Sequana, the owner of Arjowiggins Security and its parent Arjowiggins, has entered into an exclusive agreement with Italian papermaker Fedrigoni (owner of Fabriano) to sell the security paper mill in Brazil for €85 million.

The company has also stated that it has reached an agreement with the Impala Group to sell 85% of its shares in the Security Solutions business for €110 million. The sales will, says Sequana, enable it to pay off Arjowiggins’ debts and bolster the remainder of the group’s financing capacity.

The mill, in Salto in the state of Sao Paulo, is one of nine owned by Arjowiggins Security. It was established in 1977 and employs nearly 400 people, supplying paper for banknotes, passports and other security documents, along with identity solutions and creative papers. Sales in 2014 were €70 million.

It is in a unique position, as the only producer of banknote paper in Latin America, and is in a country that is part

of Mercosur – the Latin America customs and free trading bloc which includes as full members Brazil, Argentina, Paraguay, Uruguay and Venezuela (with Chile, Bolivia, Colombia, Ecuador and Peru as associate members). This puts the company at a price advantage when selling to member states.

Sequana, Arjowiggins’ owner, announced a restructuring programme this time last year that would see it repositioning to concentrate on more promising market sectors and strengthening its financial structure.

Specific attention has been given to the printing and writing paper segments of the Arjowiggins business, which are in steady decline and which have been described by Sequana as ‘persistently difficult’.

The Arjowiggins Security division has always been one of the group’s star performers – with sales of €272 million in 2014, just under 30% of Arjowiggins total sales.

www.currency-news.com

VOLUME 13 – NO 5 / MAY 2015

Arjowiggins Sells Mill in Salto to Fabriano

Progress in India Paper Dispute De La Rue will not be releasing its preliminary results for the financial year ending March 2014 until the end of May, but have announced two events since the year end.

First is that progress has been made over the unresolved issues dating back to 2010 with the Indian government regarding banknote paper production contracts.

According to the company, performance bonds to the value of £13.5 million, which have been in place since the contracts were entered into, had been invoked by the customer. The Board, it stated, considers this a ‘material step towards resolution of the issue and that discussions continue with this important customer’.

De La Rue has also reported the completion of the disposal of surplus land at Overton, UK, where its paper mill is situated, for £9.6 million. The proceeds will appear in the 2015/16 accounts.

Reduction in employeesIn line with other companies in the banknote market suffering from tough market conditions, notably G&D and Wincor Nixdorf in this issue, De La Rue is reducing the number of people it employs.

The workforce is being reduced by approximately 40 at the Overton mill, and by 60 at its printworks in North East England (out of a total of 600 employees at the latter).

Further reductions of its 4,000-strong workforce are rumoured to be on the cards.

Continued on page 4 >

The coverage in this issue of Currency News™ alone points to an industry – both on the supply and circulation sides – that is undergoing profound changes in response to changing market conditions.

In banknote production, overcapacity is driving falling prices for commercial suppliers, and current demand is being set to be constrained by the impact of durable substrates and emerging cashless payment technologies.

Overcapacity is resulting in extreme price competition, leading to the ’commoditisation’ of the industry, and the changes to the way consumers shop and bank only add to the pressure.

Sequana, the owners of banknote papermaker Arjowiggins Security, has announced the sale of its Salto banknote and security paper mill in Brazil. Salto is the only producer of banknote paper within the Mercosur customs and free trading bloc in Latin America, which gives it a major supply advantage for neighbouring banknote producers.

In Europe, Britain’s De La Rue under its new CEO is taking action to optimise its operations and tackle historical banknote paper supply issues. The company has started a major overhaul of its operations and has announced a reduction in headcount at both its paper mill and one of its UK printing works.

In Germany, major banknote technology company Giesecke & Devrient (G&D) is planning to save at least €100 million from its overhead and reduce its production capacity, including the closure of its banknote printing plant in Munich. In 2013, it employed 11,660 people and is cutting this workforce by 8%.

Also in Germany, the second largest manufacturer of ATMs and self-service technologies, Wincor Nixdorf, is itself in the throes of restructuring, at the same time as refocusing on value-added services and software. As is the US-based market leader NCR.

One could be forgiven for thinking that these changes spell an industry in terminal decline. But a more accurate description would be change in line with market forces.

Markets develop and suppliers – if not the drivers for developments – need to adapt accordingly. Otherwise, they will be left behind, and ultimately left out altogether. To quote one banknote supplier in our comment at the beginning of the year, the tide is turning and ‘only the clever, the flexible and the self-aware can grow and succeed’.

De La Rue, for example, has been in a process of almost continuous change and restructuring to generate further efficiencies in recent years, as successive CEOs have sought to make their mark (and meet the expectations, as a public company, of returns for shareholders).

G&D, as a private company, did not have the same pressures, and some feel that its restructuring is overdue. Not so much in its banknote activities, which have always been the most successful part of the group (although, as the example of Arjowiggins shows, it is sometimes the most successful parts that can be used to bolster the rest of the company’s operations).

But even so, it can be argued in this day and age that it does not make sense to carry out what is an industrial operation – ie. printing – in the centre of one of Europe’s most expensive cities. (Some would also argue that it does not make sense either for De La Rue to hold onto surplus land in a part of the UK with some of the most expensive real estate prices in the country).

With regard to NCR and Wincor Nixdorf, they both operate in a market where the digital and communications revolution has had the most marked impact. The focus for self-service technology has moved from the metal box to the services it offers, and the way these services function and are managed.

So in their case, the changes are being wrought not so much as a response to reduced demand and overcapacity, but the way in which people consume and shop, and the technology that now supports this.

What is encouraging, however, about the particular examples covered in this issue is that restructuring (sometimes a euphemism for cutting costs, capacity and people) is being accompanied by investment – whether this be in new features and improved methods of production for banknotes or the manner in which the public can obtain these banknotes.

After all, cutting back will not, in itself, secure the future of a company – one can only cut so much before a company becomes uncompetitive or even unviable. Ideally there needs to be growth too – and growth in a changing marketplace comes from innovation, which provides the new products and services to meet changing requirements.

So for a healthy long-term industry – any industry, not just our own – suppliers must invest. And the signs here are positive. G&D in particular has been very proactive in developing new technologies and solutions by investing a high percentage of its revenue in R&D.

