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ISSN 0895-9080 www.currency-news.com January 2012 | Vol 10 | No 1

US Resolves Issue of CONTENTS Presidential $1 US Resolves the Issue of Presidential The long-running controversy over the in transport costs, along with $1.2 billion to $1 Coins1 costs and unpopularity of US $1 coins has buy back the unwanted coins (see CN Vol been resolved by the government’s decision 9, No 8). Several separate pieces of legisla- to stop producing them for public circula- tion were put forward to address the prob- Foundations for New Indian Mill 1 tion – a move aimed at cutting government lem, ranging from reducing the number of waste that will save taxpayers $50m a year coins per year and suspending production Comment: 2012 – the Winds of and ease the backlog of 1.4 billion coins sit- to scrapping the program altogether. ting in vaults. To date, 20 presidential coins have Change? 2 The US Presidential Act of 2005 been produced. The will continue mandated the production and issue of four producing the $1 coins on schedule, but coins a year between 2007 and 2016, with will only make enough to meet collector Management Companies on the images of successive presidents on each. demand, and will no longer attempt to cir- Acquisition Trail 3 But, as with previous attempts to introduce culate them. dollar coins, the idea has not caught on with The decision is something of a mile- the public, and more than 40% of the coins stone in the long running battle between People in the News 3 that have been minted under the program those who think it wasteful to keep print- have been returned. ing dollar bills, and those who think the $1 Company and Market Round-Up 4 The costs of the program hit the head- coin is wasteful because the US public lines in the middle of last year, with the hasn't accepted it. publication of a report to US Congress on The decision over the $1 coin has also Case Study: What is a Fit Banknote? the costs to the Federal Reserve since 2007 fuelled another long-running coin debate – of distributing the coins, which included this time at the other end of the scale with The Dutch Public Responds 5 $650,000 in additional vault space and $3m Continued on 4 On the Record: Bernd Kümmerle, Giesecke & Devrient – the Next Foundations for New Generation 6

Indian Profile: Features for Coins – Learning from Banknotes 8 On December 17, the Indian Finance Now the government has taken the first Minister, Sri Pranab Mukherjee, laid the steps to achieving full self sufficiency – a foundation stone for a new banknote paper Banknote of the Month: Promotion for at the Mill in Malaysia with the New ‘Distinctively Hoshangabad, which is owned by Security Malaysia’ Series 10 and Minting Corporation of India (SPMCIL). The Indian government has long con- ICCOS Covers all the Americas 11 sidered becoming self-sufficient in - note paper – it started the process in 1967 when the first mould made paper The 2012 Conference Circuit 11 were installed at Hoshangabad. But – although the site was subsequently The Indian Finance Minister Sri Pranab Mukherjee at the cer- BANQIT Signs Up for CINEO 12 upgraded - it is only currently producing emony to lay the foundation stone for the new in about 2,800 tonnes of security paper a year, Hoshangabad a fraction of India’s requirements. Continued on page 2

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Comment January 2012 | Vol 10 | No 1 Currency News | Page 2

2012 - The Winds of Change? India’s intention to become self-sufficient in banknote paper systems eliminate the need for a border on bank- within the next few years is not breaking news, and the ceremo- notes. This enables the intaglio print to extend to the edge of ny last month to lay the foundation stone for the new banknote banknotes, thereby strengthening the most vulnerable areas paper machine in Hoshangabad is simply another step in its and reducing dog eared corners and worn edges. The new digi- much-publicised plans. But the images of this ceremony, tal systems also enable deeper engraving, thus enhancing the attended by the Minister of Finance, serve as a stark visual strength imparted to the banknote by intaglio printing. reminder that the most radical changes yet in demand for com- Additionally, virtually all banknote printers, both commercial mercial banknote paper are now imminent. and state, are now offering varnish as an to enhance In a global banknote paper market that currently amounts banknote life. to around 150,000 tonnes per year, around 65,000 tonnes is pro- And in banknote processing, major progress to increase duced by commercial (as opposed to state owned) paper mills. banknote life is being made by technical and management inno- The loss, therefore, of India’s 18,000 tonnes per annum (around vation, especially in the sensor technology used for fitness pro- 30% of global commercial demand) will be a major challenge. cessing. The US, for example, now reports an 80-100% increase And, as has been previously reported in Currency News, the in circulation life for the $20 and $1 bills respectively in 2009 sector is also facing challenges from If you're not riding the wave compared with 2002, thanks to new sensors changing circumstances in countries which better differentiate unfit from fit of change, you'll find yourself other than India. Additional capacity at banknotes. If that experience could be emu- in Russia and news that beneath it lated in all countries, banknote circulation Banknote Printing and Minting is also upgrading old machines life - especially for low and mid denominations - would increase and will build a complete new paper mill in Guangzhou – their substantially and banknote demand would fall accordingly. fourth - is a further blow to the commercial banknote paper There have already been two casualties of these changes. makers. China, which recently has imported about 10,000 The decision by the Bank of Canada to switch to Guardian sub- tonnes of paper per year, should be self-sufficient by 2015. strate has resulted in banknote production at G&D’s Ottawa The impact of the move from imported to domestic bank- facility being terminated. And Radece Papir, having invested in note paper supply in a number of major markets will be exacer- additional paper capacity last year, is currently filing for insol- bated by the rise in the use of durable substrates: vency. There is undoubtedly a link between the market changes has its first order for its polymer Flexycoin, Giesecke & and these events, although one could argue they came about as Devrient has won a significant for a new series printed much through other factors, with the tightening market just on its Hybrid© substrate, and the new Swiss currency will be providing the final tipping point. printed on Landqart’s Durasafe. Securency, meanwhile, has But looking at the bigger picture, what is taking place in the landed the whole of Canada’s banknote production and the two market is actually very healthy. Banknotes are under ever- low denominations in Malaysia’s new series, which account for increasing pressure, not least from alternative sys- more than half of Bank Negara Malaysia’s volume. All the major tems. To stay competitive, currency as a product must change makers, and some state mills which export in order to become more cost-effective and remain attractive paper, now have one or more durable substrates in their portfo- and convenient to use. In other words, companies must contin- lio. ue to innovate and improve if they are to survive and thrive in In addition to substrate durability, major progress on the changing market environment. increasing circulation life is also being made in banknote After all, as the old proverb goes, ‘if you're not riding the design, printing and processing. For example, the new digital wave of change, you'll find yourself beneath it’.

