KBBNS Teams with SONECT for Access to Cash

Koenig and Bauer Banknote Solutions (KBBNS) has signed a new partnership with the virtual ATM company SONECT as part of its strategy to help reinvent the way we move, access and manage cash in society.

According to KBBNS, data will play a big role in the evolution and transformation of cash cycles and it has developed a family of bridging technologies connecting the physical banknote with digital ecosystems to create this data. These include its mobile banknote validation app ValiCash, which will enable SONECT to reinforce the user experience for its customer.

SONECT is one of a new breed of so-called CashTech companies that are deploying digital technology to improve cash services, filling the gap left by banks reducing their branches, ATMs and cash centres.

Based in Switzerland, it was launched in 2016 and has developed a virtual ATM network that enables consumers to find and access cash nearby using a smartphone interface that connects them with affiliated merchants including retail outfits (eg. shops, bars and cafes) who have available cash, enabling the recirculation of cash directly from the point of sale.

As such, the app-based solution provides consumers with convenient and secure access to cash outside traditional bank branch or ATM networks, retailers see their costs of handling cash reduce and their foot traffic increase, and banks reduce their operational costs.

SONECT has a network of 2,300 locations in Switzerland and is now the largest single cash access operation in the country. It has extended its operations to the UK and Italy, and received its first licence to operate in Mexico as well last Autumn.

ValiCash will add an additional layer of functionality to the cash access app by enabling SONECT agents and customers to quickly authenticate their banknotes at the point of sale. You simply take a photo of the banknote and the app analyses print characteristics to determine banknote authenticity, immediately telling you if the banknote is genuine.

According to KBBNS, trust and confidence are essential components in any cash user experience and this new partnership will provide customers with a reliable and simple digital authentication tool.

‘SONECT and Koenig & Bauer Banknote Solutions are committed to ensuring access to cash and financial inclusion for everyone’, it said in a press release. ‘This recent partnership sets the groundwork for future collaboration and more innovation as both organisations explore and develop together ways to provide sustainable cash access platforms by connecting cash with digital data ecosystems.’