2025 Review

Guillaume Lepecq is a globally recognized expert in payments and cash, with over three decades of experience shaping the future of monetary systems. As the co-founder of CashEssentials (est. 2018), he established a leading think tank dedicated to exploring the evolving role of cash in society, advocating for its continued relevance. CashEssentials has become a trusted platform for research, policy analysis, and dialogue on the future of cash, engaging with central banks, financial institutions, and policymakers worldwide. Guillaume’s career spans consulting, corporate leadership, and thought leadership. For 20 years, he has advised European financial institutions on cash and payment strategies. Earlier, as Director of Corporate Relations at the Association for the Monetary Union of Europe (1993–2001), he contributed to the strategic efforts That led to the adoption of the euro. Guillaume has written influential publications, including "Cash Essentials – Beyond Payments," "The Future of Cash," and "Managing the Changeover to the Euro."

Barbara has been working at Narodowy Bank Polski for thirteen years. She began her career at Poland’s central bank as Deputy Director of the Cash and Issue Department, where she currently holds the position of Director.

Throughout her work at NBP, she has been involved in the introduction of a new series of circulation banknotes, changes in the denominational structure, and the development of new regulations governing cooperation with the cash market. She was responsible for the Hryvnia Exchange Program in Poland, which was later adopted as a model by other European countries. She is a member of the Executive Committee of the Central Bank Counterfeit Deterrence Group (CBCDG) and serves as the Chair of the Cash Circulation Council in Poland. She graduated from the University of Szczecin and completed postgraduate studies at the Faculty of Management at the University of Warsaw.

The euro has assumed the role of a trusted international currency which is being used world-wide. Despite changes in payment behaviour towards cashless means of payment, euro cash remains well anchored in modern society, as proven by the ECB’s periodical surveys. Cash has unique features. For example, cash is the only way for people and non-banks to hold unlimited amounts of central bank money. The Eurosystem and Member States are safeguarding a smooth cash usage by ensuring that euro banknotes are made available via sufficient cash access points and that euro cash continues to be accepted at points of sale. The legal tender function of cash is being codified in European legislation. The digital euro is intended to complement cash, providing a European digital means of payment which is accessible and accepted in all euro area countries, both online and at points of sale.

Olivier has been holding an expert position at that banknote issue and circulation section of the European Central Bank since 2001. He has been responsible for determining the annual banknote requirements and print volumes of the Eurosystem. He is coordinating banknote transfers among central banks with the objective to ensure that banknote demand is met efficiently. Olivier is in charge of coordinating cash-related matters in preparation of new Member States joining the euro area. Olivier holds a degree in business administration. Before he joined the ECB, he worked at Deutsche Bundesbank branches and at the Bundesbank’s cash policy department.

• A shrinking infrastructure in terms of bank branches and ATMs
• The role of automation, recycling (recirculation) and new technology
• Changing circulation patterns, note quality and resilience

Shaun O’Brien, a Lead Analyst in FedCash Services at the Federal Reserve Financial Services, specializes in researching consumer payment behavior and forecasting cash payment and receipt volumes. He has authored and co-authored numerous papers on payment usage, including the recent "2025 Findings from the Diary of Consumer Payment Choice" and several studies on consumer payments during the COVID-19 pandemic. Dr. O’Brien began his career at the Federal Reserve Bank of San Francisco in 2011 within Economic Research and transitioned to Federal Reserve Financial Services in 2013

• We have seen a decline in cash transactions and an increase in Notes in Circulation – the Paradox of Cash. 
• The cost of providing wholesale cash infrastructure has risen.
• Government and Regulatory Response: The 2018-19 government report on cash access led to legislative actions in 2023 that granted supervisory powers to the Bank of England and the Financial Conduct Authority to oversee wholesale and retail cash access, respectively.
• Current Regulatory Framework: Both wholesale and retail cash access regimes are now active, requiring notifications and impact assessments for any closures of cash centers, bank branches, or ATMs, with provisions to halt closures and introduce new cash services as needed.
• Looking forward – how might things evolve?

