New cash center opens in Bahrain
International technology group Giesecke & Devrient (G&D) recently started up operations at its new cash center in Bahrain. Now the facility has been officially dedicated against the backdrop of the Middle East Financial Technology Exhibition & Conference (MEFTEC). With the new cash center in Bahrain and the one already operating in Dubai, G&D as global leader in currency processing is further expanding its services activities, especially in the Middle East.
Under the patronage of the Bahrain Monetary Agency, Khalid Al Bassam, the Deputy Governor has officially opened the newly established subsidiary, G&D Bahrain s.p.c. Tuesday in Muharraq.
The new subsidiary, will run the cash center in Bahrain under contract to the regionally dominant cash-in-transit company Secure Services Limited, headquartered in the Airport Bonded Area. Initially, 20 G&D employees will count, sort, and prepare for transportation over 450,000 multiple-currency banknotes a day on state-of-the-art automatic processing systems. Over the coming year, the capacity is set to expand in stages until up to one million banknotes a day are being handled. Currently, there are three compact BPS 216 currency processing machines and three Numerons installed in a facility covering 180 square meters.
These systems are used to process the Bahraini Dinar and other regional banknotes like the Saudi Riyal besides international currencies such as the US Dollar and the Euro. “By processing national as well as international currencies, the cash center can help improve and expand services offered by commercial banks. It also supports the central bank on site with adherence to banknote fitness sorting standards.” explained Hans Wolfgang Kunz, Member of the Board and Group Executive at Giesecke & Devrient.
Since parts of the banknote processing in Bahrain were still manual, Secure Services Limited is expecting significant cost savings and increased interest income as a result of faster banknote processing and crediting of amounts. With the implementation of new hardware and software solutions from G&D, banknotes can now be processed more quickly and securely. The customer receives the processing data from G&D directly online. (menareport.com)