An automated storage and retrieval system comprising: - a guiding assembly comprising: - a first guiding system arranged in a first horizontal plane and extending in a first direction, and - a second guiding system arranged in a second horizontal plane and extending in a second direction which is orthogonal to the first direction, and - a plurality of storage containers stacked on top of one another to form stacks of storage containers arranged in storage columns below the first and second guiding systems, wherein each storage column is located vertically below a grid opening of a plurality of adjacent grid cells, the grid cells forming a grid pattern in the horizontal plane, - a vehicle (9, 9') comprising a lifting device for picking up storage containers from the storage columns to a position above the highest level of the storage columns, the automated storage and retrieval system being characterized in that the lifting device comprises a lifting frame connectable to a storage container, the lifting frame being lowered using lifting bands, and in that the automated storage and retrieval system Is comprising: - a transport mechanism for transporting the vehicle (9, 9') along the first and second guiding systems in the X and Y directions, wherein the vehicle (9, 9') comprises at least one reader (22', 22"), and wherein the system further comprises a storage container with at least one label (23', 23"), the at least one label (23' 23") comprises storage container information, and wherein the at least one reader (22', 22") is configured to read the at least one label (23', 23") such as to identify the storage container, and wherein the at least one reader (22', 22") is arranged either: - on the lifting frame of the vehicle (9, 9') and is powered and signally connected to onboard controls and communications systems of the vehicle (9, 9') via cables arranged in the lifting bands, or - in a storage space inside a cavity, inside a body of the vehicle (9,9') or on a wall of a storage space arranged on the side of a body of the vehicle (9,9'). - a guiding assembly comprising: - a first guiding system arranged in a first horizontal plane and extending in a first direction, and - a second guiding system arranged in a second horizontal plane and extending in a second direction which is orthogonal to the first direction, and - a first guiding system arranged in a first horizontal plane and extending in a first direction, and - a second guiding system arranged in a second horizontal plane and extending in a second direction which is orthogonal to the first direction, and - a plurality of storage containers stacked on top of one another to form stacks of storage containers arranged in storage columns below the first and second guiding systems, wherein each storage column is located vertically below a grid opening of a plurality of adjacent grid cells, the grid cells forming a grid pattern in the horizontal plane, - a vehicle (9, 9') comprising a lifting device for picking up storage containers from the storage columns to a position above the highest level of the storage columns, the automated storage and retrieval system being characterized in that the lifting device comprises a lifting frame connectable to a storage container, the lifting frame being lowered using lifting bands, and in that the automated storage and retrieval system Is comprising: - a transport mechanism for transporting the vehicle (9, 9') along the first and second guiding systems in the X and Y directions, - on the lifting frame of the vehicle (9, 9') and is powered and signally connected to onboard controls and communications systems of the vehicle (9, 9') via cables arranged in the lifting bands, or - in a storage space inside a cavity, inside a body of the vehicle (9,9') or on a wall of a storage space arranged on the side of a body of the vehicle (9,9').