Ronan McClintock is a Manager at the Bank of England on the Wholesale Cash Oversight team. He has worked in Notes Directorate for over 20 years starting in research, design and manufacturing working closely on the transition to polymer banknotes. More recently he has worked on the future arrangements for wholesale cash distribution in the UK. Before joining the Bank of England, Ronan earned a BSc in Physics from the University of Nottingham.

In 2020, the National Bank of Poland (NBP) responded to a 35% surge in demand for cash—the highest in Europe during the COVID-19 pandemic. In 2022, on the first day of Russia’s invasion of Ukraine, commercial banks withdrew 17 times the daily average in cash. How did the NBP meet these extraordinary demands without disrupting cash supply? In this presentation, Barbara will show how the NBP acted with foresight-using real-time data and coordination to ensure that a logistical challenge never became a crisis. She will also reflect on how these experiences have strengthened the resilience of Poland’s cash supply chain today, offering practical insights for central banks and industry stakeholders.

Barbara has been working at Narodowy Bank Polski for thirteen years. She began her career at Poland’s central bank as Deputy Director of the Cash and Issue Department, where she currently holds the position of Director.

Throughout her work at NBP, she has been involved in the introduction of a new series of circulation banknotes, changes in the denominational structure, and the development of new regulations governing cooperation with the cash market. She was responsible for the Hryvnia Exchange Program in Poland, which was later adopted as a model by other European countries. She is a member of the Executive Committee of the Central Bank Counterfeit Deterrence Group (CBCDG) and serves as the Chair of the Cash Circulation Council in Poland. She graduated from the University of Szczecin and completed postgraduate studies at the Faculty of Management at the University of Warsaw.

• The traditional currency war is a situation where countries seek competitive advantages over other countries by devaluating their own currency.
• The new currency war relates (i) to the existing competition between international reserve currencies (mainly the US dollar and the euro) and (ii) to the coming competition, in an increasingly digital world, between public and private currencies (Central Bank digital currencies vs. privately issued crypto assets).
• The relevance of cash, as a universally accessible Central Bank form of money, is being discussed.
• While its use as a means of payment tends to decrease in many areas, we believe that its status of anchor of the monetary and financial system will remain, even though we are entering an era of digital money.

Marc Schwartz, born in 1963 in Paris, is Chairman and CEO of La Monnaie de Paris, the French National Mint. He is also a lecturer in media and cultural economics at Sciences Po, a leading Social Sciences University in Paris.

Marc Schwartz started his career as an Auditor with the National Court of Audit (Cour des comptes) in 1988 and joined the Treasury Department in 1992. He became, in 1997, special advisor to the minister for Economy, Finance and Industry and to the secretary of State for Budget.

He joined the media group France Télévisions in 2000, as CFO, then deputy CEO. In 2010, he became a senior partner with the international audit and consulting firm Forvis-Mazars, in charge of Public Sector and Media. He returned to the Cour des Comptes in 2014 and was appointed Chief of Staff to the minister of Culture in 2017, before joining Monnaie de Paris in 2018.

He holds a BA’s in economics and public finance (Sciences Po), certificates of finance and international finance from the London School of Economics (LSE), a master in corporate finance from Conservatoire national des Arts et métiers (CNAM), and a master of public administration from Ecole Nationale d’Administration (ENA).

Marc Schwartz is the author of various articles on monetary and financial issues and of two books: The French Financial System (Montchrestien, 1992) and The New Currency War (Odile Jacob, 2025), co-authored with Pr. Christian de Boissieu.

The presentation covers the role of a well-functioning cash infrastructure for the stabilizing role of cash and the resilience of cash cycles. For that purpose, experiences from developed countries are assessed by distinguishing between demand and supply factors. Access, availability, acceptance, and affordability of cash are crucial building blocks of a robust cash infrastructure. Important aspects are also the public good characteristics of the “institution” cash which should encourage central banks to re-evaluate their position of “neutrality” as a player in the payments market to a more active role.

