BASINGSTOKE, England & PARIS--(BUSINESS WIRE)--As the compliance date for the European Central Bank (ECB) Banknote Recycling Framework (BRF) draws closer, De La Rue Cash Systems today hosted a symposium dedicated to the requirements and implications of this important European directive at Le Pavillon Royal, Paris.
Senior representatives of financial institutions from across the Eurozone were invited to better understand the detail and implications of the Framework, whilst leading authorities from the ECB and the financial industry outlined the new due diligence standards and presented on the current status of its implementation and best-practice experience.
The Banknote Recycling Framework is a process designed by the ECB for the detection of counterfeits and fitness sorting by credit institutions and other professional cash handlers for the recycling of euro banknotes across the bank branch counter and through ATMs.
The event also marked the launch of Nvision™, De La Rue’s new multi-currency banknote counter and fitness sorter and QC™, its acclaimed new euro self-serve coin deposit solution.
Tracey Graham, Managing Director of De La Rue Cash Systems, who was moderating the event, said: "The impact and implications of the Banknote Recycling Framework have not yet been realised in all countries of the currency union. This is why De La Rue wants to open up the dialogue with the ECB and senior representatives of the industry, thus contributing to an efficient implementation of the Framework. The aim of the European Recycling Framework Symposium is to provide a lead and encourage adoption by cash handling institutions in a way that is beneficial to everyone."
The Symposium formed part of the continuing effort throughout Europe to promote the Framework and encourage dialogue on the challenges and solutions it presents. Niels Riedel, Senior Banknote Issue Expert at the ECB gave an overview about the framework itself and the current status of implementation. Dr. Jõao Manuel Mestre from Banco de Portugal reported on the experience of implementation in his country. Johan Van Laethem from Fortis Bank in Belgium delivered a case study, explaining the recycling-strategy of his institute. Managing Director of Brinks in France, Patrick Lagarde, presented the impact of the Framework on France’s security transport industry.
With the Banknote Recycling Framework being released in December 2004, the ECB's Governing Council provides due diligence standards for banknote handling within all countries in the Eurozone, thus providing a level playing field to avoid competitive distortions.
Within the framework the Eurosystem demands a higher responsibility from professional cash handlers like banks and savings banks concerning the quality of cash within the Eurozone. Applying clearly defined cash processes and using authentication machines admitted by the ECB they have to make sure that banknotes under the suspicion of being counterfeits as well as worn out or polluted cash are sorted out and returned to the National Central Bank (NCB).
About De La Rue PLC
De La Rue is the world’s largest commercial security printer and papermaker, involved in the production of over 150 national currencies and a wide range of security documents such as passports, authentication labels and fiscal stamps. The company is also a leading provider of cash handling equipment and software solutions to banks and retailers worldwide, helping them to reduce the cost of handling cash. Employing over 6000 people across 31 countries, De La Rue is also pioneering new technologies in government identity solutions for national identification, driver's licence and passport issuing schemes.