CTK armored van on the Philippine island of Palawan

Cash-in-transit (CIT) or cash/valuables-in-transit (CVIT) is the physical transfer of

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes w ...

coins A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to ...

credit cards A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

and items of value from one location to another. The locations include cash centers and bank branches, ATM points, large retailers and other premises holding large amounts of cash, such as ticket vending machines and parking meters. Many cash-in-transit companies are

private security companies A private security company (PSC) is a business entity which provides armed or unarmed security services and expertise to clients in the private or public sectors. Overview Private security companies are defined by the U.S. Bureau of Labor Sta ...

that offer cash handling as part of their services. Loomis is currently the only major CIT business that is fully dedicated to cash handling, following its split from

Securitas In Roman mythology, Securitas was the goddess of security and stability, especially the security of the Roman Empire The Roman Empire ( la, Imperium Romanum ; grc-gre, Βασιλεία τῶν Ῥωμαίων, Basileía tôn Rhōmaíōn) ...

. Brinks spun off its home security division, likewise placing its focus on cash handling. By law, the CIT companies are seen as

logistics Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics manages the flow of goods between the point of origin and the point of consumption to meet the requirements of ...

companies in the

private security A private security company (PSC) is a business entity which provides armed or unarmed security services and expertise to clients in the private or public sectors. Overview Private security companies are defined by the U.S. Bureau of Labor Stat ...

industry and therefore have to comply with transport and security legislation. In some countries, the transportation of cash has its own

legislation Legislation is the process or result of enrolled bill, enrolling, enactment of a bill, enacting, or promulgation, promulgating laws by a legislature, parliament, or analogous Government, governing body. Before an item of legislation becomes law i ...

(for example, Europe has varying CIT laws). The CIT industry is regulated by national, regional and local legislation, social regulations and current practices. Responsible authorities are usually the

Ministry of the Interior An interior ministry (sometimes called a ministry of internal affairs or ministry of home affairs) is a government department that is responsible for internal affairs. Lists of current ministries of internal affairs Named "ministry" * Ministry ...

, the

Ministry of Justice A Ministry of Justice is a common type of government department that serves as a justice ministry. Lists of current ministries of justice Named "Ministry" * Ministry of Justice (Abkhazia) * Ministry of Justice (Afghanistan) * Ministry of Just ...

and the

police The police are a constituted body of persons empowered by a state, with the aim to enforce the law, to ensure the safety, health and possessions of citizens, and to prevent crime and civil disorder. Their lawful powers include arrest and t ...

. Legislation and regulations may impose requirements and restrictions on use of

firearms A firearm is any type of gun designed to be readily carried and used by an individual. The term is legally defined further in different countries (see Legal definitions). The first firearms originated in 10th-century China, when bamboo tubes c ...

, types of vehicles, minimum number of crew members, and use of intelligent banknote neutralisation systems. CIT services can be carried out in soft-skinned, semi-armoured or armoured vehicles. The use of soft-skinned vehicles is normally only allowed when alternative security methods, such as

intelligent banknote neutralisation system An intelligent banknote neutralisation system (IBNS) is a security system which protects valuable items by rendering them unusable or easily detectable if an unauthorised individual tries to gain access to them. Dye packs are commonly used to safe ...

s, are also used. Security cases containing IBNS are provided by companies as StrongPoint Cash Security and Oberthür. Such CIT is commonly referred to as "Light CIT".

Services

Inside CIT, the companies are specialized in the transportation and processing of cash, valuables and

precious metals Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Chemically, the precious metals tend to be less reactive than most elements (see noble metal). They are usually ductile and have a high lustre. ...

. They transport

, bulk cash,

diamonds Diamond is a solid form of the element carbon with its atoms arranged in a crystal structure called diamond cubic. Another solid form of carbon known as graphite is the chemically stable form of carbon at room temperature and pressure, b ...

, non-personalised

smart cards A smart card, chip card, or integrated circuit card (ICC or IC card) is a physical electronic authentication device, used to control access to a resource. It is typically a plastic credit card-sized card with an embedded integrated circuit (IC) c ...

, non-personalised

passports A passport is an official travel document issued by a government that contains a person's identity. A person with a passport can travel to and from foreign countries more easily and access consular assistance. A passport certifies the personal ...

and other valuables. That is why, in many countries, the service was renamed "asset handling" or "asset-in-transit".

Cash processing

Cash processing is an industrial process far removed from traditional banking activities and culture. The internal organization of cash handling within banks is often obsolete and inefficient, inherited from old bank organizations and further complicated by mergers, acquisitions and restructuring. This has led the majority of banks to opt for the outsourcing of wholesale cash processing which includes coin and

banknote processing Banknote processing is an automated process to check the security (or authenticity) features and the fitness of banknotes in circulation, to count and sort them by denomination and to balance deposits. This processing of currency is performed by s ...

. There are on the other hand inherent difficulties associated with outsourcing. One of them is the loss of control and the reliance on external providers. In some cases, banks no longer have the know-how in relation to cash handling. Cash processing has evolved from a labor-intensive activity focused on the transportation of cash to a capital-intensive industry offering end-to end solutions. Transport no longer constitutes the value added in the business but continues to structure the organization. The CIT's footprint remains a key factor of selection by banks and retailers. The industry is generally divided into two sectors: processing and ATM servicing.

CIT guards

Most armored cars have two to three occupants: * A driver, who is normally never allowed to leave the vehicle until it returns to the garage * 1–2 guards who deliver the cash or valuables Depending on the jurisdiction, the guards are armed with weapons and required to wear

bulletproof vest A bulletproof vest, also known as a ballistic vest or a bullet-resistant vest, is an item of body armor that helps absorb the impact and reduce or stop penetration to the torso from firearm-fired projectiles and fragmentation from explosions. T ...

s and/or ballistic helmets. Most guards are issued with

shotgun A shotgun (also known as a scattergun, or historically as a fowling piece) is a long gun, long-barreled firearm designed to shoot a straight-walled cartridge (firearms), cartridge known as a shotshell, which usually discharges numerous small p ...

s, while others carry

handgun A handgun is a short- barrelled gun, typically a firearm, that is designed to be usable with only one hand. It is distinguished from a long gun (i.e. rifle, shotgun or machine gun, etc.), which needs to be held by both hands and also braced ...

Submachine gun A submachine gun (SMG) is a magazine-fed, automatic carbine designed to fire handgun cartridges. The term "submachine gun" was coined by John T. Thompson, the inventor of the Thompson submachine gun, to describe its design concept as an autom ...

s and even assault rifles may be equipped by those officers in some countries. These guards are required to have firearms training before they can carry them. Six member states of the European Union prohibit weapons during cash-in-transit (CIT) operations.

References

{{DEFAULTSORT:Cash-In-Transit Logistics Security Cash

Services

Cash processing

CIT guards

See also

References