Federal Reserve announces vendor award for the next generation of currency processing equipment
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.
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation’s central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffed.