID readers and their identity can be verified with face recognition capability. Cash box/bag handover details like when, where, who and how many are accurately recorded. Chainway C4050 UHF RFID readers also enable barcode scanning and RFID tag reading of those cash boxes/bags. All scanning and reading results are synched to the server via a wireless network connection. This solution ensures information security, vault management efficiency and accuracy.
 
Effects

• Bank clerk identity is verified to ensure handover safety.

• Now the bank vault management becomes automatic, easy and efficient. The data capture cost has been decreased.

• Administrators can check in real time the handover records, the total amount of banknotes in the vault, etc. through the backend server.

• The accuracy of vault inventory has been highly improved, which facilitates administrators to carry out appropriate vault management strategies in a timely manner.

PDA Configuration

P/N: C4050
Functions: 2D Barcode, UHF RFID, 4G, WIFI, OTG