Case study: Intelligent Currency Solutions

7 Layer Solutions, an independent software developer specialising in the cash logistics industry, provides note quality reporting solution to ICS.

Client Profile

Intelligent Currency Solutions (ICS) has been formed to provide independent note quality, fitness monitoring and benchmarking services for banknote issuing authorities and cash processing companies.
ICS is targeting three sectors.

Central banks
Commercial processors including CIT companies
Note suppliers

Background

The banknote benchmarking systems have been developed in response to the growing trend by banknote issuing authorities to outsource note circulation and some of the difficulties that have arisen as a result.

Situation

With the growing adoption of note re-circulation processes and technology by commercial banks, it is becoming ever more difficult for Central Banks to assess the quality of notes in circulation. Central banks need to establish common standards for productivity, fitness and quality, when notes are being processed by a number of different suppliers using a wide range of different banknote sorting or recyling equipment.

Solution

In conjunction with 7 Layer, ICS has developed a patent-pending process comprising a suite of detectors, software and support services. Detectors are vendor-independent and will monitor note throughput and quality by denomination according to predetermined parameters which cannot be altered by the machine suppliers or operators. Data is linked via the internet to a reporting package hosted on secure servers managed by ICS which will consolidate the data from each site, shift, machine, customer etc. This data can be accessed by the processing organisation and the banknote issuing authority.

Pain

Central banks need to gain a detailed understanding of the mix, condition and flow of their currency and compare performances and trends.

Gain

7 Layer Solutions have developed the Reporting and Management Information Software associated with the banknote benchmarking system.

Commercial processors, including CIT companies, have no CB issued guidelines on which to base their current note standard grading systems, thus they cannot guarantee fitness acceptance which can cost them in fines if deemed unfit.

Commercial processors will benefit from a competitive edge in offering outsourcing solutions, which will also avoid arbitrary penalties arising from subjective interpretations of standards.

Note suppliers have no current monitoring system allowing them to better forecast market requirements.

Note suppliers will gain a detailed knowledge of what is happening in the market on which they can base their commercial offerings.

7 Layer are technical leaders in their field, providing excellent business analysis and consultancy through to delivering high quality software development with a professional and personable after sales service!

ICS Managing Director, Francisco Lopez