SERIAL NUMBER MANAGEMENT REGULATIONS IN CHINA PRESENT COMMERCIAL BANKS WITH A SIGNIFICANT AND UNIQUE CHALLENGE.
The People’s Bank of China (the Central Bank of China) regulates all cash management process within the country, including the requirement to record and trace serial numbers of every banknote in circulation.
In order to prevent the redistribution of counterfeit banknotes, the Central Bank introduced new regulations which would require serial numbers on Chinese banknotes to be recorded. Banknotes dispensed from any ATM in the country were subject to the regulations; the objective being to enable the Central Bank to identify where the counterfeits originated from. This new requirement was a significant challenge to cash handling organisations in China and also unprecedented anywhere in the world.
The technology to read serial numbers (up to ten characters) within a high-speed processing device (12 banknotes per a second) whilst simultaneously identifying banknote denomination, authentication and determining the fitness of each individual banknote, was not yet available.
Glory undertook the challenge to provide a solution to Commercial Banks in China and successfully developed an advanced software solution,KIBANGOTM, which has the ability to store and manage serial number data of every banknote that is processed on a connected device.
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