Cummins Allison Reclaims Number One Ranking on Crain’s Eureka Index for Patent Quality
March 31, 2015, Mt. Prospect, IL – For the second time in four years, Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, as well as ATMs, has been recognized with the number one ranking on Crain’s Eureka Patent Quality Index.
Crain’s Innovation Index weighs patent quantity and patent quality with a proprietary algorithm to evaluate the uniqueness of the invention covered by each patent, as well as other factors, to produce an index score which is averaged across all the patents awarded to the company for the year. An index score above 150 is in the top 5 percent of U.S. patents, and Cummins Allison’s 2015 score was 170.62 on this year’s Index.
“Over many generations, innovation is what has made America strong and secure. Our nation’s patent and intellectual property laws, which are rooted in the US Constitution, provide an incentive for innovators, both large and small, to research and invent. In turn, these new patented technologies help to create products and provide jobs for millions of Americans. Cummins Allison is appreciative of this recognition and is very proud of the unique and industry-changing innovations developed by its employees,” said William J. Jones, CEO, Cummins Allison.
Patented Technologies Revolutionize Operations
Patents are a key driver of American innovation; promoting technological achievements, helping businesses safeguard their intellectual property and creating American jobs. During 2014, Cummins Allison was awarded 19 patents by the United States Patent and Trademark Office.These patents were awarded for new technologies which help to improve cash vault operations, cash and check deposit processing, counterfeit detection and the imaging of checks and currency.
“With access to proven and patented technology, our customers can streamline daily operations that were previously manually intensive and time-consuming. This investment results not only in labor and time savings, but also an improved customer experience; which is a critical differentiator in the highly competitive industries that we serve,” said Doug Mennie, president, Cummins Allison. “The introduction of many of these patented technologies has forever changed the way retailers, financial institutions and others manage financial transaction processing within their organizations.”
As a result of these unique technologies, Cummins Allison customers will be able to image and track the movement of bills based on serial numbers, provide bank and credit union clients with immediate credit on check deposits transmitted via images, and improve the speed and efficiency of their check and currency handling operations.
Cummins Allison is the only US-based company that designs, develops and manufactures currency, check and ticket processing solutions. The company’s products are used to count, sort and authenticate coins, bills and checks throughout the world.As a global innovator of high-speed commercial currency and check processing equipment and automatic teller machines (ATMs), Cummins Allison products are used by banks, armored carriers, retailers, the gaming industry, government agencies and others.
For more information on Cummins Allison’s commitment to innovation, please visit www.cumminsallison.com.
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.