Chatting with Jan Thyen: The Cash Game Never Stops at Giesecke + Devrient
By Joachim Herr, Munich
"Banknotes will persist in circulation"
Jan Thyen, the CFO of security tech powerhouse Giesecke + Devrient, sheds light on the ongoing demand for currency - a war against counterfeiters and digital wizards.
For over a century and a half, Giesecke + Devrient has been the trusted printer of banknotes since Hermann Giesecke and Alphonse Devrient first produced a ten-taler note in 1854 for the Weimarish Bank. Today, banknote production continues to make up around one tenth of the company's overall revenue, as per Jan Thyen. having joined the Munich-based family business a year ago as CFO.
Sturdy Cash Circulation
Demand for cash remains a constant, driven by the needs of replacement for aged or worn-out notes and the production of new ones to address financial needs. Giesecke+Devrient, a forerunner in cash technology, plays a crucial role in maintaining these processes. Typically, banknotes last between one to five years before replacement, leading to consistent demands for fresh notes[1].
The global market for banknote printing machines is poised for growth due to rising cash circulation, catalyzed by factors such as consumer spending patterns and economic conditions[2].
Banknote Design: A Blend of Art and Security
Giesecke+Devrient has been pioneering the integration of sophisticated security technology in banknotes, using varying metallic effects like foils, security threads, and special inks to yield visually appealing and secure currency. The company is revolutionizing banknote design by combining design aesthetics with advanced technologies like the JUMP technology, which merges captivating visual storytelling with state-of-the-art security features[3].
Locked in a Continuous Battle
Giesecke+Devrient's ongoing fight against counterfeiting and cyber-attacks is intrinsic to their mission. While specific strategies from CFO Jan Thyen are not publicly available, the company's commitment to innovation and security indicates ongoing efforts to stay ahead of these risks. Its iterative and collaborative approach to design, incorporating advanced security technologies, is likely a key line of defense against these threats[4]. Moreover, Giesecke+Devrient's participation in events such as the Digital Money Summit underscores their dedication to staying on top of financial security and technology advancements.
The finance sector of Giesecke + Devrient, led by CFO Jan Thyen, is deeply entrenched in the business of banknote production, accounting for about one tenth of their overall revenue. The global market for banknote printing machines is expanding due to the consistent demand for fresh banknotes, driven by factors such as economic conditions and consumer spending patterns.