De La Rue is returning to its traditional role as an innovative company. There is no indication that this is about to change from either company. Indeed, the CEO of G&D specifically made the point that R&D investment will continue.

As for NCR and Wincor Nixdorf, their announcements point not only to a market that is changing, but their determination to ride these changes through fundamentally altering what they do and make.

2 CURRENCY NEWS | COMMENT

Inside this Issue1 Arjowiggins Sells Mill

in Salto to Fabriano1 Progress in India

Paper Dispute2 Industry Adapts for

the Future 3 G&D Reports

Improvements3 Spectra Moves into Profit4 Wincor Sales and

Profit Fall 5 Tracking Banknote

Paper Production6 Argentina’s New

Banknote Series8 Cloud Solution from NCR8 Switch™ – A New Feature

for Windowed Documents9 G&D and Louisenthal

Turn up the Volume 10 Ukraine’s New

100 Hryvnia11 IBDA Initiatives to Secure

the Future of Intaglio12 The 6th Asia Cash Cycle

Seminar (ICCOS)

Industry Streamlines and Adapts for the Future

CURRENCY NEWS | COMMENT 3VOLUME 13 – NO 5 | MAY 2015

Spectra Moves into ProfitSpectra Systems, a US-based provider of advanced technology solutions for banknote and product authentication, has announced substantially improved results for 2014, and has moved into profit for the first time since it listed on London’s AIM market in 2011.

Sales for the year increased by 46.1% to $16.91 million, driven largely by what it terms exceptionally large material orders from a G8 central bank customer. Although the company indicated that that orders of this magnitude were unlikely in 2015, the customer is considering entering into a ten-year contract to include materials, quality control equipment and services.

The increased sales enabled the company to move from an operating loss (adjusted EBITDA) of $0.66 million to an operating profit of $2.14 million. Or, after depreciation, a loss (EBITA) of $0.81 million in 2013 to a profit (EBITA) of $1.71 million. Net profit for the year was $1.043 million, compared with a loss in 2013 of $3 million.

The company has three main business areas - Authentication Systems, Secure Transactions Group Technologies and Banknote Cleaning.

The Authentication Systems sector generated revenue of $15.53 million, up by 55.6%, resulting in an operating profit (EBITDA) of $1.92 million, compared to a loss in 2013 of $1.14 million. High points were the completion of the large order for the above-mentioned central bank customer, including the delivery of over 115 upgraded sensors.

Also, phosphor sales reached record levels in 2014 and a new manufacturing facility was qualified by its partner in covert banknote security features.

Banknote cleaning is a target market for Spectra’s unique Aeris™ system. The product is still in its trial stage so generated no revenue in 2014, but incurred development costs of $350,000.

During the year the Bank of Mexico tested and declined the technology, but interest in this new system remains high according to the company, and more trials with central banks are planned for this year.

Business growth prospects were noted to be in banknote and product authentication development efforts as well as in the breakthrough technology of cleaning banknotes.

G&D Reports Improvements, But Chairman Steps Down This time last year Giesecke & Devrient (G&D) reported a downturn in 2013 compared with 2012, with both sales and operating profit adversely affected (down 2% and 40.8% respectively). The Banknote business unit’s sales fell by 6.4%. These results caused G&D to review its business operations and strategy.

The company, in announcing its results for 2014, described the year as one of ‘restructuring during which important strategic decisions were made’. It improved sales by 4.5% to €1.83 billion and group earnings (EBIT) by 10.3% to €62 million (although restructuring expenses amounted to €74 million, so that EBIT after restructuring was a loss of €12 million). The company also reported having made a healthy start to 2015.

In spite of this, and the evidence that the restructuring is beginning to pay off, in an announcement just one week after the results, the company reported that the Chairman of both the Supervisory Board and the Advisory Board, Dr Peter-Alexander Wacker, is resigning from his two offices with effect from the end of this month. The reasons for the departure were not revealed, although the company’s CEO and Chairman of the Management Board, Dr Walter Schlebusch, commented that ‘there are different views between Dr Wacker and the management on the future direction of the company’.

Commenting on the results, Dr Schlebusch noted that increasing competitive and pricing pressure in all markets relevant to G&D meant that earlier countermeasures to improve performance were insufficient. He said ‘last year we therefore launched an extensive cost reduction program amounting to €100 million, with which we will strengthen our profitability for the long term. In addition, we have undertaken structural changes at the company to enable us to better adapt to market and customer demands in future.’

G&D is organsed into three business units – Mobile Security, Banknote and Government Solutions. The changes include the reorganisation of the first two, and the operational realignment of the latter. In practical terms, as announced last year (see CN December 2014), they involve cutting 8% of the 12,000-strong workforce and closing the company’s printworks in Munich, with production dispersed among the remaining two sites in Leipzig and Malaysia. This closure is imminent.

The Banknote business unit – comprising substrates, printing, processing systems and automated processing technology – increased sales by 5% to €887 million and continues to account for the largest proportion (48.5%) of consolidated sales. Earnings were also positive, predominantly due to good sales in paper, foils, and banknote security solutions. Sales in compact banknote processing systems and service sales were also significantly improved.

The Mobile Security business unit, which provides products, services, and complete solutions for payments and secure communications, saw sales increase by 6.4% to €778 million. However, the earnings contribution was once again negative, mainly due to an even more dramatic drop in prices worldwide.

Sales in Government Solutions, which provides government security documents and integrated ID solutions, were €168 million, roughly 6% less than in the previous year. The unit did not achieve a positive contribution to earnings in 2014. Last year, G&D formed the joint venture Veridos with the state security printer Bundesdruckerei to pool their international sales efforts.

The company stated that a current healthy order situation would have a positive impact over the coming months. In 2015 G&D is forecasting further sales growth and an increase in EBIT slightly above the 2014 figure. Consolidated net income should return to positive territory. The trend in the first quarter confirms this outlook.

G&D will also continue to invest heavily in R&D.

According to Dr Schlebusch, ‘I am confident that we have good growth prospects, with our innovative products and our forward-looking business models. The essential restructuring will give us a boost.’

In the meantime, the company’s shareholders will appoint a replacement for Dr Wacker to the supervisory and advisory committees in the next few weeks.

