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Programme 2019

Throughout the conference, delegates will also have access to the exhibition of specialist suppliers during lunches, breaks and evening receptions.  See below the programme for the Future of Cash 2019.

 

Presentations are now available for download via this link - password protected!

 

Wednesday 20 February 2019

 

session 1 - Setting the Scene: Cash Demand and Usage

Click to expand the presentation abstract.

09:00 - Opening Remarks
John Winchcombe, Conference Director

 

09:10 - Euro Banknotes – Past, Present, Future
Doris Schneeberger, European Central Bank

In her presentation, Doris will present the developments in the euro banknote circulation, and on the use of cash in the euro area. In her presentation she will try to find answers why there is still a relatively strong demand for cash in the euro area even though there is a general perception that cash is rapidly replaced by new means of payments. She will also share some considerations about the issues that would need to be addressed especially if cash is less used in the future.

09:30 - The Demand for Cash in Germany
Dr Matthias Uhl, Deutsche Bundesbank

The volume of euro banknotes in circulation has continued to grow strongly over the past few years, reflecting the popularity of cash as a means of payment and a store of value. One of the advantages of cash is its anonymity, which allows users of cash to protect their privacy. However, this property of cash has also been frequently linked to the problem of illegal activities and has thus come in for criticism. Against this background, the presentation reviews the available evidence on the determinants of banknote demand in Germany, paying special attention to the role of the shadow economy. The discussion suggests that available estimates for the scope of illicit cash demand in Germany are likely exaggerated.

09:50 - How can we (not) estimate the cash usage in Finland?
Jussi Kangas, Bank of Finland

As anonymity is a built in feature of cash, estimating the usage is a challenge. One often used indicator by central banks is the volume of cash in circulation, frequently calculated in relation to GDP. Being part of the Euro single currency area makes this problematic. the volume of cash in circulation in a given Euro area country is not known. We have some estimates based on: (1) the net issuance by BoF, (2) the share of Finland of the total Euro cash circulation volume, (3) the calculation by the Statistics Finland, and (4) calculations based on the replacement rates when changing banknote series. These provide us with ambiguous results. As the absolute volume of cash in Finland is not known, we have to rely more on the indicators of the market trends such as the volume of cash withdrawals, the share of cash in payments, and survey results on the usage of cash by the public and the preferred payment methods. In this document we describe the output of these indicators for Finland, and the pros and cons of using each of them.

10:10 - Understanding Cash Usage "Results of an Expert Seminar"
Frank Seitz, Cash Essentials

The presentation covers different aspects of understanding cash usage worldwide. It presents results for Hungary, Grermany, Switzerland, Canada, Japan and France. It concentrates on dfferent motives for holding cash, but focusses not only on explaining, but also on forecasting. Some thoughts on the effects of a cashless society and on seigniorage are also presented.

10:30 - Q&A

 

10:45 - Refreshment Break and Exhibition Viewing


session 2 - Cash Cycle Management

11:15 - ISSUANCE OF HIGH AND LOW BANKNOTE DENOMINATIONS IN THE UK
ADAM BAILEY, RBS

 

11:35 - The Future of Cash:  Integrating Trends, Causes, Consequences and Responses
Amy Burr, Federal Reserve

In this discussion, we will explore Federal Reserve research on recent changes in consumers,’ retailers,’ financial institutions’ and cash-in-transit companies’ cash handling and use practices in the United States. We will consider the underlying drivers of those shifts and evaluate the net effect of those changes on the resilience of the cash supply chain. Finally, this presentation will describe how the Federal Reserve is responding to these trends, both by adapting internal operations and partnering with other supply chain participants to find innovative solutions to emerging challenges.

11:55 - There is More to Cash Cycle Management than Meets the Eye: Strategic Challenges and Options for Central Banks – and for their Commercial Partners
Barnabás Ferenczi , Giesecke + Devrient Currency Technology

As a result of changing expectations for central banks, new cash cycle management strategies emerged. While these models became rather well known, there was relatively little support for them, how to make one or the other model work. The various cash cycle strategies have very different implications for the nature of central bank costs and risks, and the focus areas of the central bank management and modernization efforts. Looking beyond the central bank: What are the strategic chances and challenges of these cash cycle models for the commercial stakeholders, banks and CIT/CMC companies?

