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As the payments landscape is becoming more digitized, many countries are studying digital currency and forecasting currency levels appropriate for their future operations. This session discusses the trends in cash and non-cash payments, and whether the cash cycle is adapting to the change.
- Presented by:
- Shabib Shabibi, Currency Director | Central Bank of Oman
This presentation looks at all of the key aspects relating to the cash cycle in Oman including usage across the country, the Central Bank’s role in ensuring that there is an effective infrastructure in place to circulate and handle cash efficiently, and covers recent developments that may have an effect on how cash is perceived in the future.
- Presented by:
- Simon Lake, Marketing and Sales Director, The Royal Mint
The UK is a dynamic and entrepreneurial market for fintech and has seen a significant increase in other forms of payment methods. However certain consumer groups still have a reliance on cash and the Access to Cash review was established to consider consumer requirements for cash over the next five to fifteen years. The main objective is to ensure that there remains an effective and inclusive cash access service that meets the needs of all consumers, regardless of personal circumstances, for as long as necessary. The UK feared that unless action was taken, they'd be in a similar position to Sweden where they tried to slow down the transition to ensure key services were retained.
The Royal Mint and Her Majesty's Treasury have been key components in this body of work and Simon Lake, Director of Sales will summarise the Access to Cash report, what steps have been taken to date and the importance of acting early.
The Cash Industry in Transition From the unique perspective of Currency Research (CR), the only global communications, consulting, and conferencing business operating in both cash and payments, CR has examined the impact of external and internal forces on the companies and government departments involved with the cash cycle as a whole. The recently released report, The Cash Industry in Transition, concludes that central banks are in the difficult position of receiving criticism if they express support for cash but also criticized if they support the move away from cash. They are navigating through truly uncharted territory and must be pragmatic in planning and preparing for a less-cash future. The cash industry must also hasten its planning for a less-cash society while maintaining a robust cash industry – not an easy task. Hear a brief overview of the report findings – and access a complimentary copy from the app for an in-depth look at where the industry has been and what could happen next.
As cash circulates longer in the cash cycle, how is quality being monitored and maintained? This historic role of a central bank is being challenged by lower rates of return and the further outsourcing of the cash cycle. Hear central banks, CITs, and solution providers explain what is being done to safeguard currency quality and what new opportunities exist given the availability of data from the point of sale.
Friday will cover overview of Nigeria Population, cash in circulation and quality, reasons for high volume of unfit Banknotes in Circulation, characteristics of acceptable banknotes and current challenges facing currency quality and acceptance. From the perspective of Commercial bank Friday will discuss the efforts of Central Bank of Nigeria to minimize unfit banknotes and cooperation with local stakeholders
There is much hype around the advance of digital payments, many Central Banks are supporting a less-cash society, but cash continues to grow in most economies. This panel will separate the facts from the myths and look to a future where digital payments and cash will co-exist, but cash in a digital world will be different and it has been transforming at a fast pace.
Wednesday, 26 February 2020
As the operating environment changes with ever more automation and digitization in the cash cycle, new threats arise that could have an impact on your business continuity planning (BCP). Let’s hear how the key stakeholders ensure they know and understand potential points of failure and their plan for such failure. When the electronic payments infrastructure is rendered ineffective, cash is often the saviour, so ensuring resiliency in the cash supply chain is of paramount importance.
These days society expects socially responsible behaviour from all organisations. This means that organisations should ensure not only active compliance with applicable laws, but also adhere to ethical standards. For central banks as the end customer it is essential that the standards applied by the banknote industry are beyond reproach. Ensuring integrity in banknote procurement is in everyone’s interests, because it improves trust in public institutions, increases competition between bidders and creates a level playing field. Banknote Ethics Initiative (BnEI), was established as a means of demonstrating that the industry is taking ethical behaviour seriously, and self-regulating with the objective of creating consistent high standards across the industry.
