Product Code Database
Cash-in-transit ( CIT) or cash/valuables-in-transit ( CVIT) is the physical transfer of banknotes, coins, credit cards and items of value from one location to another. The locations include cash centers and bank branches, ATM points, bureaux de change, 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 that offer cash handling as part of their services. Loomis, following its split from Securitas, and Shields Business Solutions, a private equity backed company, are the only major CIT businesses fully dedicated to cash handling. Brink's spun off its home security division, likewise placing its focus on cash handling.
By law, the CIT companies are seen as logistics companies in the private security industry and therefore have to comply with transport and security legislation. In some countries, the transportation of cash has its own legislation (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, the Ministry of Justice and the police. Legislation and regulations may impose requirements and restrictions on use of firearms, 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 systems, 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".
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.
Depending on the jurisdiction, the guards are armed with weapons and required to wear and/or ballistic helmets. Most guards are issued with , while others carry . and even may be equipped by those officers in some countries. These guards are required to have firearms training before they can carry them.
Five member states of the European Union, Denmark, Greece, Ireland, Sweden, and the Netherlands prohibit weapons during cash-in-transit operations.
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