Professor Franz Seitz teaches Economics with a special focus on Monetary Policy and Financial Markets at Weiden Technical University of Applied Sciences in Germany. He is author of numerous articles in national and international journals. His main fields of research are monetary theory and policy, financial markets as well as payments markets, especially cash in circulation. For many years, Professor Seitz has been acting as a consultant in different projects for central banks, commercial banks and financial as well as non-financial corporations.

In recent months, Spain faced two major crises: a devastating DANA storm on October 29, 2024, and a widespread power blackout on April 28, 2025. The DANA caused severe flooding in eastern Spain, particularly in Valencia, resulting in approximately 220 fatalities, destruction of homes, and major disruptions to economic activity, infrastructure, and cash access. In contrast, the blackout affected a broader area, including Portugal, but had milder consequences and shorter recovery time.

Both events tested the resilience of institutions, especially the central bank and financial sector. Crisis Committees ensured early and continuous monitoring, effective coordination, and rapid information exchange. A key priority was maintaining access to cash, with strategies tailored to each scenario. The DANA required restoring damaged access points and processing large volumes of water-damaged currency, while the blackout focused on national payment systems and operational continuity.

Key lessons include the need for strong coordination, monitoring cash demand, and ensuring the cash cycle can respond effectively during crises. These events also highlighted the importance of keeping cash available in emergencies.

Economist at Banco de España since 1993, with experience in branch operations, securities settlement, and cash management. He worked at Iberclear (Spanish Central Securities Depository) from 2003 to 2015, coordinating connections to Target2 and T2S. Since 2015, back in Banco de España, he has focused on cash operations, serving as Head of the Coins Unit (2018–2020) and currently leading the Cash Policies Division, with direct responsibilities on cash issuance, analysis, statistics, regulation and procedures, management of cash central reserves and distribution of cash among Banco de España dependencies or, through international transports, within and outside the Eurosystem.

Despite payment digitisation, euro banknote demand remains robust and has sharply intensified during crises. This article examines the role of cash as a safe haven and contingency instrument during four diverse crisis episodes in the euro area (the COVID-19 pandemic, Russia’s invasion of Ukraine, the April 2025 Iberian blackout and the Greek sovereign debt crisis), each differing in shock type (health, geopolitical, infrastructure, sovereign debt) and geographical scope (euro area-wide, regional and national). We combine descriptive analysis of monthly and daily currency data with Bayesian causal impact models using daily net issuance and automated teller machine (ATM) withdrawals. This allows us, for the first time in this context, to statistically attribute significant public demand surges to specific shocks. The results highlight that the unique attributes of cash – its tangibility, offline functionality and status as a direct central bank liability – become paramount during stress, across different types of crises and geographies, fulfilling specific roles in each case. We argue that, beyond individual utility, cash provides crucial system-wide benefits such as payment redundancy and decentralised liquidity. These findings underscore the importance of policies ensuring continued access to cash and recognising its fundamental contribution to economic stability and crisis preparedness.

Alejandro Zamora-Pérez is an economist at the European Central Bank and the Chair of the European Research Network on Currency Analysis (EURECA), a central-bank network advancing research on physical currency. His work focuses on the demand for physical currency, access to cash and payment inclusion, and central bank digital currency (CBDC). His publications have been referenced in analyses for the European Parliament, the European Commission, the OECD and European national authorities, and covered by major international media outlets such as the Financial Times, The Economist and CNN.

• Measuring Access, Acceptance and Affordability
• Current Cash Metrics are only Partial Indicators of ongoing
• Developments Identifying Better Cash Cycle Metrics

• The rise of Central Bank Digital Currencies (CBDCs) could significantly reshape the role of cash in our financial systems.
• CBDC Overview – What it is, why central banks are exploring it, and its key differences from cash. Substitution vs. Coexistence: While some envision CBDCs replacing cash entirely, others see them as complementary, offering a digital alternative while cash remains available for those who prefer it.
• Declining Cash Usage: Many countries have already seen a drop in cash transactions due to digital payments; CBDCs could accelerate this trend by providing an official digital form of money.
• Accessibility & Adoption Challenges: Not everyone is ready or able to transition to digital money. Ensuring that cash remains accessible, or that CBDCs are easy to use, is crucial for financial inclusivity.

