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.



  • Significant reduction in operational costs and losses, with a 10% reduction in cost per note since 2007
  • New state-of-the-art fleet of high speed note sorters increased capacity by 30%
  • 99.98% service level record on 15.7m separate transactions in 17/18
  • People-focused culture with an industry leading 80% engagement score
  • Full compliance with the Bank of England’s Note Circulation Scheme
  • 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