New Indian Paper Mill...cont duction, India will be ‘nearly self-sufficient The changes to the traditional supply new 6,000 tonne machine from Voith Paper in the production of banknote paper,’ chain not only affect banknote paper but is to be installed at the existing mill in a according to Sri Mukherjee. also ink and security features – and will £53.7m project and is likely to be commis- In 2011, India imported nearly 20,000 automatically affect those features that are sioned by October 2013. tonnes of banknote paper and by 2014 the embedded in the substrate. Domestic Moreover, a new greenfield paper mill Reserve Bank of India estimates that bank- demand for intaglio ink is likely to be fully at Mysore, a joint venture between SPM- note demand will exceed 24,000 tonnes, met by Bank Note Press, Dewas by upgrad- CIL and Bharatiya Reserve Bank Note leaving about 4-6,000 tonnes of paper to be ing their existing ink factory (the Dewas Mudran (BRBNML), with an annual capac- imported. facility has also just inaugurated a new ity of 12,000 tonnes per annum, is also The stated long term goals of BRBN- printing line). scheduled to fully commence commercial ML and SPMCIL - the two Indian organi- The government is also encouraging production by April, 2014. No orders have sations responsible for banknote produc- security feature suppliers to manufacture yet been placed for the Mysore mill, but it tion - is to meet all the domestic Indian in part or whole in India, and will invest in is understood that a of Intent has requirements and then as a second step sell Indian science and technology to encourage been signed. surplus capacity onto the international mar- the creation and development of unique When these two mills are in full pro- ket. security features within the country.

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Company News January 2012 | Vol 10 | No 1 Currency News | Page 3 Cash Management Companies on the Acquisition Trail A number of acquisitions within the cash Blecko, the acquisition will enable it to acquisition reflects its growing invest- management sector have taken place over offer nationwide operations throughout ment in IT to improve operational effi- the last few weeks. the mainland and also increase its of ciency, enhance customer service and sup- Loomis, for example, has bought two the combined market for CIT and cash port growth initiatives. companies in the past month – in Spain management services. CMS Grows Market Share in India and the US respectively. Loomis has also acquired Oregon In India, meanwhile, CMS Info The Spanish cash handling company Armored Services for $5.7m. The compa- Systems, which is 60% owned by the pri- Efectivox is being acquired (pending ny has four branches and provides , vate equity company Blackstone Group, approval from the competition authori- cash , ATM and other cash handing has agreed to acquire Securitrans India, ties) for ?17.5m from a group of three sav- services to most of Oregon and southwest the cash management arm of the security ings as well as well as Grupo Norte, Washington. The company will be inte- services provider APS group, for over Rs a provider of facilities and management grated into Loomis’ US subsidiary, with all 200 crore (US$38m). services. The company has 11 branches, its employees retained. Loomis has a 25% Securitans India provides cash man- six with cash processing facilities, and 500 share of the US market and employs more agement services such as ATM manage- employees. It had net sales of ?13.4m in than 8,000 people there. ment, end-to-end currency chest opera- 2010, on which it recorded a loss. The Brinks Buys Kheops tions and inter-branch currency transit for acquisition, will have a negative impact on One of Loomis’ main rivals, Brinks, all major commercial banks, according to a Loomis’ earnings in 2012, but a positive has announced the acquisition of Kheops, company press statement. impact in 2013. a French provider of logistics software and CMS Info Systems’ cash management The move is surprising given that, of related services, for approximately $17m. division, CMS Securitas, has operated Loomis’ 14 operations in , Spain is The acquisition, says the company will since the mid-199s and has a 50% share of the only one not to have recorded positive give it proprietary control of the software the Indian cash handling market, supply- growth in the last quarter. Loomis attrib- used in its CIT and cash processing oper- ing banks, insurance companies and retail utes this to the ongoing structural changes ations in . Brink's France, which had chains. The acquisition will increase this within the Spanish banking sector, which revenues of $533m in 2010, was Kheops' to 55%, as well as supporting the parent is resulting in the closure of bank branch- primary customer prior to the acquisition. company’s strategy to grow CMS Info es that were Loomis customers. Future development efforts will be dedi- Systems by 25% per year. Spain is nevertheless a key market for cated exclusively to Brink's operations, Loomis and, according to CEO Lars commented the company, adding that the People in the News Many in the industry have been saddened Deputy Governor, who will retire in Devrient – and James Hussey, former to learn of the sudden death of Gary February. CEO of De La Rue and now a consultant Wilmshurst in an accident on December with Oberthur. They replace Charles 28 while working on his house. Gary The Governor of the Swiss National Cardiff, Jacques Van Droogrenbroeck worked at the Reserve Bank of New Bank, Peter Hildebrand, has resigned and Karel Schell, all of whom joined the Zealand between 1971 and 2000, the last following political pressure relating to a Board prior to the launch of Currency ten years of which were in the Currency foreign exchange made by his wife News in 2002, and who have now stepped Department responsible for note and coin last year shortly before the SNB capped down. issue, and since then for Securency. He the soaring value of the . His was a founding member of the technical interim replacement is Vice Chairman Diebold has named Wico E van support group PolyTeQ, and worked Thomas Jordan. Genderen as Vice President of the com- closely over the years with a number of pany’s Asia Pacific operations. In his new central banks advising on their cash oper- The Executive Board of the European role, van Genderen will be responsible for ations. (ECB) has agreed on the all operations within the region, which is specific distribution of management seen as a key growth area by the company. Fahd bin Abdullah al-Mubarak has responsibilities among its members, with The company has also announced the pro- been appointed the new Governor of the immediate effect. The Board member motion of Chief Technology Office Saudi Arabian Monetary Agency, replacing with responsibility for banknotes is José Frank A Natoli Jr to the position of Muhammad al-Jasser, who has become Manuel González-Páramo. Executive Vice President and Chief the Economy and Planning Minister. Innovation Officer, a newly-created role The Currency News Advisory Board has with responsibility for overseeing Dr Philip Lowe has become the two new members – Michael Boehm, Diebold’s global R&D organisation. Deputy Governor of the Reserve Bank of the recently-retired MD of Louisenthal Australia, succeeding Ric Battellino as and now a consultant with Giesecke &