CEO and Chairman of the Management Board, Dr Walter Schlebusch

4 CURRENCY NEWS |COMPANY NEWS

As announced in the April issue of Currency News™, it had recently transferred the assets of its revenue protection business (mainly tax stamps and brand protection) and its ID and access control division into two new wholly-owned subsidiaries – Arjowiggins Solutions and Arjo Systems.

The reasons for doing so are now clear, with the sale of these two businesses to Impala, an asset management company and one of Sequana’s principal

shareholders. The acquisition is being financed through the writing off of Arjowiggins’ €125 million syndicated loan, with the balance being waived. Between them, Arjowiggins Solutions and Arjo Systems had sales of €54 million in 2014 and €7 million in EBITDA.

According to Sequana, consultation procedures will be conducted with the relevant personnel works councils prior to the implementation of the asset disposals.

It will also sell or close two further Arjowiggins paper mills this year, both involved in ‘commodity papers’ for which the outlook remains weak.

After the sale of the Salto operations, Arjowiggins Security’s banknote paper production and R&D will be wholly basd in Europe.

Wincor Sales and Profit Fall – Restructuring Program LaunchedWincor Nixdorf – the German banking and retail hardware, software and IT company – reported a sales decline of 2% to €1.208 billion for the first half of its fiscal year 2014/15, and an operating profit (EBITA) decline of 31% to €47 million. It has, as a result, also outlined details of a restructuring programme aimed at accelerating its transition to a software and IT services company.

The company had already stated that it would fail to meet its original guidance issued for the current fiscal year so the results should not have come as a surprise.

However, the EBITA margin fall from 5.5% to 3.9% and net profit fall of 31% to €31 million, coupled with the restructuring announcement, still caused the company’s share price and market value to fall 20%.

Product performanceThe year-on-year contraction is attributed primarily to a 12% decline in net sales from the company’s Hardware business; growth generated by Software and IT Services was insufficient to offset this downturn.

Sales in the banking segment rose slightly (+1%) to €783 million, but EBITA of €29 million fell by 43%. Conversely, sales in the retail segment fell by 6% to €425 million but the EBITA generated rose by 6% to €18 million.

In Germany, sales fell by 4% to €277 million, accounting for 23% of turnover. Sales elsewhere in Europe declined by 4% to €553 million. In Asia/Pacific/Africa, sales increased by 8% to €234 million. In local currencies, the Americas recorded a 12% decline in net sales in the first half which, translated into euros, corresponded to a downturn of 2% to €144 million. On this basis, the total sales generated by the Americas were unchanged year on year at 12%.

Restructuring programmeAccording to the company, its restructuring programme is designed to address deteriorating business conditions in key emerging markets such as Russia and China, as well as the sluggish recovery in investment spending throughout Europe. Another factor necessitating realignment is the continuing erosion of prices in the company’s Hardware business.

At the same time, the trend towards digitisation embraced by both banks and retailers has added to the momentum of change, with software and high-end service solutions playing a prominent role and opening up opportunities for growth at Wincor.

‘We are looking to exploit the market potential of Software and IT Services to an even greater extent, as well as making our Hardware business more cost-effective,’ commented President & CEO Eckard Heidloff.

The measures will span several years and aim to achieve an additional positive annual earnings effect of €120 million in 2017/2018

(which is the same amount of the total restructuring expenses). In implementing the programme, Wincor Nixdorf will reduce its current headcount by around 1,100 (12%) over the next three years, of which 500 will be in Germany and 250 in other European countries.

The expansion of the Software business is to be achieved principally through a combination of additional investment and restructuring of existing capacities at a staffing and operational level. Additionally, the company will be aiming to make acquisitions within the Software business. Overall, Wincor’s goal is to double net sales from Software within a period of five years.

The Services business is to be taken forward to the next level, with an emphasis on improved cost-effectiveness as well as significant growth in Managed Services and Outsourcing.

The company’s Hardware business will remain an important pillar. However, capacity levels in this area are to be scaled back.

As a further strategic measure, the Cashless Payment business unit, which is expected to increase its net sales to €50 million this year, will be carved out to become an independent operation.

The intention is to position the fledgling company in the form of a start-up that could serve as a platform for partnerships or collaborative activities in the payment market, or to facilitate investment opportunities. Or, as some have speculated, it could be sold off.

As regards the current fiscal year (to September 2015), the company now anticipates a reduction of 3-5% in net sales. EBITA before restructuring measures is expected to total €100 million, and after such measures €20 million.

Arjowiggins Sells (Continued)

Eckard Heidloff, President and CEO

Tracking Banknote Paper ProductionBy Alan Harle, Inspectron

Production of counterfeit currency relies upon a good quality paper stock. Banknote paper has many built in security features, which are very difficult to duplicate, so forgers will try hard to obtain original paper destined for genuine banknote production.

Some issuers are demanding much tighter controls of the paper sources, and are requiring that a full audit and traceability system should be implemented in the paper mills.

During production, banknote paper passes through a variety of processes and machines, starting as paper pulp and ending as reams of sheets packed on pallets for delivery to the printing factory.

Inevitably, at each machine stage, there will be wastage. This can be simply as new rolls are threaded through the machine, as splices are made to join trailing and leading edges of two rolls together, or in unusual situations like quality rejects or tears in the roll during production.

Throughout the process, quality sampling requires that tests are made and reference items are stored for later analysis.

All of this means that there are many opportunities for some paper to ‘go missing’, whether by accident or design.

Improved audit needsEurope appears to be leading the way in demanding tighter controls (although specific details are not in the public domain). In general terms, the new traceability initiatives require that each eventual sheet of paper is identified with a printed code. This code should be printed on the edge of the roll at the earliest possible stage in the mill, preferably just after the paper has dried on the initial pulp to roll machine.

At each subsequent stage, the code is read. By comparing the resulting codes with the original printed list, an exception list can be prepared, which will identify missing codes, and the stage in the factory where they deviated from the mainstream production workflow.

Using manual code tracking, or sometimes old fashioned human eye tracking, management can reconcile each deviant code with waste and reject material produced.

Adding this kind of individual tracking to normal in-house security disciplines, it should be possible to account for every sheet of paper anywhere in the factory.

Technical implementationTypically, paper moves through machines at between 120 and 340 metres/min. The atmosphere can be dusty, the web can ‘drift sideways’ as the paper moves through the machine, the paper can vibrate if not tensioned.