Diederik Bruggink is Senior Director at the European Savings and Retail Banking Group (ESBG) where he is responsible for all payments topics worldwide. In that role, he also advocates the associations’ positions on payments with policymakers, regulators, standardisation bodies, industry associations, and enabling a constant member dialogue on developments, with a particular focus on innovation. He is Chair of the Cash Efficiency Working Group of the European Payments Council (EPC) and he was co-chair of the Euro Retail Payments Board (ERPB) working group on access to and acceptance of cash. He is also a Member of the Board of the European Payments Council and he is a member of the European Commission’s Payments Systems Market Expert Group and he was a member of the European Central Bank’s Market Advisory Group on the Digital Euro, to name a few.

Currency Spectrum Futures – what lies beyond traditional banknotes?

What might more radical banknotes of the future look like, and what kind of worlds would they inhabit? SICPA embarked on a multi-year exploration to better understand the evolution of banknotes and other payment artefacts – their purpose, use and form.

We adopt a design lens to delve into the Currency Spectrum – from physical cash to digital – examining how non-traditional banknotes and related payment instruments might respond to future needs. Whom would they serve, what possibilities might they unlock, and with which trade-offs? Among the many critical questions explored:

• What would banknotes optimised for storage rather than tractions look like? 
• Would ATM-printed scrips eventually replace traditional banknotes?
• What would competitive digital cash look like?
• What defines a competitive payment artefact in an evolving financial ecosystem? 

First, we map the boundaries of the Currency Spectrum, spanning the area between the physical and digital – from cash, to non-traditional banknotes, to digital financial tools. We then present insights gathered from 250 contacts, spanning over 30 futuring workshops and multi-stakeholder events.

We present speculative design outcomes, which produced over 30 conceptual use cases, across 15 different speculations. We conclude by sharing the resulting recommendations, emerging tensions, and choices to make by central banks and other cash cycle actors, concerning the evolution of cash and related payment instruments.

Dr. Andrzej Nowak is Head of Open Innovation at SICPA. His current focus includes the future of currency – whether in physical or digital form, privacy-preserving digital trust, fintech, and innovation systems. He contributes to the Bretton Woods Committee working groups on the Future of Finance and on AI, and serves as an expert for Innosuisse, the Swiss innovation agency.

Earlier, Andrzej led an innovation lab at CERN, the European Organization for Nuclear Research. There, he defined and put in place new elements of CERN’s 10-year technological horizon, led several Open Source efforts and founded educational initiatives for young scientists and engineers.

Andrzej also held roles in management consulting in private banking, at the chip maker Intel, as a founder of a fintech company, and as an evaluator for the EU Research Executive Agency. He holds a PhD in Computer Science from the Swiss Federal Institute of Technology.

As consumers’ leisure, work and financial needs change, the challenge of how to address access to cash and increasingly, access to face to face financial services is a growing issue for consumers, the media, regulators and government. This presentation looks at how this has been tackled in the UK and the challenges which remain.

Graham joined LINK in 2006 and is currently Director of Strategy. This also covers initiatives like the future of cash, and interchange, as well as external relations, public affairs, fraud management, physical ATM crime and liaison with LINK’s Members. During the coronavirus pandemic a large part of Graham’s role has been the analysis of consumers cash and ATM use, helping LINK develop the best responses to a fast-moving crisis.

External relations remains a key element of Graham’s role, leading LINK’s liaison a wide range of organisations such as the Government, the Bank of England, Treasury as well as contacts with police, service suppliers, local authorities and regulators such as the Payments System Regulator (PSR) and consumer and charity groups.

Graham was formerly Head of ATMs at Santander during which time he was a LINK Board Director and also worked for several years with cahoot, the on-line bank. He has an MBA from Warwick University, completing a dissertation on the future of financial services over the Internet.

He is married and lives in Buckinghamshire, England.

