CashRelay connecting CMN-System with “Instant-Cash to NBG” services.

August 01, 2019

CashRelay is a component of CMN-System, with exclusive responsibility to relay the financial events information performed at CMN-System CSS, to the Bank(s).

CubeIQ owns and operates a central "switch", namely "Cash Management Network" (a.k.a. CMN System), which is collecting electronically, in near real time, all deposits of a geographically dispersed fleet of "Cash Smart Safes" (a.k.a. CSS).
Since CMN-System holds all information related to cash deposits by the Merchant, it is possible to relay this information to the Bank in a proactive manner.

Banks have published API's which allow direct debit of their customer accounts, programmatically. Using them no human intervention is required, such as in case of browser-based Web Banking.
These API’s can only be used by specially licensed business partners. Among other, one category of licensed partners are the CIT companies. They use it in case of RCC service contracts with merchants. Using this API, they post in near-real time the merchant cash deposits, which are recognized by the recipient Bank as "provisional" credits.

As an extension to CMN System, CubeIQ deployed a service named "CashRelay". This service core objective is to relay cash (financial) events information, from CMN System to the Bank(s).

Various Bank APIs have similar but not identical specifications, as of the required data feed.
NBG "iCash" API requires to be fed with information data on:
• Merchant deposits
• CIT cash collections (i.e. cash bags)

The new "Instant Cash to NBG" service enables NBG clients to credit funds in "real time" into their NBG accounts by depositing cash, to the Cash Smart Safe installed in their workplaces.