The Federal Reserve System’s Cash Product Office announced today that Giesecke+Devrient Currency Technology America, Inc. (G+D) was awarded a new contract to build the central bank’s next generation of high-speed currency processing equipment (NextGen).
“This NextGen machine will be the foundation for our currency processing operations well into the future,” said Mark Gould, CPO Product Director. “Effective cash processing equipment is critical to our public mission in meeting global demand for U.S. currency, ensuring the quality and integrity of currency in circulation, and maintaining cost-effective operations.”
The Federal Reserve System’s Cash Product Office provides strategic leadership by formulating and implementing service level policies, operational guidance, and technology strategies for U.S. currency and coin services provided by Federal Reserve Banks nationally and internationally.
Giesecke+Devrient (G+D) is an international group providing security technology and, headquartered in Munich, Germany, it is one of the market and technology leaders in payments, connectivity, identities, and digital infrastructures.
The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.