Cash
Quote of the month
“A more efficient cards market will create incentives not to use cash as often – this is important for consumers, but particularly for banks. The potential benefit of cards replacing cash as a means of payment is considerable. For consumers, using cards instead of cash will considerably reduce transaction costs and for banks the use of cards is seen as one of the most underestimated profitability drivers.”
Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank
Overall issues
- Comparing models
This aspect involves looking at the holistic cash cycle, and comparing the benefits of different European and international supply chain models. - Optimising cash handling
The collection of cash remains the most costly element of the cash cycle – so this aspect needs to be automated. This will also involve re-engineering the processing chains and improving management information systems. - Looking at other sectors
Banks can learn valuable lessons by looking at how retailers and other large cash-using industries handle cash both at the point of sale and in the back-office.
Lessons from the most recent conference
“Cash processing – Cash in the third millennium”, Barcelona, 17-18 April 2008 (www.efma.com/cash2008)
Best speaker:
Achim Boers, Director Cash Automation, Prosegur, Spain
Best presentations:
- “Payment myths, mantras and other taboos revisited”
Francis Ravez, Secretary General, European Security Transport Association, Belgium
- “Improving the efficiency of the cash cycle on the way to the second euro banknote series”
Antti Heinonen, Director Banknotes, European Central Bank
- “Cost of collection survey”
Alisdair Gray, Director, British Retail Consortium, United Kingdom
Upcoming event
Efma Conference on "Cash processing" in Paris on Thursday 14 to Friday 15 October 2010 (www.efma.com/cash)
