Expertise in Cash Centre Operations
Vaultex was formed in 2007 as a joint venture between HSBC and Barclays.
We were tasked with transforming the inherited business to create a new efficient, secure and robust multi-bank cash processing operation, compliant with the Bank of England Note Circulation Scheme (NCS).
In 2020, Vaultex is the UK’s leading cash processor. We now handle 40% of the UK’s wholesale cash.
StabiliseWe introduced controls and governance to stabilise the operation; designed and built a new operating model; and invested in data and systems to support effective decision making.
OptimiseWe embedded a continuous improvement culture to drive efficiencies throughout our operation. We designed and implemented new processes, equipment and infrastructure to reduce costs whilst improving service and maintaining control.
GrowWe expanded our service offering to include: cash forecasting, provision, settlement & reconciliation; ATM maintenance; CIT management and consulting.
Reduction in operational costs: Significant reduction in operational costs and losses for our shareholder banks, with a 10% reduction in cost per note since 2007
Long-term investment in new technology: New state-of-the-art fleet of high speed note sorters increased capacity by 30%
High levels of accuracy: 99.98% service level record on 15.7m separate transactions in 2018
A motivated, customer-centric workforce: People-focused culture with an industry leading 82% engagement score
Robust compliance: Full compliance with the Bank of England’s Note Circulation Scheme
A trusted partner: Helped the Bank of England introduce polymer notes to the UK economy and worked with The Royal Mint to transition to the new £1 coin