FedCash Services, a division of the Federal Reserve System, has rolled out its E-Manifest Service to all financial institutions and their armored carriers this week. The service uses GS1 Standards for logistics and tracking, aiming to streamline electronic processing and tracking of currency deposits and orders at Federal Reserve docks.
The E-Manifest Service is a significant step toward modernizing the U.S. cash supply chain. It offers enhanced resiliency, faster dock exchanges, efficient reconciliation, reduced dependence on paper, and potential for future automation.
Kathleen Young, the head of FedCash Services, commended the collaborative efforts that led to the realization of this service. The Federal Reserve has previously tested this service with early adopters, including various financial institutions and armored carriers.
To adopt this service, interested entities can complete an expression of interest form on FRBservices.org. This initiative is in line with the Federal Reserve's wider efforts to improve payment systems, as evidenced by the recent launch of the FedNow® Service.
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