Current

ICCOS Asia 2011 – Will You Be There?

10.30.2011
Thumbnail image for ICCOS Asia 2011 – Will You Be There?

In an appropriate sequel position to my last post on conferences in the east versus west, comes the annual International Commercial Cash Operations Seminar (ICCOS) in Hong Kong, from November 13th through the 15th. Although there has ever been only one previous ICCOS in Asia, the experience and credibility of the organizers attracts a wide variety of central bank and commercial bank attendees, together with a good representation from associated equipment and software suppliers as well as partner organizations such as CIT’s and process outsource operations.

Read the full article →

Currency News – Investing in the Future

09.25.2011
Thumbnail image for Currency News – Investing in the Future

We gave some reasons to be cheerful in our comment in the July issue, and given the current daily predictions of financial collapse and economic gloom accompanied by highly volatile financial markets, we thought it is useful to see if the currency industry still does have good reason to smile! (And if you are wondering about the headline – we have stolen it from Ian Drury and the Blockheads, a pop group in the 1970s and a favourite of the editor).

Read the full article →

Banknote 2011 Conference – A Synopsis

08.02.2011
Thumbnail image for Banknote 2011 Conference – A Synopsis

If one conference could act as a barometer as to the state of the industry, then Banknote 2011 would indicate that the mercury is rising. There has been plenty of news in the past two years or so to indicate otherwise. Coinciding with, although not a direct consequence of, the economic meltdown of 2008, a number of events have conspired to cast a pall over the industry.

Read the full article →

Nomination Call – Currency Hall of Fame Awards

06.28.2011
Thumbnail image for Nomination Call – Currency Hall of Fame Awards

The Board of Directors of the International Association of Currency Affairs (IACA) is pleased to announce the establishment of the Currency Hall of Fame to honour distinguished contributors to the currency industry in their home countries and around the world. The Hall of Fame will provide a permanent public record and memorial of the achievements of its members, available to all those who are interested in currency, through the IACA web site.

Read the full article →

Is Polymer The Ultimate Counterfeit Deterrence?

06.20.2011
Thumbnail image for Is Polymer The Ultimate Counterfeit Deterrence?

Counterfeit detection is certainly the most troublesome and costly responsibility for those in the cash handling business. There is not a country in the world that is not impacted by this criminal activity. Perhaps the only thing more costly and difficult than detecting valid counterfeits is the effort that goes into trying to stay ahead of the counterfeiters. With new technologies and an ever increasing criminal appetite for the “easy dollar” (pun intended!) central bankers are constantly having to evolve and refine both overt and covert security features.

Read the full article →

Nigerian Cash Management Reform

06.06.2011
Thumbnail image for Nigerian Cash Management Reform

The Central Bank of Nigeria (CBN) announced a new policy, a reform of the Nigerian payments system to encourage the use of electronic payments. The policy becomes effective on June 1, 2012. The policy would impose penalties on consumer & corporate account holders at banks if they withdraw more than a specified cap amount, in cash, each day. The policy imposes penalties on commercial banks if they fail to rigorously follow CBN’s rules for consumer & corporate accounts.

Read the full article →

Is That Google In Your Wallet?

05.30.2011
Thumbnail image for Is That Google In Your Wallet?

May 26th, 2011 marked the start of a new venture for Google. Actually, today;s announcement was about the merger of two new Google ventures – Google Wallet and Google Offers. The search engine giant is now poised to become a major player in the mobile payments arena, with the added value of combining a mobile payments platform with easy and instant coupon redemption.

Read the full article →

Banknote Producers Facing Stormy Seas

05.25.2011
Thumbnail image for Banknote Producers Facing Stormy Seas

The commercial banknote industry is facing a dual challenge; one of its own making, and one caused by world events. We have dwelt on both challenges, separately, in previous issue of Currency News. In this article, we draw them together to present a rounded picture of the circumstances that, in combination, are aggravating an already-difficult market.

Read the full article →

The Note/Coin Boundary

04.26.2011
Thumbnail image for The Note/Coin Boundary

In currency management, the note/coin boundary and the calculation of where this should fall is critical to public acceptance and usage of banknotes and coins, to optimising inventory management, to minimising the costs of production and circulation and, as a result, to minimising the lifetime cost of ownership and maximising the income from notes and coins (ie seigniorage) for issuers.

Read the full article →

Could Virtual Currency Become King in Developing Countries?

04.11.2011
Thumbnail image for Could Virtual Currency Become King in Developing Countries?

Hot on the heals of my post about a virtual currency called BitCoin, I have uncovered another rather surprising new paradigm. It would seem that increasingly people in 3rd world countries – what I prefer to call developing countries – are making a living by performing “micro-tasks” in the virtual economy.

