12th Jun 2014 07:29
LONDON (Alliance News) - Banknote and product authentication technology company Spectra Systems Corp Thursday said that Banco de Mexico has become the third central bank to start testing its soiled banknote cleaning technology.
"This testing program will be invaluable to the company for determining the potential of this technology for adoption by major central banks. Spectra Systems is in the process of arranging similar tests with other major central banks in addition to the ongoing programs with the Banco de Mexico and two G8 central banks," it said in a statement.
Mexico is one of the countries which has adopted polymer notes for its lower denominations, according to Spectra.
The company had said back in November that it had signed a deal with an unnamed G8 central bank for the testing of the company's soiled banknote technology. It won another testing deal with a second G8 central bank in January.
Spectra is hoping that banknote cleaning can become a new revenue stream for the company. It said banks around the world spend about USD10 billion a year on replacing soiled banknotes in circulation.
Its technology uses so-called supercritical fluids to clean heavily soiled banknotes. A critical point represents the highest temperature and pressure at which the substance can exist as a vapour and liquid in equilibrium. Supercritical substances have been pushed to temperatures and pressures beyond those of its critical point, and have the low viscosity of a gas and the high density of a liquid.
Spectra shares last traded at 26 pence in London.
By Steve McGrath; [email protected]; @SteveMcGrath1
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