Bank of England governor Andrew Bailey visited Innovative Technology’s headquarters in Oldham on 1 May as part of a regional tour to gather intelligence from businesses on economic conditions, labour markets and the future of payments.
The delegation toured the company’s production facility, which is undergoing a £5m refurbishment, including a new warehouse and upgraded manufacturing infrastructure.
“It was an absolute privilege to welcome The Bank of England to our head office and be chosen to represent Oldham businesses,” commented ITL group managing director Peter Dunlop. “The BoE were keen to learn how we are leading the way in the development of modern cash handling and future payment methods.”
Discussions covered labour market conditions and the company’s growth, with UK headcount increasing by 30 percent over the past four years. Demonstrations included cash validation devices, counterfeit detection technology using AI-trained datasets and the company’s latest biometric innovations, including potential applications linked to a future digital pound.
“The tour finished with demonstrations of our newest biometric innovations and a look at how this will develop in the future especially when considering the possibility of the digital pound,” concluded Dunlop. “Following the visit, we look forward to strengthening this collaboration as the next generation of banknotes, new designs and advances in payment technology emerge.”
Originally published on Coinslot on May 18, 2026. Republished with permission.