Eurogiro news feed

Eurogiro: The annual meeting for postal organisations and banks opens in Athens (press release)

Sun, 06 May 2012 23:00:00 GMT

Eurogiro: The annual meeting for postal organisations and banks opens in Athens - Co-hosted by ELTA Hellenic Post, member since 2000

Copenhagen/Athens, 7 May 2012 - Tomorrow Eurogiro's annual Community Meeting will bring together more than 60 members of the Eurogiro network to share strategies for the development of the money transfer business throughout the world. Many payments made in Greece, and transferred rapidly and reliably to a beneficiary in another country, are likely to have been carried by Eurogiro, a community of important postal organisations, banks and networks in the international electronic payments business.

"The community is the backbone of Eurogiro and much business is initiated at the annual member meeting" confirms Søren Rose, CEO of the Copenhagen-based company. According to Mr. Rose the payments business has grown steadily, despite the current financial crisis, and Eurogiro has continuosly expanded its member base throughout the world, providing cost efficient and flexible payment services. Eurogiro members provide reach for payments to both urban and rural customers alike".

Eurogiro, founded in 1993 by twelve European postal organisations, is a commercial company whose aim it is to develop worldwide business relating to the cross-border payments of both retail and wholesale financial services. The Eurogiro community is the driving force behind all business developments. Over the past twenty years, the company has evolved from a platform of postal organisations and banks into a trusted partner at a global level, processing over 30 million payments every year.

ELTA Hellenic Post - a Eurogiro member since 2000 - is an active member and contributor within the Eurogiro community. "Hosting this year's Eurogiro Community Meeting is a great privilege, but also an important part of our strategy and our efforts to ensure that our customers are provided with an attractive offer for cross-border payment services" said Mr Christos Varsamis, President and CEO of the Hellenic Post S.A. "The implementation of Eurogiro electronic money orders enabled us to significantly accelarate the performance time of the service and to considerably improve its quality".
The most important corridors for Eurogiro incoming money orders to Greece for almost ten years now are: Belgium, Germany, Switzerland, France, and Italy.

In September 2010, Hellenic Post-ELTA launched the new Giro Account in cooperation with the National Clearing System through which customers can hold payment accounts (interest-free current accounts) and used exclusively for payment transactions. In this way ELTA can keep payment accounts in order to serve these financial activities.

Eurogiro-UPU bridge opens today

Tue, 01 May 2012 23:00:00 GMT

Eurogiro-UPU bridge opens today - Italian and Egyptian Posts launch new service

The Eurogiro-UPU bridge now opens to many other Posts using either network to interconnect and start offering similar affordable money-transfer services.

The technical solution connects the UPU's International Financial System (IFS) network, used by 56 Posts, including Egypt's, and Eurogiro's network, used by Poste Italiane and 64 other posts, banks and payment handlers.

From the Eurogiro side, the bridge is built upon the Eurogiro central server and is available for Eurogiro members who are also Designated Postal Operators. It is designed for cash transactions and conditions for the exchange of transactions are agreed bilaterally between the Postal Operators.

Eurogiro Chairperson Sylvie Solignac said her organisation 'was very satisfied that technical and commercial challenges have been successfully overcome thanks to the commitment of all parties'.

Poste Italiane and Egypt Post have today launched the first electronic money-transfer service using a bridge created by the UPU and Eurogiro to connect their respective networks. The new service is available in 14,000 Italian and 4,500 Egyptian post offices.

UPU Director General Edouard Dayan said he hopes others will follow in Poste Italiane's and Egypt Post's footsteps. 'Remittances have a significant economic impact on communities and countries and contribute to poverty reduction, and making them more accessible through the postal network is a UPU priority', he said.

Affordable service
Poste Italiane says customers can now send electronic money transfers between Italy and Egypt 'at very reasonable rates'. Single transactions of up to 1,000 euros can be sent, at a promotional flat fee of 5 euros for the next six months.

Money can be collected at destination in local currency within 48 hours. Egypt Post will not charge a fee to convert euros to pounds.

Signing the agreement in Rome today with Egypt Post Chairman Mosad Abd El Ghani, Poste Italiane CEO Massimo Sarmi said Italy's 92,000-member strong Egyptian community would 'benefit from a system that will guarantee efficient money transfers at competitive fees'. He added that the system respects a G20 commitment to progressively reduce the average global price of remittances from 10% to 5% within five years.

'I am very proud that we are the first two organisations in the world to make the bridge interconnection operational for the benefit of our clients thanks to the great work of the parties involved', said Egypt Post's Abd El Ghani.

Based on a UPU news and a press release from Poste Italiane

Eurogiro development team awarded

Sun, 04 Mar 2012 23:00:00 GMT

Eurogiro development team awarded 'Team of the Year'

In 2011 the new Eurogiro software development team has been awarded their company's prestigious award of 'Team of the Year'. Deputy Head of Delivery, Mr Muthuramalingam, explains how this was achieved.

The Eurogiro Software Development Team at L&T Infotech has received their company's '2011 Team of the Year ' award for excellent performance at organisational level. The award is given based on customer feedback, on-time delivery, site audit results, quality feedback and management feedback on the overall performance of the team. Eurogiro has outsourced the development and maintenance of its main applications to L&T Infotech, India. L&T Infotech has delivered services to Eurogiro since 2004 and in spring 2010 the development was moved to a new dedicated team of 8 members working diligently at the Chennai office. The team also provides level3 production support to Eurogiro applications based on the priority of issues defined by Eurogiro and the Eurogiro Service Desk.