Machines may be running a job for two or three days nonstop, and the cost of unnecessary stoppages can seriously impact production schedules. There can be millions of codes active in the factory at any time.

A printed code has to be very small, typically no higher than 5mm, within the edge of the paper which will eventually be trimmed off after printing.

The code has to contain a lot of information, such as job number, paper type, batch information and other secret data. This will typically be produced by an inkjet printer, using either a 2D or linear barcode.

All of these conditions conspire to make reading, storing and analysing the codes in real time a very challenging operation. High speed intelligent cameras, mounted in the machines at strategic points, will capture, decode and store the images of suspect codes for later analysis.

Hand held readers are used around the factory, for tracking waste, rolls and sheet pallet labels.

The challenge gets even more complicated when rolls are cut into sheets. Paper is moving faster, and there are more places where rejects, jams etc. can occur. This can make the operator’s life difficult at the best of times, but identifying each piece of paper as it progresses through the machine can be a nightmare. Integrating the tracking system with the machine’s internal process

control allows a display of each sheet’s identity and its position in the machine, so the operator can more easily find and account for all items in a batch.

Production tracking databaseA central database connects all reading devices together, so that a real time picture can be built of code reading at every stage throughout the factory.

Remembering that interference with production is to be avoided as much as possible, any anomalies in code reading, sequence errors, unallocated data and erroneous reconciliation activity should all be recorded in the workflow database, so that both the production manager and the external auditor can easily drill down to certain production events, error alerts etc.

The workflow database can be instructed to send alerts to the production manager, so that he can respond quickly to unusual events.

Reports of all aspects of production, including lists of good and bad (rejected) codes are stored for future inspection.

SummaryBanknote sheet traceability could become mandatory throughout the paper currency world. As a tool for improved quality and security, it adds another layer of comfort to those whose task is to monitor paper production. If implemented with thought and planning, it need not be a burden.

Inspectron specialises in security print tracking and audit procedures. With over 30 years in the industry, including manufacture of electronic passports and lottery tickets, the company is currently cooperating with some banknote producers to install paper tracking systems.

CURRENCY NEWS |COMPANY NEWS 5TECHNOLOGY REVIEW | VOLUME 13 – NO 5 | MAY 2015

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6 CURRENCY NEWS | ON THE RECORD

Argentina’s New Banknote Series – Connecting the Past with the FutureThe state-owned printworks and mint of Argentina is S E Casa de Moneda, also known as the National Mint. It has undergone something of a revolution in recent years, increasing capacity threefold through modernisation of its equipment and processes, and training of its staff.

Thanks to this turnaround, it is now not only in a position to supply the country’s requirements for banknotes, but also to renew the design of these after 20 years, and to introduce commemorative notes which are seen as key to connecting the state with the people.

The process has been undertaken with the blessing and support of the Argentinean President, Cristina Fernández de Kirchner, and driven by Katya Daura, who has led the organisation since 2011. Currency News™ spoke to her about the changes, the concepts behind the new notes, and whether a new administration (President Kirchner will be stepping down later this year) will change the path the National Mint is taking.

Q: After over four years as head of the Argentine National Mint, what do you think have been the highlights?

A: In 2011, we had a clear political mandate: to recover the Mint’s role as the national printing press, and to become the standard in security printing. To achieve this goal, we focused on the recovery and refurbishment of our production equipment, which meant a great investment in technology but also arduous engineering work so that we could have the necessary synergy between new machines and older ones that were still functioning. But, like in every process of modernisation, it was necessary to implement an ambitious program of staff training, as we wanted our employees to recover the pride of being a Mint worker.

Some of our accomplishments have been the implementation of the electronic passport, the new voting registers, and the recovery of lost clients and products. In less than three years we have completely renewed our banknote series with excellent technical quality and high security standards. We have taken production from 400 million banknotes a year (when we arrived) to 1.5 billion now.

We have shown that a public company can be efficient, proactive, and capable of developing quality projects and products for our citizens, agencies, and businesses, at a par with the industry’s most prestigious international institutions.

Q: How did you go about designing the new series of banknotes?

A: The new series reflects a new Argentina, one that since 2003 has recovered its national identity based on ideals such as social justice, work, equality and sovereignty. All these ideals are embodied in a government which is a driver of social inclusion and equality of opportunities.

Regionally, this is part of a trend in which our continent (or ‘Great Homeland’) is recovering the true meaning of the heroes of our independence.

From a historical perspective, we are going through a special time, with the bicentennial of our May Revolution in 2010, and of our independence in 2016. This is a time for taking stock, and this is why we have decided to create our new banknote series as a tribute to 200 years as a free and sovereign country; we want to have a dialogue between the heroes of our independence and some figures from our more recent history.

From a practical point of view, we have worked with ideas and images that are easily identifiable by the public.

Q: Are you planning more changes for the series?

A: Yes, our goal is to finish the year with a completely renewed series. The starting point was the 100 Peso ‘Evita’. This is where we began envisioning a new way of designing and printing banknotes in our country.

Based on the same design architecture, and in keeping with our tradition of combining visual art with high levels of technical sophistication, our notes have been conceived as an effective integration of the latest international security tendencies with the historical context and its symbols.

So far, the new notes of $100 and $50 are already in circulation, and we are printing the new $5 and $10, with Belgrano and San Martín still as central characters, but with a revisionist look at history, paying homage to the common men and women who fought side by side with the heroes of our independence.

From July, we’ll start printing the new $20. In this we will pay special attention to the War of Paraná and the defence of our sovereignty.

Q: Will there be commemorative banknotes as well?

A: Yes, President Cristina Fernández de Kirchner has recenty presented the sketch for ‘Memory, Truth, and Justice. A Path Towards Identity’ for the new commemorative $100 banknote. This is a state tribute to the Mothers and Grandmothers of Plaza de Mayo and the dedication, perseverance and bravery of these ordinary women, who – in exceptional circumstances that brought tragedy to our people – fearlessly voiced a grievance that changed the history of our country and our continent. We are proud of bringing this new piece to life, because our country is a world leader in human rights.

From the technical point of view, and taking into account that our country does not have a tradition of commemorative notes, this is the result of a process of investment and training, which culminated in the update of our origination site. This has allowed us to substantially reduce the development time for our projects.

Q: How has this banknote been received?

