Are you ready for the new $5 note?

As Australia’s largest independent provider of cash handling solutions, SprintQuip’s highest priority is supporting its customers and ensure a smooth transition of the new $5 to be released on September 1, 2016.

The new generation banknote (NGB) program will be printed on existing BBoP polymer substrate and will look fairly similar to current notes; however, they will present new, state-of-the-art security features, including a distinctive top-to-bottom transparent window.

For this reason, in order to process the new $5 notes – along with the current ones – accurately; most banknote processing equipment currently in the market will require some degree of upgrade, involving software and/or hardware conversion.

Equipment upgrades to ensure compatibility

Thanks to early RBA engagement and ongoing collaboration with suppliers, SprintQuip is currently deploying its internal ‘machine readiness program’.

This program involves either upgrading existing devices or replacing them with ‘NGB$5-ready’ units.

More than 1600 units of SprintQuip equipment have upgraded or scheduled for upgrade to the new $5 note, Australia-wide.

Furthermore, almost 2000 units have been replaced for units that are NGB$5-ready.

SprintQuip’s Service offering for the NBG program is an extension of its existing service delivery, offering metro customers a field labour option and regional customers the flexibility of a back to base option, either with or without a loaner device, depending on the model and condition of the machine.

The upgrades offered by SprintQuip’s Service team are certified and tested, and accommodate for all note modules including bill validators, dispensers, recyclers and acceptors, the latter of which is widely used in retail safes.

Next Generation Banknotes present challenges

Initial industry testing saw the note’s unique braille tactile and top-to-bottom clear window present cash handling challenges.

As a result, SprintQuip’s Technical team ensured all note modules were put through their paces, using rigorous in-house testing and established use cases for each model, creating a solution for this technical challenge.

SprintQuip are confident of continuing to provide a wide range of cash handling equipment regardless of challenges.

From self-service to desktop to back office, SprintQuip’s ongoing collaboration with the RBA and key equipment manufacturers ensures equipment compatability.

Recent customer engagement opportunities have proved that there are some misconceptions around the consequences of not upgrading or replacing. Waiting or delaying an upgrade or replacement will impact on a company’s overall cash operations, increasing unproductive staff time.

The reality of having to re-sort notes manually and deal with jams resulting from failed processing of the NGB $5 has created momentum for SprintQuip customers to take action and upgrade.

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