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Review of 2014 Event

The Future of Cash 2014 was one of five conferences organised by EFMA as part of Retail Payments Week in September 2014. The conference was held in Paris and focused on achieving operational efficiency within cash services.

The event was attended by several central bank delegates who delivered presentations from a variety of cash cycle perspectives, along with an overview of their current initiatives to improve the efficiency of maintaining a currency against a backdrop of eurozone stagnation.

Of particular note was the Bank of France’s rationalisation strategy, which aims to reduce the number of operational cash centres from 72 to 38 by 2020 as well as modernise their existing facilities. This strategy also includes the creation of two brand new state-of-the-art facilities – one in the north of France and one in, or near, Paris.

There was also a strong presence from retail banks. In particular, thought-provoking presentations from Den Norske Bank and BDB Bankernas Depå led to open discussions from the floor on their alternative stance on cash in circulation compared to most of the rest of the Europe. This has led to the evolution of innovative ways in which Scandinavian central and retail banks are outsourcing cash management, such as integrating daily banking services with in-store cash handling mechanisms.

Jamie Martin of Clydesdale and Yorkshire Bank unveiled the UK’s first polymer circulation (as opposed to commemorative) note, which will be issued in March 2015 – ahead of the Bank of England’s first polymer note in 2016. Of particular interest was that, from conception to circulation, this project will have taken under two years, in comparison to an estimated industry average of four years – an excellent case study of introducing efficiencies into the cash cycle system.

The conference was well structured, often with the cash schemes from regional perspectives being compared with national perspectives, which highlighted the increasing need for cooperation between organisations at all levels of the cycle to achieve efficiencies across the whole system. This was championed in particular by Maria Colantonio of UBS, who talked delegates through the Swiss initiative to engage in cross organisation discussion along the length and breadth of the management chain in order to avoid duplication of processes and efforts for the benefit of all stakeholders.

This review was first published in Currency News

2014 Programme

Central Bank Perspectives on Cash

  • The Central Bank’s role in the optimisation of the cash cycle
    Gilles Vaysset Director General, Banque de France
  • The future of cash in the U.S.: evidence from the diary of consumer payment choice
    Barbara Bennett VP, Senior Policy, Strategy Officer, Federal Reserve Bank of San Francisco (USA)
  • The European Central Bank’s perspective on the current and future role of cash
    Allister McCallum Head of Issue & Circulation Section, ECB - European Central Bank (Germany)

Changing Cash Cycle Models

  • Printing your own banknotes: advantages and responsibilities
    Jamie Martin Head of Payments & Cash Services, Clydesdale and Yorkshire Banks (United Kingdom)
  • Strategic cash management: assessment and optimisation for Spanish financial institutions
    Javier Cabezas Arias Head of Strategy, Cecabank (Spain)

Improving Cash Collection

  • Local cash recirculation and in-store cash-handling
    Per Knut Christiansen General Manager, DNB Bank (Norway)
  • ATM cash demand at NBG: how the bank uses cash recirculating ATMs to reduce costs?
    Georgia Botsika Head of ATM Channel E-business & Alternative Channels Division, National Bank of Greece
  • A regional review of cash management models
    Attila Tormus, Senior Manager BNPP RBO Cash & ATM Community, BNP Paribas (France)

Cash Centre Efficiency

  • Importance of considering the end-to-end cash handling value chain as a single ‘assembling line’
    Maria Colantonio Global Head of Banknotes & Precious Metals Operations, UBS (Switzerland)
  • Developments in the UK cash cycle
    Mark Trevor Commercial Director, Vaultex UK (United Kingdom)
  • Towards an effective solution for the detection of IBNS stained banknotes
    Laurent De Nys Head of Division Circulation of Banknotes & Coins Cash Department, National Bank of Belgium

Cash Substitution

  • The M-Pesa success story: how the largest global mobile payment system contributes to make cash circulation more efficient
    Sitoyo Lopokoiyit Head of M-PESA Strategy, Safaricom (Kenya)
  • Cash in Sweden: on the threshold of survival?
    Nina Wenning CEO, BDB Bankernas Depå AB (Sweden)

Increasing ATM profitability (Study Presentations)

  • ATMs are a critical component of the cash cycle
    Leonor Machado General Manager, Payments, Caixa Geral de Depósitos (Portugal)
  • ATM cash replenishment: doing it better
    Ron Delnevo Executive Director Europe, ATMIA (ATM Industry Association) (United Kingdom)
  • In search of the e 1 million ATM: Turning your ATM into a profit maker
    Ainsley Ward Payment Evangelist, Clear2Pay (Belgium)


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