• End-to-End operational control
• Strategic infrastructure development
• Socially responsible impact

Sina Grebrodt is a Senior Strategic Initiatives Expert and part of the Central Bank Solutions team at Koenig & Bauer Banknote Solutions, where she works at the intersection of currency innovation, central bank strategy, and sustainable cash management. With a focus on how cash supports financial inclusion and literacy, Sina explores the evolving role of physical currency. Her work bridges technology, policy, and social impact — highlighting how resilient, accessible cash systems remain essential for empowering individuals and fostering trust in the broader financial ecosystem.

For Gen Z, the question is not cash versus digital, it is how and when to adopt cash within a digital world. Having grown up with apps where money moves on screens, instantly and often gamified, this generation experiences money through a fundamentally different paradigm. Value is not something stored but something circulating, coded and connected.

In this talk, Pascal Wicht explores how Gen Z’s relationship with money signals a deep cultural and systemic transition. He examines how cash persists within this hybrid ecosystem as a public infrastructure of trust.

Pascal Wicht is a strategic systems researcher and designer studying how societies adapt to technological, social and environmental transitions globally. A specialist in adoption and systemic change, his work examines the invisible architectures that shape trust, sovereignty and the circulation of value, with a particular focus on cash and its interactions with mobile money and fintech innovations, especially in the Global South.

In parallel to his international research and consulting work, he also teaches at the University of Lausanne and ECAL Art and Design School, where his courses connect strategic design, social sciences and future thinking to explore how infrastructure, economies and societies can evolve within planetary boundaries and strong social foundations.

Alejandro Zamora-Pérez is an economist at the European Central Bank and the Chair of the European Research Network on Currency Analysis (EURECA), a central-bank network advancing research on physical currency. His work focuses on the demand for physical currency, access to cash and payment inclusion, and central bank digital currency (CBDC). His publications have been referenced in analyses for the European Parliament, the European Commission, the OECD and European national authorities, and covered by major international media outlets such as the Financial Times, The Economist and CNN.

As digital payments rise, the decline in cash usage across Europe poses significant challenges for both consumers and merchants. The shrinking volume of cash payments pressures the affordability and availability of cash. In response, numerous initiatives across Europe aim to reposition cash within society. In the Netherlands, we are at the forefront of this development, with cash usage among the lowest in Europe—only 20% of Point of Sale (PoS) payments have been made in cash since 2020. Geldmaat provides essential cash services to consumers and merchants in the Netherlands.

We believe these initiatives are just the beginning of repositioning cash in Europe. Fundamental societal trends will continue to impact the role of cash. The rapid digitization of the payment landscape not only streamlines supply chain operations but also integrates various service offerings, enhancing overall efficiency. Customers' expectations of service and product delivery are evolving, profoundly impacting retail business models. As awareness of diversity and inclusion grows, it becomes imperative to ensure that cash remains accessible to all, preventing financial exclusion of vulnerable groups. Geopolitical tensions have re-emphasized the importance of cash as a stable and reliable financial instrument in times of political uncertainty. Cash is here to stay.

We explore future models for cash services:

• Cross-Border Consolidation: Market actors lead, focusing on efficiency and delivering cash services aligned with consumer demand. 
• Government-Led Infrastructure: National governments shape cash infrastructure to ensure availability and affordability for their citizens. 
• Local Accessibility and Inclusion: Cash is offered locally alongside social services, driven by increased awareness of accessibility and inclusion. 

By exploring these models, we aim to spark a dialogue on the future of cash, ensuring it remains a viable and inclusive option for all.

Matthee le Cointre is strategist at Geldmaat, where he drives innovation across the cash value chain. He leads initiatives in payments strategy, exploring alternative transactions and digital currencies, and contributes to policy development around the digitale euro. His work includes strategic foresight on the future of cash, scenario planning, and shaping Geldmaat’s long-term positioning in the payments landscape.

