Following the announcement from the Bank of England earlier this year, that the new UK banknotes featuring King Charles III would be entering circulation early this summer, cash handling experts Volumatic are reminding all businesses handling cash, of the steps they need to take in the coming weeks to accept the new notes and avoid any potential problems.
The new notes enter circulation on June 5 this year, meaning that updates may be required for those businesses that operate money counting machines, forgery detectors, self-service checkout machines, money sorters and any other cash handling devices. With just weeks to go until the new notes arrive, Volumatic is keen to remind businesses that action is required and help is available.
In early February, Volumatic hosted a webinar which featured a guest speaker from the Bank of England, to inform and educate businesses on the introduction of the new King Charles III notes.
Attended by representatives from many leading UK businesses across a multitude of industries, including some of Volumatic’s biggest customers and partners, including Tesco, Dobbies, JCM Global, The Kay Group, and Genting Casino, the webinar shared the following key points:
- All denominations of the new notes (£5, £10, £20 and £50) will enter circulation on the same day – now confirmed as 5th June 2024
- Volumes of the new notes will be issued gradually from this date – unlike the recent polymer notes launches
- Current banknotes featuring Her Late Majesty Queen Elizabeth II will continue to be legal tender
- Any cash handling machines (money counters, money sorters, ATMs, self-service checkouts, cash recyclers, bill validators etc.) that UK businesses currently use must be updated by the issuance date of the new notes to ensure they recognise and can authenticate the new notes
Volumatic’s Managing Director, James Harris, is keen to support customers and businesses generally in being prepared for the new banknotes, stating: “As leaders in the world of cash handling we knew lots of questions were being asked about the new King Charles banknotes and how important it was to address any questions or concerns regarding this with businesses across the UK prior to the notes entering circulation.
“We were delighted that the Bank of England agreed to join us for our webinar, and we know from the feedback we have received in the months since that this webinar acted as a timely factual information platform for all businesses regarding the new notes.”
He added: “We are sharing our webinar video again to serve as a reminder to any business that hasn’t yet taken the necessary steps, that they need to take action as soon as possible to stay up-to-date and ensure the new notes don’t cause them any headaches.”
Volumatic and G4S Cash Solutions (UK) recently announced how they have joined forces to offer a cash solution, designed to meet the evolving needs of retail businesses across the UK. With more and more banks closing in city centres, towns and rural areas, the need for alternative cash solutions to enable efficient cash acceptance and management is growing.
The new deal means Volumatic’s CounterCache intelligent (CCi) system and the security services of G4S Cash Solutions will provide multiple customer benefits. Note validation, security and reporting remove the need for counting and reconciliation tasks, while indemnification and intelligent scheduling optimises cash collections. G4S can facilitate credit ahead of physical cash processing where a partner bank agrees to this. This one touch solution eliminates risks, including forgeries, miscounts, shrinkage, and theft.