The Eurogiro team strictly adheres its policy which states that 'releases made for a change order or maintenance should be done without defects and within timeframe'. The team plans, evaluates and executes so the defect has minimal impact and a resolution is released before the timeline. Major successful releases made in 2011 include performance tuning of databases for ELS and ESM applications, bringing increased robustness and stability to ELS and ESM applications, the implementation of new functionalities for the SEPA messages formats, and modifications in SMS and UPU authentication modules of ECI applications.

Project Success depends on Process Sucess
It is said that 'Project Success depends on Process Success' and the project is said to be at its peak when the project is delivered with high quality. The main reasons for the team's success are the increased dialogue with Eurogiro and thte working environment within the team. The individual responsibilities within the team are rotated so that a developer, as well as undertaking new developments, is sometimes working on maintenance of developments performed by another member, and sometimes testing new releases. This creates a strong team spirit and ensures that all the members of the team are challenged in their work.

Eurogiro site audit resulted in highest mark
In March 2011 the Eurogiro Security Group (ESG) performed a site audit on L&T Infotech. On all of the audited policies L&T Infotech was assessed with the highest ranking: Good. The remarks given in the site audit by ESG says - Very good preparation, cooperation and contribution of the key persons involved in the Eurogiro project. Impressive project management process maturity, and Certificate of ISO 27001:2005 compliance. The audit covered development procedures and management, process management, computer 'Centre of Project' operation and business continuity organisation. ESG areas of policy review during the audit included organisational, physical and environmental security, access control, network security, business continuity management, security in the development of software and applications, and human resources security.

During the past year, aided by the senior management of L&T, the project has scaled new heights in all the areas of project management including process definitions and implementation of improved communication and dialogues between all the participating organisations within the Eurogiro IT business. The Eurogiro project has set a benchmark in meeting timelines and quality. In addition to the team award, 4 out of the 8 team members were given awards in the 'individual star performer' category by the business unit for their high level of performance in the project.

Deputy Head of Delivery, Mr Muthuramalingam P.
www.Intinfotech.com

About L&T Infotech:
100% wholly owned subsidiary of Larsen & Toubro Ltd. - founded by two Danish engineers in 1938. Global IT services and solutions provider with HQ in Mumbai, India. 15,000 employees, 4600+ Resources with leading Global Banks and Financial Services Insitutions across North America, Europe, Africa and Asia Pacific regions. Over 15 years of international experience having 175 clients in 2010 and 25 Fortune 100 clients. Ranked among the top 10 Indian Service providers by NASSCOM in 2010.

Interview with Daniel Krebs, Member of the Eurogiro Board

Sun, 26 Feb 2012 23:00:00 GMT

Interview with Daniel Krebs, Member of the Eurogiro Board

Mr Daniel Krebs has recently been appointed as a new member of the Eurogiro Board, succeeding Mr Armin Brun as the representative of Swiss Post PostFinance. Daniel brings a wealth of knowledge about Eurogiro from his many former roles in Eurogiro working groups. In this interview he expresses his view on the aspirations and challenges of Eurogiro.

Daniel Krebs from Swiss Post PostFinance in the Eurogiro Board since Dec 2011

The payment market and Eurogiro have changed dramatically since you entered your first Eurogiro Working Group, the (Board) Advisory Group in 2004. What do you regard as the greatest achievements of Eurogiro over time and what should Eurogiro focus on to meet the challenges of today ?
Eurogiro adapted its 'postal network' to a potter's wheel between postal organisations, banks and other financial institutions. In geographic terms, Eurogiro managed to overcome its Euro-centric focus to adopt a global view. Many initiatives taken in the past are a good basis for further development. One example is the SECUG (SWIFT-Eurogiro Closed User Group) which enables banks to connect to Eurogiro using the SWIFT infrastructure. This must also be the basis with which to connect banks even more smoothly in the future.

You represent one of the strongest sending (and receiving) institutions in Eurogiro and have opened the largest number of business corridors with other members. How do you see the value of the community now and in the future?
On the one hand, we are a retail financial institution based in Switzerland without any branches or representative offices outside the country. On the other hand, we handle the largest share of international payments on the Swiss market. In the past Eurogiro enabled connections to institutions abroad - remember that it is not that long ago since postal organisations were not allowed to participate in the SWIFT network. Eurogiro provides us with a valuable platform for close relations with institutions worldwide. This community spirit is of utmost importance for the future.

Partnerships have been very important in the history of Eurogiro, including Western Union and SWIFT among others. How do you see the role of partnerships?
The community is the basis for successful partnerships. Today, the major part of the volume exchanged via Eurogiro is either Western Union transactions or exchanged via the SWIFT connection. I believe that partnerships will become even more important in the future.

Today, the strongest growth in business is in Asia, how do you see Eurogiro best positioning itself to take a role in this development?
Times have changed dramatically over the last decade in the payments business in Europe. The single currency, with no FX and SEPA rules, had an enormous impact on how we do business today. What we learn along the way - like high STP rates - can be adapted to the Asian market to some extent, and Eurogiro can support this. However, from a European perspective we have to be aware that there is not just one Asia and the huge continent has its own dynamics. Eurogiro's footprint in Asia is important to further growth in other areas of the world.

The payments industry is developing rapidly with much competition from known and new types of providers. How do you see the role and opportunities for, in particular, postal organisations in this market?
Postal organisations have the luxury of providing the greatest potential: they have infrastructures that span countries, a huge customer base and are often already active in the financial market. At PostFinance we are investing in the mobile business. A couple of years ago, we could not have imagined what we would be able to do with smartphones today. I believe that postal organisations should not hide from competitors but seek out new opportunities and possibilities.