A: We are in the midst of the origination process, but the reception of the proposal has been excellent, and during the development of the sketch and after the presentation we have met with many of the leading figures in the fight for human rights, and we’ve been working side by side with them to improve the design and the message.

In particular, I should mention the emotion and the appreciation of two leaders in this fight – Hebe de Bonafini and Estela de Carlotto, of Mothers and Grandmothers of Plaza de Mayo respectively – who knew this was not only a recognition, but our support in the search of the identities of those missing that are yet to be recovered.

Katya Daura, President, S E Casa de Moneda.

It is for us a source of pride that a banknote will connect to us every day, questioning us as Argentines and as citizens of the world, about our past, present, and future.

The last note to enter circulation was the $50, whose topic is the Malvinas cause. The reception to this was excellent too, and we had the recognition of mints and countries throughout the continent who are supporting this regional cause.

Q: What is the reason for the renewal of the banknote series?

A: The series has been circulating for 20 years, and the demand for renewal can now be satisfied thanks to our refurbishment of the production line, the renewal of the origination and pre-press facility, and a strong emphasis on the training of our staff.

Q: You worked with Swiss artist Roger Pfund or the ‘Eva Perón, an Instant Towards Eternity’ $100 banknote. How was that experience?

A: Working with Roger has been a pleasure and a unique experience. Roger is one of the most brilliant artists in the field of banknote design. His professionalism and talent, together with his high sensitivity to social issues, have made our collaboration very enriching.

Indeed, Roger took this Eva note, designed over 60 years ago by Renato Garrasi (a leading figure in the Mint’s School of Engraving), and achieved a unique piece that garnered international recognition and awards, and it is a constant source of pride for all of us.

Roger was our mentor every step of the way, contributing the genius of his art, empowering our technical staff, and showing us the communication value of banknotes.

Q: You have talked about international recognition. What has it been and how has it been shown?

A: We have received international awards that vouch for our prestige in printing securities, such as Regional Banknote of the Year (in Bogotá in 2013) for the Eva Perón note, and the PMI Award for Project Excellence for printing the new voting registers.

Besides these international awards, we very much appreciate the recognition of all Latin American mints and their governments, which have also congratulated us. I would also like to thank the industry for trusting us and having walked with us through this process of transformation we carried out in our institution.

Q: The National Mint is made up of two parts. Do you plan on merging them?

A: Until 2012 Argentina had two companies which could print banknotes: one was public, one was private. In August 2012 Congress passed Law 26761 declaring the printing of banknotes to be of public and sovereign interest, following which the private assets were nationalised, and their facilities and staff became part of our National Mint. Since then both plants are part of the productive process of this public company.

Q: What are your challenges for the future?

A: The future is here now with immediate challenges, such as finishing the process of renewal of our machinery and printing equipment; keeping our drive to recover clients, and contributing to the development of our country with our security, experience, and know-how.

The last four years have been ones of outstanding growth for our Mint, not only regarding banknotes but also security printing. In this new role of state security printing press and governing body in security printing, we are constantly working to improve our processes and to innovate in technology and production.

Our century-long experience in developing security documents, and the strict security protocols we handle, are our main allies at a time of taking on new challenges.

Because of this and due to the advances in technology and market demands, we are working hard at being up-to-date in our production standards, but not only in printing. We have invested in state-of-the-art equipment for design and pre-press, which positions us to provide better solutions in a shorter time.

And we are currently designing an interactive platform for our creative and commercial areas with clients, both for project approval and for the reception and follow-up of orders.

Q: Some state companies are trying to enter the international market. Is this the case of the National Mint?

A: We don’t rule anything out. We know that with our capacity and technology we are able to cater to different needs of the international market. In this context, we are working in the development of the temporary Mercosur passports, approved at the 20th Meeting of the Work Group on Consular and Legal Issues of the Mercosur and Associated States’, which took place in Buenos Aires last November. This is one among other projects we are carrying out internationally, mainly in Latin America.

Q: Do you believe this new administration coming in at the end of the year will alter the current path of the Mint?

A: Without a doubt President Kirchner, with her political resolve, enabled the deep transformation the Mint went through during this administration. We are convinced that the high security printing of banknotes and public documents must be and will continue to be in the hands of the state.

One of the guiding principles of this national and popular project is that in order to strengthen the state and put it at the service of the citizen, the institutions are more important than the names. This is why we are convinced that it will be very hard to go back from the road we have traveled, because what we have done is to empower the National Mint with investment in technology and training of its staff.

CURRENCY NEWS | ON THE RECORD 7ON THE RECORD | VOLUME 13 – NO 5 | MAY 2015

...“we are constantly working to improve our processes and to innovate in technology and production”.

Argentina’s new $50 banknote.

Florida-based Graphic Security Systems Corp (GSSC), a supplier of optical security features for high security printing applications, has announced a new publicly-verifiable feature for windowed documents including passports, ID cards and, in particular, banknotes.

The new patent-pending feature is called Switch™, and combines dynamic overt and covert effects which are all created with Simultan printing. Sometimes referred to as a ‘colour watermark’ or ‘three-way window’ effect, the Switch feature displays at least three different color images within the window and can be authenticated like a watermark.

When holding the sample in reflected light, one image appears on the front of the window, and a different image on the reverse. However, when the sample is held up to a light source, (ie. viewed in transmission), a third image appears. In addition, examination of the third transmitted image with a magnifier reveals embedded microtext.

According to the feature’s inventor, GSSC’s Director of Design & Development Cary Quinn, Switch is secure by design because it relies heavily on precise printing registration and the use of windows in documents. The fine details require offset-quality printing with perfect colour-to-colour, front-to-back and transparency-to-opacity registration. Only high-end Simultan banknote printing presses can achieve this type of registration.

Despite the emergence of windowed documents, there is still a lack of security features to use in these windows. The challenge, said Quinn, has been to produce a highly secure overt feature that can be easily and intuitively verified by anyone. Additionally, the goal was to achieve this only with printing, so as to avoid production complications and costs associated with additional materials.

The obvious approach with windowed documents was to take advantage of transparency and public familiarity with existing features such as watermarks and see-through registration images, and combine these features in one. Which is what Switch has achieved.

