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Banknote Industry News - Nov. 11, 2021

Tuesday, November 16, 2021

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Company: ATM Industry Association

Nov. 11, 2021
 
Overview:
 
  1. CPS: Award for sorting machines for the De Nederlandsche Bank
  2. Germany, Bundesbank: Cash symposium - Facts / Figures
  3. England: Update information regarding CBDC
  4. UAE / Indonesia: MoU for digital innovations
 
Announcement
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1. CPS: Award for sorting machines for the De Nederlandsche Bank
 
 
  • Cash Processing Solutions Ltd (CPS) has been awarded a framework agreement to supply multiple High-Speed Banknote Sorting Machines to the De Nederlandsche Bank (DNB) – the Central Bank of the Netherlands.
  • The contract was won through a tender process, with CPS being selected to design, manufacture, install and commission multiple CPS 7000i™ High Speed Banknote Sorting Machines during 2022 and 2023
  • CPS and the Central Bank of Netherlands have a partnership for more than 20 years.
  • The CPS 7000i machine is an intelligent, intuitive and innovative solution providing secure, efficient and cost-effective high-speed, high-volume banknote processing. The 7000i can process up to 120,000 banknotes per hour (2,000 banknotes per minute).
Link to Source 1
Link to Source 2
2. Germany, Bundesbank: Cash symposium - Facts / Figures
 
Source: Source 1, BIN
 
Extract of the "Cash Symposium conducted by the German Bundesbank - Speech by Mr. Dr. Weidmann:

Germany:
  • According to a survey (by GERMAN Bundesbank carried out in 2020) "cash was the most frequently used option for day-to-day payments, even during the coronavirus pandemic. 
  • Consumers paid in cash 60% of the time at the point of sale, for recreation activities, and in other situations.
  • Even the generation of digital natives regularly uses banknotes and coins. Of those in the 18 to 24-year-old age bracket, just over half used cash."
  • Cash is a highly important means of payment for many people who aren’t very tech-savvy, or those with visual impairments.
  • Wtihin the Euro-Area, around 13.5m adults are unbanked and mostly rely on cash.
  • 40% of banknotes issued in net terms by the Bundesbank are used as a store of value in Germany.
  • The German Bundesbank is currently working on a new study analyzing the current further trend to increasing online / digital payment due to the onging impact of Corona.
  • Conclusion Statement by Mr. Dr. Weidmann (Bundesbank): "I am convinced that cash will continue to play an important role in the foreseeable future"

Sweden:
  • As published and known Sweden is completely contrary, where < 10% of all transactions are being paid in cash. But the following statement was conducted by the Central Bank of Sweden:
  • "... without cash, payment systems become more vulnerable to technical problems such as powercuts or internet outages.
  • Against this backdrop, many people see cash as an important back-up alternative, but not essential to everyday life. Yet Stefan Ingves, Governor of the Riksbank, warns that “if cash is needed as a means of payment in a crisis, it must also be possible to use it in normal circumstances”.
Link to Source
3. England: Update information regarding CBDC
 
Source: Source 1, BIN
 
Extract of a statement by the Bank of England:
  • "In 2022, HM Treasury (HMT) and the Bank of England will launch a consultation which will set out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC.
  • It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work."
  • "No decision has been yet made on whether to introduce a CBDC in the UK"
Link to Source
4. UAE, Indonesia: MoU for digital innovations
 
Source: Link to Source 1, BIN
 
  • The Central Bank of the UAE and the Central Bank of the Republic of Indonesia signed a 'Memorandum of Understanding (MoU)' regarding the co-operation of:
    • Digital innovation in payment and financial services to facilitate more efficient and secure transactions
    • Cross-border payment systems including retail payments and
    • Frameworks of anti-money laundering and combatting the financing of terrorism.
Link to Source
 
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