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Coverno GmbH to work on Banknote security and authentication

Monday, December 12, 2016

Press release from the issuing company

“A new look at authentication” – with that slogan the newly found coverno GmbH will start research on banknote security and authentication as of January 2017. The start-up company was founded on November 29 as a cooperation between the Institute for Industrial Information Technology (inIT) of the Ostwestfalen-Lippe (OWL) university and Koenig & Bauer AG (KBA) of Würzburg. 

Due to their reliability, anonymity and the general trust placed in them, banknotes remain the preferred and worldwide accepted means of payment.  Banknote security and authentication play an ever more important role in the cash-cycle as counterfeits are becoming more sophisticated. Against this background the researchers of the Institute for Inudustrial Information Technology (inIT) of the OWL university have worked together for the past years with KBA-NotaSys (part of the KBA Group) on the creation of intelligent banknotes which can be authenticated in completely new ways.  

As the most recent step, both partners have founded the new company coverno GmbH under the umbrella of the Centre for Industrial IT (CIIT). „coverno“ stands for Cognoscere verum novum (Latin : To discover the verity new)   

Johannes Scheade, Technical Director at KBA-NotaSys and long-term project partner explains: “For us this is a unique opportunity to work together with the researchers of one of the best institutions in Europe on the topic of banknote security in the context of Industry 4.0 and digitisation.”   

“The foundation of a common activity between companies and the university on our campus is an amazing opportunity to mix the complex work of research with the creation of a useable product and the creation of value.” Says university director Oliver Hermann.   

Professor Volker Lohweg, board member of inIT and closely involved in the creation of the new company is convinced that the close cooperation in the creation of systems for banknote security and authentication will create a tremendous value for the partners; “Now we can utilise our worldwide recognised research results and transfer this knowledge in the new company. I am very happy that we can further intensify the cooperation in CIIT. I have to mention my gratefulness to our vice-president of research and technology transfer, Professor Stefan Witte, who has worked relentlessly on the topic of creating new companies on the campus. 

 

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