12:15 - Q&A

 

12:30 - Lunch and Exhibition Viewing


session 3 - Future of payments?

14:00 - The Future of Payments
Jonne Hankimaa, Mint of Finland

Mint of Finland has been working with a foresight-based framework regarding the future of paying. The main research question has been what are the most significant societal changes that affect paying and payments in the next ten years with focus on technology, markets, regulation and society.

14:20 - Central Bank Digital Currency - the Future of Cash
Jonathan Dharmapalan, Currency Mint Ltd

Many nations are discussing the future of cash, keeping in mind initiatives outlined by global organizations such as UN’s 2030 Sustainable Development Goals and the Bali Fintech Agenda launched at the IMF/World Bank Annual Meetings in Bali in October 2018. Central Banks are studying their role in the digital evolution which will allow them to continue to regulate and fulfill their fiscal responsibilities while increasing financial inclusion and stimulating economic growth. Banknotes are a sovereign legal tender issued solely by the Central Bank. Their digital equivalent must also follow the currency laws of the nation. There now exists a technological solution that enables central banks to issue a digital currency instrument that can be transacted in existing networks and payments systems. In this presentation we will discuss how eCurrency’s technology provides a secure and efficient digital instrument whose sovereignty can be ensured and validated.

14:40 - Distributed Ledger Technology has Changed Thinking about what Money is. But what is the Future of Money?
Sean Worthington, CloudCoin

If you look at payments today, how good a job are they doing? Why did DLT (Distributed Ledger Technology) come along and why has it been creating a storm? How are government’s responding and why? How is DLT doing and where is it going?If DLT is not the “perfect” money and if it is not the right answer as an underlying technology to be a currency, what alternatives are there? So if there is a technology that really does deliver the apparent benefits of DLT but without its limitations, how then should central banks respond? If central banks are looking at creating their own crypto-currency, would RAIDA be applicable?

15:00 - Q&A

 

15:15 - Refreshment Break and Exhibition Viewing


session 4 -  "keeping" cash?

15:45 - Cash in Decline; What Should a Central Bank’s Answer Be
Jan Binnekamp, De Nederlandsche Bank

 

16:05 - Access to Cash: UK Survey Report
David Hensley, Cash Services

 

16:25 - Campaigning for Cash. Where to Start?
Brett Scott, Writer

The threat to cash usage is changing. The alternatives to cash are evolving and are on the move. Why is cash falling back? What are the options for generating a campaign for cash? Does cash have a good enough story to tell to justify and sustain such a campaign?

16:45 - Q&A

 

17:00 - Panel discussion on the future of cash
David Hensley (Cash Services), Brett Scott, Amy Burr (Federal Reserve), Jan Binnekamp (DNB), Jonathan Dharmapalan (eCurrency)

 

18:00 - Drinks Reception


 

Thursday 21 February 2019

 

session 5 - Making cash efficient

09:00 - OPENING REMARKS
JOHN WINCHCOMBE, CONFERENCE DIRECTOR

 

09:05 - The Development of the GS1 Standard
Ángeles Marqués Vecino, Bank of Spain

 

09:25 - Decentralised Cash Management Project of Central Bank
Alper Sayin, Garanti Bank

Garanti Bank is the first bank in Turkey certified to perform fitness sorting and give cash custody service on behalf of Central Bank. Beginning from the project kick-off, Garantibank has been the leader of the project in terms of process development, fitness sorting tests and giving consultancy to other banks and vendors. In this session, experiences of Garantibank about; communication with Central Bank and vendors, development of workflows and IT infrastructure, R&D studies on fitness sorting, and realized benefits of the project will be presented. Additionally, the further stages of the project, in which banks will provide this service to other banks, will be discussed regarding sector-wide economies of scale effect.

09:45 - Cash Automation in Retail, an Opportunity to Make Business for Banks and CITs
Céline Blanchot, Glory

The retail sector is probably the most competitive part of any national economy.The levels of choice and the range of shopping options available mean that customers increasingly call the shots, and that leads to constant pressure right across the sector.In this uncertain context, operational efficiency is critical to success. It is the key to competitive advantage. Retailers have to improve the speed and accuracy of all their core processes to gain advantages. In the drive for efficiency, cash management is perhaps the best and easiest of all potential quick wins in Retail.

