Today’s highly digital world has changed the way we exchange and receive goods. For example, consumers and businesses can effectively track goods through the supply chain – from order placement through delivery – in near real-time.
However, not all industries have achieved this level of digitalization. Up until now, the United States cash supply chain is still a largely paper-based operation, reliant on manual data entry. The Federal Reserve recently made a milestone announcement to bring U.S. cash supply chain logistics up to speed.
In October 2023, the Federal Reserve System’s FedCash® Services announced broad availability of the E-Manifest Service to all financial institution customers of the Federal Reserve Banks and their servicing armored carriers. The E-Manifest Service enables financial institutions and armored carriers that work directly with the Federal Reserve to electronically process currency deposits and orders at Federal Reserve docks. There are no fees from the Fed to use this service*.
The E-Manifest Service replaces the manual process of matching paper manifests for deposits and orders at Federal Reserve docks with a technology that enables scanning and an electronic exchange of data. With the E-Manifest Service, armored carriers, on behalf of their financial institution customers, can now share and receive electronic information in real time.
The E-Manifest Service supports the industry’s movement toward Cash Visibility and adoption of GS1 global Standards. Benefits include improved resiliency, accelerated dock exchanges, more efficient reconciliation, less dependency on paper and future automation opportunities.
The Federal Reserve is committed to working with armored carriers and financial institutions across the country on their adoption of the E-Manifest Service. Organizations can complete an expression of interest form to learn about next steps to implement the E-Manifest Service. Read more in the official announcement of the E-Manifest Service.
*There are no fees from the Federal Reserve to use the FedCash E-Manifest Service. There may be other associated costs for the adopting organization to implement the service.