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Currency counting, counterfeit notes identification made easy

Harshal Dunakhe is chief operating officer of Kores India. He has earlier been with several banking technology companies, including Diebold Systems and FIS Payment Solutions and with GE Capital International Services. He speaks about the choices banks today to automate their systems and improve efficiency:

Mohan: Can you list some of the automation products that Kores India offers to the banking and financial services sector? How do these products bring in convenience for the sector?

Harshal Dunakhe: Kores has been working on the automation solutions for BFSI industry for many years. The flagship solution is the cheque truncation software and service. It has been in use for a long time by a solid BPO infrastructure having around 400 people. Apart from this, Kores also offers various innovative solutions in the currency handling space which includes automated currency processing solutions to products like the Kores Sniper. These solutions are not only capable of adding convenience to the operations of the banks but also help them in achieving considerable savings and efficiency in the processes. For example, the automated currency chest management solution saves time and money as well as adds huge value to the overall cash handling processes.

You have recently come up with Kores Sniper Bundle Note Counter and Authenticator. Can you give highlights of this device and how it can help the banks in terms of business efficiency as well as cost effectiveness?

The bundle note counting machine has been in existence in the market in the last 25 years. The speed of this machine was so high that it counted 100 notes in merely four seconds with only 33% surface of the notes visible. Due to this, authentication of notes was always an issue. In order to counter this problem, Kores with its R&D team spearheaded by CEO Goutham Chatterjee, developed Kores Sniper – a bundle note counter with 100% note authentication. With this launch, Kores aims to ease the process of counting and authentication of bundled notes across sectors including banking and retail.

The Kores Sniper Bundle Note Counter and Authenticator offers 100% verification of genuine notes, Smart Switch to turn on/off the counterfeit detection, LED and sound indicator for non-genuine notes, health status display of the counterfeit identification module, the 100 rupee silver thread note identification as per RBI norms and high speed of 4 seconds/bundle (100 notes).

What has been the response to this product?

The market has been extremely positive about this product. Thus, there is huge scope of growth for this product in the market. We have already started receiving orders from the major financial institutions and we are in process to rapidly scale up and cater to the increasing pan India demand. Since this product’s usage is not just limited to financial institutions and can cater to the customers who handle cash in bulk on daily basis, Kores India with its channel team is planning to reach such customers as well.

Can you list some of the products that you have introduced for the sector in India using technologies of some of your global partners? 

We believe in collaborating with our global partners and bringing in the latest technologies to the Indian customer. Our high-end currency sorter range of products are few such products which are developed by taking the valuable contribution of our automation partners and involving the expertise of the R&D team at Kores to cater to the needs of the Indian customers well.

What percentage of the total business does banking automation products account for? What are the company’s plans to expand the banking automation business?

Banking hardware products have been the major contributor to the business with more than 2/3rd of the revenue coming from such products for banking division. The solutions space is exciting for us in terms of what we can bring to the table with our expertise and experience of check truncation and currency handling solutions. Here it is to be noted that gradually, banks are thinking of moving to a more systematized cash handling environment and hence, we definitely see good expansion of our markets and need for more and more of our solutions over the next couple of years. It will be an exciting journey in future for sure.

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