New banknote projects
Introducing a new series is a significant undertaking and can take up to 5 years depending on the nature and complexity of the project. Such projects are also fraught with potential difficulties and pitfalls, whether related to the use of new features or processes or a host of other considerations.
101Consultancy offers a consultancy service spanning banknote design to banknote launch which allows central banks to continue to focus on their day-to-day objectives whilst retaining overall control of the project and having the added advantage of a technical representative working closely with chosen suppliers to ensure a smooth project pathway along which potential for unwelcome surprises have been effectively dealt with.
The new banknote project process can be strengthened by running Pre-production Design Validation Trials (PDVTs – sometimes called zero-production trials) and subsequent 6-Sigma analysis to confirm product specification and production processes are correctly aligned and will allow production of a consistent product over the long term. Such testing is very useful to confirm the ability for faithful, repeated production of highly complex designs, possibly using new features, materials, processes or production techniques. However the (ideally 2) tooling, component and banknote production and reporting cycles (including statistical process capability studies) are a significant investment in terms of time and cost and will each add approximately 6 months/cycle to the project’s 2 – 4 year timescale.
This timescale can be further extended if preceded by a live circulation trial to establish the optimum substrate to use or in the event that public perception testing is required to gauge public reaction, acceptance and preferences concerning the range of candidate banknote features.