From the Currency Conference presentation by the BoC, it seem that they are launching a new analytics capabilities, by capturing data using the:
1. Single Note Inspection Process at the printing facilities;
2. Bank of Canada Agency Operations Centres (AOCs): The AOCs in Montréal (MAOC) and Toronto/Mississauga (TAOC) verify the authenticity of bank notes, destroy poor-quality notes, manage inventory reserves at various regional distribution points across Canada and provide support to clients (regional distribution centres/financial institutions);
3. Financial Institution's cash processing centres.
What this entails: BoC wants to track the flow of bank notes, enabling them to use correlation analysis, and for the BoC to better understand the flow of bank notes across the country between financial institutions.
As a result, the $20 Commemorative Note Issue is being used as a Pilot Proposal for this new data capturing process (by implementing new techniques using BA International).
The BoC will have real-time quality assessment, and circulation performance of it's supply chain. The currency data used will provide BoC will timely data information on note flows to support counterfeit deterrence, circulation data can be linked to postal code/census data. It can also provide estimate income by regional note flows, and estimate unreported income. There will be a better understanding of national note flows and impact on quality of polymer notes.
The BoC is data mining using the currency's serial numbers, and are using the $20 commemorative polymer note as a pilot for this new process.