Finally, how would you like to influence the future Eurogiro?
Today's supervisory boards have to contend with a host of new pressures, challenges and risks. We are held accountable for the company's performance and vitality. We must set its strategic direction, often across diverse product markets and geographies, and monitor Eurogiro's risk profile. Corporate governance and the evaluation of the performance of management and the company is a task of the Board. i would like to work together with my board colleagues in an open spirit to address these tasks. We have to move towards a more virtual Eurogiro - less technology and connection driven to more community and partnership driven aspects. In addition, we must think outside the box for new ideas in the payment industry. I look forward to taking up my role and contributing to the future of Eurogiro.

Annelise Lysdal, annelise.lysdal@eurogiro.com

Liberty Bank in Georgia becomes Eurogiro member

Wed, 25 Jan 2012 23:00:00 GMT

Eurogiro is pleased to welcome Liberty Bank in the Eurogiro community

Liberty Bank is a universal bank, serving both retail and corporate cilents. Liberty Bank is the 4th largest bank in Georgia with the largest branch network and the largest retail client base, currently serving 1.3 million individuals through 274 branches and service points.

Liberty Bank is the leader in providing remittance services via 21 money transfer systems, with an approximately 42% market share in Georgia.
Liberty Bank will be a MLF participant and connect to Eurogiro through the SECUG system and expects to be live in the Eurogiro network within the next 2 months.

Lithuania Post joins the Eurogiro community

Tue, 24 Jan 2012 08:53:59 GMT

Eurogiro is pleased to welcome Lithuania Post in the Eurogiro community

Lithuania Post is a state-owned public limited company being the universal postal service provider in Lithuania. With a network of almost 840 access points, Lithuania Post is the largest postal operator in the Baltic countries. Each month the services rendered by the team of professionals are used by nearly a third of the total population, i.e. about 800 000 customers.

In order to meet the growing needs of its customers, the company expands the range of financial services by joining the Eurogiro network. Lithuania Post plans to launch the remittance service via the Eurogiro network in April 2012. Initially transfers for outgoing and incoming payments would be provided in 157 rural and 215 urban post offices. By the end of the current year, the service would be available in almost 600 access points.

Al Rajhi Bank in Saudi Arabia joins Eurogiro

Mon, 12 Dec 2011 12:05:01 GMT

Eurogiro is pleased to inform about our newest member: Al Rajhi Bank

Al Rajhi Bank, founded in 1957, is one of the largest Islamic banks in the world having over 50 years of experience in banking and trading activities having total assets of SR 184 billion (US$ 49 bn) and an employee base of over 8,000 associates.

With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank is supported by an international network of over 500 branches, more than 2,800 ATM's as well as 150 remittance centers across the kingdom and state of the art online banking capabilities. Al Rajhi Bank is present in Saudi Arabia, Malaysia, Kuwait and Jordan.

Driven by its core values, Al Rajhi Bank continously strives to meet the financial needs of its customers, delivering innovative Sharia Compliant financial solutions across retail, corporate, treasury and investment segments.Al Rajhi Bank will implement the Eurogiro products acting primarily as an originating entity initially focusing on Eurogiro Cash International^® payments.

Interview with Sylvie Solignac, Chairman of the Eurogiro Board

Sun, 02 Oct 2011 23:00:00 GMT

Interview with Sylvie Solignac, Chairman of the Eurogiro Board

Eurogiro's new Chairman is Head of International Office at La Banque Postale in France, and was among the founders of Eurogiro. In this interview she expresses her view on the aspirations and challenges of Eurogiro.

Sylvie Solignac has an exceptionally broad understanding of the payment financial markets domestically and cross border, both within Europe and in other regions of the world. She understands the particular role the posts can play for instance in strengthening infrastructure and financial inclusion. Mastering the languages of French, English, Russian and Arabic she will have a rare ability to foster the dialogue and mutual understanding across cultures that is essential for a global community like Eurogiro. Sylvie Solignac holds the position as Head of International Office at La Banque Postale in France and has been in the Eurogiro Board since 2009

The payment market and Eurogiro have changed dramatically since you witnessed the creation of Eurogiro around 1992. What do you regard as the greatest achievements of Eurogiro since the start and what should Eurogiro focus on to meet the challenges of today ?
Eurogiro positions itself as a provider for banks and Postbanks, whereas before it saw itself as a provider for posts and Postbanks. In my view, the main achievements are: the creation of a low value payment service that secured low costs from using standards which again led to high STP. It was a leap forward in terms of security and cost of processing transactions between posts. Today Eurogiro is more than an alternative to SWIFT, it has developed into an expert in low value payments. Also, the many partnerships it has formed over the years are very important. And finally, we have a dedicated staff in Copenhagen that monitors the improvements and relations of members and not least the members that contribute on many levels to the shaping of Eurogiro. The main challenges are to embrace the new technologies of Person-to-Person payments into our interbank infrastructure. Another challenge is how to support the intra-regional traffic outside Europe, mainly Asia and Africa.

Partnerships have been very important in the history of Eurogiro; how do you see these developing in the future?
I would like to see Eurogiro continue with its structure of partnerships, but would like to see even more synergy and joint development of services. Deutsche Bank has provided reach across the globe for members. The relationship has grown to include USD settlement service and eventually they took a seat on our Board and are now a shareholder of Eurogiro. We also have a very strong relationship today with, for instance, Western Union which has been very valuable for Eurogiro and especially its postal members. These are good examples to follow in other areas as well, such as with new technology providers.

Ascot 1990; The group of founders of Eurogiro and front-runners of the first Eurogiro Board of Directors and Steering Committee. Sylvie Solignac is in first row to the far left

La Banque Postale has a strong position in the top echelons of both Eurogiro and the UPU, and the two organisations recently signed an agreement to link their networks. How do you see the potential of this for members of the organisations?
There is a huge potential for developing traffic across these two networks. Some postal operators within UPU and/or Eurogiro are quite interested in such a link. There are also some important differences between the two systems, in handling of Know Your Customer compliance or in settlement, to mention a few. However, I am confident that we will see this agreement come into force before the end of this year.

