BY 2022 72% OF GS1 BANK OF ITALY DIGITAL ORDERS WILL BE PERFORMED BY KNOX PLATFORM

The “National Central Bank GS1 orders” module allows banks to digitally request cash to the Bank of Italy. The standard was studied starting from 2011 in a working group including the Bank of Italy, the banks involved into the pilot project (the largest ones), the main value transport networks and ADAM, already a reference for the market.

Between 2016 and 2017, Knox’s “NCT GS1 orders” module started managing the transactions for the majority of the banks that joined the project: Intesa San Paolo, Banco BPM, Monte dei Paschi di Siena and Banca Nazionale del Lavoro.

In 2018 Knox also began to manage the new boxes for the Bank of Italy offices that adhere to the TraCo tracking system.

The activation of new banks continued steadily until, in May 2020, the Bank of Italy made the GS1 requests mandatory for all the remaining banks by 2022, causing a massive activation of the module that took up the entire year 2021 and will continue throughout 2022.

On the basis of the agreements in place and those being defined, the Knox Platform will generate, by 2022, GS1 messages for 72% of the cash of Italian banks.

The module has been perfectly integrated and ready to use for years, and the users do not have to worry about constant regulatory changes, such as the aforementioned TraCo box system, because ADAM periodically releases updates for the benefit of all customers.