Best Practices in Banknote and Currency Management 2023

Best Practices in Banknote and Currency Management 2023

Best Practices in Banknote and Currency Management

March 6 - 9

 

Live Content sessions held: 8am–12pm (EST) | 1pm–5pm (GMT) | 9pm–1am (SGT) 

Chair: Antti Heinonen, chairman, Banknote Ethics Initiative, and former director, banknotes, European Central Bank

  • How has the demand for banknotes changed post-Covid 19 pandemic?
  • How can central banks contribute to the greening of banknote production?
  • What are the implications of Fintech and CBDCs for currency management?

How will high inflation, rising interest rates and heightened geopolitical tensions affect currency demand? What does an increase in currency issued but a decline in actual transactional use mean for central banks? How are central bankers addressing growing concerns around the sustainability of cash?

In response to the fast-paced evolution in digital payments, currency managers 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. But technology can inspire competition as well solutions. This course is designed to equip central bankers to meet these challenges. Each day will feature three hours of expert-led Live Content to ensure a range of perspectives on key topics.

The course chair will ensure participants have opportunities to network throughout the course, with time set aside for a workshop on implementing recommendations, to maximise the opportunities to share and learn.

Banknotes and Currency 2023 Agenda

Two weeks prior to your training course you will be emailed access to our content hub with course materials, including a trial to Central Banking if you are not already subscribed. There will be a combination of articles, reports and presentations that will contribute to two hours of preparation time for the live content. Presentations for the sessions will also be held here subject to the speaker approval.

13:0013:30

Banknotes + Currency: Introduction + welcome
Course introduction session led by the chair

13:00 - 13:30

  • Introductions and welcome from the chairperson
  • Overview of the training course
  • Discussion of the delegate expectations
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).

 

13:3014:30

New challenges across the currency lifecycle

11:15 - 11:45

  • The state of the art of currency management in 2021 (and lessons from 2020)
  • New roles and responsibilities facing currency managers
  • Key forces and dynamics shaping the currency lifecycle
  • The impact and implications of disruptive technological innovation
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).

 

14:3014:45

Break

12:45 - 13:00

14:4515:45

Digital money: are CBDCs, stablecoins and crypto assets threats or opportunities?

12:00 - 12:45

  • Overlaps and differences between privately issued crypto assets and CBDCs
  • Understanding the impacts on central banks mandates and responsibilities
  • Implications for currency management – short term and longer term
  • Discussion: How can currency managers harness technological innovation to compete?
Aleksi Grym

Head of fintech

Bank of Finland

Aleksi Grym is head of fintech at the Bank of Finland. He leads a team that manages a portfolio of projects related to fintech, new payment technologies and digital currencies. He is a member of the Eurosystem's digital euro project steering group. Before joining the Finnish central bank he worked in the consulting and technology investment industry for 15 years in London and Helsinki.

15:4516:15

Networking break

15:30 - 16:00

16:1517:15

Forecasting currency demand
Forecasting currency demand

16:15 - 17:15

  • Big Data vs  ARIMA models – what is best and what should you be using 
Dr. Dave Campbell

Assistant Director, Data Science Applications

Bank of Canada

Dr Dave Campbell is an internationally recognized expert in data science whose methodological research customizes methods with domain knowledge to improve algorithm performance and insights. His publications include co-authored discussion papers in the Journal of the Royal Statistical Society and Bayesian Analysis. He has been heavily involved in the data science practicing and academic communities. Before joining the Bank, Dr. Campbell was a full professor with cross joint appointment in Statistics and Computer Science at Carleton University. He was the inaugural President of the Data Science and Analytics Section of the Statistical Society of Canada and a co-organizer of the Vancouver Learn Data Science Meetup. He led the development of a BSc in Data Science while he was a faculty member at Simon Fraser University.