Read the full article →

Foiling the Counterfeiter

01.18.2011
Thumbnail image for Foiling the Counterfeiter

We all know how currency printers, security device suppliers and counterfeiters are constantly trying to outsmart each other. A recent paper published in the periodical Advanced Materials. It seems that science has advanced to the extent that it is now possible to print a transistor circuit onto paper using organic compounds. The science of this is far beyond my comprehension, but I do understand the basic principle.

Read the full article →

The Less-Cash Society

01.13.2011
Thumbnail image for The Less-Cash Society

One of the most common debates I hear is about the use of cash. Is it growing or declining? There was a recent report from the UK that indicated cash use was surpassed by other forms of payment for the first time ever. I was recently sent a link to a report from the Aite Group that predicts a decline in cash usage over the next four years. Interestingly however the report does conclude that although there will likely be a decline in cash usage in certain demographic groups, there will be an increase with others.

Read the full article →

Industry in Crisis?

11.14.2010
Thumbnail image for Industry in Crisis?

The further developments in both the Securency and De La Rue investigations, plus the postponement of the new series US $100 bill on top of other recent banknote delays, bring the currency industry into sharp focus and worst of all, into the public arena.

Read the full article →

Counterfeits: the Importance of Knowing Your Money

10.07.2010
Thumbnail image for Counterfeits: the Importance of Knowing Your Money

Central banks differ in their approach to the withdrawal of banknotes with old designs once new versions are issued. A period of co-circulation is inevitable, after which banks have a choice between allowing co-circulation of old and new or rapidly withdrawing the old notes (which it may decide to do when redenomination is involved or to replace a series that has been subject to large-scale theft or counterfeiting). But whereas some issuing authorities offer a period of a few months to a year before the old versions cease to be legal tender, many others allow the two versions to co-circulate indefinitely – with old notes only withdrawn when they are unfit.

Read the full article →

East African Community – Single Currency

07.27.2010
Thumbnail image for East African Community – Single Currency

On 30 June, at the Sheraton Hotel in Kampala, five ambassadors stood before a map of East Africa, on which ribbons had been placed around the borders of Burundi, Kenya, Rwanda, Tanzania and Uganda. Each ambassador then proceeded to cut the ribbon at the border post of his country, in a symbolic gesture that marked the opening of a common market within the East African Community (EAC).

Read the full article →

Valuable Change for US Notes

07.13.2010
Thumbnail image for Valuable Change for US Notes

The Federal Register has published for public comment changes to United States Federal Reserve Notes to make them accessible to the blind and the visually impaired, knowing that the alterations will financially affect some ATM owners and operators.

“The purpose of this Federal Register notice is to inform the public of the features the Bureau of Engraving and Printing intends to propose to the Secretary of the Treasury to accommodate people who are blind and visually impaired and to solicit public comment on the proposed accommodation,” the Federal Register wrote in the proposal titled, “Meaningful Access To United States Currency for Blind and Visually Impaired Persons.”

Read the full article →

Counterfeit Deterrence – Beating the Criminal Element

07.06.2010
Thumbnail image for Counterfeit Deterrence – Beating the Criminal Element

Call it human nature, but ever since the invention of paper money, people have tried to imitate and counterfeit it. The result has been an unending race between issuing authorities and perpetrators. This article, which is based on my contributions to the Banknote 2009 and 2010 Currency conferences, is a review of how authorities have historically tried to deter counterfeiting and how they have responded to new threats. From this perspective, I will then explain the role of the Central Bank Counterfeit Deterrence Group (CBCDG) and its activities, concluding with a short assessment of recent developments in counterfeit production techniques and how to address future threats.

Read the full article →

US Government to Audit the FRB

05.12.2010
Thumbnail image for US Government to Audit the FRB

It was announced yesterday afternoon that the US Senate approved (96-0) a one-time audit of the Federal Reserve System. Specifically the audit will investigate the Federal Reserve’s economic crisis response programs. We suspect that this will also likely include a review of cash reserves and inventory distributions.

Read the full article →

Is The UK About To Dethrone Cash As King?

05.04.2010
Thumbnail image for Is The UK About To Dethrone Cash As King?

It is well known that the UK is a nation of early adopters and as such has been watched by many a pundit for signs of paradigm shifts. The institution of cash as a preferred payment medium is one of those unassailable paradigms. Or is it? It was recently reported by the UK Payments Council that for the first time it is predicted that cash will make up less than 50% of payments, perhaps as soon as 2015.

Read the full article →

Nationwide prohibits small in-branch cash withdrawals – Expected gripes ensue

04.29.2010
Thumbnail image for Nationwide prohibits small in-branch cash withdrawals – Expected gripes ensue

A couple of weeks ago Nationwide Building Society in the UK announced that it would prohibit cash withdrawals of less than £100 in the teller queue at the branch. This ban affected only holders of accounts that included an ATM or debit card, point being that these are customers that could just as easily get their cash from the ATM as in the branch.