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Company & Market Round-Up January 2012 | Vol 10 | No 1 Currency News | Page 4

suppliers and coin dealers from around Currency News’ partner for this new the world. venture is the Moscow-based Intercrim Radece Files The Royal Mint dates back to 896, Press, publishers of reference and when King Alfred the Great minted the manuals on banknotes (including the for Insolvency first pennies to bear the inscription Banknotes of the World catalogue), secu- . 1,100 years later, it is the world’s rity , coins, travellers and Further to the news last month that the leading exporter of coins, and . Radece Papir had suspended production, blanks, producing these for more than 60 Intercrim-Press will be responsible for the Slovenian banknote paper producer is countries each year. the translation, production and distribu- now reported to be insolvent, having The honour comes in what the Royal tion of the Russian version, as well as sub- failed to secure a promised additional Mint predicts will be a historic year, scriptions. injection of ?3m in funding from its encompassing the 2012 Olympic and Companies interested in subscribing banks. It has now applied for the opening Paralympic Games and the Queens’ to Currency News in Russian should con- of compulsory proceedings Diamond Jubilee – which between them tact Intercrim-Press at [email protected]. and filed a restructuring plan with are generating massive demand for coins the courts. Production difficulties, and medals. extended machine downtime as well as New soaring costs for raw materials have been blamed by the company, which saw net Currency losses amounting to almost ?6.5m in the Romanian first nine months of 2011. Radece Papir employs nearly 400 peo- News in Cash Centre ple and runs two paper machines, one of which has the capacity to produce 8,000 Russian Romanian cash management provider tonnes per annum of banknote and secu- Balkan Cash Solutions has invested ?1.5m rity paper. The company’s operations date Currency News, already published in in a new cash centre in Bucharest. The back to the early 18th century and, in English and Spanish, is extending its 1,100 sq m centre over three floors cur- addition to banknote paper, it also pro- reach through the issue, as of this month, rently employs 50 people, although this is duces paper for passport, visas and tax expected to reach 130 once the centre stamps. become fully operational According to Ioan Barbu, Balkan Cash Solutions’ general manager, this invest- Honour for ment is just the start of an expansion pro- gramme that will see the opening of 6-8 centres across the country and an ?8m Royal Mint turnover. The company is currently in talks with a number of commercial banks, The UK’s Royal Mint has been named Liudmila Pryazhnikova, Director General of Intercim-Press and expects to reach full capacity by the this year’s Mint of Honour at the World (left), David Tidmarsh and Astrid Mitchell of Currency News end of the year. Fair in Berlin, which takes place shaking hands on the deal to publish in Russian The new centre can process 2 million February 3-5 in Berlin – the world’s of a Russian version as well to cater to the notes per shift and 200,000 coins. It can largest coin show attended by 15,000 visi- large number of countries where Russian also store up to 9 million notes in its vault, tors from mints, national banks, technical is the first or second language. and handle 15-20 per hour.

US Resolves Issue of $1 Coins...cont Fiscal Year US Mint Cost per Coin uted both to higher material costs and a the one and five cents, as the cost of pro- Cent Nickel change in the method of allocation for ducing them has led to calls, for the former 2011 0.0241 0.1118 administrative expenses. at least, to be scrapped. 2010 0.0179 0.0922 2009 This is the sixth year in a row that the Unlike the $1 coin, however, public 0.0162 0.0603 2008 0.0142 0.0883 cost to produce and distribute the cent and opinion favours the continuation of the 2007 0.0167 0.0953 nickel have exceeded their face values and, penny and the Mint has stated that it has 2006 0.0121 0.0597 last year, were produced at a combined loss no plans to cease production. There are 2005 0.0097 0.0484 of $116.7m. This amount is nearly triple plans, however, to reduce the cost of the 2004 0.0093 0.0456 2003 the loss of $42.6m generated from the two materials, initiated by the passage in 0.0098 0.0378 2002 0.0089 0.0332 denominations during the prior year. In December 2010 of the Coin 2001 0.0080 0.0331 total, from 2006 to 2011, the cent and nick- Modernization, Oversight, and Continuity The US Mint's costs for cent and nickel production - 2001-2011 el have generated losses of $359.8m. Act, which authorises the Treasury to con- These losses, however, have been offset duct R&D into circulating coin composi- lished its production costs for the cent and by positive from the higher tions. A contractor has since been appoint- nickel for the financial year ending coins. For 2011, production ed to conduct this research (Concurrent September 2011, which have risen to their of the dime (10 cents), , and Corporation), and will report highest levels ever and are now more than $1 coin for circulation generated seignior- back to Congress in December 2012. double – at 2.41 cents and 11.18 cents – the age of $488.8m – although not for much In the meantime, the US Mint has pub- respective face values. The costs are attrib- longer in the case of the latter!

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Case Study January 2012 | Vol 10 | No 1 Currency News | Page 5 What is a Fit Banknote? The Dutch Public Responds

