Vaultex was formed in 2007 as 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).
As the UK’s leading cash processor, we handle 40% of the UK’s wholesale cash.
Vaultex implemented a three-phase strategy to transform the existing cash operation:
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.