Vaultex represented at ICCOS 2015
Last week on 27th February, Vaultex Commercial Director Mark Trevor presented at the Cash Cycle Seminar (ICCOS) in Milan. Since 1995, The Cash Cycle Seminar has grown to be a leading global seminar for commercial cash management, distribution and circulation, bringing together stakeholders in cash circulation to share ideas, best practices and case studies.
Mark’s presentation discussed the extent of counterfeiting within the Eurozone, and explored the rationale for adopting polymer as both a defence against counterfeiting and a strategy to reduce note printing costs. The subject is topical given the Bank of England’s announcements on polymer, and generated a fascinating debate with strong views on both sides.
The number of counterfeit euro banknotes in circulation per million banknotes in circulation has been increasing year on year since 2012, with no signs of slowing. In 2014, 838,000 counterfeit notes were removed from circulation, with a face value of approximately €35 million. This was the highest figure since 2009 and the economic crisis.
Polymer notes have been in use around the world for several decades and are currently used by over 20 countries. There are two main benefits; counterfeit protection – due to their complex composition – and increased durability.
There are, of course, significant challenges and costs to migrating to polymer, the majority of which will be borne by financial institutions, cash processors, ATM deployers and retailers.
Vaultex is working with its customers and industry partners to ensure a smooth transition to polymer banknotes in the United Kingdom, which is due to start in 2016.