Regulatory eLearning for the UK’s pioneering currency
Vaultex is one of the UK’s leading cash processers, dealing with large volumes of cash on a daily basis. Retailers and other businesses rely on Vaultex to count their cash, settle their customer accounts and to securely store their cash before releasing it back into circulation.
Back in 2016, the Bank of England implemented new measures in the production of its currency in an effort to make it more environmentally friendly and protect against counterfeits.
These changes saw two new bank notes, the £5 and £10, come into circulation. Unlike the current paper notes, these are made of polymer, a thin and flexible plastic material. Polymer banknotes are cleaner, safer and stronger than paper ones, and last longer so are more environmentally friendly.
The £5 polymer note was issued in September 2016 featuring Sir Winston Churchill and was the first new note to be issued. Following on from the successful launch of the Polymer £5 note, the new £10 note featuring Jane Austin was issued in September 2017.
2017 also saw a new 12-sided £1 coin introduced by The Royal Mint due to the current £1 coin’s vulnerabilities to sophisticated counterfeiters. This was the first time in over thirty years that the £1 coin had been replaced. The new, highly secure coin was introduced to reduce the cost of counterfeits to businesses and the taxpayer.
New currency: new learning
As part of regulatory compliance, Vaultex colleagues had to quickly become familiar with both the new £1 coin and polymer notes and their security features.
As their learning provider, Digits were challenged with rapidly developing and implementing several eLearning modules to deliver the £1 coin and polymer note learning.
The polymer notes modules needed to convey information introducing key features and benefits as well as provide the learner with an interactive familiarisation tour of the security characteristics. It also included information about Scottish notes and future polymer notes and coins, including a knowledge check.
The New Pound Coin modules content included a features and benefits video, an interactive familiarisation of the security features and a knowledge check.
The roll out of these eLearning modules was a resounding success providing Vaultex with more great digital learning to support their learning offering.
The next polymer note due to be released in the UK will be the £20 note and will feature the artist JMW Turner. This will be released into circulation in 2020.