13:0014:00

Substrate choice: security, acceptability, economy and longevity

11:00 - 11:45

  • Overview of different substrate types and new developments
  • The role of the substrate in a new series planning, design and introduction
  • Frameworks and indicators for the evaluation of a new substrate
  • Discussion: what should a central bank expect from a banknote substrate?
Rosbert Humphrey

Director, currency management department

Eastern Caribbean Central Bank

Mr Rosbert Humphrey has been employed at the Eastern Caribbean Central Bank (ECCB) for the past twenty two (22) years, twenty one (21) of which have been in the Currency Management Department, where he is currently the Director. His main duties include Forecasting, Ordering and Monitoring of currency stocks, and general management of the Currency Management Department. He is a certified Banknote Forensic Expert Witness and a Trainer in the delivery of Expert Witness Training in the Eastern Caribbean countries. Rosbert has been a presenter and discussant at several banknote and currency seminars, workshops and training courses.

Rosbert is a native of St Vincent and the Grenadines, and holds a Bachelors of Science Degree in Economics and Accounting and a Masters of Science Degree in Finance.

14:0014:15

Break

12:45 - 13:00

14:1515:15

Currency management: a risk assessment

14:15 - 15:15

  • Overview of risk management concepts
  • Risks and incidents that can threaten the business continuity of cash and issue departments
  • Risk assessment, contingency planning and crisis management
  • Case studies for discussion
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).

 

15:1515:30

Break

12:45 - 13:00

15:3016:30

Cash circulation, distribution and destruction: what to outsource, when and how?

13:00 - 13:45

  • 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

Director, Cashier's Department

Norges Bank

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.

 

13:0014:00

Security features and counterfeit threats
Security features and counterfeit threats

13:00 - 14:00

  • Overview of banknotes and security printing trends
  • Practicalities faced in designing and issuing new notes
  • The art of anti-counterfeiting: resilience testing and feature selection for future series
  • Dealing with counterfeit notes: detection and impounding
Martin Münd

Senior Counterfeiting Expert

European Central Bank

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. 

14:0014:15

Break

12:45 - 13:00

14:1515:15

Anti-counterfeiting and education strategies - case study

13:00 - 14:00

  • Key features of modern central bank cash management methods
  • Innovative approaches to the selection of banknote security features: counterfeit analysis
  • Tips for central banks to best equip citizens to identify and report counterfeits
  • Case study: approaches to counterfeit deterrence
Octavia Gibson

Director, currency and payments oversight

Central Bank of Barbados

Octavia Gibson joined the Central Bank of Barbados on December 29, 1975. Between 1975 and 2005, she worked in several departments in the Bank including Foreign Exchange, Banking, Accounts, Currency, Bank Supervision, Internal Audit and the Projects Unit.

Between 1998 and 2004, she spearheaded the Y2K Project, the RTGS and ACH Projects for the Bank and the financial sector.

In 2007, she was seconded to set up the Barbados Deposit Insurance Corporation and managed that entity until the appointment of its first CEO.

As Deputy Director, Currency, having been appointed to that post in 2005, she has been leading the Currency Team in a number of firsts including:
• Exhibition of world currencies
• Development of a royalty programme for numismatic coins
• Changeover to different materials for our coins
• Introduction of a new banknote series
• The One Cent Charity Drive done in association with the Rotary Club of Barbados, South and the Alzheimer’s Association.
• Withdrawal of the one cent
• Revamping of the Know Your Money Programme
• Introduction of an APP to assist with the authentication of the 2013 Banknote Series

15:1515:45

Networking break

15:30 - 16:00

15:4516:45

Engaging. Storytelling. Developing visual content for new bank notes

15:45 - 16:45

  • Opportunity to reflect national culture, values and aspirations in bank note design.
  • Engaging stakeholders throughout the design process.
  • Creating meaning through storytelling and thematic planning.
  • Visual content as a key contributor to confidence and pride.
  • Discussion: What stories do your bank notes tell? How are they meaningful?
Boyd Laanstra

Senior analyst, visual content, currency department

Bank of Canada

Boyd Laanstra is a Senior Analyst, Visual Content, with the Currency Department at the Bank of Canada, where his main role is to research and recommend visual content for new Canadian bank notes, and to help oversee the integration of this content throughout the design and production phases. While with the Bank, he has helped to develop two new notes - the Canada 150 commemorative bank note issued in 2017 and the vertical $10 note featuring Viola Desmond issued in 2018.

