LONDON — A comprehensive industry survey by Banknote Watch (BNW) has revealed that the use of cash degradation systems in financial institutions, Post Offices, retailers and cash-in-transit operations in the United Kingdom has significantly increased over the past three years.
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Results show that the take-up of cash protection systems has risen by 78 percent since the launch of BNW in 2001. There are now 38,900 systems in use, with 15,400 for cash-in-transit/ ATM protection and 23,500 for financial and retail cash protection.
"This success is due in large part to the Industry working together to set up minimum quality standards for product suppliers," said Chris Taylor, chairman of the BSIA Cash and Property Marking Section, in a news release.
New technology and products being brought into the UK market by domestic and foreign companies, such as lightweight safe systems, end-to-end cash protection and unique taggants that can identify the exact location where cash is stolen will likely further increase the use of cash degradation systems over the next few years, according to the release.
"The industry is investing very heavily in new technologies, which will facilitate completely new work practices," said Andrew Searle, BNW's secretary. "Greater reliance on degradation systems increases the importance of Banknote Watch as a vehicle for monitoring and reporting on such developments, as well as continuing its public awareness campaigns."
