Tellermate has invented a smart checkout drawer that will tell retailers how much cash is and should be in each till at any given moment, using advanced weight-measuring technology.

The intelligent cash drawer, called T-ice, would remove the need for manual cash counting processes, Tellermate claim. It comes as a flip top and sliding drawer and will fit into existing fittings and link up with the back office systems.

Tellermate says this will deter fraudulent activity, as having real time transaction data means errors are immediately flagged up to the back office.

“Cash is the dominant form of payment within the grocery, retail and quick serve restaurant sectors,” said Tellermate group sales director Dave Lunn.

“We wanted to give our clients a solution to the arduous task of cash management and problems of internal shrinkage. We have seen such significant results with our T-ice customers in the UK reducing their weekly cash shrink to virtually £0. This saving makes T-ice the perfect fit for large retailers looking to improve operational efficiency”.

This development follows the Global Retail Theft Barometer 2014 reporting a £603m cost of retail crime in 2013-2014. The T-ice will be on show at this year’s RBTE.