Cennox, a global leader in the deployment and maintenance of banking and retail technologies, has announced a strategic partnership with financial technology company Link FX.
The collaboration will utilise Link FX’s Retail365 platform to enable retail customers using Cennox’s Lincsafe smart deposit safes and cash recycling devices to access in-store cash payments in their bank accounts on the same day—before the money is physically banked.
Traditionally, cash payments have only been credited to retailers after funds are collected from each device, counted, and physically delivered to their bank. This can often delay access to funds.
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A process described by Martin Smith, strategy & solution director at Cennox as “costly” and one which can “add pressures on cashflow”.
Ron van Veendendaal, chief technology officer at Cennox, said the partnership with Link FX and its retail platform gives retailers “unprecedented control” over their cash flow whilst “unlocking access to the value stored inside their safes – instantly”.
Adam Durrani, managing director at Link FX, highlighted the importance of partnering with a company that shared its drive to “offer the retail sector the very best in real-time, intelligent cash management innovation”.
He said: “We are really excited to be working with the teams at Cennox and seeing the impact our two companies will have on the sector at a time where small margin improvements can generate much greater positive revenue efficiencies in a competitive industry.”
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