Good Practice in Banknote and Currency Management - main page

Good Practice - main page

Good Practice in Banknote and Currency Management

March 22 - 25

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?
  • What have they learnt from the experience of Covid-19?
  • How can central banks improve the environmental, ethical and inclusive proposition of banknotes?
  • Where can technology add value to procurement, security and circulation?

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.

Each day will feature three hours of expert-led live content to maximize the opportunity to share and learn. The Course chair will ensure participants have opportunities to network throughout the programme.


Global timezone: 11am-2pm (GMT) | 6am-9am (ET) | 7pm-10pm (SGT) 

Good Practice in Banknote and Currency Management agenda

Challenges, opportunities and threats

11:0011:15

Course introduction and welcome
Course introduction session led by the chair

11:00 - 11:15

  • Introductions and welcome from the chairperson
  • Overview of the training course programme and speakers
  • Discussion of participant expectations and areas of particular interest

11:1511:45

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).

 

11:4512:00

Break

11:45 - 12:00

12:0012:45

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?
John Winchcombe

Currency Performance Consultant

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.   

12:4513:00

Break

12:45 - 13:00

13:0013:45

Case study: How has the currency department at the Bank of Israel addressed Covid-19?

13:00 - 13:45

  • Assessment of cash demand pre and post Covid-19
  • Examples of increased cash usage
  • Long term impact of Covid-19 on cash demand 
  • Case study: steps taken by the Bank of Israel during Covid-19
Amir Safranovich

Head of cash management

Bank of Israel

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.

Good practice in the currency lifecycle

11:0011:45

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

Acting Director, Currency Management

Eastern Caribbean Central Bank

Mr Rosbert Humphrey has been employed at the Eastern Caribbean Central Bank (ECCB) for the past twenty one (21) years, twenty (20) of which have been in the Currency Management Department, where he is currently the Acting Director. His main duties include Forecasting, Ordering and Monitoring 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 is a native of St Vincent and the Grenadines, and holds a Bachelors of Science Degree in Economics and Accounting from the University of the West Indies, and a Masters of Science Degree in Finance from the University of Leicester, United Kingdom.

11:4512:00

Break

11:45 - 12:00

12:0012:45

Good practice in planning and introducing a new banknote series

12:00 - 12:45

  • Overview of the decision-making process for a new banknote series
  • Lessons learned from designing and introducing a new series 
  • Strategies for effective engagement and communication with the public
  • Discussion: new notes – what works and what doesn’t?
Toby Davies

Head of notes operations

Bank of England

Toby Davies is Head of Notes Operations at the Bank of England with responsibility for the production and distribution of Bank of England banknotes, its anti-counterfeiting strategy and the regime to back Scottish & Northern Irish banknotes. Previously, he was responsible for the operation of the Bank’s Real-Time Gross Settlement (RTGS) payment system and its securities operations. Toby has also worked at Euroclear UK and Lloyd’s of London.

12:4513:00

Break

12:45 - 13:00

13:0013:45

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.

 

Technological foundations and threats

11:0011:45

Banknote analytics: building blocks and technology foundations

11:00 - 11:45

  • Utilising cash flow data to maximize currency lifecycle
  • Pathways for making the cash cycle more cost-efficient and sustainable
  • Understanding migration patterns of currency
  • Practical use of banknote serial-number reading
  • Discussion: how can you add value in tracking migration?
Lee Maisner

Managing Director

7 Layer Solutions

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.

11:4512:00

Break

11:45 - 12:00

12:0012:45

Counterfeiting technology: what are the major threats?

12:00 - 12:45

  • 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. 

12:4513:00

Break

12:45 - 13:00

13:0013:45

New realities of public engagement

13:00 - 13:45

  • 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

Director, external stakeholder management

Bank of Canada

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.

Towards great inclusion and sustainability

11:0011:45

Financial inclusion and the future of cash

11:00 - 11:45

  • Overview of the role of cash in enhancing financial inclusion
  • Strategies to maintain access to cash
  • Implications of the decline of ATMs
  • Discussion: has the rise of Fintech increased financial inclusion?
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.

11:4512:00

Break

11:45 - 12:00

12:0012:45

Environmental and sustainability: where can currency managers contribute?

12:00 - 12:45

  • 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: how can central banks contribute in greening production of banknotes?
Alejandro Alegre

General director of issuance

Bank of Mexico

Mr. Alejandro Alegre is 56 years old, he is a lawyer, worked during 14 years at Civilian Intelligence Services in México. He was General Director of Planning Center for Drug Control, the Intelligence Agency of the Office of the Mexican Attorney General and also General Director of the National Security Intelligence Center (CISEN).

Since 2001 he has been working in Bank of Mexico, where he has been Advisor to the Board of Governors, Security Director, General Director of Planning and Budget and since 2011 he is General Director of Currency Issuance and Main Cashier.  

12:4513:00

Break

12:45 - 13:00

13:0013:30

Closing remarks and delegate action plans
Concluding session led by the chair

13:00 - 13:30

  • 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

Central Banking’s Post Training is a chair-led forum where participants can bring further questions or discussion points to group, after the live content and self-paced learning elements. What has worked, and what has not? Post Training focuses on questions that may have arisen since returning, the challenges of implementation and the setting of medium-term goals. Participants are encouraged to bring a short presentation, or questions on a particular topic, to gain the most from the discussions with peers.

15:0016:00

Post course catch up
Zoom link to be sent to you after the conclusion of the live content

11:00 - 12:00

Benefits of attending the post course catch up:

  • Developments in the area since the live content sessions, including new resource material
  • Questions arising since returning to the central bank
  • Challenges of implementation: where are the roadblocks?
  • Medium-term goals: what is realistic?
  • Establishment of group network to keep in touch with peers and share best practices

Learning outcomes

By the end of the training course, participants will be able to:

  • Understand how currency managers are responding to the digital money challenges
  • Contribute to environmental, sustainable and ethical practices in currency management
  • Use data and analytics to understand banknote management
  • Understand counterfeiting technology and its benefits and pitfalls
  • Assess cash demand and the long term effects of covid-19

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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).