2020 Good Practice in Banknote and Currency Management
Good Practice in Banknote and Currency Management
Good Practice in Banknote and Currency Management
November 09 - 10
Course Chair: Antti Heinonen, Chairman, Banknote Ethics Initiative and former Director, Banknotes, European Central Bank
How are currency managers responding to the challenge of digital money? Where can technology add value to procurement, security and circulation? How can central banks improve the environmental, ethical and inclusive proposition of banknotes?
These are some of the main challenges facing currency experts at a time of technology-driven change in markets, platforms and policies. In response to the fast-paced evolution in electronic payments they are increasingly using technology to improve the product and services they provide. They know that better technology – as has always been the case with currency management – is the key to staying ahead of the competition.
This course, “Good Practice in Banknote and Currency Management” is designed to equip central bankers to meet these challenges.
Agenda
Participants will have access to pre-recorded presentations two weeks before the course
New challenges across the currency life-cycle
Pre-recorded presentation
13:30 - 15:00
- The state of the art of the currency landscape in 2020
- New roles and responsibilities for currency managers
- Key forces and dynamics shaping the currency lifecycle
- The impact and implications of disruptive technological innovation
Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).
Financial inclusion and mobile money: the story of M-Pesa
Pre-recorded presentation
09:00 - 10:30
- Mobile payment platforms as a tool for reaching the unbanked population
- Evolution of M-Pesa and other mobile payments across various jurisdictions
- Examples of how M-Pesa and other mobile payments have increased access to cash
- Discussion: How can access to physical currency help with financial inclusion?
Isaac Kibere
Legal counsel, financial services and finance, legal and secretarial services
Safaricom Ltd.
Cash circulation, distribution and destruction: what to outsource, when and how?
Pre-recorded presentation
11:00 - 12:30
- Overview of logistical realities for circulation and distribution of cash
- Tips for innovation in cash processing functions
- Examples of successfully implemented cost saving strategies
- Discussion: What to outsource, when and how?
Leif Veggum joined Norges Bank in 1986 and has worked in the Cashier’s Department since 2000, becoming Director of the unit in 2017.
Leif has played a central part in the changes that Norges Bank implemented in the cash area in order to increase the overall efficiency in cash distribution. This included both redefining Norges Bank’s role and responsibilities, and reorganizing the services and tasks for which the central bank is responsible.
Prior to that, Leif served in Norges Bank’s Financial Markets Department and Payment Systems Department.
Cash in the age of Covid-19
Pre-recorded presentation
00:00 - 00:30
- Assessment of cash demand pre and post Covid-19
- Examples of increase cash usage
- Long term impact of Covid-19 on cash demand
- Case study: steps taken by the Bank of England during Covid-19
Times in GMT
11:00 – 11:30
Course introduction
Opening remarks with the course chair
00:00 - 00:30
- Introduction of the chairman
- Overview of the training course
- Discussion of the delegate expectations
11:30 – 12:30
New data analytics for demand forecasting
Presentation followed by Q&A
09:00 - 10:30
- Unlocking the potential of data
- Tips for using artificial intelligence in currency management
- Trends in data analytics for currency management
- Case study: How are central banks mining external data to manage currency?
Amir Safranovich has been with the Bank of Israel since 1997. Mr Safranovich has headed the Cash Management Division in the Currency Department of the Bank of Israel since 2003.
He is responsible for determining and implementing cash management policy in Israel and among other things, he is responsible for the supervision of cash centre, the regulation of the cash market, the contingency plan for cash, the banknotes quality standards, the reduction of counterfeits in circulation and the BOI cash centres operation.
Previous to this appointment, Mr Safranovich worked in the Banking Supervision Department in the Bank-Customer Relations Unit (1997-2003). He has a Master of Science degree in Economics from the Technion - Israel Institute of Technology, and an MBA from Bar Ilan University.
12:30 – 12:45
Break
00:00 - 00:15
12:45 – 13:45
Banknote analytics: building blocks and technology foundations
Presentation followed by Q&A
09:00 - 10:30
- Utilising cash flow data to maximize currency lifecycle
- Strategies for making the cash cycle more cost-efficient and sustainable
- Understanding migration patterns of local currency
- Practical use of banknote serial-number reading
Lee has been a member of the cash community for nearly 30 years, 20 as the Managing Director of 7 Layer Solutions. He has consulted on, conceived, functionally designed and implemented solutions for central banks, commercial banks, CITs and retailers throughout the world.
7 Layer Solutions are a specialist software development company. Formed 20 years ago they have conducted projects globally across the entire cash logistics supply chain. Their developments are deployed across thousands of sites but frequently as the company behind the big name, they are unseen experts in cash processing software.
