Virtual safe

Abstract

This invention relates to a virtual safe. In particular, the invention relates to a remote cash depositing system and provides method of tracking a status of a banknote and a method of facilitating cash deposit transactions on a mobile device. The banknote tracking system includes a database configured to store, receive, and compare tracking features of banknotes with stored statuses, and to transmit status updates to remote communication devices. A mobile-accessible user interface allows users to scan and upload tracking features and to view the status of scanned banknotes. The method of tracking a status of a banknote includes receiving a tracking feature from a user's remote device, referencing it against stored data to determine status, and transmitting the status back to the user. The method of facilitating a transaction enables ownership of a banknote to be updated between users, conditional on agreement, thereby facilitating a virtual deposit.