Prior to joining the Bank, Boyd led public history projects with the Department of Canadian Heritage and the National Capital Commission. This included the creation of an award-winning sound and light show that was projected onto the façade of the Parliament Buildings in Ottawa each evening of the summer months. He holds a Bachelor of Arts degree in History from McGill University in Montreal and a Master’s degree in Museum Studies from the University of Toronto.

13:0014:00

Financial inclusion and the future of cash

11:00 - 11:45

  • Use of cash as a means of payments
  • The digital gap and the risk of financial exclusion
  • Access to cash infrastructure
  • Cash acceptance
  • Access to cash vulnerability
  • Initiatives to guarantee financial inclusion
Diana Posada

Senior economist

Bank of Spain

Diana Posada works at the Bank of Spain as a senior economist. She joined the banknotes directorate in 2019 and since then her research has focused on access to cash, financial inclusion or the use of payment methods among others. She has been part of different workstreams on access to cash of the Eurosystem. Additionally, she is a member of the financial exclusion advisory group of the Bank of Spain.

14:0014:45

Case Study: innovations across the cash cycle in Africa
Case Study: innovations across the cash cycle in Africa

14:00 - 14:45

Sachin Bansal

Independent Digital Financial Services and Financial Inclusion Consultant

Sachin has over 16 years of international experience in consulting, project management and operations in making financial services accessible to the un/underbanked people in more than 18 different countries. He has hands-on experience in Digital Financial Services (DFS), Microfinance and Financial Inclusion. He has cross-regional work experience of Asia, Africa and Oceania. He has worked with some of the largest Banks, Mobile Network Operators, technology companies, Microfinance institutions and other stakeholders such as Donors, Central banks and other Government bodies. He has strong skills in developing business strategy/models, product development, human centred design, market research, agent network design and management, agency banking, process re-engineering, business transformation and financial awareness. 

He is a certified trainer and has conducted many large-scale research studies and has published several papers. He has led technical assistance projects for capacity building of financial institutions and helped them explore alternative delivery channels (e/m banking). The primary focus of his work has always been to design and develop sustainable, effective and innovative systems; products and channels to promote the delivery of a wide range of client-centric, sustainable and technology-enabled financial services.  He is an Agricultural Engineering graduate with a management degree.

14:4515:00

Break

12:45 - 13:00

15:0016:00

Combatting the growing focus on the environmental impact of cash use
Combatting the growing focus on the environmental impact of cash use

15:00 - 16:00

  • Overview of the environmental impact of banknotes
  • Strategies to reduce the carbon footprint of banknote production
  • Examples of production, circulation and destruction of greener banknotes
  • Discussion: What practical steps can be taken to work towards a greener cash cycle?
Gregorio Sánchez

Deputy manager of industrial engineering

Bank of Mexico

Gregorio is an industrial engineer, with a master’s degree in quality assurance, he has broad experience in the banknote production and distribution processes. During the last year he was in charge of the issuing (issuance) of the last 2 denominations of the new Mexican banknote series, as well as the R&D activities in Banco de México. He also has been in charge of the implementation of Lean Six Sigma in the Mexico City printing works and improvement of the Mexican coin series.

He has collaborated in Banco de México for 22 years, and currently holds the position of Deputy Manager of Industrial Engineering.

 

16:0016:45

Banknotes + Currency: Closing remarks and delegate action plans
Closing remarks and delegate action plans

16:00 - 16:45

  • Summary of the course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points
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

At the conclusion of the training, participants will be able to:

 

  • Assess the impact of high inflation and geopolitical risks on the dynamics of cash demand
  • Understand the impact and implications of disruptive technological innovation
  • Prioritise ways of responding to the challenges and threats of digital currencies
  • Identify opportunities to contribute to environmental, sustainable and ethical practices in currency management
  • Use new techniques and analytics to forecast banknote demand

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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).