At what point is a banknote so stained, ducted: one to measure public percep- For any combination of , stains or dog-eared or mutilated that the public tion of single defects, and the second to tears on a banknote, the public added up no longer trusts it? Can this point be measure combinations of two different the individual ratings of the defects. As quantified as a maximum size for each defects on one note. For the second single defects, only 25% of the public defect? And does this size correlate with experiment, only four defects were used: had rejected them at the sorting thresh- the sorting thresholds used by banks to soil, stains, folded corners and tears. old, but when they were paired together determine the fitness of a used ban- The results were then compared the rejection rate rose to 45%. knote? with the minimum banknote sorting When it came to folded corners, how- On the other hand, does the public thresholds set by the European System ever, the public hardly noticed when this really care if a note has a huge fold or tear of Central Banks. defect was added to another defect. in it, as long as it is genuine and can be A precondition for matching public Because banknote sorting machines used as ? Are some notes, opinion of a used banknote with the set- are not programmed for additivity, they therefore, withdrawn from circulation ting on a sorting machine was that the do not reject banknotes with multiple too early because, although they have public is able to distinguish between dif- defects that are just below their individ- been deemed unfit by sorting machines, ferent levels of defect severity. The ual thresholds. They instead judge each they are still acceptable in the eyes of results of the study showed this to be defect as if it were the only one on the the public? Or, conversely, are some case, by demonstrating that respondents note. notes that are still in circulation actually graded the defects in a generally consis- This difference in ‘programming’ perceived as unfit by the public? tent way. between man and machine means that To answer these questions, De Size Doesn’t Always Matter almost half of the public would reject Nederlandsche Bank (DNB), in collabo- For the majority of single defects, the certain defect combinations on notes ration with the Vrije Universiteit in percentage of respondents that deemed that are returned to circulation. Amsterdam, conducted a study in 2011 a banknote unfit clearly increased with Recommendations with members of the general public, the defect level. This behaviour was to On the basis of the study, certain rec- which it published earlier this month. be expected, and for these defects it ommendations for the banknote sorting To DNB’s knowledge, it has never could be said that ‘size does matter’. process were made: been established how the public reacts However, with regard to limpness • When setting thresholds for auto- to various banknote defects, and it was and folded corners, it was found that mated sorting, the opinion of the public therefore not known whether machine individuals do not consider these defects should be taken into account; sorting thresholds corresponded with a reason for rejecting notes, even in their • Banknotes should not be rejected public opinion. The DNB held that if most severe state. This finding was of on the basis of limpness or folded cor- such information could be obtained, it particular relevance to the DNB, as fold- ners because the public seldom sees could be used to enhance the efficiency ed corners are among the main defects these defects as a reason for rejection. In of the automated banknote sorting that cause them to reject a note. It signi- the Netherlands, where 160 million process. fies that the sorting threshold for folded notes are destroyed yearly, this could The banknote defects used for the corners could be relaxed, but only as result in a reduction of up to one third of study were the nine most common ones long as folded corners do not have a neg- the banknote replacement need; found on the : soil, mutilation, tears, ative impact on, for example, the height • As most notes in circulation have stains, tape, wrinkles, folded corners, of stacked notes in ATMs. more than one defect, certain categories limpness and graffiti. Most of the Another finding was that the majori- of defects should be assessed on a cumu- defects were artificially created on gen- ty of the public rejected mutilated bank- lative basis during automated sorting to uine ?20 banknotes, at different levels of notes that would not have been rejected take into account the sum total of severity – from ‘hardly noticeable’, to by automated sorting machines. The defects; ‘covering the major part of the note’. threshold for this defect could therefore • Implementing these recommenda- The respondents were asked to grade be tightened, although mutilated notes tions could save significant social costs each note from 1 (very unfit for pay- represent only 1% of DNB rejections. and enhance the perceived quality of ments) to 7 (very fit for ). The Double-Defect Additivity banknotes in circulation. point where the scale changed from ‘just The study also showed that people The full report is available as a PDF fit’ to ‘unfit for payments’ corresponded add up multiple defects when judging a document at http://www.dnb.nl/bina- to the sorting threshold. banknote, although not all defects are ries/DNB_OS_0904_WEB_tcm46- Two different experiments were con- added up to the same degree. 257923.pdf

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 On the Record January 2012 | Vol 10 | No 1 Currency News | Page 6 Giesecke & Devrient – the Next Generation

Giesecke & Devrient has recently made a number of key new senior management appointments, one of whom is Bernd Kümmerle, who has been with the company for 16 years, starting out in sales, moving into a managerial position in security print and, for the last few years part of the Government Solutions business unit, responsible for passports, ID cards and personalization systems. Last year he was appointed Group Senior Vice President and Head of the Banknote Printing division. One of his first tasks has been to oversee the launch of the company’s next-generation fitaglio 2.0 tech- nology. In the longer term, he sees closer cooperation with the division’s counterparts in paper and processing, together with a solutions-based approach to customers and their cash cycles, as key to the future success of the company’s banknote activities. Currency News caught up with him to find out more about the new technology, and why – in his view – such technologies and the features they offer are just a small part of the overall strengths of the com- pany.

CN: Can you briefly describe the Banknote culation, what are you doing in terms of your Printing division in terms of size, capability, division to help reduce those costs. etc? Are you the number one printer now by BK: While the Banknote Processing divi- volume? sion may be taking the lead on this, the BK: We are not and this is not actually a banknote has to bring everything togeth- title we are looking for - because to judge er to allow this efficient cash cycle, with us by volume alone is not important. features such as IR or magnetic proper- G&D has the substrates, the printing ties being machine readable and being and the processing – all divisions within defined and printed in a precise way. And the Banknote unit. This combination is this, of course, helps notes to be read and important, and becoming ever more so, verified in the cash cycle. to G&D’s position as a complete solu- That’s one way in which we play our tions provider. part. The other is working with intaglio But to give you some figures, we are to make the banknotes last longer, since currently printing banknotes at four sites intaglio is still one of the main ways of – two in Germany, and one each in keeping notes fit in circulation. Malaysia and Canada – which between And another is adding durability to them have a capacity of six billion bank- Bernd Kümmerle the substrate. The Paper division plays a notes a year. The origination work takes of the cash cycle is clearly important. How do large role here, but so do we through place centrally in Munich, while our dif- you leverage this combination? post-print varnishing and hence the ferent printing sites have similar, almost BK: We coordinate very closely - more so banknotes lasting longer in circulation. identical equipment, which enables con- now than ever before. Whereas G&D has CN: Although you see it as an advantage to sistent quality across the Group. always been known for its innovation in offer print and processing solutions, does this CN: You recently announced the end of bank- products and features, we are now present a barrier to G&D in countries which note production at BA Banknote in Canada. becoming more customer- as opposed to use other companies’ sorting and processing sys- Can you comment on the reasons and the impact product-focused, with a view to much tems? this will have on your overall service, delivery closer integration of these features into a BK: Not at all. Although most countries and capacity? complete solution. So there is a lot of do have our equipment, and around 85% BK: Following the outlook given to us by overlap, particularly in the design of central banks, it is not an issue for the Bank of Canada, the local Canadian process, where we lay the foundations for those that do not, because at the end of banknote market is expected to drop by the banknote and the efficiency of the the day we are able to define banknotes more than 50% starting 2013. Such a cash cycle. This process includes defin- that deliver all the machine readability drop in local demand cannot be compen- ing the kind of sensors the customers that both our machines and those of our sated for economically by international have on their equipment, the kind of competitors offer. As mentioned before, orders, which can better be served from treatment their notes receive, whether or factoring in such machine readability - our other sites. G&D’s overall capacity not the central banks process their cash whether this is based on our technology and capability will not be impacted as our or whether this task is outsourced, taking or others - is part of the original consulta- printing sites in Germany and Malaysia into account local conditions and circum- tive and design phase of the project. are prepared to provide all services cur- stances etc. CN: How do you see the overall picture world- rently coming from Canada. CN: Given that possibly the overriding issue in wide in terms of trends? CN: Having three divisions covering all aspects currency at the moment is the cost of cash in cir- Continued on page 7