Cyber Security and Fraud Risk Mitigation – Pros and Cons of Blockchain Versus Traditional Payment Systems
Economic and financial inclusion may equate to promoting innovation according to recent practitioner guidance. Blockchain for example, which maximises efficient tracking and information sharing on various functions can enhance core central bank functions and resiliency. Can Blockchain assist in promoting resiliency in operations related to BCP and Cyber Security Protections? Other benefits widely touted include enhancing the safety and security of payments and monitoring the flow of cash – thus minimizing the opportunities for money laundering and counter terrorism activities.
Considerations to enhance the efficiencies of Central Bank resiliency and independence, with or without Blockchain innovations, focus on more traditional approaches. Strengthening the Governance Framework promotes central bank independence and contributes to both domestic and regional growth, trade and more robust cross border currency flows.
The SS7 protocol does all signaling for fixed and mobile networks. It has been developed, by International Telecommunications Union, ITU, since 1981 in a context of trust when all networks were connected physically. Some vulnerability has been noticed in this protocol with the use of Voice over Internet Protocol, VoIP.
This talk will focus on how to mitigate the vulnerabilities and threats that are faced by Digital Financial Services, DFS. How to build a consumer trust, if Central Banks target to move away from a cash-based system? What security assurance framework is recommended by the ITU Security, Infrastructure and Trust Working Group for Central Banks and Telecom regulators in order to ensure security & trust baselines for DFS providers and client?
The time has come for partnerships of CITs, FI’s, Central Banks, and suppliers to define the efficient cash cycle of the future based on visibility, cost-effectiveness, and security. This workshop focused session will push the participants to understand the obstacles to outsourcing and discuss what can be done about them.
- Session Coordinator:
- Dan Harrison, VP Operations, Currency Research
Cash Handling Services (CHS) is a special type of logistics where customers are price-conscious and therefore the providers are extremely cost-sensitive. Hence, efficiency is of paramount importance. In search for optimization, CHS providers frequently turn to technology and automation for operations, security and risk management. However, striking the right balance, particularly between automation and craft is a delicate issue, and needs to be managed carefully. CHS industry needs to make smart decisions on investment priorities; otherwise they run the risk of ending up with underutilized systems and idle capacities. Using the right technology in the right place to the right extent requires serious considerations on a number of factors. In doing so, variations from one country to the other need to be understood well to avoid falling down the pit of copying always the expensive best.
Outsourcing means many things to many different people. The amount of and control over outsourcing can range from complete to partial. Central and commercial banks around the world have different risk tolerances and philosophies about who should participate in the cash cycle. In most of these scenarios, the CMCs are the winners, as they are becoming the largest player in the cash cycle. Shaun will discuss learnings from various schemes observed around the world and lead a discussion among the panelists and audience to discuss the benefits and risks of this change.
This session will include presentations/panel discussion from Central Banks, Commercial Banks and Retailers on how to handle large volumes of commercial cash and to service commercial cash accounts. Competition is fierce and cash management is not the focus of many companies, yet at many of these organisations, large volumes of cash still needs to be handled and deposited daily. Listen and engage with industry leaders about the challenges associated with commercial cash handling and providing commercial accounts in an era where the branch footprint and interest in cash services is changing or reducing.
- Moderated by:
- Dan Harrison, VP Operations, Currency Research
To meet the expectations of consumers before, during and after their purchase, the retail sector has integrated its store operations, delivery and inventory management. Is our industry ready to provide such visibility to cash logistics? Hear a vision on how data standards and best practices can be used for cash logistics affecting intensive cash users and businesses. This new level of cash visibility will improve data accuracy, speed up resolution of discrepancies, and facilitate track and trace throughout the cash supply chain.
Interoperability across the cash supply chain is essential for advanced process optimization. The bases are agreed standards for identification of shipments and containers, tools for capturing of data in transport, cash centre and branches, and shared information by EDI (Electronic Data Interchange). Open source platforms and tools allows that each cash player can participate and get its relevant information to manage the process efficient and secure. GS1 Standards for cash logistics are developed and are ready for implementation, so Central Banks in Europe introduced the cash EDI systems since 2011 in larger scale.
