The world’s most forged banknote is getting a makeover. On the 25th November, the ECB began issuing a new 20 Euro note. The new banknote, hailed a milestone for fraud detection, will enter general circulation alongside the current note; causing a cash management nightmare for many businesses across the Eurozone.
The note, the third in the ECB’s Europa series, will follow the €10 note released last September and the €5 released in 2013. Release dates for further notes in the series are yet to be announced.
Traditionally the 20 Euro note has accounted for over half of all counterfeit bills seized in the Eurozone – a statistic that has forced the ECB to take action. To counteract this, the new note will have a range of innovative security features.
Users can determine a genuine note in a number of ways. The feel, look and tilt method of the new notes will each help a handler to identify any counterfeits. Features such as raised print, a transparent portrait window, a light responsive 20 numeral, and enhanced UV and infrared properties will all work together to ensure that counterfeits are easily spotted.
As other countries such as the UK turn to technologies such as polymer notes to enhance security, for now at least, the ECB has decided against plastic banknotes. In January 2014 the ECB said that it believed the Europa Series was able to strike the right balance between cost and security demands – though it would continue to monitor developments in polymer and similar technologies.
The new note will be pushed out through a network of issuing banks, including key institutions such as the Bundesbank of Germany and the Banque de France. From here it will make its way into general circulation quickly. The older notes will gradually be withdrawn. But, for now, there will be a cross-over period where both old and new notes will remain in general circulation.
For businesses and their cash management processes, this could cause a bit of a headache. Your cash handling process, and cash counting equipment will probably need an update to be able to process the new 20 Euro note accurately and efficiently. And, given that the 20 euro note is the most widely used denomination across Europe, failure to do so could have dramatic consequences.
Tellermate customers will be able to make a small adjustment to their cash counting machines in order to process the new note. Customers should look out for instructions and advice on this, which you will receive soon.
For the vast majority of users the only change will be to limit the number of new notes placed on the unit to 5 (when counting new notes or new mixed in with of old) for a temporary period. This very slight change in process will enable the machine to adjust to the new notes automatically, without the need to make a change to the unit itself.
If you have any questions, get in touch with our Customer Service team, who will be able to talk you through the upgrade to your Tellermate cash counters.