Read the full article →

Death By A Thousand Cuts

04.26.2010
Thumbnail image for Death By A Thousand Cuts

The recent report by the Payments Council – the body responsible for setting the strategy for payments in the UK – should be a wake-up call to us all in the currency industry. Although the report covers the UK only, it is a trend that is typical of payment systems in many countries around the world. In summary, it documents a decline in the use of cash in the last decade and forecasts a further decline, detailing changes that have been taking place gradually, but steadily. Is this a case of ‘death by a thousand cuts?’ And, if so, is there anything we can do about it?

Read the full article →

New US $100 Note

04.22.2010
Thumbnail image for New US $100 Note

Yesterday it was announced in a joint press release that a new $100 US note will enter circulation next February (2011). In a bold move the BEP and FRB have decided to add some new security features to the most often counterfeited US denomination. This will be the first time that OVD’s (Optical Variable Device) will be used on any US note. Could this be the beginning of an even larger change in US currency design?

Read the full article →

ICCOS 2010

04.08.2010
Thumbnail image for ICCOS 2010

As many of you are aware, I am an enthusiastic supporter of the International Commercial Cash Operations Seminar. I have attended every event except one over the past 12 years and have yet to be disappointed, which is more than I can say for almost every other industry conference I have been to. This years event promises to provide again the kind of focused and valuable content that we have come to expect from ICCOS, with even more focus on the North, Central and South American markets.

Read the full article →

The Feel of Money

03.29.2010
Thumbnail image for The Feel of Money

It is said that the only constant in life is change – no, not the coin in your pocket variety but the sort that challenges us to continuously adapt.First came the news that Canada will be changing their currency to a polymer based substrate. Next, the Bureau of Engraving and Printing (BEP) is now suggesting new changes for the US green-back, which actually isn’t so green anymore.

Read the full article →

Multichannel integration and currency management – Are they close cousins?

03.09.2010

I’m currently working on a body of research about multichannel integration and to be honest, I wasn’t initially thinking about the currency management implications. At the same time that I’ve been working on multichannel research, we’ve been talking a lot about the TowerGroup Top 10 which lays out the top business drivers, strategic responses and technology initiatives that banks are focusing on in 2010. Finally one day the light bulb came on and I started thinking about where currency management fits within both multichannel integration and increasing self-service adoption.

Read the full article →

It Just Feels Funny

03.05.2010
Thumbnail image for It Just Feels Funny

Having been involved in the currency handling business for many years and having experience in many countries means that I have had the opportunity to handle many different kinds of “paper” money. I placed the word paper in parentheses for a reason, because in today’s world not all currency is made of paper. Australia started the trend away from paper/cotton based currency a few years ago. They were followed by Mexico and a handful of other countries. Now Canada is joining the ranks.

Read the full article →

The Cost of Cash

02.24.2010
Thumbnail image for The Cost of Cash

Recently an associate sent me an article regarding the relative “cost” of different retail payment media – credit cards, debit cards and cash. While the article (reprinted below) makes a convincing argument for cash discounts, it neglects to understand or incorporate the real cost of cash in society. I am sure those of you reading this post will agree with me that there are hidden costs of cash that most of society never sees or thinks about. So, what is the cost of cash?

Read the full article →

De La Rue Teams with Cummins Allison

02.11.2010

Cummins-Allison, Mt. Prospect, Illinois, USA and De La Rue, Basingstoke, UK, today announced a strategic partnership to sell De La Rue high speed currency sorters and Enterprise Cash Management software solutions in the North American region through Cummins-Allison’s extensive nationwide distribution and service network.

Read the full article →

Burroughs is Back!

02.09.2010
Thumbnail image for Burroughs is Back!

PLYMOUTH, Mich. – Marlin Equity Partners (“Marlin”) is pleased to announce that it has acquired the check and cash automation equipment and related U.S. maintenance, printer and direct supply business of Unisys Corporation (NYSE: UIS) and has subsequently formed a new company, Burroughs Payment Systems, Inc.

Read the full article →

Currency Supply Chain Optimization and Yield Management

01.26.2010
Thumbnail image for Currency Supply Chain Optimization and Yield Management

To tie the concepts of optimization and yield together as it refers to currency we need to understand the need for money. Without some form of money we would have no way to trade. Without trade we would have no commerce and without commerce we would have no way to better our station in life. Betterment of our situation is as fundamental to the human condition as breathing – we all want to succeed and make a better life for our communities (communities of family, friends, neighbours, countrymen, etc.). Therefore the faster we can make money move the more opportunity we have to profit from that movement.

Read the full article →

← Previous Entries