Headquartered in Providence, Rhode Island in the United States, Spectra Systems invents, develops, manufactures and markets advanced technology-based products used primarily to authenticate and process banknotes. The Company has focused on the commercialisation of technologically advanced security products, both covert and public, for banknotes and other documents. Spectra Systems provides an integrated solution, in that it supplies engineered materials for authentication and processing purposes, as well as hardware and software systems which verify the unique signatures of the authentication materials.
Recently, Spectra has expanded its offerings to include secure transactions beyond physical banknotes to secure software products for gaming that will allow Spectra to utilize its blue-chip credentials with central banks to gain market share for the ICS and other security software development throughout the gaming industry. ICS is a secure, high speed data platform which plays a critical independent security role in auditing in real time online and many other gaming systems including pari-mutuel, VLT, Internet and mobile phone wagering platforms.
The Company has penetrated the currency and document authentication markets through a series of strategic supply and licensing agreements with governmental, institutional and corporate partners. Our customers include a G8 central bank organization and one of the world's largest commercial security printers and papermakers, which supplies the Company's technology to a second G8 central bank and numerous other central banks.
Spectra's materials are available in several forms, including particles, threads, inks and coatings. These materials provide unique engineered signatures which depend on a number of physical, chemical and processing parameters all functioning in concert to produce covert machine readable signatures and codes for use by central banks and other organizations for currency and document authentication. Our software and hardware systems include high-speed currency authentication sensors, of which Spectra Systems is one of the world's leading suppliers. Installed in currency processing machines by central banks, our sensors are capable of authentication at rates in excess of 40 banknotes per second with documented error rates of less than one in 100,000. In addition to sensors, the Company also supplies quality control equipment for use in paper manufacturing and printing with its materials.
Spectra Systems solutions can also be used for authenticating, processing and tracking pharmaceutical products, software, optical discs and branded luxury goods. The Company has developed and has ready for market a number of such security features for use with various primary and secondary packaging materials which include cardboard, plastics and glass and fabrics .
In addition to our security products, Spectra has recently demonstrated the world's first banknote cleaning technology. Our Aeris™ system can remove oils and other contaminants from banknotes in circulation, extending the life of banknotes and protecting processing staff from hazardous contaminants including bacteria, viruses, pesticides and heavy metal compounds. Aeris™ has the potential of saving central banks billions of dollars annually by reducing the requirements for new banknotes, a cost approaching $10 billion annually.