Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, as well as ATMs, today announced that it has been recognized with the number three ranking on Crain’s Chicago Business Eureka Innovation List. Cummins Allison has consistently been ranked within the top three most innovative companies in Chicago, based on number and quality of patents, since the Eureka Innovation List was launched in 2012.
"Patents are an important incentive for research investment and technological development; helping businesses and individuals protect their investments, promote their goods and services and prevent deception in the marketplace. In addition, innovation and a strong U.S. patent system creates jobs, helps US companies compete in the international marketplace and strengthens the American economy,” said William J. Jones, CEO, Cummins Allison. “We are appreciative of the continued recognition by Crain’s of Cummins Allison’s long-standing dedication to fostering innovation and delivering industry-changing technologies."
To create the ranked Innovation List, Crain’s enlisted the help of a Chicago-based merchant bank that specializes in intellectual property. Data from the U.S. Patent and Trademark Office is used to rate the quality of patents, based on uniqueness and the likelihood that companies will invest to develop, maintain or defend them. The uniqueness of the invention covered by each patent, as well as other factors, is used to produce a patent quality score, which is averaged across all the patents awarded to the company for the year. Cummins Allison’s patent quality score was 149.09 on the 2016 Innovation List.
Patented Technologies Drive Differentiation
Patents are a key driver of American innovation. In 2015, Cummins Allison was awarded 16 patents by the United States Patent and Trademark Office.These patents were awarded for new technologies which help count and process coins, improve cash vault operations, automate cash and check deposit processing, increase counterfeit detection and streamline the imaging of checks and currency.
“In the highly competitive industries that we serve, access to proven and patented technology is critical to delivering a differentiated and improved customer experience,” said Doug Mennie, president, Cummins Alison. “Our local sales and services teams engage with customers on a daily basis and provide front-line market feedback that directly influences product development, design and engineering. The introduction of many of these patented technologies has forever changed the way financial institutions, gaming properties, retailers and others manage financial transaction processing within their organizations.”
Cummins Allison is the only U.S.-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, Cummins Allison products are used by financial institutions, 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/innovation.
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.