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J.R. DAVIS, CFE
Senior Vice President
Davis Bancorp
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We are proud to feature the latest in our monthly member spotlight series. The series highlights SCTA members and their contributions to the cash industry. This month, we interviewed J.R. Davis, Senior Vice President of Davis Bancorp.
Q: What is the one thing you want other SCTA member organizations to know about your company?
A: Cash helps to make our markets work and businesses run, directly facilitating growth, stability and prosperity. The framework of our modern economy involves this industry more than ever before, and the companies and people managing society’s cash need to act accordingly. They need to be both competent and effective, and they need to operate with integrity and accountability. For sixty-seven years, Davis Bancorp has committed to exactly that.
Q: What drew your organization to become a member of the SCTA?
A: Our industry is unique, requiring an uncompromised emphasis on security and integrity, and commitment to best practices. The SCTA represents not only a forum that brings people together, but also a dedication to dialogue about safety and soundness that should inform the business operations of all our stakeholders.
Q: What are the biggest changes you expect in the future of the cash industry? Why?
A: The era of the cash industry’s domination by a transportation-centered focus is sunsetting with the advance of outsourced vault operations, technology, and mounting regulation. Moving forward, the industry will be forced to modernize operations in step with these changes, not despite them. Significant opportunity exists for operators that embrace these realities, and existential hazard awaits those who do not reinvest accordingly.
Q: What is an exciting development in the industry you’ve recently seen? What excites you about it?
A: GS1 Cash Visibility Standards represent a genuine chance to achieve what has long been chased, but never grasped. Endorsed by the Federal Reserve Bank, these standards are the mechanism for establishing a universal, common language between all parties within the cash cycle. Imagine an environment where a cash shipment’s barcode is used to identify origin, destination, and said-to-contain by the click of a button. The viability is real and has been operational for decades in parallel industries. Cash Visibility is an advancement the entire industry supply chain welcomes with open arms.
Q: What are the biggest challenges the cash industry will face in the next 1-3 years? Why?
A: As the cash industry continues its embrace of the lucrative opportunity of outsourced vault operations, most do so without accepting or even acknowledging the inherent anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance obligations associated with such activities. The evolution of the industry from shipping to cash services demands new and real business considerations. To engage in the banking business without countenancing the legal and regulatory consequences would not only constitute negligence, but simultaneously risk the entirety of the corporation involved.
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Davis Bancorp is a privately held, U.S. cash-in-transit and protective services firm. Founded in 1951, Davis Bancorp operates a fully compliant and risk adverse service model focused on unparalleled reliability and security. Davis Bancorp is a member of the Bank Secrecy Act Advisory Group (BSAAG) at the U.S. Treasury Department, a licensed Private Detective Agency and Private Security Contractor, and a registrant with the Financial Crimes Enforcement Network (FinCEN).
Learn more about Davis Bancorp here. |
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