Exhibitor Spotlight - Jan-Dirk Enschedé, Managing Director of PNO Global

In this exclusive interview, we caught up with Jan-Dirk Enschedé, Managing Director of PNO Global as he provides his insights into key challenges, opportunities, and innovations within PNO Global and the banknote industry.

  1. Please tell us about your current role. What are your key focus areas and responsibilities?

    Together with my business partner and PNO Global co-founder Bart Goeman Borgesius, we add value to the Central Banks and Currency Industry by developing and introducing new innovative products and services. Tom Buitelaar, former Dutch National Bank (DNB) and ECB employee, is the PNO Global Manager Innovations. He is the inventor of the Snowfish® range. All products and services are state-of-the-art. Our partners in manufacturing, services, and development are IGT Testing Systems and PPG Industrial Coatings, both well-known and sophisticated companies.

    Tom Buitelaar, Innovations Manager (left), Jan-Dirk Enschedé, Board member, founding partner (middle), Bart Goeman Borgesius, Chairman, founding partner (right)

  2. What inspired you to join/start this company?

    Cash production, cash management and cash-related processes need constant attention and innovation. With PNO Global we focus on products and services that improve cash durability (like varnish) and efficiencies (like Snowfish®). Based on our currency industry business analysis, we concluded that more competition would be beneficial for the entire market chain. Just a few companies that have almost monopoly positions dominate the Currency Industry. In general, it is known that monopoly positions hold back competition from start-ups and small businesses. A world market that is dominated by just a few companies will become inefficient, will charge customers (Central Banks) more than it would in perfect competition and won’t be optimally innovative.

    Varnish for banknotes is one of those products that need more competition. Our start has been the creation of the ‘Eco Protect Varnish’ product range in close cooperation with PPG. Improvement of the banknote sorting process and banknote analyses are yet other areas that are open to innovative technology.

  3. What do you think sets your company apart from your competitors?

    The Snowfish® is unique and no other company can offer what we offer to Central Banks. We are experienced, we act fast, have short decision lines and low overheads, which are all general advantages of small sized offices. These we enforce with the experiences and services offered by leading industry companies. IGT Testing Systems is a leading company in graphical testing equipment and services. PPG is the largest UV-coatings manufacturer worldwide as well as the eldest banknote varnish manufacturer. This makes us quite a unique player that provides unique product offers at quality, service and price.

  4. What are the key opportunities and challenges your company faces at present?

    Improvement of the sorting process is a key-opportunity for the banknote-value-chain since the existence of the Snowfish® technology. The Snowfish® SP (Sorter Process) gives answers and solutions to the next questions:

    - Is the sorting of banknotes done in accordance with the standard fitness levels?
    - How to translate the fitness levels defined by human perception into objective data?
    - How to implement full control by Central Banks in their sorting process?
    - How to decrease the dependency of suppliers?
    - How to control and to monitor the sorting done by third parties in an objective way?
    - How to decrease the number of fit banknotes destroyed by sorter machines?
    - How to decrease the number of unfit banknotes sent back into circulation by sorter machines?
    - How to realize huge savings by a more efficient sorter process?

    The Snowfish® QC (Quality Control) will be launched at the High-Security Print (HSP) conference Latin America in June this year. The Snowfish® QC is developed to give answers to and solutions for the next questions:
    - How to check in an objective way if new banknotes produced to meet the technical specifications?
    - How to avoid disputes with printers about the quality of new banknotes produced?
    - How to increase the efficiency of the quality control process?

    A more efficient Quality Control process of new banknotes produced will empower the role of Central Banks.

    We shall launch the Snowfish® CA (Counterfeit Analysis) at the Anti Counterfeit & Currency Exhibition in November in Las Vegas. For an efficient fight against counterfeiters, it is needed to act fast, to analyze the counterfeit note in detail and to get a profile of the counterfeiter.

    The Snowfish® CA is developed to give answers to and solutions for the next questions:

    - How to analyze a counterfeit note shortly after a counterfeit note is detected?
    - How to collect all specific data of a counterfeit note?
    - How to compare counterfeit notes to get a profile of the counterfeiters?
    - How to improve the tracing of counterfeiters?

    A challenge is to convince Central Banks that the Snowfish® does not only save money but that the Banks can manage their sorting processes in a more efficient way. This is easy to prove by demonstrations on location PNO Global offers to Central Banks.

