Preparing you for polymer
Helping our customers with a smooth transition to polymer notes.
The £5 polymer note featuring Winston Churchill came into circulation in September 2016. It will be followed by the Jane Austen £10 note in Summer 2017. The UK is the biggest economy to date to introduce polymer notes.
Why polymer is better for business
A switch to polymer notes is expected to save a significant amount each year by reducing the amount of forgeries in circulation, whilst the increased durability of the notes could save the UK economy £100m in production savings over 10 years.
A challenge for the cash industry
Investment in infrastructure and equipment is required to ensure a smooth transition. Equipment that will need to be updated to handle the new notes including ATMs, automated or ‘intelligent’ cash tills, teller assist equipment, back office counting equipment, and many vending machines. The cash industry faces challenges during a transition phase that will involve the handling of both paper and polymer notes.
Vaultex – readiness for polymer
Vaultex has the expertise and technology to help customers make a smooth change to polymer. We’ve already invested £10m in a fleet of high speed note sorting machines, capable of counting and separating polymer notes as they are introduced over the next few years.