Switch can reveal, among other effects, accurately coloured flags, coats of arms and portraits. If combined with registered laser engraving, personalised photos for example, can be generated variably; displaying a unique inverted colout photo in one lighting condition and the same

accurately coloured photo in another lighting condition. It is also possible to combine other optical features that animate or change when tilted. Even barcodes or other smartphone-readable images can be revealed, layered within the feature.

‘It’s a very dynamic and flexible feature in terms of design and evolution capacity. I’m curious to see how it progresses in the hands of banknote designers,’ said Quinn.

GSSC is now seeking Simultan printing test sites that are ‘up to the challenge’ to take the feature forward.

8 CURRENCY NEWS |TECHNOLOGY NEWS

Switch – A New Feature for Windowed Documents

Front and reverse lit up

Magnified globe

Cloud Solution from NCRLike Wincor Nixdorf (see page 4), rival ATM manufacturer NCR is feeling the pinch in a changing marketplace. Last year the company’s profits fell by 56% to $195 million, and it has said that it is considering ‘strategic alternatives’ as it, too, refocuses from hardware to software and services.

It is now investing heavily in developing and acquiring high margin software, applications and services and has stated that one of its key strategic goals is to increase software-related sales, particularly cloud, as a percentage of revenues.

To this end, NCR has recently launched Kalpana (the Sanskrit word for ‘imagination’) – which is software designed to run cash machines remotely through a highly secure cloud-based platform, and which it describes as the biggest change to the way an ATM operates since the self-service banking channel was invented nearly 50 years ago.

Currently, cash machines are based on ‘thick’ PC-based software and hardware technologies physically found in the ATM, each of which is complex with management done by different systems. By contrast, ‘thin’ ATMs will comprise the hardware only, moving all the software and operations to the cloud in the form of an enterprise server.

Management of ATM networks will be become substantially easier and more secure with Kalpana , says NCR. It is designed to eliminate malware and will overcome the dependency issues on third party operating systems (NCR estimates that 75% of the world’s 2.2 million ATMs still run on Windows XP, despite support ending a year ago).

In addition, it will reduce operating costs by up to 40% by streamlining operational processes. NCR estimates that a bank with a network of 100 ATMs could save up to $800,000 a year with Kalpana in operational and security costs.

There will, says NCR, be upfront costs in putting a server in place, and setting it up to run Kalpana. But thereafter, the company estimates that the return on investment will be very rapid.

In addition, once the server is deployed, adding new ATMs to expand the network is essentially a plug-and-play proposition, while the technology will also allow a deployer to connect to other channels, such as mobile and the internet.

CURRENCY NEWS |TECHNOLOGY NEWS 9TECHNOLOGY NEWS | VOLUME 13 – NO 5 | MAY 2015

The benefits of intuitive recognition from cross-referencing of security features were given a strong endorsement at the recent Intergraf security printing conference in Copenhagen, in which Wolfram Seidemann of Louisenthal and Christoph Mengel of Giesecke & Devrient revealed two new Level 1 features, along with the thinking behind the approach to their development.

Cross-referencing is key to this concept. As Seidemann, Managing Director of Louisenthal, commented, rather than communicate the features, why not have features that do the communicating themselves?

‘There are many good features out there’, he said, ‘but they tend to be single and isolated, and it’s a challenge to fit them together. Added to which, the issuers then need to educate the public, telling them what to look for and how – eg. look, feel, tilt. This requires a lot of work, and our view is that this work can and should be done by the features themselves. Make them intuitive!’

Key criteria for the selection of any features are that they are proven, robust, easy to identify and authenticate, familiar to the public and counterfeit-resilient. But an additional attribute, he said, should be their ability to ‘talk’. And there are various levels at which they can do so. Figuratively speaking, these features can either whisper, talk or shout.

At one level, notes can incorporate a repetition of motifs to simplify identification. Examples include the use of the same image, such as the portrait in the Intaglio print, watermark and hologram. Such examples are mild implementations of the ‘talking’ concept.

Turning up the volume, however, are notes with features that have a harmonised visual appearance, such as the colour shift in threads or windows which correspond with the colour shift in the OVI®.

An example here is the South African series, in which the colour shift threads match the colours in the OVI for the lower denominations, and the SPARK® in the higher denominations.

Turning up the volume even further are notes with features that have both a harmonised visual appearance and customised dynamic effects. These notes are said to ‘shout’. The first note to encapsulate this concept was the award-winning Moroccan 100 dirham, in which the same complex micro-mirror movement and colour effects appear in both the RollingStar® thread and the SPARK® patch.

The opportunities for harmonising features with colour and movement have been limited so far to threads, holograms and OVI. But, on the basis that the watermark and intaglio print are the two other most commonly-used and recognised features for public recognition, G&D and Louisenthal have developed two new features based on these techniques.

First is the use of Giesecke and Devrient’s fitaglio® technique that uses intaglio to emboss into reflective surfaces to generate unique 3D structures, latent features and dynamic effects.

At the same time, Louisenthal has extended the range of effects in its micro-mirror based RollingStar threads, which combine colour and movement. Hence the same effects – be they dynamic, 3D or flip – can be replayed in the thread and the print, opening up the whole note for examination.

Second is the development of WaterMask®. As Mengel explained, the feature most easily recognised by the public is still the watermark, but the ability to integrate this with other features is limited because of the difficulty of registering the watermark with the print.

G&D and Louisenthal have managed to overcome this, however, by laser marking of IR absorbent inks by the LOOK® technology, using the watermark as a mask to perfectly register the print (hence the name WaterMask).

The IR ink is printed over the watermark and then is ablated with a laser only in the areas where the paper is thinner (namely the lighter areas of the watermark, which contrast with the darker areas to create the watermark image).

By definition, therefore, the ablated areas of the print are in perfect register with the watermark. Additionally the IR ink contains fluorescent pigments which are not ablated by the laser. The result is the watermark modulation becomes visible under UV light.

With these new developments, concluded Seidemann and Mengel, the five main public features in banknotes can all be customised to provide dynamic effects, cross-linked in the design and hence cross-referenced by the public to provide simple and, above all, quick authentication.

In other words, said Seidemann, by turning up the volume, the features communicate themselves.

G&D and Louisenthal Turn up the Volume

A note that ‘talks’ – Morocco´s 100 Dirham with RollingStar® and SPARK®

Direct view Transmission view Direct view (UV)

WaterMask®: Perfect register of watermark and print

The National Bank of Ukraine has issued a new 100 hryvnia, the first in a new series that will be progressively introduced over the coming years and which uses many of the traditional features of the note it replaces, but with a modern twist and advanced new security features.

