News in Brief

FedCash E-Manifest Service Delivering Benefits

The Federal Reserve has started a publicity campaign for its FedCash® E-Manifest Service. The new system is digitising a hitherto manual system for matching paper manifests for deposits and orders at Federal Reserve docks with a technology based on GSI US standards that enables scanning and the electronic exchange of data in real time.

FedCash states the benefits of the service as:

• Improved resilience through greater visibility of package contents and data sharing capabilities

• Accelerated dock exchanges using the E-Manifest API to validate data exchanges and eliminate paper-based processes

• More efficient reconciliation by leveraging electronic data

• ‘Going green’ by reducing dependency on paper deposit tickets and manifests

• Future automation opportunities, such as expedited reporting and leveraging data for enhanced efficiencies.

The E-Manifest service forms a key part of the Cash Visibility program, which was launched in 2014 by the Federal Reserve’s Cash Product Office (CPO), the top 15 cash-handling banks, the top five armored carriers and GSI, the global organisation that develops and maintains standards for supply chains across multiple sectors.

It is a multi-year, multi-phase joint industry initiative aimed at bringing greater transparency and efficiency to cash supply chain logistics by developing a framework to identify, track and share data about cash packages as they move between cash supply chain organisations.

Coiniverse Becomes Independent Startup

Coiniverse, the coin collecting app set up by the Mint of Finland, has been spun out into an independent startup. As such, the company aims to increase its user base across the globe and create a trusted collector community where mints are readily accessible.

According to Coiniverse, the move will allow it to expand its reach to new markets, serve collectors with new innovations, and help mints succeed in their collector-related efforts. Current member mints of the app include Monnaie de Paris, the South African Mint, the Italian Mint IPZS, Swissmint, Münze Deutschland, Mint of Finland, Spanish Mint, Lithuanian Mint, and Vera Valor.

Earlier this year, Coiniverse hit the milestone of 100,000 users and the spin-off marks the next chapter towards its goal of 1 million.

Former Head of Digital Development at the Mint of Finland, Mikko Sievänen, has become the new CEO.

New Service for Note and Coin Authentication

Dr Tomasz Jagielinski, who has retired from Cummins Allison (latterly part of Crane Payment Innovations, or CPI), has embarked on a new endeavour by forming NXTGenDetect, LLC, a company that will specialise in providing comprehensive consulting and advisory services in the field of security, detection, and authentication, focusing on banknotes, coins, and other high-value items.

Tomasz has a PhD in Material Science and Electronics and an extensive professional background spanning over 30 years with Eastman Kodak, San Diego Magnetics, Cummins Allison (as Senior Vice President Technology) and then, following its acquisition by Crane, CPI (as Senior Director Research). This background in automated cash and coin handling and payment solutions built on leading-edge sensor technology has given him comprehensive expertise in banknote and coin denominations, and authentication, in particular machine readable banknote and coin security features.

‘My involvement encompasses both low and high-speed banknote authentication systems, catering to notes fed short edge first as well as long edge first. In the realm of coins, I have worked extensively with both low-speed coin acceptors and high-speed coin sorters’, he said.

He aims to offer insights, consultations, and expertise on note and coin detection and authentication to future clientele. He can be contacted at TomaszJagielinski@nxtgendetect.com.

RBI Confirms Status of Star Banknotes

The Reserve Bank of India (RBI) has issued a clarification on the use of star symbols on its banknotes, confirming that they are legitimate. The clarification was in response to claims on social media that the banknotes are either invalid or have special significance.

‘A banknote with a star (*) symbol is identical to any other legal banknote, except that in the number panel, a * symbol is added between the prefix and the serial number. The star (*) symbol is an identifier that it is a replaced/reprinted banknote,’ the RBI has stated.

Before August 2006, new banknotes issued by the RBI were sequentially numbered, with each note having a unique serial number along with a prefix consisting of numerals and letters. The star series numbering system was adopted by the RBI for replacement banknotes in packets of 100 pieces of serially numbered notes in order to overcome the production inefficiencies of having to substitute defective with replacement notes with the same sequential numbers.

Estonia and Low Value Coins

Eesti Pank, the Estonian central bank, has claimed that small denomination coins have an adverse impact on the environment. It is considered to be one of the greenest countries in Europe, if not the world, and is hoping to join the growing number of eurozone countries that are dropping the issue of 1 and 2 euro cent coins.

Estonia’s 1 and 2 cent coins account for nearly 60% percent of all the coins issued annually by the Baltic nation. Since Estonia adopted the euro in 2011, it has issued 612 tonnes of the two lowest coin denominations, amounting to 6.7 million 1 cent and 6 million 2 cent coins annually.

According to the Bank, not only are the coins inefficient as they are used only once for transactions and do not circulate, but they are extremely difficult, and expensive, to melt down and re-mint, unlike the higher denomination coins.

ATM Production in Bangladesh

Bangladesh has its first ATM and recycling machine assembly plant, which opened recently at Bangabandhu Hi-Tech City in Kaliakoir, Gazipur.

The assembly plant has been set up by Zara Zaman Technology Ltd (ZZTL), a Bangladeshi tech company and supplier of banking equipment in the country, in partnership with China’s GRG Banking Equipment, with whom ZZTL has worked for over a decade.

According to ZZTL Chairman Mridha Md Arifuzzaman, the assembly plant will cater to the surging demand for self service terminals within the country, and will also pave the way for future exports. The range of products assembled there include ATMs as well as cash recycling and deposit machines.