Cash Processing Solutions Ltd., a U.K.-based technology provider, has secured a three-year contract with the U.S. Federal Reserve to participate in a competitive development for the Fed's next generation of high-speed currency processing equipment.
Under the contract, CPS will design, develop and manufacture a system with the associated software solutions to meet the Fed's note-processing requirements.
"Effective cash processing equipment is critical to the mission of the Federal Reserve's cash function, enabling us to meet demand for U.S. currency, ensure the quality and integrity of currency in circulation, and maintain cost-effective operations," Mark Gould, product director for the Federal Reserve Cash Product Office, said in the release.
The competitive process is expected to lead to the provision of the Fed's NextGen requirement, which will replace the current fleet of high speed cash processing machines with state-of-the-art next-generation systems, according to the release.
"The U.S. Federal Reserve's NextGen program is an innovative and ambitious program and we are delighted the [Fed] has selected CPS to work closely with them on this," CPS CEO Adam Lawrence said in the release. "The project demonstrates the focus that CPS has on innovation and is a significant investment in our future product roadmap. It will give CPS the opportunity to show its strengths as a trusted partner and provider of end-to-end banknote processing solutions."