• What We Think SMART Cash Means 
• Implications for the SA Cash Industry and Cash Infrastructure 
• Can SMART Cash Ensure Resilience and Economic Sustainability

Barry is student of the evolution and economics of payments and cash, the fundamentals which drive cash behaviour and economics, and works to apply this to make a difference at the intersection of traditional payments, emerging payments and cash. He has been involved in the industry since 2002, for 15 years with Standard Bank as Head: Cash Services.

In 2018 he started Rohrs and Associates and advises Cash Ecosystem participants (Fintechs, Banks, Cash In Transit companies). Barry participates in industry think tanks and assist clients optimising payments and cash operations and developing new solutions at the intersection of cash and digital.

He maintains an extensive network in the cash industry across Africa and internationally.

The costs of payment methods for consumers are difficult to determine, not recorded in a harmonised manner on an international level and consequently vary significantly from country to country. Our study provides a brief overview of international costs studies. Subsequently, we report the results of a representative survey for Germany conducted in 2023. Households were asked about the costs they incurred when using various means of payment. Financial costs were recorded, including fees for account management, ATM cash withdrawals or for payment cards, as well as the financial impact in the case of loss or fraud. Non-monetary costs in the form of the time required and the costs of data disclosure were also included. A comparison of the costs incurred for cash, debit cards and credit cards from the consumer perspective reveals a mixed picture. Cash incurs the lowest cost per transaction. However, looking at costs in relation to the transaction amount, debit card payments are cheaper than cash. Cards differ considerably: debit cards are significantly more cost-effective for consumers than credit cards in every respect. The findings indicate that from the consumer perspective in Germany, the costs of cash and that of the most cost-effective cashless alternative are similar.

Malte Krueger is Professor of Economics at the University of Applied Sciences in Aschaffenburg (Germany) and works as a consultant for PaySys Consultancy (Frankfurt). He holds a Ph.D. in economics from the University of Cologne (Germany) and has worked as a research fellow for the Bank of Spain, the University of Western Ontario, the University of Durham, the University of Karlsruhe, the University of Applied Sciences in Frankfurt and the European Commission. Consulting projects have focused on payments – including internet payments - and the list of clients includes banks, processors, merchants, card schemes, payment service providers, government institutions and others, in Germany and other European countries. Academic research has focused on payments in general, two-sided markets, monetary economics and exchange rates. Malte has published widely in academic and industry journals.

As sustainability becomes an increasingly critical goal across industries, the field of banknote production is likewise evolving to meet rising environmental standards. This presentation explores both practical and emerging strategies aimed at minimizing the ecological impact of physical currency, focusing on substrate materials, inks, security features, and other aspects of the manufacturing process. We begin by examining advancements that improve banknote durability—such as soil-resistant coatings, additives in paper pulp, and protective varnishing processes designed to extend a note’s lifespan and enhance resistance to wear and contamination. Next, we consider the development of new eco-friendly paper blends, including alternatives to traditional cotton-based substrates, which maintain performance while reducing environmental impact. The presentation also highlights the latest generation of security inks with reduced levels of harmful additives dedicated to different production processes. Together, these innovations offer a comprehensive view of how central banks and manufacturers can embrace more sustainable practices without compromising on security, usability, or cost-efficiency.

• Deploying ATMs on overseas islands Saba and St Eustatius 
• Processing of retail deposits and ATM-returns 
• Preparing for crisis response measures to enable faster and more effective actions 
• Calling for cash to be included in the emergency kit

Roel van Anholt is passionate about payment systems, with a special focus on cash. He holds a PhD in Economics on cash logistics and has explored the topic from multiple angles: academic research, strategic roles at Geldmaat (Dutch ATM network), and policy work at the Dutch Central Bank (DNB). At DNB, he leads initiatives shaping the future of cash, including legislative reforms and industry-wide agreements. His cross-sector experience makes him a unique voice in the international cash debate.

Cash is widely framed by central banks as a critical redundancy in national payment ecosystems — a safeguard in the event of digital system failure, cyberattack, or widespread infrastructure disruption. This view makes an important assumption, that the cash cycle is itself resilient. This paper discusses whether this assumption is fair, and argues that the financial and operational fragility of cash-in-transit (CIT) operators and other market participants represents a significant and under-recognised systemic risk — one that threatens the viability of cash as a redundancy in practice, even if it remains viable in theory.