By automating time consuming routine tasks such as cash preparation or end-of-day counting and reconciliation, Retailers win fast efficiency gains.But what are the impacts of the Retail cash automation on the businesses of banks and CITs?Recent years changes driven by the behaviour of consumers (significant growth of the mobility), by the needs of banks to restructure their network (closure of branches and ATM consolidation), and by the monetary authorities’ decision (emergence of cash back), have fundamentally changed the cash cycle and the distribution of cash to individuals.Retailers are now in the centre of this cash cycle. Nevertheless, banks and CITs can make these changes pay for them.

10:05 - The Benefits of Cooperative Approach in Cash Cycle Process and a Case Study on Retailers’ Cash Deposit Machines in Italy
Mauro Bonaglia , Adam

Cash management involves many actors, each one with its own goals and problems. The respective IT systems are often not integrated with each other. Without an integrated and automated approach, operators deal every day with manual operations with no added value and not fail-proof. The cooperative approach leads to many advantages, such as process control, cost optimization and customer loyalty. We focus on this cooperative approach applied to the process of retailers’ Cash Deposit Machines, demonstrating with statistics how the banks that embraced this approach improved their market share in Italy in the last years.

10:25 - Q&A

 

10:40 - Refreshment Break and Exhibition Viewing


session 6 - Making cash accessible

11:15 - Cash Handling Operations in Banking: Innovate or Leave
Evangelos Kontomitro, Piraeus Bank

The question “how would you like to pay” is the first question in every check out desk. The development of the technology coupled with the wiliness to improve the customer experience gave meaning to this question. New payment options, mobile payments, card payments, contactless payments are options, which show significant growth rates over the last decade. At the same time, it is equally impressive that cash remains one of the most popular payment instruments, which compels invested parties to search for cash handing optimization methods. The Commercial Banking sector holds a key role in the entire cash cycle, covering both consumer’s need for cash, and corporate client’s demand for cash deposit transactions. Optimizing the cash handling process is very important for the commercial banking sector, as it affects both operational costs and service levels offered to clients. How feasible is for Commercial Banks to migrate back-end cash handling processes from a labour-intensive activity into technology-intensive one? Which are the benefits of this choice?

11:35 - How NBG Supports Remote Areas in a Cost Efficient Way
Georgia Botsika , National Bank of Greece

In parallel of digital boom, banks in Greece face an increased need for banking services in cash transactions, which in its turn puts pressure on operating costs, especially in remote areas and islands. National Bank of Greece is using all available technology to deploy innovative cash services to its customers, such as ATMs with recycling capability, Simple Pay Spot and Instant Cash Service, decreasing cost to serve and increasing profitability at the same time.

11:55 - How Smart ATMs Can Replace Bank Branches and Help Guarantee the Smooth Circulation of Cash
Ron Delnevo, ATMIA

Bank branches are numbers are falling almost everywhere. In some markets, forecasts are that they will follow the Dodo to extinction within five years. Many observers believe that there is a continuing need for community financial service touch points, servicing local people and businesses.Smart ATMs can be the neighbourhood touch points which replace lost bank branches.In this presentation, Ron Delnevo examines the potential role for Smart ATMs, with particular focus on how such machines can help ensure the smooth circulation of cash at a local level.

12:15 - Q&A

 

12:30 - Lunch and Exhibition Viewing


session 7 - Keeping cash "modern"

14:00 - Re-Imagining the Branch of the Future: a True Story
Violeta Xanthouli, Printec

 

14:20 - The Connection of Cash and Modern Payment Services
Ulrike Czekay, Barzahlen

 

14:40 - Disrupt or Get Disrupted. The Relevance of Cash 20 Years from Now
Sandipan Chakraborty, Sonect

 

15:00 - Q&A

 

15:10 - Refreshment Break


15:20 - Panel discussion on the future of cash efficiency and usage
Efi Chatzianntoniou (Piraeus), Barnabas Ferenczi (G&D), Céline Blanchot (Glory), Konstantinos Konstantinou  (Printec), Ulrike Czekay (Barzahlen)

 

16:40 - Closing Remarks
John Winchcombe, Conference Director


16:50 - Farewell Drinks


 

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