The strongest growth in business is in Asia, how do you see Eurogiro best positioning itself to take a role in this development?
We took the first step with the representative office in Singapore, employing one senior sales person there. The governance of Eurogiro should evolve to reflect the fact that much of most recent and forthcoming business would be in Asia and especially between countries in Asia. The Board is currently working on ways to further engage members in Asia in the development and we will make proposals to members in the near future. Our Asian Customer Council is already a very active contributor to the modelling of Eurogiro for the Asian market.

Eurogiro is well represented in French-speaking areas outside Europe, but not yet present in all French-speaking countries, for instance in Africa. Do you see a new opportunity for Eurogiro and Eurogiro members with French leadership in Eurogiro?
Looking ahead, Africa will play a crucial role. We note that China is already very active in Africa. I expect much development in this region in the future. I visited Gabon recently, the second richest country in Africa, and found that much is being done to increase intra-regional traffic, for instance from Gabon to Togo and Cameroun. Others are already very active in this region, and the World Bank is also focusing on this now. We already have several members here, in Tunisia, Morocco, Senegal, Togo and Madagascar and we look forward to additional members, for instance Algeria. We are ready to fund some development for new members to enable them to connect their IT and secure good processing quality.

Finally, what mark will we see from your Chairmanship in Eurogiro?
We are at a crossroad, with many critical issues to be faced at the same time. New technology is emerging for payments; SEPA is changing the payment landscape completely in Europe while business is expanding in Asia. Eurogiro wants continued cooperation with existing partners, while building new partnerships. Many crucial actions have been taken successfully by previous Chairmen. I intend to lead the Board and the community in the same spirit.

Annelise Lysdal, annelise.lysdal@eurogiro.com

Caixa in Brazil consolidates remittance processing

Tue, 20 Sep 2011 23:00:00 GMT

Brazil's Caixa Econômica Federal consolidates USD remittance processing with Eurogiro

Brazil's Caixa Econômica Federal has consolidated its US dollar settlement needs with Deutsche Bank via cross-border payments network Eurogiro.

Caixa, headquartered in Brazil and 100% owned by the Brazilian government, joined Eurogiro in 2010 for the disbursement of Japan Post Bank US dollar remittance transactions.

The Eurogiro settlement service allows its members to utilise their account with a central settlement service provider - Deutsche Bank - for all of their US dollar settlement needs instead of holding mutual accounts with each member with whom they transact.

Caixa participates in the Multi-Lateral Framework setup and connects to Eurogiro via the SWIFT Eurogiro Closed User Group on SWIFTNet (SECUG).

The Agreement between Caixa and Deutsche Bank was announced and signed during SIBOS 2011 - on 20 September 2011.

Eurogiro CEO speaks at the 'Pochtovaya Troika 2011' Forum hosted by Russian Post

Wed, 14 Sep 2011 23:00:00 GMT

Eurogiro CEO speaks at the 'Pochtovaya Troika 2011' Forum hosted by Russian Post

In St Petersburg in the Constantine Palace on 21-23 June, the Russian Post gathered postal sector leaders, experts, regulators for the 10th anniversary of the International Forum and Exhibition 'Pochtovaya Troika 2011' under the headline 'Post Modern'. Half of the time was dedicated to financial services and Eurogiro was invited among the speakers.

Russian Post manages to get attendance from out of space

This year, the central theme of the discussion was changes and challenges in the traditional mail business impacted by the internet age and specifically by the ' three e's': e-commerce, e-government and e-society.

The Forum was organized by the Russian Post with the assistance of the Ministry of Telecom and Mass Communications of the Russian Federation and the Federal Communications Agency. Through 8 different thematic sessions the Forum addressed the burning issues of the postal world. Eurogiro's CEO Tjeerd Rienstra delivered a presentation and attended the panel discussion on Modern Postal and Banking Services. Speaking on the challenge of modern cross-border payment services, Tjeerd Rienstra emphasized that 'trust, reputation and the unmatched reach' are the main assets of postal organisations.

At the forthcoming UPU congress next year and subsequent Director General elections, the Pochtovaya Troika participants had the opportunity to attend sessions on the individual strategies of the candidates on the future of the UPU, and this year's Forum was concluded by an afternoon devoted to a round table discussion on the future UPU postal strategy for 2013-2016. The 2 candidates for the President position are: Dra. Serrana Bassini Casco from Uruguay and Amb. Bishar A. Hussein from Kenya and the 2 Vice President candidates are Dennis M Delehanty from the US and M. Pascal Clivaz from Switzerland.

Dame Damevski, dame.damevski@eurogiro.com

Bangladesh Post joins Eurogiro

Mon, 01 Aug 2011 09:33:02 GMT

Bangladesh Post joins the Eurogiro community

Eurogiro is pleased to inform about our newest member; Bangladesh Post.

With over 9,800 branches, Bangladesh Post has one of the largest physical networks in the country of Bangladesh.
With an innovative approach to financial services, the Post’s domestic money transfer service is now directly linked to over 1,750 branches, and in May 2011 provided over 235,000 domestic transactions in that month.

With the initial Eurogiro implementation for international payments and remittances, the system will directly link to the Post’s domestic money transfer service for cash payout at its linked-branches. Future plans at Bangladesh Post include linking the Eurogiro international payments service with more branches and with Bangladesh Post’s Cash Card and Mobile Wallet account.

