Expertise in Cash Centre Operations

Background

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.

Approach

  • Stabilise

    We 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.
  • Optimise

    We 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.
  • Grow

    We expanded our service offering to include: cash forecasting, provision, settlement & reconciliation; ATM maintenance; CIT management and consulting.

Customer Benefits


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