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 On the Record January 2012 | Vol 10 | No 1 Currency News | Page 7

Giesecke & Devrient...cont and R&D, each year a G&D development ual plate is identical. becomes the ‘Feature of the Year’? What new As a result, fitaglio 2.0 offers much BK: Well first of all, cash is still the num- developments are lined up for this title? deeper engraving, ultra-fine color resolu- ber one means of payment, it’s highly BK: Our security features are extremely tion with multi-tonality. It gives much accepted, very convenient and efficient. important, and the fact that we have more design freedom to create images Our view is that this is not going to Features of the Year (this year’s being with exceptional quality and detail. And change, but there is certainly growing Louisenthal’s RollingStar thread) has cer- because the whole original plate can be demand to make it more efficient, since tainly strengthened our name and repu- engraved, designs can bleed over the the physical handling in particular costs tation in the industry. But we are not edges rather than being contained within central banks a lot of money. This has to emphasising features alone. This is the boundaries of each note. be optimized – hence the drive to more because, while new features are needed, CN: Does this spell the complete end of hand durable substrates, varnishing, develop- the integration of these is equally impor- engraving? ing banknotes from the outset to obtain BK: Hand engraving doesn’t really exist the best combination of durability and any more anyway. We still have an verification in the cash cycle. engraver, but only because this artist has CN: In this context, is the performance and the know-how to reproduce the style of lifetime of cash in circulation becoming more hand engraving with a digital tool. important than security? The cycle for banknote design nowa- BK: Currency has to be secure, because days does not allow for hand engraving. if it isn’t, then it’s open to counterfeiting In the old days, it could take two years and presents all kinds of problems for and more for a new series. Now, the cus- central banks. So security is the number tomers want new notes in six months, or one priority. But of course, this security less, and this is technically impossible to has to be provable – by machines and by achieve with hand engraving. the public. This has always been the Added to this, fitaglio 2.0 can pro- case. And the cleaner the banknote, the duce different effects that aren’t possible better the security. So there is no trade- with hand engraving – half-tone portraits, off just because there is a growing for example, which are very lifelike, and emphasis on lifetime performance. specific highly precise secure features. G&D’s new sample note, produced using fitaglio 2.0 (top), CN: G&D is not just a banknote producer – it and a close-up of one of the peacock feathers CN: Such as? is involved in cashless payments through smart BK: One example is FIT Latent. This cards and mobile solutions. Are there any ten- tant and our main message now is that isn’t in itself new, but thanks to fitaglio sions between this business unit on the one hand cash has to be efficient. You can’t achieve 2.0, the image can be based on a 3D and the banknote business on the other? that just with features – it can only be background with a very strong flip effect. BK: Not at all. When I joined 16 achieved with the intelligent integration It is laser, rather than mechanically years ago, there was discussion that of processing, printing and product solu- engraved, and is only possible thanks to maybe the was replacing cash. tions. the extreme precision of the instru- But we have always believed in cash. And CN: That said, you have laid great emphasis on ments. knowing what is going on in the mobile the recent launch of fitaglio 2.0. Can you tell us CN: Looking again at the banknote market, payment section is actually a big advan- more? there are particular challenges at the moment, tage. We see what these systems can do BK: In the mid 1990s, we started to irrespective of what may or may not happen and how dynamic they are, but we also define new ways to produce intaglio with mobile or other payments. One such chal- see their limits. And we see the co-exis- plates that could provide more detailed, lenge is over-capacity, particularly in paper. tence of the two payment systems. precise and secure intaglio features. The How is G&D meeting this challenge? In many ways, offering cash and cash- result was Fine Intaglio Technology or BL: There is over-capacity. This is a fact less solutions is extremely helpful, as FIT, thus named because we were able, in printing as in paper. We are in a buyers’ central banks want to understand what is for example, to make much finer gradua- market at the moment, but this is not happening in the latter. The mobile pay- tions. It is basically a mechanical process necessarily a bad thing as long as it’s also ments market in particular is still in that replaces the different elements of a fair market and customers don’t attach development and, while it may be the hand engraving and machine-generated value to the price alone. Banknote print- dominant payment solution in the features in one fully digital process. ing is more than just running paper future, there is no such thing as a defined Fitaglio 2.0 is the next generation of through a machine - it’s also about know- market yet. The big companies are play- this technology. It involves a fully digital how, technology, reliability and the abili- ing their part in defining this market - workflow from artwork through to direct ty to offer an overall solution – all areas Apple, Google, Yahoo, Vodafone, Nokia – plate making, with a high precision where we score strongly compared with but at G&D, we are also helping to shape micro-engraving unit, and means we are some others in the market. this market. able to engrave directly onto full-size That said, there are occasions when CN: Moving on now to product development origination plates, in which each individ- Continued on page 9

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Technology Profile January 2012 | Vol 10 | No 1 Currency News | Page 8 Security Features for Coins – Learning from Banknotes

In one recent Comment feature, we covered the note/coin boundary and the battle between banknotes producers and mints for the centre ground. The decision to issue a coin or a banknote is generally straightforward at the low end or the high end of the denominational spectrum, but less so for the mid-denominations. The banknote suppliers in recent years have staked their claim to this middle ground by developing more durable substrates to increase the lifetime of notes and hence overcome some of the costs of frequent note replacement. The mints’ efforts to stake their claim, however, have been hampered by the lack of adequate security features to protect higher value coins from counterfeiting. This, however, is beginning to change. At the first Coin Conference, last year, several of the presentations demonstrated new features and technolo- gies that offer considerably improved overt and covert security for the public, cash handlers and machines, many of which owe their inspiration, and origins, to developments in banknote security technology.