13:45 – 14:00
Break
00:00 - 00:15
14:00 – 15:00
Digital money: are CBDCs, stablecoins and crypto assets threats or opportunities?
Presentation followed by Q&A
17:15 - 18:30
- Overlaps and differences between privately issued crypto assets and CBDCs
- Understanding the impacts on central banks mandates and responsibilities
- Implications for currency management
- Discussion: How can currency managers harness technological innovation to compete?
John Winchcombe is a Currency and Payment Consultant having spent his career working with central banks on banknotes and management of the cash cycle. He worked for De La Rue and was the Currency Division Product Development and Marketing Director until mid-2015. He still works on providing banknote circulation and performance data based on the automated reading and analysis of banknote serial numbers and is Editor of Cash and Payment News. In this editorial role he writes monthly about payments and, in particular, about the impact of digital currencies. Crypto currencies, stablecoins and CBDCs have been steadily growing in importance and there is a need to bring clarity about them. John speaks regularly on webinars and at conferences. He is also an adviser to the Central Bank Digital Currency conference.
15:00 – 15:00
End of day 1
00:00 - 00:01
Times in GMT
11:00 – 12:00
New realities of public engagement
Presentation followed by Q&A
13:30 - 15:00
- Recognising the importance of effective engagement of a number of key stakeholders
- Challenges and opportunities of engaging with stakeholders and the general public
- Tips for understanding growth and changes to communication tools to engage the public
- Discussion: what are the best and available channels to engage the public?
Lisa Cronier-Gabel joined the Currency Department of the Bank of Canada in September 2016 as the Director, External Stakeholder Management. She is responsible for building and managing critical business relationships with external partners to ensure confidence and pride in Canada’s bank notes as well as delivering various initiatives related to bank note development and issuance. Prior to joining the Bank, Lisa spent 14 years at Immigration, Refugee and Citizenship Canada (IRCC) managing various programs, most notably the Citizenship program.
12:00 – 12:15
Break
00:00 - 00:15
12:15 – 13:15
Counterfeiting technology: what are the major threats?
Presentation followed by Q&A
10:45 - 12:15
- Counterfeiting situation
- Technical trends
- Counterfeiting techniques
Martin Münd was born in Mannheim, Germany in 1964. He started printing at the age of 12 in a voluntary workshop at school and went on to establish his own little print shop as a side business in the cellar of his parents‘ house. He studied printing technology at the “Fachhochschule für Druck” in Stuttgart, Germany and graduated as a printing engineer in 1995. For four years he was employed in the process engineering department of a major manufacturer of electric appliances as an expert on printing and marking technologies. In 1999 he followed his life long passion and fascination for banknotes by joining the counterfeit money department of Deutsche Bundesbank. In 2001 he moved on to the European Central Bank and has since been working at the ECB’s Counterfeit Analysis Centre (CAC) as an expert on counterfeit banknotes.
13:15 – 13:30
Break
00:00 - 00:15
13:30 – 14:30
Counterfeiting technology: what are the major threats?
Presentation followed by Q&A
10:45 - 12:15
- Counterfeiting situation
- Technical trends
- Counterfeiting techniques
Martin Münd was born in Mannheim, Germany in 1964. He started printing at the age of 12 in a voluntary workshop at school and went on to establish his own little print shop as a side business in the cellar of his parents‘ house. He studied printing technology at the “Fachhochschule für Druck” in Stuttgart, Germany and graduated as a printing engineer in 1995. For four years he was employed in the process engineering department of a major manufacturer of electric appliances as an expert on printing and marking technologies. In 1999 he followed his life long passion and fascination for banknotes by joining the counterfeit money department of Deutsche Bundesbank. In 2001 he moved on to the European Central Bank and has since been working at the ECB’s Counterfeit Analysis Centre (CAC) as an expert on counterfeit banknotes.
14:30 – 14:45
Break
00:00 - 00:15
14:45 – 15:15
Networking break
15:30 - 16:00
Post training survey and feedback
00:00 - 00:30
CPE/CPD certificate
00:00 - 00:30
Course alumni group
00:00 - 00:30
Chairperson
Antti Heinonen
Chairman
Banknote Ethics Initiative
Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).
Learning outcomes
By the end of the training course, participants will have gained new knowledge and a more comprehensive understanding of:
- Data analytics for demand forecasting
- Technology foundations and building blocks of banknote analytics
- Central Bank Digital Currencies’ impact on traditional currency management methods
- Designing a new banknote series
- New threats in counterfeiting technology
- How to choose the right substrate
- Challenges and lessons learnt for coin management
- Risk assessment of currency management