the Azkoyen Group, a leading Spanish technology multinational, has been included in the list which the European Central Bank (ECB) compiles to assess the efficiency of payment service provider machines, thanks to its Cashlogy POS 1500 model, the top of the range of the Cashlogy series developed by the company. The technology has passed the ECB’s latest anti-fraud tests for both coin and banknote authentication devices, which the ECB carries out to protect the euro against counterfeiting. This certification means that this is one of the safest devices in Europe.
This is a solution that automates the cash process at the point of sale, optimising its management by reducing the time it takes to open and close the till, as well as minimising losses due to cash mistakes or fraud involving counterfeit coins and banknotes.
New Pina sensor module, innovation and reliability against fraud
As a new feature, Cashlogy adds the new Pina multi-frequency sensor module, launched by the Payment Technologies division of the Azkoyen Group, a benchmark in the European payment methods sector. This includes two new patents for the coin recognition and validation process, as well as a new, much faster and more powerful micro-controller that allows for more readings and higher accuracy during coin feed. It also features a new edge sensor to analyse the most complex coins for interference or fraud.
Security is more important than ever because, according to the European Central Bank, around 460,000 counterfeit euro banknotes were withdrawn from circulation in 2020. The €20 and €50 banknotes continued to be the most counterfeited banknotes, together accounting for around two thirds of the total.
In this respect, the company is constantly working to innovate and improve its coin and banknote recognition systems in order to provide peace of mind to the various businesses with regard to fraud and cash balancing. Proof of this is that the group allocates 15% of its workforce to R&D and invests more than 10 million euros a year in innovation so as to offer the best solutions to help its customers.