Supporting the Bank of England’s Note Circulation Scheme

Background

Vaultex is the largest member of the Bank of England’s Note Circulation Scheme (NCS). We support the Bank of England’s objective to provide a robust and cost-effective supply of cash throughout England & Wales; ensuring notes are available to meet public demand.

Approach

  • NCS responsibilities

    As part of our NCS membership, we sort and store banknotes on behalf of the Bank of England while complying with reporting, security and accounting regulations.
  • Currency transformation

    We have supported the development of the NCS framework, as well as taking a proactive role in transitioning to new currencies, including polymer notes and a new one pound coin – billed as the word’s most secure coin.

Customer Benefits


Supporting Currency Change: Vaultex Operations Director, Richard Maddison, chairs the Industry Working Group responsible for delivering a smooth transition to polymer banknotes.

Olympic Preparations: Vaultex chaired the cash industry’s preparations for the London 2012 Olympic and Paralympic Games.
“As an NCS member, Vaultex helps the Bank deliver our objectives of ensuring a robust and cost-effective supply of cash throughout England & Wales, whilst maintaining public confidence in cash. As part of this Vaultex is subject to the Bank’s security standards, validated by independent, annual audit and separate site visits by Bank of England personnel.”

Victoria Cleland | Former Director for Banknotes and Chief Cashier of the Bank of England