    For “Raycron Eco Protect Varnish®” (EPV) for banknotes we expect the euro accreditation shortly. EPV-varnish passed all ECB tests and we are waiting for the results of the circulation trial.

    The challenge for the varnish is to convince the Central Banks and banknote printers that EPV varnish is at least equal to the varnish of the current dominate supplier and much cheaper!

  5. Are there any new technology developments that you are currently working on? Can you tell us about them?

    For banknote varnish, we offer the option of adding a Level 3 proven (secret) security feature to the varnish: ‘Eco Secure Varnish®’ (ESV). Advantages of ESV are: application in the last stage of production so very little waste and signal presence all-over the banknote on each side. By using ESV, Central Banks can save money by not buying separate Level 3.

    As already mentioned we are developing the Snowfish® CA (Counterfeit Analysis). At the Conference in November in Las Vegas, we will launch this Snowfish® CA.

    The Snowfish® QC (Quality Control) will be launched at the High-Security Print (HSP) conference Latin America in June this year.

  6. What would you say most excites you about your role?

    Many people under-estimate the public importance of banknotes (and coins). What other brand name can you mention, that each person in an entire country uses daily? Water? Tap-water could be one for many countries, not for all countries. As such the Director Currency of a central bank has a responsibility that is more important and has more (public) responsibility than the national commercial directors of brands such as Coca-Cola or
    McDonald’s! What excites me is that I have specific knowledge of, keep learning from, and may contribute to this very important market/industry. Working with central banks and with the currency industry suppliers, I consider as a very high privilege!

  7. How do you think the industry will develop within the next five years? Can you tell us about the key trends emerging?

    One challenge to the cash-payment system that I am specifically concerned about, is that of the over-organized ‘tender procurement’. Tender procurement sounds so nice and seems to be so fair, but the consequences are ever-lower prices, not always higher efficiencies but lower margins that lead to cease of businesses, consolidation of suppliers, therefore less competition, more conflicts as there is less room for negotiable problem solving, procurement contracts are managed by lawyers instead of the end-users, etcetera. These procurement concerns are applicable to other (government) businesses as well. Today’s tender procurement I consider to be a threat to the industry that is as important as that of the non-cash payment trend.

    The other potential trend of concern relates to business ethics. Apparently, it has let to the initiation of a Banknote Ethics Initiative (BnEI). We support any such initiative, of course. However, it starts raising a concern when considering that potentially future tenders might require such an (accreditation) membership. Not that PNO Global or other suppliers would not comply. Let’s be very clear about the fact that PNO Global and its partners have a zero tolerance for unethical business activities. What we wonder is, if all current and future members can be proud of what they did in the past. As far as we know ‘history’ is not verified to become a member. Fight against un-ethical business behavior is the responsibility of law enforcement, which is today’s case, as proven by several publications that relate to our industry (unfortunately). Any institution that helps companies in their business practices is fine, but such institutions should not become another barrier that protects a market from more competition.

    I think that issuing and managing the circulation of banknotes and coins is not an activity that changes overnight. I foresee a continued increase in world income, reduction of poverty, and consequently an increase in both cash and non-cash payments.

  8. What do you hope to achieve at the show in November 2018, and what connections do you hope to make?

    The initiative of the show in November we welcome highly. Every anti-counterfeit or currency issuer, supplier or expert is welcomed. Some other conferences ask for excessive fees for participants that compete with the main sponsors of those conferences. Here this is not that case; this exhibition provides a platform that addresses the necessities, trends, and desires that the current anti-counterfeit and currency industry require. We will launch the Snowfish® CA (Counterfeit Analysis) and we look forward to many discussions addressing the concerns and requirements of those people and institutions that carry anti-counterfeit responsibilities.

  9. In one sentence, what has been your greatest achievement to date?

    That PNO Global is a company as it is now, well established in the currency industry, offering excellent products and services, having business building contacts with key market players, offering joyful creative energy within our PNO Global team, is my greatest achievement to date!

PNO Global will be exhibiting at the Anti-Counterfeit & Currency Expo (ACCE), taking place November 6-8, 2018 in Las Vegas. If you want to hear more about their banknote varnishes, coins and innovative solutions - add ACCE to your diary and visit them at booth 516.