Ganart Technologies and Eurogiro sign agreement (press release)

Mon, 23 May 2011 14:00:42 GMT

Ganart Technologies and Eurogiro sign a strategic partnership agreement to provide a solution that delivers financial services to “the last mile”´

The Strategic Partnership Agreement between Ganart Technologies and Eurogiro provides an end-to-end solution for postal and other financial organisations to deliver international payments and remittances as well as other financial services to the “last mile”. For posts and other financial service providers that seek to reach the unbanked and underserved population in rural areas, the combination of the two companies’ technologies will provide fast, inexpensive, compliant and secure transactions to host-connected and unconnected rural postal branches. “Trust, flexible technology and a menu of services tailored to the needs of this market are the elements that can change their world for the better," notes Webb Edwards, Co-Founder of Ganart Technologies.

For Eurogiro, the partnership complements its own charter to provide a secure, cost-efficient international payments and remittances system with Ganart’s “last mile” financial services technology solution to reach rural locations with a semi or fully self-service customer experience via a kiosk or other hardware device. “Ganart’s technology advantages are the perfect complement to the Eurogiro network and its community. It allows posts, as well as banks, the ability to provide financial services reach that aid in the financial inclusion agenda,” stated Tjeerd Rienstra, CEO Eurogiro.

Art Holbrook, CEO Ganart Technologies explained, “It has been the vision of Ganart to provide financial services to the world’s underserved population. With Eurogiro’s expansive postal network, we can collectively deliver a variety of financial services that have never before been offered, especially in non-urban areas that lack basic infrastructure systems. We are very much looking forward to working towards our common vision with Eurogiro.”

About Ganart Technologies
Ganart Technologies is a proprietary provider of reserved and compliant processing of information and transactions. Their money everywhere system is designed around serving the underserved with their Ganart Fusion Last Mile software solution, which has the ability to push a vast array of value exchange services to those in their unit network. This capability gives their customers consistency with their financial services systems from end to end (units to back-end). The Ganart solution reaches the entire financial pyramid, particularly the un-banked and under-banked. For more information visit www.ganart.com. Ganart Contact: Wayne McHugh, Managing Director, Ganart Technologies Inc., Phone: +1 603 930 8229, wmchugh@ganart.com.

The Great East Japan Earthquake and its effects on Japan Post Bank's Eurogiro business

Wed, 18 May 2011 07:41:42 GMT

The Great East Japan Earthquake and its effects on Japan Post Bank’s Eurogiro business

The Great East Japan Earthquake of 11 March 2011, followed by a tsunami, resulted in more than 14,000 people losing their lives and, even now, over 11,000 people remain unaccounted for. Approximately 130,000 are homeless or have had to be evacuated. In addition to the earthquake and tsunami, the Fukushima nuclear power-plant radiation leakage is casting a gloomy shadow on hopes of putting people’s lives back together again.

This disaster also inflicted enormous damage on the Japan Post Group in its key fields of mail, banking and insurance and on the post office network as a whole. Over 100 post offices/branches in the disaster area were either completely or partially destroyed.

JPB Eurogiro Payment Outflow
There are 233 Japan Post Bank Branches and over 7,000 post offices which are authorised to accept applications from customers for oversea remittance. These applications are sent to the Tokyo Operations Centre (TOC), which is the sole exchange office for overseas and is the ELS Production site. At TOC, the payment data is input and transmitted as Eurogiro envelopes to Eurogiro partners once a day. Regarding the incoming service at TOC, payment data is received from Eurogiro partners once a day. Payments are then deposited to the payees’ accounts, or money orders are printed and mailed to payees. At branches and post offices money orders can be cashed by the payee.

Difficult situation, however to maintain normal business
After 11th March and during April, the Tokyo Electric Power Company (TEPCO) was unable to provide full electric coverage to the Kanto region as a result of the Fukushima nuclear reactor shut down; this included the TOC. TEPCO took the step of imposing partial blackouts to selected areas at set times with serious impact on public transportation We were required to implement emergency measures in the event of possible blackouts, such as shutting down the Eurogiro system (ELS), to avoid malfunctions of the system. We planned precisely for optimal use of ELS, manpower and limited electricity, in accordance with the planned blackout time schedule. Furthermore, the TOC has an in-house power generator for emergency purposes. However, we have to secure sufficient fuel to provide for any prolonged blackouts.

Necessity of saving electricity for the summer
The Japanese government plans to urge all organisations to reduce electricity consumption by 15% for the coming summer when demand for electricity is expected to increase. The JPB is now considering some measures to cut electricity which also will have an impact to the Eurogiro connection.

Thanks to Eurogiro A/S
Eurogiro have been informing member countries of the situation relating to the JPB Eurogiro service. In terms of the IT system, the Eurogiro Servicedesk has had extended focus set up to handle the situation. Any transactions sent to JPB go into “retry” mode and are automatically delivered once JPB is online again. Thanks to this IT setting, sending Eurogiro members have no need for any special actions.

Anticipated effects on JPB Eurogiro payments
Although adverse effects on JPB Eurogiro service may occur, the JPB will do its utmost to try to maintain normal business. Possible adverse effects on the JPB Eurogiro service regarding outgoing payments, due to electricity shortages at the TOC, may result in delays in sending envelopes overseas. In addition, answers to inquiries by overseas Eurogiro partners might take more time than usual. Electricity shortages at the branch/post office may result in delays in mailing applications to the TOC. As for the incoming payments, the electricity shortages at the TOC may result in delays in mailing money orders to payees or depositing to payee’s accounts.

JPB Eurogiro Contingency Plans
In 2010, we set up a Disaster Recovery (DR) site in Yokohama Operation Centre (YOC). Data between TOC and YOC is synchronized each hour.

Two different cases for BCP

The Contingency Plan takes into consideration two different situations:

1) break- down of the Production ELS and

2) disaster at the TOC when neither the Production ELS nor the Test ELS operate.

