banking

Spectra gets patent approved

Posted 5/7/13

PROVIDENCE – Spectra Systems Corp. has received a notice of allowance, or approval, from the U.S. Patent and Trademark Office for its patent entitled “Currency Fitness and Wear Detection Using Temperature Modulated Infrared Detection,” according to an April 29 release

Spectra will be testing new sensing technology in operational environments for the patent that uses heat-generated infrared signals to reveal excess wear and damage on banknotes. This technology shares common physics with the Forward Looking Infrared (FLIR) used by the military, and most recently, in locating the suspect in the Boston Marathon bombings.

“The ability to make accurate determination of which banknotes could be recalculated rather than replaced can save millions of dollars for tax payers, particularly when high denomination banknotes such as the soon-to-be-released $100 bills cost more than 13 cents each to replace,” said CEO of Spectra Systems Corp. Nabil Lawandy.

“We are pleased to once again be bringing breakthrough technologies to the centuries old banknote industry,” Lawandry said.“The accurate determination of banknote fitness is of critical importance for maintaining the quality of banknotes in circulation, as well as controlling spending on replacement orders.”

While the primary method for evaluation of banknotes fitness relies on various types of optical imaging to detect sever wear and damage, Spectra’s technology represents a new approach to sensing wear and damage, the press release said.

Spectra has manufacturing facilities in East Providence and a software gaming group in Vancouver, B.C., Canada.

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