ONE of the leading firms in providing world-class cash processing hardware has secured a contract to deliver high-speed currency processing.

Cash Processing Solutions Ltd (CPS), based in Basing View, has announced as a result of a two-year tender process, it has secured a contract with the US Federal Reserve Bank (FRB).

Under the contract, CPS will design, develop and manufacture a high-speed currency processing system with the associated software solutions to meet the Federal Reserve’s note processing requirements.

This competitive process is expected to lead to the provision of the FRB’s NextGen requirement which will replace the current fleet of high speed cash processing machines with state of the art next generation systems.

Christopher Hyman, CPS chairman said: “Securing this prestigious contract with one of the world’s largest central banks, the FRB, is a major step on the transformation journey that CPS started when it was acquired by Privet Capital in May 2016.

“CPS has made great strides forward over the last year, investing in all areas, and with this contract and the appointment of Adam Lawrence to lead the business, it is well positioned for future growth.

“To partner with the Federal Reserve Bank during the competitive development phase of their NextGen program will be a catalyst for even further transformation.”

Based in Basingstoke, CPS is one of the market leaders providing world-class cash processing hardware, software and related services to central banks, commercial banks, state printworks and commercial cash processing companies.

Its solutions play a role in managing cash through its lifecycle from manufacture to issuance, circulation, processing and destruction.

These sorting solutions process over 100 billion banknotes per annum from operations in 106 countries, supported by a team of over 500 people.

To find out more about what CPS does, go to cashprocessingsolutions.com.