Existing security features for coins In a similar vein, Maarten can basically be divided into three Brouwer of the Royal Dutch Mint categories. First are the characteris- presented two patented techniques tics of the materials themselves – to combat counterfeiting of coins. homogeneous metals, alloys and plat- Minted (MSP) is a ed steel, or combinations of these for distinctive technique that adds bi-metallic coins - which have specif- security features through laser ic magnetic and conducive proper- engraving, including fine lines, char- ties that provide the EMS signal acters and figures in various sizes, used for verification in vending thicknesses, heights and depths machines and processing systems. Bimetallic shaped coins – a new development unveiled at the Mint Directors which, together, create a unique Second, there is the shape of the Conference in 2010 image. According to the company, rims and the special milling of these to edges – are nothing new. But a bi- the technique has been thoroughly test- produce grooves, scallops or edge letter- coloured shaped coin is. This develop- ed for durability, and the effects cannot ing. ment was the result of a collaboration be created with conventional coin pro- And third are images or features in between industrial partners for the duction technology. the surface of the coins, including micro- 256th Mint Directors Conference in And with MultiView Minting (MVM), text, microdots, latent images which can Canberra in 2010 and comprises a multiple images can be applied to a be viewed at certain angles only, and vir- shaped outer (11 sided in silver) with a small surface on the coin, becoming visi- tual images, which are a of mechan- shaped inner (11 ically-engraved optically variable image. sided scalloped in Larger Toolbox ). There are, however, a number of new Visual Features features – either recently introduced or The new features in development – twhich could provide a also include visual significantly larger ‘toolbox’ of security images on the coin features for high value coins. itself. Simulan is a Günther Waadt of the Bavarian Mint, microstructure with- The development of the Minted Security Printing (MSP) technique drew upon the security who also leads the MDC’s Task Force in the die that pro- effects of banknote printing for inspriration Security Features for Future Coins, pre- vides a special visual sented several of these, including more effect on the coin, while encoded coins, ble or invisible depending on the view- imaginative combinations of metals developed by the Bavarian Mint, contain ing angle. resulting in tri-metallic, flip-flop and a relief structure of micro lines contain- Machine Readability shaped coins. ing information about the coin that can These features are meant primarily The flip-flop example comprises a be machine-read. for visual authentication – either by the gold inner/silver outer on one side (the The Royal Canadian Mint now offers naked eye or under magnification. But flip side) and a silver inner gold outer on lasermarks – images on the surface of the there are also a number of developments the other the (flop side). coin that are visual but not tactile, and relating to machine readability. As for shaped coins, these – including are too shallow to allow mechanical One relates to the EMS signal of multi-sides and coins with scalloped reproduction. Continued on page 9

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Giesecke & Devrient...cont converted to a code that is stored in a ing structures. Hence the integration of database for subsequent matching taggants, particularly the optical vari- plated coins. These do not produce as against the coin. This code can also be eties, into coins is much more challeng- good a signal as coins made from solid applied (via engraving or printing) back ing. metal or alloys. They have a light con- onto the coin, enabling the coin and Two possible methods of integration ductivity signal due to the thinness of code to be matched in a form of self-ver- are into the metal in its liquid, ie melt- the and nickel layer, which can ification without recourse to a central ed, state, or by coating the exterior of show significant variations. At the same database. the finished coin with an undetectable time, the steel core has a strong magnet- This technology will be used initially layer film containing the taggant. ic influence over this conductivity signal. to identify coins during the routine sam- The viability of the former route is According to Günther Waadt, one future pling that takes place to assess levels of affected by the temperate of 700-1500°C development is that of special steels that counterfeiting. The intention is, howev- required to melt most metals. This can be modified to control the EMS sig- er, to develop readers that can be incor- removes the vast majority of organic tag- nal. porated into vending machines and gants as options, since these lose their Another is fingerprinting, the first other coin accepting devices to replace characteristics at 300-350°C. Some high example of which was launched last year or supplement the existing EMS read- quality non-organic taggants, however, ers. can withstand higher temperatures of Options for Taggants around 1500°C before losing their spec- Another technology also under con- tral characteristics, but an added compli- sideration is the taggant, with more than cation is that the particle structure of one mint working on different options the metal might mask the taggant, mak- for incorporating these into coins. ing identification impossible. So while it Taggants are covert forensic markets is possible to incorporate non-organic that exhibit specific physical, chemical taggants into metal when in a liquid or spectroscopic properties when acti- form, the options are severely restricted. Microtext in a coin from the Royal Dutch Mint vated or excited. The most common are The other option is coating. This based on compounds (organic or inorgan- presents a different set of challenges, ic) with special optical special character- mainly that the coating can provide a istics - eg luminescence or electro-lumi- long-lasting barrier against environmen- nescence. A light energy source (or, in tal conditions along with abrasion and the case of electro-luminescence, an thermal resistance and is completely electrical energy source) that causes covert (and hence undetectable to the electron excitation of the material’s eye). No small order, but – assuming that atoms is applied, resulting in the emis- the correct combination of metal or alloy, sion of wavelengths that are recognised taggant and coating material is deployed by specially-engineered readers. Their - is InkSure’s preferred route. presence denotes that the product is Edging the Boundary MultiViewMinting (MVM) creates features that are invisible or visible depending on the angle of view genuine, their absence that it is not. Rarely does an issue of Currency In his presentation, Tal Gilat of News go by without coverage of at least by the Royal Canadian Mint in the form InkSure noted that taggants are usually one (and more often than not several) of Coin DNA. incorporated into documents via inks, innovative new features for banknotes. This technology was developed in the substrate itself, the hologram or in By comparison, the portfolio of features conjunction with Signoptic and uses the coatings. As a result, no major production for coins is small. But, with the advan- unique microscopic surface characteris- changes are necessary. tages of longevity on their side, and an tics of each coin as the means of authen- But, needless to say, metals have dif- improved range of technologies at hand, tication. As previously covered in ferent properties and characteristics mints could start edging the note/coin Currency News, an image of each coin is than paper - higher particle density, elec- boundary in their favour. captured as it comes off the press and tromagnetic properties and light-block-

Giesecke & Devrient...cont process. But in my view, producing a cur- ing more project-focused is one of my price is the predominant criterion versus, rency for a country is far more than this – goals. say quality, and then it becomes difficult. it is a project and there needs to be a And the other, at the end of the day, Fortunately, however, that doesn’t hap- stronger focus on improved project man- is to help make cash more efficient. If pen very often. agement across all divisions. Once the G&D can help ensure that cash is more CN: You are a few months into this job now. customers’ needs and the project goals efficient, then customers will keep com- What are your personal goals? have been defined, then the substrate ing to us. BK: Banknote printing has typically and processing sides of the equation been run very much as a production automatically come in as well. So becom-

