Cash Handling Firm Volumatic wins Queen’s Award for Innovation
Specialist manufacturer of cash handling equipment Volumatic has been honoured in this year’s Queen’s Awards for Enterprise. Volumatic won the Innovation Award for its revolutionary product, CounterCache intelligent (CCi).
The CCi is used at the till point in retail and other outlets to authenticate, count and store banknotes. It improves the security of till transactions, eliminates errors and can cut cash handling by 75 per cent by combining several steps into one and moving everything to the front line (the till).
Managing Director Colin Amos said, “We are extremely proud to have been honoured with this prestigious award which is testament to the hard work and dedication of everyone in the Volumatic team.”
The Volumatic team at their office in Coventry, UK
Volumatic has spent over 30 years supplying cash handling products to many household names on the high street. Prior to the CCi, the company’s core products focused primarily on two areas: equipment for the secure storage of cash at the point-of-sale, and cash counting devices which are used predominantly in the back office. Volumatic’s innovative idea was to transform the way cash is processed by integrating these two business processes into one.
Colin said, “The CCi was a 2-3 year development project, during which time we worked closely with the retail community and our development partners, JCM. We saw an opportunity to combine a number of processes and to deliver real savings for the retailer at the front line of cash transactions. The CCi checks banknotes for forgeries, counts and stores cash at the till point, and then transfers the notes into a tamper evident, sealed pouch (TruPouch) which streamlines the entire cash handling process right through to the bank.”
Traditionally, once a banknote has been handed over during a transaction it can be touched and counted several times before reaching its final destination. With the CCi, once a banknote has been deposited at the point of sale, it need not be touched again until it reaches the cash centre or bank. With this innovation, retailers are now able to make huge time savings which would otherwise be spent manually handling and counting cash. Banknotes are processed automatically and the security of the CCi helps limit cash exposure thereby reducing shrink. Notes are stored in the CCi, in a tamper-proof TruPouch, also acknowledged in the Queen’s Award.
Volumatic’s Directors from Left to Right: Finance Director Juliette Summerfield, Colin Amos Managing Director and Commercial Director James Harris
Commercial Director James Harris commented, “Innovation is at the core of everything we do at Volumatic – we recognise that innovative products, people and processes are what drive our business forward and create our competitive advantage. We work really hard to continually understand the needs of our customers better, so that we can develop products which will be relevant both today and in the future. To be recognised for this with the Queen’s Award for Innovation is a fantastic achievement for our business.”