In the case of 1), we usually switch to Test ELS or repair the ELS Production system and it would be fairly easy to continue business. However, if it will take more than 48 hours to repair the ELS Production system, the second contingency case 2) will be activated. In this situation, the switching process from the Production system to the DR system would be required. In addition, staff at the TOC that have more expertise in Eurogiro system than those at the in YOC should be dispatched to the DR site.

Make BCP feasible with further improvements
In order to make the Contingency Plan feasible, simulating training should be practiced at least once a year. During the simulating training, we can check how to report to relevant parties and so on. Results could bring some fresh ideas into the Contingency Plan.

Mr Hiromitsu Nishida, Eurogiro general contact within Japan Post Bank

Sylvie Solignac Chairman of the Board of Directors of Eurogiro (press release)

Mon, 16 May 2011 23:00:00 GMT

Sylvie Solignac Chairman of the Board of Directors of Eurogiro

Sylvie Solignac was elected as chairman of the Board of Directors on 10 May 2011.

Sylvie Solignac, La Banque Postale France, Chairman of the Eurogiro Board May 2011.

Sylvie Solignac holds the position as Head of International Office at La Banque Postale in France and has been in the Eurogiro Board since 2009. However, Sylvie Solignac was already a key person in the foundation of Eurogiro in the early nineties. As Marketing Manager of International Services at La Poste in

France

, she was La Poste’s representative in the Eurogiro Steering Committee. Since then, Sylvie Solignac headed the Paris Giro Centre (which executes large bulks of domestic payments) and has been closely involved in the agreement process of the French postbank.

Sylvie Solignac has an exceptionally broad understanding of the payment financial markets domestically and cross border, both within Europe and in other regions of the world. She understands the particular role the posts can play for instance in strengthening infrastructure and financial inclusion. Mastering the languages of French, English, Russian and Arabic she will have a rare ability to foster the dialogue and mutual understanding across cultures that is essential for a global community like Eurogiro.

Sylvie Solignac succeeds Armin Brun, Swiss Post, PostFinance as chairperson in the Board. “Armin Brun” says Sylvie Solignac “was an excellent chairman of Eurogiro. In his two years term, Eurogiro expanded its global reach especially in Asia, introduced the first multilateral agreement framework in correspondent banking, and moved to become a carrier of SEPA payments next to maintaining its global payments & remittance portfolio. The support from Swiss Post under the chairmanship of Armin Brun was extraordinary. Being one of the largest senders in Eurogiro, Swiss Post supported the business development in many ways, participating in most community working groups, sharing experts with the Eurogiro company in many levels. Armin Brun has been an open-minded, very competent and engaged chairman”.

Quoting the Eurogiro CEO, Tjeerd Rienstra, "Sylvie Solignac has the perfect profile to develop and lead Eurogiro in its mission to be the bridge between banks and posts across the globe". Her organisation has been transformed from post to bank, its international business been developed under her lead and she has very strong relations to postal organisations and banks. She can bring Eurogiro forwards in a period where the posts can be a critical factor in growing workers’ remittances around the globe, making formal channel more attractive by offering trust, good products and local presence.

La Banque Postale (www.labanquepostale.fr)

La Banque Postale, the banking subsidiary of the La Poste group, is a unique and special bank operating in the French retail banking market. As an institution that is faithful to its core values: acting in the general interest, confidentiality and closeness to its customers, La Banque Postale puts welcoming all its customers at the heart of its business. It supports its retail and corporate customers by providing a sustainable banking relationship, with an accessible and reasonably-priced range of products and services. It is continually adding to its product range, specifically through relying on the expertise of its subsidiaries and partners, thus entering new areas. La Banque Postale is accessible 24/7, anywhere, any time.

Eurogiro: The annual meeting on cross-border payment services for postal organisations and banks opens tomorrow in Warsaw (press release)

Mon, 09 May 2011 09:25:29 GMT

Eurogiro: The annual meeting on cross-border payment services for postal organisations and banks opens tomorrow in Warsaw

The meeting will be hosted by Poczta Polska SA – Member of Eurogiro since 2006

Copenhagen/Warsaw, 9 May 2011 – Tomorrow sees the opening of Eurogiro's annual Community Meeting, during which more than 60 members of the Eurogiro network, present in 48 countries, will come together to share strategies for the development of the money transfer business throughout the world. Many payments made in Poland and transferred rapidly and reliably to a beneficiary in another country are likely to have been carried out automatically by Eurogiro, a partner of important postal organisations, banks and networks in the international electronic payments business.

“It is our firm intention to see to it that members associate Eurogiro with “quality, easiness and user friendliness”, confirm Tjeerd Rienstra, CEO of the Copenhagen-based company. In Rienstra's view, this means guaranteeing that all cross-border payments can be rocessed simply, quickly, cost-effectively and having a REACH all over the world, even in rural areas.

Eurogiro, founded in 1993 by twelve European postal organisations, is a Danish commercial company whose aim is to support and develop worldwide business relating to cross-border payments related to retail and wholesale financial services. The Eurogiro community of members is the driver of business and new developments in cooperation with partners. Over the last twenty years, the company has evolved from a platform formed by postal organisations and banks into a trusted partner for cross-border payments at a global level, processing over 32 million transactions every year.

Poczta Polska S.A. – Eurogiro member since 2006 – is very active in this organisation and has its representative in the Eurogiro Customer Council.

In the first quarter of 2011, the number of Eurogiro money orders sent abroad via Poczta Polska S.A. increased by almost 30% compared to the relevant period of the previous year. In comparison to the first quarter of 2008, the growth amounts to over 70%.

The most important corridors for the Eurogiro money orders sending from Poland are currently: France, Slovakia, Croatia and Italy as well as recently opened Germany and Vietnam.

In parallel to Eurogiro Community Meeting Poczta Polska S.A. launches the information campaign promoting its international money order service.

