Saltaire (Bradford) based research and development company ADI (Advanced Digital Institute) has proven itself to be on the money quite literally by assisting with the development of new, anti-fraud technology.
VerusT H is a small, USB stick-sized, hand-held device designed for use within retail and general commerce as a sure fire way of detecting suspect and counterfeit currency. It will go into use from 2016 when the UK begins a conversion to more durable polymer notes, similar to those used in Australia and 23 other nations.
ADI have worked closely with Cumbria-based Innovia Systems, a division of the Innovia Group. The Group are world leaders in the supply of polymer for bank notes. They have been awarded the contract to supply GuardianR polymer substrate to produce the new look and feel notes at the Bank of England's printers.
Francisco Lopez, MD of Innovia Systems, explained: "We approached ADI to develop the product from the basic design stage through to production and we are delighted with the outcome.
"VerusT H is being marketed globally to all nations that use polymer notes, however it will be available in the UK from the end of the year. It will ensure that retailers don't suffer from loss of revenue by identifying suspect notes immediately at the point of sale," he added.
George Bystryakov, ADI's Director of Engineering, commented: "Not since the conversion to decimal currency in 1971 has there been such a major change to the monetary system in the UK. Here at ADI we are proud to have played an important role in such an historical event.
"We got involved in the project around two years ago and it has evolved into ongoing research and development liaison with Innovia.
"The end result is a device that will act as a reliable deterrent against fraud. We are all about creating ingenious solutions which is exactly what we have done here," added George.