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Banknote of the Month January 2012 | Vol 10 | No 1 Currency News | Page 10 Promotion for Malaysia with the New “Distinctively Malaysia” Series

The banknotes of virtually every country Securency’s Guardian® substrate and the Security Features unashamedly feature subjects which are other four denominations on mould-made In terms of security features, the strongly representative - be they its cul- paper. There is also a new coin series (the polymer RM1 and RM5 notes have a ture, natural history, industry, famous third), which is being issued this month. shadow image, one WinTHRU® transpar- people, achievements, politicians or royal Multiple Designers ent window with integrated gold family. Malaysia has for several years been The series was designed by three Metalix™ and WinBOSS® embossed promoting itself to tourists and industry companies – De La Rue, Giesecke & numeral and one half window containing on its distinctiveness, and so it is no sur- Devrient and Oberthur – with the theme an image which can be seen from both prise that it has named its new banknote and security features specified by the sides of the note. The RM5 also has the

series after the theme of this promotion, Bank Negara Malaysia. The colour of G-Switch® colour shifting feature inte- ‘Distinctively Malaysia’. each note is distinctly different from the grated into the transparent window. The Fourth Series others and the size progressively increas- RM1 is one-sided whilst the RM5 is two- Malaysia’s currency – originally called es with the value. All notes also include a sided 3-colour intaglio and include a see- the Malaysian dollar – was first issued in tactile feature for the visually-impaired. through register numeral, an anti-scan 1967 to replace the Malay and British On the front of the notes, the portrait feature, micro lettering in offset and Borneo dollar. In 1975 the name was of the first , Tuanku Abdul intaglio, and fluorescent, IR and phos- changed to the Ringgit (which means Rahman (Malaysia is one of the few coun- phorescent features ‘jagged’ in Malayan, denoting the serrat- tries in the world to have an elected The RM10, RM20, RM50 and ed edges of the Spanish coins that used to monarch), the national flower (Rosa- RM100 notes use durable paper with a circulate in the Portuguese colonial era). sinensis hibiscus), the denominational multi-tonal, pixelated match- The second series was issued in 1982 and value and the issuing authority, along ing the intaglio portrait, and an elec- the third in 1996. So this is the country’s with patterns of traditional woven fabric trotype of the denomination. All have fourth series. (the ‘songket’) in the background and security fibres and windowed security Although it was officially launched on edges of the notes to reflect Malaysia’s threads with a magnetic element, except December 21 by the country’s Prime traditional textile handicraft and embroi- for the RM100 which uses an embedded Minister and will be fully issued during dery. magnetic thread and features a 4mm win- the second half of 2012, the first bank- The reverse side of each banknote dowed Motion® thread with a stylised note to be issued was the RM50 in carries a different theme – traditional hibiscus as the icon. The printed security December 2007. It was the positive sports for the RM1, wildlife for the RM5, features are very similar to those of the reception to this that paved the way for flora for the RM10, marine life for the polymer notes except there is an addi- the rest of the series. RM20 and natural wonders (namely tional IR feature. The five denominations of the previ- Mount Kinabula and the pinnacle rock Around 1.25 billion of the new notes ous series, the RM1, RM5, RM10, RM50 formations of the Gunung Api valley, both are being produced - the RM1 by G&D, and RM100 are retained but a new ban- World Heritage Sites) for the RM100. the RM5 and RM20 by Oberhur, the knote, the RM20, has been added. The The theme for the previously-released RM10 by Orell Fussli and the RM100 by two low denominations are produced on RM50 is agriculture and technology. Crane.

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Conferences January 2012 | Vol 10 | No 1 Currency News | Page 11

2012 Conferences Diary – Conferences There was full calendar of currency-related will take place October 16-18 in Rheda- and Exhibitions conferences during 2011, and this year is also Wiedenbrück, a 45-minute drive from Wincor set to be busy. Nixdorf’s Paderborn HQ, in a new exhibi- Optical Document Security First on the 2012 calendar is Optical tion centre that will be able to better accom- January 18-20, 2012 Document Security, which takes place modate the event, which last year involved San Francisco, CA, USA January 18-20 in San Francisco. Held bi- 40 partner companies, and 7,000 visitors. www.opticaldocumentsecurity.com annually, it is the leading technical confer- To coincide with DRUPA, the print ence for security features and processes trade show that takes place every four years World Money Fair relating to currency and ID, and is typically in Dusseldorf (May 3-16), KBA-NotaSys is February 3-5, 2012 the event where research and product devel- holding Banknote Horizons. The event – Berlin, Germany opment specialists launch their innovations from April 29 through to June 1 - has as its www.worldmoneyfair.ch for the first time to their industry peers. theme ‘Adding Value Through Print’, and Next comes ICCOS - the global seminar comprises demonstrations and workshops ATMIA 13th Annual Conference for commercial cash management, distribu- covering the latest developments in design, and Expo tion and circulation. ICCOS Americas prepress, production and finishing. February 29-March 2, 2012, takes place in Miami, Florida from March 11- Also coinciding with DRUPA will be San Antonio, TX, USA 14 (see below), followed by ICCOS Asia Kusters’ Currency Industry Supplier www.atmiaconferences.com (October 15-17 in Manila, Philippines) and Exhibition (CIS), in Venlo, the Netherlands ICCOS EMEA (November 5-7) in Warsaw, from May 7-11. The 2012 event will be a spe- CeBIT Poland. cial one as it marks the close of the compa- March 6-10, 2012 Another conference with three separate ny’s year-long celebrations of its 100th Hannover, Germany regional events taking place this year is the anniversary. Appropriately, the theme this www.cebit.de series of High Security Printing Conferences year is ‘Challenging Each Other for the Next focusing on currency, ID and government 100 Years in Currency. ICCOS Americas documents. The programme has now been The two major events for the coin indus- March 11-14, 2012 published for the 9th Pan European High try in 2012 are the World Money Fair and Miami, FL, USA Security Printing Conference in St the Mint Directors Conference. The for- www.iccos.net Petersburg, March 27-29. It will be followed mer takes place in Berlin, Germany from in June (12-14) by the 1st Latin American February 3-5 and the latter in Vienna, 9th Pan European High Security High Security Printing Conference in Rio from May 6-12. Printing Conference de Janeiro. The organisers, Reconnaissance Towards the end of the year, meanwhile, March 27-29, 2012 International, have also now confirmed the the Intergraf International Security St Petersburg, Russia dates for the 11th Asian High Security Printing Conference and Exhibition is www.cross-conferences.com/europe Printing Conference, which takes place being held from October 17-19 in Bordeaux, September 24-26 in Dubai, UAE. France, and then, rounding off the year, Banknote Horizons Three industry leaders are also holding Banknote 2012, one of the two major glob- April 29-June 1, 2012 exhibitions this year. Wincor World, which al banknote conferences, will take place Lausanne, Switzerland normally takes place each January, has been December 10-13 in Washington, DC. www.banknotehorizons.com moved to new dates and a new location. It ICCOS Covers all the Americas ICCOS Americas 2012 takes place in banks, commercial banks, cash manage- Affairs, Central Bank of Dominican Miami, Florida, from March 11-14. This is ment companies/CITs and related industry Republic, KeyBank and ASI. the first ICCOS Americas to fully encom- suppliers. Sponsoring the event are Ampac, pass the cash industry from North, Central Presentations are planned from the Burroughs Payments Systems, CTS and South America and the Caribbean since Board of Governors of the Federal Reserve Cashpro, Cummins-Allison Corp, Currency Currency Research expanded the regional System, of Atlanta- Technics & Metrics, De La Rue, Fiserv, seminar’s focus and marketing initiatives. Miami Branch, Wells Fargo Bank, Banco de Garda, Giesecke & Devrient, GRG Banking This undoubtedly explains why record México, the US Secret Service, Banco Equipment, Limited, Intelligent Currency attendance from over 30 countries is Provincia, Bank of Canada, Federal Reserve Solutions, Loomis, Namsys , Nelmar expected based on current registration fig- System Cash Product Office, Banco Central Security Packaging Systems, PakLock, ures. do Brasil, Federal Reserve Bank of Atlanta Toshiba Corporation, Transoft ICCOS (which stands for the (New Orleans branch), Brink's, Prosegur, International and Transtrack International. International Commercial Cash Operations Bank of Jamaica, Grupo Seguridad Integral Further information can be found at Seminar) focuses on issues and trends in (GSI), Federal Reserve Bank of Richmond, www.americas.iccos.com. the cash cycle, and brings together central International Association of Currency

Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Company News January 2012 | Vol 10 | No 1 Currency News | Page 12 BANQIT Signs up for CINEO Swedish cash solution provider BANQIT year (see CN Vol 9, No 2). According to has signed a strategic cooperation agree- Hans Gunter Voss, VP of R&D at Wincor ment with Wincor Nixdorf, which will Nixdorf, the use of the company’s cas- Publisher: Currency Publications Ltd (a Reconnaissance International/Currency Research company) see it use the latter’s CINEO banknote sette technology by another vendor storage technology in its Q-CashRouter marks a further milestone on the way to Editor: Astrid Mitchell end-to-end cash systems. The standardising banknote storage solu- move makes BANQIT the second com- tions. This, he said, is an ‘important pre- Editorial Advisor: Richard Haycock pany, after Giesecke & Devrient, to use requisite for cutting costs and optimising Contributors: David Tidmarsh, Nicola Sudan Wincor Nixdorf’s intelligent cassettes. processes across the entire supply chain’. CINEO forms part of Wincor BANQIT’s Q-CashRouter is Board of Advisors: Michael Boehm, Tom Ferguson, Nixdorf’s Cash Cycle Management designed for high-volume locations and Eugenie Foster, James Hussey, Brian Lang, Francis Ravez, Keith Richbell, Raul Sierra. Solutions (CCMS) portfolio. Launched can handle simultaneous cash deposits, last year, it is a technology platform for withdrawals and exchange from up to Currency News is published 12 times a year to report on regulatory, commercial and technical develop- cash recycling systems, ATMs, automat- four customer fascias connected to one ments of importance to those specifying, issuing, producing, handling or processing of currency. ed teller and transaction terminals, and back-end system for processing transac- includes the ‘intelligent’ cassettes that tions. Annual subscription rate - £922 / E1152/ $1567. Discounts for multiple subscriptions available - facilitate cash transfer between different This latest cooperation will be wel- please contact us for details. cash points without the need for inter- come news to the European Payments mediate processing. The cassettes do not 4 Windmill Business Village, Council, which launched an initiative Brooklands Close, Sunbury, need to be opened and the contents last year to standardise the size of ATM TW16 7DY, UK Tel: +44 (0) 1932 267232 manually counted and re-sorted, since cash cassettes and cash transport cases, Fax: +44 (0) 1932 780790 they can be auto-loaded into G&D’s BPS and to create interoperability among PO 684, Parker, CO 80134, C4 processing systems, which sort the Intelligent Banknote Neutralization USA notes by denomination and condition Systems. Fax: +1 303 841 9887 Email: [email protected] and isolate counterfeits prior to re-load- According to the EPC, the current Website: www.currency-news.com ing the cassettes to pre-determined lack of standardisation in the ATM land- No part of this publication may be reproduced, stored in a retrieval requirements. scape in particular is one of the factors system or translated in any form or by any means – electronic, mechanical, photocopying, recording or otherwise without the prior A key feature of the system is an inte- contributing to the substantial cost of permission of the publishers. While every effort has been made to grated microchip that stores information wholesale cash distribution. It is not call- check the information given in this publication, the authors, editors and publishers cannot accept any responsibility for any loss or relating not just to the contents, but also ing for a ‘big-bang’ replacement of cur- damage arising out of, or caused by the useof, such information. Opinions expressed in Currency News are those of the individual logistical data that enables the cassettes’ rent equipment, but rather a gradual evo- authors and not necessarily those of the publisher movements to be monitored. Another lution in line with equipment lifecycles. COPYRIGHT 2012. ALL RIGHTS RESERVED. key feature is an integrated anti- While there is still a long way to go inking system. before there is anything like critical mass Wincor Nixdorf and G&D announced in terms of such standardisation, this lat- details of their cooperation, which also est agreement between Wincor Nixdorf CURRENCY RESEARCH LTD involves the development of sensor tech- and BANQIT is certainly a step in the nology through a new joint venture, last right direction. Charter Subscribers of Currency News

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