Japan Post Bank's Eurogiro connection operates despite disaster

Mon, 14 Mar 2011 09:45:52 GMT

Japan Post Bank’s Eurogiro connection operates despite disaster

Eurogiro informs that the services at Japan Post Bank continue despite the terrible earthquake that struck Japan Friday, 11 March 2011. It has been decided to turn off the systems in Japan when idle due to the scarce electrical resources. Blackouts should happen daily and will be continued during March and possibly April as well.

The IT Director of Eurogiro, Uwe Holmsgaard, states that the network is robust to handle this situation. Any transactions sent to Japan will go into “retry” mode and will automatically be delivered once Japan Post Bank is online again and there is no need for any special actions by the sending Eurogiro member.

However, according to contacts to colleagues at Japan Post Bank, Japan Post Bank is experiencing damages to local post offices and branches and is impacted by the damages to infrastructure and energy supplies in general and have a limited number of people to take operations. Delays may be expected.

Eurogiro wishes the colleagues at Japan Post Bank and the Japanese people all the strength they need to recover from this disaster and Eurogiro, Eurogiro’s Network Management Center (ENOC) and Japan Post Bank keep close contact to secure all is done to ensure that operations run as smoothly as possible.

Trans-Fast Remittances LLC in the US joins the Eurogiro community

Wed, 02 Mar 2011 08:21:31 GMT

Trans-Fast Remittances LLC in the US joins the Eurogiro community

Eurogiro welcomes Trans-Fast Remittances LLC as a new member of the Eurogiro community.

Trans-Fast is a leading provider of global remittances for over twenty years and heardquartered in New York (U.S.A.) (www.transfast.com). Trans-Fast provides its customers with fast, convenient and reliable service for sending and receiving remittances as well as payment of bills through its global network of over 135,000 locations. This worldwide network consists of retailers, financial institutions, post offices and payment locations.

Trans-Fast will implement the Eurogiro Credit and Cash services for payments into and out of the USA, and will connect to Eurogiro through the ELS (Eurogiro Local System) targeting to go live in 2nd quarter of 2011.

Initially Trans-Fast will contact Eurogiro members to discuss payments exchange bilaterally, however it is their intention to participate in the MultiLateral Framework.

Trans-Fast's broad range of services provides a variety of options for making incoming payments available for the beneficiaries, namely credit-to-bank accounts, mobile credits, electronically loaded debit cards, cash pickup, and home delivery of cash payment.

For more information on connecting with Trans-Fast Remittances LLC via the Eurogiro network, please contact Ms. Therese Gamboa at Therese.Gamboa@transfast.com.

Ganart presents its new technology to Eurogiro

Mon, 06 Dec 2010 09:47:02 GMT

Ganart presents its new technology to Eurogiro

Ganart Technologies presented its new technology to serve the under-banked at the Eurogiro Asia Pacific Meeting in Delhi 10 November. Read the full article on www.ganart.com

UPU and Eurogiro sign agreement

Fri, 19 Nov 2010 10:18:24 GMT

UPU and Eurogiro sign agreement

The UPU and Eurogiro signed yesterday an agreement to interconnect their networks to exchange postal payment services.

Edouard Dayan, Director General of the UPU,
and Armin Brun, chairman of Eurogiro’s
board of directors, at UPU headquarters
signing the UPU - Eurogiro interconnection
agreement.

The agreement could pave the way for customers of both networks to send money more easily among each other.

The UPU’s International Financial System network facilitates the exchange of postal payment services among the Posts of its member countries. Eurogiro facilitates the provision of financial services and payment exchange solutions among its customers, which include Posts, postal financial institutions and banks.

The parties will now work on a pilot project to ensure that such interconnection is both technically and operationally feasible.

The project’s aim is also to certify that, when put in place, services would comply with the principles and requirements defined in the UPU’s international treaty, the Postal Payment Services Agreement and its Regulations.

One hundred and seventeen UPU member countries are signatories of this treaty, which defines the type of services (cash-to-cash, cash-to-account, account-to-cash and account-to-account) and quality of service Posts must offer to their customers, among other things.

64 posts, postal financial services and banks around the globe are today exchanging payments using the Eurogiro network, service level agreements and settlement services.

The two networks could be interconnected by mid-2011, assuming the pilot is successful.

Eurogiro selects Deutsche Bank to offer new multicurrency settlement service to its members

Tue, 26 Oct 2010 11:28:47 GMT

Eurogiro selects Deutsche Bank to offer new multi currency settlement service to its members

Amsterdam October 26, 2010

Deutsche Bank today announced that it has been chosen by Eurogiro, the world’s second largest network in international electronic payment transactions, to offer its members a multi-currency settlement service. Eurogiro serves the global postal bank and agency community.

Deutsche Bank, a leading provider of payments and cash management services, is providing the Eurogiro community a single point of settlement for more than 35 currencies through FX4Cash, its global cross-currency payments platform. FX4Cash combines Deutsche Bank's global foreign exchange expertise with its extensive cash management offering to provide global cross-currency payments solutions for financial institutions and corporates.

The new multi-currency settlement service is easy and efficient to use. Customers are advised of FX rates up-front and can reduce costs in processing cross-border payments. Eurogiro members can use an existing account when sending a transaction. When receiving payments, the funds can be settled via domestic clearing due to the far-reaching global coverage of Deutsche Bank.

Paul Camp, Global Head of Cash Management Financial Institutions, Deutsche Bank and Board Member of Eurogiro, said “Deutsche Bank is pleased to offer Eurogiro the ability to extend its new multi-currency settlement solution to its network of postal banks and postal agencies around the world. Via its network, Eurogiro is able to reach over two billion individuals globally.”