The Ukrainian People’s Republic was proclaimed in 1917, in the chaotic aftermath of the Russian Revolution, and a new national currency – the Ukranian karbovanet – was introduced, incorporating the trident, now the state emblem of Ukraine.

Immediately after putting the notes into circulation, however, cases of forgery were recorded which, together with political changes, resulted in the introduction in 1918 of the hryvnia (the name is thought to derive from the ‘grivna’ – the currency of 11th century Kievan Rus, which in turn derives from the Slavic ‘griva’, used to describe metal of a certain weight).

It didn’t last long, being quickly replaced by the karbovanet again, but was restored at the end of 1918 when the Ukranian People’s Republic reclaimed power.

The Ukrainian Bolsheviks then defeated the nationalist government and created the Ukrainian Soviet Socialist Republic, which on 30 December 1922 became one of the founding republics of the Soviet Union. The Soviet authorities implemented monetary reform and introduced the Soviet currency.

70 years later, following the collapse of the Soviet Union in 1991, Ukraine declared itself an independent state and, with all such cases of new–found independence, a national currency became a priority.

The modern currencyUkranian karbovanets were put into circulation in 1992 as the provisional currency, but became the victim of hyper–inflation. Once the economy had been stabilised, in 1996 the hryvnia was formally introduced, replacing karbovanets in an exchange process that took just one month.

The first series of 1, 2, 5, 10 and 20 hyrvnia notes were printed in 1992 but were not issued until the monetary reform of 2006, when they were put into circulation. They were joined by 50 and 100 notes of the second series, which had been printed two years earlier. The remainder of the second series were issued in 1997, followed by a 200 hryvnia note in 2001.

While the first series was printed by Canadian Bank Note Company and the second by De La Rue, the National Bank of Ukraine Banknote Printing and Minting Works was established in 1994 in cooperation with De La Rue and, since then, has produced all the country’s banknotes.

The third series – in denominations 1, 2, 5, 10, 20, 50, 100, 200 and 500 hryvnia – was issued between 2003 and 2008.

Then last December, the NBU presented the new 100 hryvnia banknote, with improved security features. According to Yakiv Smolii, NBU Deputy Governor, the process started in 2012 and forms part of the Bank’s 2013–2018 Strategic Programme of Cash Circulation Improvement.

The note features an unmistakable portrait of the same eminent national personality as on the current 100 hryvnia note, the poet Taras Shevchenko. It is also essentially the same colour, yellow and light red.

The date of issue, 9 March 2015, was chosen as it coincides with the 200th anniversary of Shevchenko’s birth. The new banknotes are being introduced gradually to replace the 547 million old series 100 hryvnia notes, which remain legal tender.

The reverse has a completely different design to the old note, which featured the figure of a Kobzar (a blind wandering minstrel) playing a konza (string instrument). ‘Kobzar’ is the title of Shevchenko’s best known work – a collection of poems telling the story of Ukraine through the eyes of the wandering minstrel.

The reverse of the new 100 hryvnia note is still related to the poet – but this time depicts the Taras Shevshenko National University building in Kiev.

Advanced featuresAlthough counterfeiting in very low in Ukraine (approximately 4 ppm), the main objective in upgrading to a new series is to introduce the latest advanced security features and developments whilst retaining the proven but more traditional security features.

They include the watermark of Shevchenko to match his intaglio printed portrait, along with an electrotype of the 100 denomination. The denomination is also printed in three places on the front of the note, including one in strong relief for the visually–impaired and another as an exact register front and back see–through feature.

Also very prominent on the front is a painter’s pallette and brushes in an artistically designed SPARK® patch and underneath it prose from Shevchenko’s poem – ‘Shall We Ever Meet Again’.

The other prominent overt feature is a wide Motion® Rapid™ window thread featuring a kinetic trident with the denomination and the hryvnia symbol in the centre. There are also covert UV and IR printed security features.

The reverse of the note is printed in high resolution Orlof offset and also has two numbers, each in a different colour ink and style.

This new 100 hyrvnia note is both modern and traditional, ticking all the boxes for a well designed banknote that includes a wide range of high quality overt and covert security features for the public, cash handlers and machines, whilst at the same time fullfilling the public’s and government’s requirement for an aesthetically pleasing banknote that instils and reinforces national pride.

10 CURRENCY NEWS | BANKNOTE OF THE MONTH

Ukraine’s New 100 Hryvnia – a Traditional Design with a Modern Twist

100 Hryvnia front and back

11ASSOCIATIONS | VOLUME 13 – NO 5 | MAY 2015

IBDA Initiatives to Secure the Future of IntaglioFor over four years now, the International Banknote Designers Association (IBDA) has been acting as the unified voice of the banknote designer community, representing the interests, needs and concerns of 250 designers across more than 70 countries.

To this end, the IBDA has launched a number of initiatives, key among which is the Intaglio Engraver Academy (IEA) – a training facility for designers and intaglio engravers based in Urbino, Italy. The IEA is described as the solution to the disappearance of intaglio skills due to the introduction of new technology.

The IEA is financed through the Intaglio Engravers Art Foundation, into which student fees and donations are deposited. For those students unable to finance the training themselves, the IEA has set up an educational fund to provide financial support in the form of a grant.

East Meets WestThe IEA is now going from strength to strength, not only in terms of student participation but also in terms of new approaches to learning.

One of these new approaches takes the form of a soon-to-be launched programme that aims – in the words of the IEA – ‘to take us one step closer to bridging the cultural gaps that exist within our community’.

The programme – called the ‘East Meets West, Intaglio Cultural Learning Programme’ – fuses two separate, yet complementary, learning experiences. The first consists of a series of structured IEA training courses, conducted by IEA teaching staff. These include a customised and modular training plan for student-focused learning, culminating in accreditation by the IEA.

The second experience consists of a number of cultural exchange seminars, conducted by the students themselves. These will provide a platform for participants to share their knowledge, inspiration and passion for engraving with their international counterparts, in order to develop a more holistic understanding of intaglio as a security technique.

The completion of this one-year programme – which is limited to six students (three from the East, three from the West) – will grant the students an industry-recognised, IBDA-endorsed certification according to the type of programme pursued.

