The contract is to participate in a competitive development for the FRB’s next generation of high speed currency processing equipment (NextGen). Under the contract, CPS will design, develop and manufacture a high-speed currency processing system with the associated software solutions to meet the Federal Reserve’s note processing requirements. The contract has now commenced and will run through to the end of 2020.
This competitive process is expected to lead to the provision of the FRB’s NextGen requirement which will replace the current fleet of high speed cash processing machines with state of the art next generation systems.
Mark Gould, Product Director - Cash Product Office (CPO) at the FRB, noted that, “Effective cash processing equipment is critical to the mission of the Federal Reserve’s cash function, enabling us to meet demand for U.S. currency, ensure the quality and integrity of currency in circulation, and maintain cost-effective operations.”
Adam Lawrence, Chief Executive Officer at CPS, commented “The US Federal Reserve’s NextGen program is an innovative and ambitious program and we are delighted the FRB has selected CPS to work closely with them on this. The project demonstrates the focus that CPS has on innovation and is a significant investment in our future product roadmap. It will give CPS the opportunity to show its strengths as a trusted partner and provider of end to end banknote processing solutions.”
Christopher Hyman, CPS Chairman remarked “Securing this prestigious contract with one of the world’s largest central banks, the FRB, is a major step on the transformation journey that CPS started when it was acquired by Privet Capital in May 2016. CPS has made great strides forward over the last year, investing in all areas, and with this contract and the appointment of Adam to lead the business, it is well positioned for future growth. To partner with the Federal Reserve Bank during the competitive development phase of their NextGen program will be a catalyst for even further transformation.”