“The banking system in Sweden in pushing forcefully towards the direction of a cashless society and Tavex, as one of the largest wholesale suppliers of physical notes and investment metals is, in our view, being targeted by the merchant banks“. (emphasis added)

Despite the interruption to their business, Tavex has put an optimistic twist on the turn of events saying that they will set up a new payment system, describing the closed bank account as ‘temporary operational difficulties’ and an ‘inconvenience’ that will not have a lasting impact on their business or business model of delivering cash currency and physical investment metals to its clients.