Vaultex Ltd, the largest cash management company in the UK, claim that the peace of mind of having KernPack’s service contract is invaluable – keeping its banding machines running 24/7. “Like any production line, down-time is lost time and ultimately lost money,” said Iain Palfreman, Head of Procurement at Vaultex.
“It is vital that we can rely on our suppliers to maintain our machines to the highest standards, to ensure they are running around the clock”. “One of the things that is most important to us is the responsiveness of our suppliers – for them to get to us quickly if needed in order to keep production going.”
“The complexity of our business often presents our suppliers with a challenge but KernPack had a very professional approach; their consultants took time to understand our requirements and develop a bespoke solution for us which is backed with a superb service level agreement.”
A joint venture between HSBC and Barclays, Vaultex employs more than 2,000 people across 16 sites around the country. It manages the cash that the two banks take over the counter and in deposits, sorting it into the correct denominations and getting it back out into circulation quickly. The company accounts for 40% of the cash processing market in the UK.
As notes are sorted, any old or worn ones that are no longer fit for purpose are removed from the system and returned to the Bank of England for secure disposal. Vaultex also identifies any suspected forgeries and sends them to the Bank of England for verification. This is done using a combination of sophisticated sorting technology that detects discrepancies in watermarks, silver strips and other unique characteristics as well as the skill of experienced cashiers who can spot forgeries from the look and feel of notes. This ensures all of the cash in circulation is regularly monitored for quality.
“Once the notes are sorted and checked, they are banded neatly to be sent back to HSBC and Barclays branches, or are used to restock ATM cash dispensers. It is important that we can do this quickly and efficiently, which is why we operate almost constantly – and why we need to be sure that our machines won’t let us down,” says Iain.
With that reliability in mind, Vaultex chose KernPack to replace its existing banding machines, which were due to be replaced. “The main reason we chose KernPack over its competitors was the quality of the service offering and the national network of engineers. We have a national footprint and we needed a supplier to match this. We felt that the overall package that KernPack offered was easily the best.”
A total of 17 ATS banders have been installed around the country, at locations ranging from Glasgow to Winchester. Each one was installed in less than a day, minimising any disruption to production.
All of the banders are regularly maintained and serviced by KernPack’s network of field engineers, who are spread around the UK and provide 24 hour support. “We did consider keeping a few of the old banders as contingency machines, to use in an emergency. However, we were surprised to find that it proved to be just as cost-effective to get new ones, which can be kept on standby and used whilst others are being serviced,” concludes Iain.
“The service contract from KernPack will give us much greater peace of mind. With regular maintenance, the banders are less likely to break – but if they do, we know an engineer will get us back on line with minimal fuss and no impact to our production process. It’s an important step forward for us and we’re looking forward to building a long-term partnership with KernPack.”
Tony Bradley, National Sales Manager at KernPack, said: “Vaultex’s key requirements were simple – they needed a quality product, superb service support and excellent pricing.”
“At KernPack our standard offering encompasses high level service agreements and quality products – we work with a wide range of suppliers to provide the best solution for each customer. We were determined to work with Vaultex and were able to offer them a competitive deal which they were delighted with.”
“The main reason we chose KernPack over its competitors was the quality of the service offering and the national network of engineers. We have a national footprint and we needed a supplier to match this. We felt that the overall package that KernPack offered was easily the best.”
Head of Procurement