The systems allow an end-to-end tracking and tracing, enable electronic handover protocols or inventory reports in real time based on accurate data exchange between the contracting parties. In the seminar, we illustrate the impact on processes, and on cash centre/ transport organizations, show business cases and the best way for implementation.
For the last few years, quite a few companies started to develop security features for smartphones. It is a logical step to use the computing power of the phones to detect security features but there are not many studies to see how the public would react or would accept these applications. As a pilot project with the Hungarian National Bank and the Hungarian Banknote Printing Works, Jura developed such a smartphone readable security feature but we did not know what would be the reaction of the public.
To develop such a feature was not easy, during the development process we have analyzed the printing process, the capturing process and certainly the forgeries. In the printing process analysis, we have compared different printing technologies that might be used during the falsification process. From the Hungarian Central Bank, we got a full range of forgeries starting from the very simple photocopies to the most complex offset printed banknotes. The research as input data used the forgeries of the Hungarian Forint.
As we are talking about high security printed products the print itself by definition is a high-resolution intaglio print printed with high-quality printing machines. The identification is done with Smart Phone, the application can identify and authenticate the security print from forgeries.
In the first half of 2018, the Hungarian National Bank conducted a Perception Study on this feature to see the reaction of the public. The research was conducted in Hungary. The presentation will describe the process itself and give feedback on the conducted study including statistics, videos and test results.
- Presented by:
- Robert Rose, Manager | G+D Currency Technology
Capturing data from banknote processing became a necessity in a world where traceability, planning and efficiency are imperatives. Cash cycle efficiency depends on reliable hardware, secure processes and continuous flow of information. The introduction of cash cycle management software applications allows complete traceability of banknotes whether it is by unit (single banknote), by bundle or by package. It also leads to instant and reliable reporting and controlling, independent from human error.
Tracking a banknote through its serial number, brings another dimension to authentication and fights against counterfeits in the market, through log comparison and simple accessible search and match functionalities.
Live data management allows a clear overview on banknote localisation, and consequently enables decision makers to allocate and distribute volumes throughout the bank’s network. Forecasting and planning become increasingly precise, optimising cash circulation and consequently lowering its cost.
Industry suppliers will share the latest technologies and best practices in terms of manufacturing Banknotes and Coins
Whenever cash in circulation is addressed, automating the cash cycle and driving it fully paperless are common and proven means to make it more efficient. But it’s not the only way. The quality and longevity of the medium, the banknote itself, plays a crucial role. Even more so as cash in circulation keeps on growing all over the world, and banknote processing systems get faster and faster. The question is: How can the lifetime of a banknote be enhanced while further improving its processability and security. In this presentation we’d like to explore the part that a secure and durable substrate plays in the cash cycle.
Physical gold reserves is the solution. It is proven that physical gold reserves has zero credit risk, is a safe haven asset and is globally liquid to achieve financial returns, even in times of crisis and national emergencies. The key to success is its critical backbone of implementing an efficient gold reserves management program. Whether you are a Central Banker, Government Entity, Financial Institution, Asset Manager and more, physical gold is an alternative global currency.
You may be in country that is rich in physical gold resources which may or may not be extracted and monetized in global markets. Or in a country that wants to add physical gold to diversify the portfolio of national and local assets. Our presentation will provide you with detailed insights.
- Presented by:
- Dominic Owusu, Chief Manager | Bank of Ghana
On May 6, 2019, the Central Bank of Ghana introduced an upgraded series of banknotes into circulation with enhanced security features in line with evolving changes in the technological landscape. The Bank followed this up with the introduction of two new higher value denomination of banknotes and a coin to improve the efficiency of its currency management function. The reasons for the upgrade and the new denominations are discussed. The presentation also covers both the public security features and machine readability.