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Agricultural Bank of China tracks money bags with RFID

The Agricultural Bank of China is using an RFID-based bank asset monitoring system to track the movement and amounts of money circulating through their facilities. With headquarters in Beijing, the Agricultural Bank has branches throughout Mainland China, Hong Kong, and Singapore.

An RFID tag based on the Impinj Monza tag chip is attached to each standard money bag. Money is sorted, counted, and bundled into the bag. Bank workers then record the information into the tag chip using an Impinj Speedway Revolution reader. The platform stores information about the bag, its contents, status, and location, as well as information about the banking personnel who handled the bag.

This information is also sent to a centralized management platform created to monitor bag transfer. The bag is then escorted to the bank vault, where it is again scanned by a Speedway Revolution reader to verify its location. When bank employees enter the vault to retrieve monetary assets, the process works in reverse.

Hefei Jinyi Intelligent Technology Co., Ltd. was responsible for installing the Impinj-based system in each of the bank’s facilities. With the current system in place, the Agricultural Bank is able to automatically identify and inventory their assets to reduce previously error-prone processes, all the while improving efficiency and increasing security.

Story: http://www.rfidnews.org

 

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