Major banks and retailers are discussing ways to minimise the double handling of notes and coins as they plot a more sustainable cash transport industry by installing sophisticated ATMs and simplifying routes serviced by transit trucks.

Since the June deal to provide Armaguard with a $50 million financial lifeline to see it through to mid-next year, the Australian Banking Association has been co-ordinating weekly meetings to flesh out a long-term model for moving cash around the economy in an era of declining volumes.