LONDON (Alliance News) - Spectra Systems Monday said it has signed an agreement to test its soiled banknote cleaning technology with a G8 Central Bank.
It didn't name the bank, but said it's also in talks with other major global central banks to arrange similar tests.
The company claims its technology cleans heavily soiled banknotes, allowing them to be returned to circulation.
"With global banknote replacement costs approaching $10 billion annually, and most banknotes being replaced due to soiling, data from this testing program will be invaluable to the Company in determining the potential of this technology to create a sizable revenue steam if adopted by major central banks," the company said in a statement.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Spectra (unres) (SPSY)