Nautilus Hyosung becomes first Korean firm to win certification for banknote validation system
Nautilus Hyosung becomes first Korean firm to win certification for banknote validation system from European Central Bank
- Certification secured through independent in-house technology
Nautilus Hyosung has won certification for the banknote validation system for its Monimax 7600T from the European Central Bank, becoming the first Korean company to win the distinction. The ECB certification is the world’s only international recognition of banknote validation systems, and the acquisition of the certification constitutes the official approval for a banknote validation technology by not only Europe but also by the rest of the world. Moreover, only banking service terminals that pass ECB system tests and win approval can be sold to financial institutions in European Union countries.
Most banking terminal producers, including NCR and Diebold, the world’s No. 1 and 2 suppliers of ATMs, are selling ECB-certified products that are installed with parts and software provided by professional bill validation system suppliers. As such, it is especially significant that Nautilus Hyosung uses its own independent technology to develop and produce fully assembled ATM products that are armed with banknote validation and automatic cash depositing functions. Globally, only two companies, including Nautilus Hyosung, have acquired the ECB certification with products produced independently.
In order to win the ECB certification, a banknote validation system must pass a strict review process, including preliminary tests, counterfeit bill detection tests, and tracing system tests, and a string of other sophisticated procedures that entail the review of not only the capacity to differentiate types of banknotes and detect counterfeit bills, but also of records on bank accounts through which counterfeit and suspected fake bills are traded, and on banknote data. Once a banknote validation system clears the entire ECB review process, the certified system remains posted on ECB’s website for a year, and must be reviewed annually for renewal of the certification.
Nautilus Hyosung expects the ECB certification will help the company spur sales of its high-performance banking service terminals in foreign markets.
