18 October 2017
visit www.response.ncr.com

RBS to issue polymer bank notes

07 September 2015  |  6385 views  |  1 RBS Bank branch sign

Royal Bank of Scotland is the latest cash issuing bank to commit to the use of polymer bank notes rather than old school cotton paper.

A plastic £5 note is expected to be issued north of the border by the Scottish bank in the second half of 2016 and the £10 in 2017. This follows the time scale outlined by Bank of England, Clydesdale Bank, and Bank of Scotland, who have all confirmed plans to move to the more durable notes over the next two years.

RBS has been issuing banknotes since 1727 and has an average of £1.5bn worth of notes in circulation on a single day.

The plastic cash, which is smaller than existing paper notes, has been designed by De La Rue using its Safeguard polymer substrate and incorporates new security features, such as colour changing inks.

David Wheldon, chief marketing officer at the Royal Bank of Scotland, says:

“It is very important that people have confidence in our banknotes. The move to polymer notes will bring significant benefits to all those who use them. They will be smaller, cleaner and more secure."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 08 September, 2015, 10:34

Plastic Notes is good option to keep notes in circulation apart from changing ink technology increasing security envelope but, how can it reduce risks such as counterfeits becuase frudesters always comes with technology to incorporate features meants for security.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK's £20 banknote to go plastic

UK's £20 banknote to go plastic

02 September 2015  |  6622 views  |  0 comments | 21 tweets | 10 linkedin
Clydesdale Bank issues Britain's first plastic banknotes

Clydesdale Bank issues Britain's first plastic banknotes

23 March 2015  |  6379 views  |  3 comments | 12 tweets | 7 linkedin
De La Rue named preferred bidder for BofE plastic banknote contract

De La Rue named preferred bidder for BofE plastic banknote contract

08 September 2014  |  5381 views  |  0 comments | 7 tweets | 2 linkedin
Clydesdale Bank beats BofE to first plastic fiver

Clydesdale Bank beats BofE to first plastic fiver

22 May 2014  |  5274 views  |  1 comments | 3 tweets | 4 linkedin
UK banknotes to go plastic in 2016

UK banknotes to go plastic in 2016

18 December 2013  |  6773 views  |  1 comments | 17 tweets | 11 linkedin
Canada dumps paper cash for plastic

Canada dumps paper cash for plastic

08 March 2010  |  12109 views  |  0 comments | 1 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.innotribe.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15477 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8671 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8275 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7738 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6945 views comments | 9 tweets | 17 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job