Improved cash handling systems for retail
To combat counterfeiting, strict requirements have been implemented by the European Central Bank (ECB) under the Banknote Recycling Framework: no counterfeit notes are to be recirculated by cash handling devices. The northern European market has some 15 000 point-of-sale systems equipped with coin and note recycler systems. The market is at a pivotal point, with self-service and self-check–out systems gradually gaining in acceptance as a mainstream retail technology. The 'Development of a secure, modular, cash checking machine' (EUROTHENTIC) project proposed the integration of these systems with its Bank Note Validation system to enable the efficient and secure recycling of money. Stores can benefit from more secure cash handling, as cash in store amounts can be reduced, and back-office work and cash in transit minimised. The system can also support a cashback function so consumers can withdraw cash directly at checkout points, safe in the knowledge that the bank notes have been validated. Although automated systems for validating banknotes do exist, their high capital costs and perceived slow performance are a stumbling block to wide retail sector acceptance. Crucially, they do not address the critical fitness test, to see if the notes are in a condition suitable for redistribution. EUROTHENTIC focused on overcoming technical barriers to the wide-scale adoption of cash authentication technology through development of a low-cost, retrofittable cash-validating module. The module is capable of high-performance note processing and image recording. It can perform intelligent image analysis through a neural network approach and offer secure networking with remote system updates. It can also incorporate a database facility for secure tracking of banknote serial numbers and other features such as time and location. Final project results show that all major objectives were achieved, primarily concerning the creation of a money validation prototype. As a result of this success, project beneficiaries now have a clearer understanding regarding the handling and validation of money as well as the technical aspects required to get this product on the market in Europe. Ultimately, small shops and retail chains alike will access new revenue streams through banking services and in the end save on money handling, transport and exchange fees.
Keywords
Cash handling, retail, counterfeit, Banknote Recycling, cash checking machine, cash authentication, authentication technology, money validation
