29th March 2021
Crane Currency Wins Central Banking’s Currency Services Provider Award
Crane Currency has been awarded this year’s Currency Services Provider award from Central Banking for its work in handling changing banknote demand patterns in the wake of Covid-19. According to the judges, Crane Currency has supported the needs of clients throughout the pandemic, while continuing to innovate with the launch of new micro-optic security features.
The annual Central Banking Awards are targeting the global community of central bankers and the ecosystem of specialized suppliers. The 2021 awards recognize excellence in a community that faced extreme policy and operational challenges brought about by the Covid-19 pandemic.
“The past year has affected central banks and the whole currency industry, and we are very happy to receive this award. Our aim has been to meet not only existing commitments but also to respond to new orders from central banks needing new stocks of cash,” says Sam Keayes, president of Crane Currency.
The awards were judged by members of the Central Banking editorial team and editorial advisory board, after an extensive process of interviews, research and client reference checks.
According to the judges, Crane Currency has provided clear communication as well as support to countries where cash demand increased significantly over the past year.
Reports that banknotes could increase the spread of Covid-19 resulted in widespread concern in many countries last year. Central banks therefore sought assistance from their banknote service providers on how best to approach this communication challenge. Crane Currency was one of those firms.
“The fear of transmitting Covid-19 via banknotes began to grow, and caused many questions in the international media,” says Ravjin Sarantsetseg, director-general of the currency department at the Central Bank of Mongolia.
“Crane kept in touch with us, informed about the contingency plans and provided information on how the virus survives on banknotes. They also asked us whether we had any Covid or cash related issues, and said they would be ready to help if asked.”
In the Bahamas, Crane Currency also provided information regarding its health and safety strategy. Derek Rolle, deputy governor at the Central Bank of the Bahamas says this information supported “downstream business continuity efforts”.
Not a Single Day Lost in Production
Changes were also made within Crane Currency’s own business operations to reduce the chance of the virus being spread within the workplace. This included remote working for non-production staff, separation of shifts and isolation of key processes, as well as additional cross-training of skills to improve resilience and intensive cleaning regimes.
To date, Crane Currency has not lost a single day of production at any of its sites because of Covid-19.