Innovative Technology Ltd. (ITL) are pleased to announce that they have successfully passed the Bank of England rigorous testing for a number of their cash handling devices. The NV200 Spectral achieved the highest Gold Standard; the only validator in its class to do so. The Bank of England framework enables manufacturers to test their machines with circulation and artificial counterfeit banknotes to ensure they only accept genuine banknotes.

James Beswick, Customer Support Manager for ITL commented on the results, “Following our recent visit to the Bank of England for our yearly testing, I am proud to report that all the validators we tested have passed. NV200 Spectral has been awarded Gold Standard, while NV9 Spectral, NV200, NV9 and NV10 were all awarded Silver Standard on the Bank of England approval list.”

Continuing James said, “We are particularly pleased with the Gold Standard for the NV200 Spectral which is the highest level awarded, making it the only validator in its class to achieve gold standard.   These results independently acknowledge the reliability and security of all our banknote validators and their ability to identify genuine banknotes and reject counterfeit notes. The 2024 machine testing framework has been expanded this year with the addition of the new King Charles notes, so this achievement reflects our capability to provide validators with only the highest level of fraud protection.”

“Across our whole product range, we are constantly developing our global currency dataset files to ensure we maintain our leading acceptance rates. Customers can always download the latest files from our website free of charge.”

The BoE publish the test results to help business make informed choices about the counterfeit detection equipment most suitable for their needs. The full listing of the test results and devices can be found on the Bank of England website here.  

Last week proved to be a busy week for Innovative Technology (ITL), the leading provider of cash validation, age and identity verification solutions. Their global sales teams exhibited at Identity Week in Amsterdam, NRF Asia Pacific in Singapore and the Peru Gaming Show in Lima.

Commenting on the Identity Week exhibition, Christian Czeskleba, Senior Business Development Manager for ITL said, “We were a first time exhibitor at this show in a relatively new market for us. We were pleased to see so much interest in our age and identity verification solutions in particular our demo showing automated ID checks with 1:1 facial comparison using photo ID verification. We look forward to following up with new customers and partners on mutual opportunities in this exciting industry.”

ITL also exhibited at a brand new show NRF Asia Pacific, where they showcased their cash handling equipment for the retail market. Yap F. Lim, Business Development Manager for ITL in Southeast Asia said, “It was fantastic to bring our China and Asia teams together for our NRF Asia Pacific debut. The booth was busy with visitors keen to learn more about our advanced NV4000 Spectral mixed denomination bill recycler.  Retailers need to provide seamless and quick customer transactions, so the NV4000 with its large dispensing capacity meaning fewer refills makes it ideal for this application. Using this unit along with our SMART Coin System recycler we can now provide a complete payment solution for both notes and coins for the retail sector.”

To conclude the week, ITL partner, Reptech, demoed Innovative’s various cash handling devices at the Peru gaming Show in Lima.  Ricardo Ávila,ITL’s Customer Support Engineer for the region who joined our partners on the booth said, “Reptech highlighted our NV200 Spectral, casino bill validator which is now in demand across the region for new casino installations, and also as a replacement for older obsolete units. Following the show, I conducted technical training for the NV200S to local technicians from casinos in Lima which was a great success.”