An automatic vault system is being demonstrated at the Bank of Korea in central Seoul on Aug. 16, 2023. (Pool Photo) (Yonhap)
SEOUL, Aug. 18 (Korea Bizwire) — The Bank of Korea (BOK) announced the launch of an automatic vault system that integrates advanced logistics automation with a computerized framework.
The system involves automated inspection through an inspection machine, loading via a palletizing robot, and movement and storage facilitated by conveyors and automated guided vehicles (AGVs).
Upon arrival at the central bank from commercial banks or the Korea Minting and Security Printing Corp., the automatic inspection system captures photos and measures the denomination, size and weight of the currency.
Previously, manual inspections were conducted by two individuals.
Upon completion of the inspection, the currency is transferred to the palletizing robot, which arranges it onto pallets based on type and quantity.
A single pallet can hold up to 60 sacks of currency, equivalent to about 30 billion won (US$22.4 million) in 50,000-won notes.
The loaded currency is conveyed to the vault via a dedicated conveyor belt and then positioned on a designated shelf using an internal conveying machine within the vault.
According to the BOK, this newly-established system has significantly increased the automation rate of note-issuing operations from approximately 40 percent to a range of 70 to 80 percent, while also raising the loading capacity by around 30 percent.
Ashley Song (ashley@koreabizwire.com)