The IEA hopes that, by bridging cultural gaps, the inspiration and influences that drive the world of engravers will yield a new generation of intaglio techniques, designs and artwork.

Intaglio Engravers SummitAnother IBDA initiative takes the form of the Intaglio Engravers Summit (IES), which was launched by the IBDA in 2011 to promote discussion over the future of intaglio engraving. The summit resulted in the formation of a dedicated group of ten experts, collectively known as the IBDA Intaglio Engravers Working Group, led by General Director Dr Fausto Giori.

This year the working group will be organising the 2nd IES, to be held in September. Attendance at the summit is reserved for professionals with an interest in intaglio engraving (only 100 delegate places are available).

The central theme of this next IES is ‘What is Good Intaglio? Perspectives, Technologies, Challenges and Examples from Around the World’. The summit intends to take a highly technical approach, with no commercial participation. This, the IBDA states, will ensure that the focus stays on real issues faced by intaglio engravers, as well as by professionals working in banknote design and printing, central bank issuing and cash management, and forensic evaluation.

World Engraver ProjectA third IBDA initiative is the World Engraver Project, which invites the world’s intaglio engravers (who were, until recently, mostly considered an elusive group, rarely seen at large gatherings) to ‘make their mark on the world’ by coming together to create a milestone in intaglio history, namely the creation of an intaglio engraved portrait that embraces the artistic diversity of the world’s engravers.

In practical terms, the project consists of a large copper plate, over-printed with the portrait of Italian Renaissance painter Raphael, and cut into over 30 numbered pieces. The pieces are being distributed to participating engravers, who have six months to complete their engraving work

on their allotted piece and return it to the IEA. Once this has been done, the IEA will recompose the entire plate and image into one whole piece.

A limited number of individual prints will then be produced, bearing the names, signatures and identifying number of each engraver. A commemorative publication will also be produced, featuring information and comments from the engravers, together with their individual intaglio prints. All proceeds raised through the sale of prints and the commemorative publication will be used to support future IEA students.

Participation is open to any intaglio engraver attending the 2nd IES.

Intaglio perception workshopA fourth initiative is the Human Perception of Intaglio Workshop, which was hosted by the IBDA in February 2015, and is dedicated to creating better understanding of how banknote users perceive intaglio. The workshop, which was led by Prof Jane Raymond, and primarily organised as part of the IEA student and teacher training programme, generated a lot of interest according to the IBDA, and was attended by several IBDA partners.

Professor Raymond is CEO of Secure Perception Research, and conducts internationally recognised research on human brain function, with specific expertise in human perception, selective attention, and emotional response. Her work on attention to advertisements on webpages won her the prestigious WPP/Google Marketing Research Award in 2010.

The workshop programme covered several key areas of perception science and how the capture and processing of information by the human brain – such as colour, geometry and touch – can affect the way currency is perceived by banknote users.

More information about the IBDA and these initiatives can be found at www.ibd-association.com

12 CURRENCY NEWS | CONFERENCES

Events10–15 MAY 2015 THE CURRENCY CONFERENCEVancouver, Canadawww.currencyconference.com

31 MAY–02 JUNE 2015 ESTA ANNUAL CONFERENCEBerlin, Germanywww.esta-cash.eu

07–13 JUNE 2015 TEMAN 2015 Jakarta, Indonesiawww.teman2015.com

22–24 JUNE 2015HIGH SECURITY PRINTING LATIN AMERICALima, Peruwww.hsp-latinamerica.com

02–03 SEPTEMBER 2015 FOLLOW THE CASH 2015 Bristol, UKwww.currencysupplychain solutions.com

08–11 SEPTEMBER 2015 THE ASIA CASH CYCLE SEMINAR (ICCOS) Kuala Lumpur, Malaysiawww.asia.iccos.com

Publisher: Currency Publications Ltd (a Reconnaissance Currency Research company) Editor: Astrid Mitchell (right)Editorial Advisors: Richard Haycock, Martyn White Contributors: David Tidmarsh, Alan Harle Advisors: Michael Boehm, Mark Crickett, Tom Ferguson, Eugenie Foster, Lahcen Hadouni, James Hussey, Brian Lang, Francis Ravez, Raul Sierra

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The 6th Asia Cash Cycle Seminar (ICCOS) Currency Research has announced details of the 6th Asia Cash Cycle Seminar (ICCOS), which will be held in Kuala Lumpur, Malaysia from 8-11 September 2015.

This seminar has grown annually, with 266 delegates from 39 countries coming together last year in Bali to share perspectives and ideas, and to discuss key issues and case studies. According to the company, a carefully crafted agenda, including two full days of plenary sessions and breakout meetings, will ensure that delegates stay on top of the latest trends and issues impacting cash circulation in the region.

The seminar will kick off with welcome remarks by the Deputy Governor of Bank Negara Malaysia. Plenary sessions will include ‘Cash Optimisation – Challenges

and Rewards’ by Maybank, ‘Making Banknotes Accessible to the Vision-Impaired Community’ by Reserve Bank of Australia, ‘Case Studies on Losses or Fraudulent Transactions’ by Brink’s, ‘Trends in the Development of Cash Markets’ by SMI, ‘Wholesale Banknotes – Dark Art or Economic Enabler’ by Travelex, and a panel discussion on optimising the cash cycle, to name a few of the highlights.

In addition to the general sessions, a number of breakout meetings will be led by the event’s sponsors, demonstrating their latest innovations and industry best practices. Meeting topics range from ‘The Benefits of Cash Recycling ATM & TCR’ by Nautilus Hyosung to ‘Securing the Cash Cycles with Integrated & Intelligent Security Solutions’ by G4S.

Meetings will also be hosted by De La Rue, Giesecke & Devrient, Glory Global Solutions, Hitachi, Fiserv, Innovia Systems, NCR, SICPA, Swisslog, Oberthur Cash Protection and Toshiba.

The pre-seminar workshop will, this year, focus on the issue of cash reconciliation. And for the first time, a closed-door pre-seminar central bank summit will take place, moderated by the host country’s Bank Negara Malaysia.

A post-seminar symposium for all delegates, with the theme ‘Banknote Production – Where the Cash Cycle Begins’ will again be offered following the event.

More information can be found at www.asia.iccos.com.