Cash-in-transit is the plumbing of the cash cycle. It is often not seen, it is there to do its job, but when things go wrong, it can get very messy, very quickly. In most countries, the CIT sector is highly concentrated, typically with only a few main providers of CIT services. The customer base for CIT operators is also often relatively concentrated, made up of the major banks and major retailers. This creates a tension around price-competitiveness to win a small number of large contracts, along with shrinking activity levels forcing the unit cost of services up. Recent events in Australia should act as a bellwether, warning regulators globally of the potential risks in their respective national cash systems.

This paper applies a systemic risk and scenario analysis lens to assess what happens when these operators fail, scale back, or are no longer economically viable. We outline plausible risk pathways: from the insolvency of a major CIT operator, to regional breakdowns in cash recirculation, to knock-on effects for ATM availability and retailer cash access. These scenarios highlight the growing disconnect between policy assumptions of redundancy and the operational fragility of the infrastructure that underpins it.

In response, the paper calls for urgent recalibration of policy and regulatory frameworks — including the designation of CIT providers as critical infrastructure, clear understanding of the economics that drive the cash cycle, the need for coordinated funding or utility-style models, and resilience stress-testing. Without intervention, the very infrastructure meant to provide payment resilience may become a point of failure in future crises.

Scott is a seasoned executive with 20 years of experience in the cash management industry, including leadership roles in operations, strategy, and business development.

With overarching responsibility for group transformation and growth at Australia’s largest cash management organisation, Scott played a pivotal role in driving strategic transformation programs and overseeing key divisions such as precious cargo and security fleet innovation. Scott was key to the transformation of the cash industry in Australia. He has also been actively involved in industry leadership, including as Chair of the Asian Cash Management Association’s Security Committee.

Scott holds a Bachelor of Economics from Macquarie University, is a graduate of the Australian Institute of Company Directors, and is known for his pragmatic leadership and commitment to best practices.

• Vulnerable Individuals are often excluded from traditional financial services
• Cash assistance is unique: Broad acceptance, easy-to-use, flexible, preserves dignity, works with no power or connectivity
• Example cases of cash assistance: Disaster/crisis response and relief, refugees, domestic violence, poverty
• How to efficiently and securely distribute cash assistance: Digital platform enabling cardless cash pick up at cardless ATMs and retail store locations

Jim Leroux is the CEO of Pin4, a global leader in cardless cash disbursement solutions, enabling secure, instant, and convenient cash payouts across ATMs and retail partner locations. With a presence spanning 200 countries and a network of over 500k cash pick-up points worldwide, Pin4 empowers businesses, governments, and humanitarian organizations to deliver cash quickly and reliably—even to individuals without payment cards or bank accounts. Jim has been active in fintech for over 30 years as an operator, investor, advisor and attorney, with a focus on new innovations in the payments and fintech industries.

Stefan Wikman is a senior European leader in the cash management and cash logistics industry, with nearly three decades of operational and executive experience. He is currently Head of Cash Operations at Bankomat AB, where he leads operations and delivery. Prior to this, Stefan spent more than 15 years in key leadership roles at Loomis, including Executive Director of Operations for Loomis UK, Regional Operations Director, Vice President of Operations in Sweden, and Head of Global Operations, driving performance, efficiency and transformation across multiple markets. Earlier in his career, he held management roles at Securitas Värde AB and served as CEO of Cash Flow Security AB. Stefan’s career reflects deep expertise in secure logistics, operational excellence, and leading large-scale, mission-critical service organizations across Europe.

Mikael is a senior financial services leader with over 15 years of experience in banking, capital markets, and financial technology innovation. His career spans central banking, global consulting, and strategic advisory, equipping him with deep expertise in financial market infrastructures, digital transformation, and regulatory-driven innovation.

A managing consultant at PA Consulting, Mikael is recognized for his ability to lead large transformation programmes, shaping strategies that drive efficiency, transparency, and resilience in the financial ecosystem.