Tjeerd Rienstra, CEO of Eurogiro, said: “The introduction of this multi-currency solution is the next step in broadening our scope of currencies settled with a single provider to complement the existing euro- and US dollar settlement services. Deutsche Bank’s FX4Cash platform is highly innovative and its flexibility allows us to tailor this service to the needs of our own client base while providing added efficiency. Being aware of FX rates in advance of a transaction is highly beneficial and we expect this advantage will be of great value, particularly, for the worker remittance market.”

Armin Brun, Chairman of Eurogiro and Deputy Head of Swiss Post PostFinance added, "As Chairman of Eurogiro, I believe the introduction of this new multi-currency settlement service is an important development. By leveraging Deutsche Bank’s FX and payments expertise, Eurogiro can meet the currency reach of its extensive client base that spans over 50 countries and includes members such as Swiss Post PostFinance, the largest provider of international payments in Switzerland. "

For further information, please call:

Deutsche Bank AG

Press & Media Relations

Christoph Woermann

Deutsche Bank

Global Transaction Banking

+44(0) 777 496 9054

christoph.woermann@db.com

Libby Young

Deutsche Bank

Press Office

+44(0) 207 545 6941

libby.young@db.com

Annelise Lysdal

Eurogiro

+45 4371 2772

Annelise.lysdal@eurogiro.com

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients

franchise. A leader in Germany and Europe, the bank is continuously growing in North America,

Asia and key emerging markets. With 81,929 employees in 72 countries, Deutsche Bank offers

unparalleled financial services throughout the world. The bank competes to be the leading global

provider of financial solutions for demanding clients creating exceptional value for its shareholders

and people.

www.db.com

About Eurogiro

If a payment made in for instance Swiss PostFinance is transferred quickly and reliably to an

international recipient, there is a good chance that the transaction was automatically processed by

Eurogiro, the partner for post organizations and banks, and the second-largest network in

international electronic payment transactions. We are determined that members associate

Eurogiro with ”Quality, easiness and user-friendliness”, confirms Mr. Tjeerd Rienstra, CEO of

Eurogiro The Eurogiro company was established in 1993 by 12 European postal organizations.

Over the past two decades, it has developed from a platform between banks and postal

organizations to a trusted partner for global cross-border payments, processing over 32 million

transactions per year for more than 60 organizations.

www.eurogiro.com

Eurogiro removes cost of remittances by redesigning procedures in its community

Tue, 26 Oct 2010 08:17:14 GMT

Eurogiro removes cost of remittances by redesigning procedures in its community

Copenhagen, Oct. 26, 2010

Already now half of the Eurogiro members use the newly developed multi-lateral business framework to connect to each other in one step, covering everything from the technical connection to the service levels and standard business agreements. This enables Eurogiro, which organises payment specialists among posts, banks and money transmitters, to help the industry meet the goals of the World Bank to reduce payment costs for remitting immigrant workers. With its unrivalled branch network, posts can reach out to the unbanked population like no other financial organisation, and can share the benefits of cost savings directly with the poorest in the world. “It is a great leap forward for our community, and we are happy to support the UN in reducing poverty” says Mr. Tjeerd Rienstra, CEO of Eurogiro.

The cost of a remittance is impacted by the cost of maintaining a large and trustworthy network of receiving institutions. With minimal exchange of information, Eurogiro members can start exchanging payments which are highly standardised and which meet premium security standards via the MultiLateral Framework. Settlement can be done out of one account and, while exceptions are rare (Straight Through Rates around 95%), these are also standardised. The length of time required to open a remittance corridor is decreased with the reduction of repetitive bilateral agreements and bilateral tests. Eurogiro’s MultiLateral Framework now covers more than half of the community, and all regions of the world. In particular, new members are pleased to find that the task of connection is far easier than is normally the case in correspondent banking.

Eurogiro members did well in EU bank stress test

Wed, 28 Jul 2010 12:49:53 GMT

Eurogiro members did well in EU bank stress test

The stress test by CEBS (Committee of European Banking Supervisors) concerned six Eurogiro members being Sydbank (DK), Deutsche Postbank (DE), Deutsche Bank (DE), EFG Eurobank (GR), Santander (ES) and BBVA (ES). All passed the stress limit set by CEBS and maintained their Tier 1 capital ratio well above 6%.

CEBS informs that the test was mandated by ECOFIN and the European Central Bank to provide policy information for assessing the resilience of the EU banking system to possible adverse economic development and to assess the ability of banks in the exercise to absorb possible shocks of credit and market risks, including sovereign risks. 7 banks out of 91 tested would see their tier 1 capital fall below 6%.

Eurogiro congratulates on the good results.

More information here

Eurogiro annual User Group Meeting in Rome hosted by Poste Italiane

Mon, 03 May 2010 10:04:47 GMT

Eurogiro: The annual meeting on cross-border payment services for postal organisations and banks is set to open in Rome
The meeting will be hosted by Poste Italiane: the future lies in innovative services such as transfers from mobile phones and cards

Copenhagen/Rome, 3 May 2010 - Tomorrow sees the opening of Eurogiro's annual User Group Meeting, during which the 64 members of the Eurogiro network, present in 50 countries, will come together to share strategies for the development of the money transfer business throughout the world. Many payments made in Italy and transferred rapidly and reliably to a beneficiary in another country are likely to have been carried out automatically by Eurogiro, a partner of important postal organisations, banks and networks in the international movement of electronic payments.

"It is our firm intention to see to it that members associate Eurogiro with 'quality, easiness and user friendliness'", confirms Tjeerd Rienstra, CEO of the Copenhagen-based company. In Rienstra's view, this means guaranteeing that all cross-border payments can be processed simply, quickly and cost-effectively.
Eurogiro, founded in 1993 by twelve European postal organisations, is a Danish commercial company whose aim is to support and develop, among its members and associate partners, worldwide business relating to cross-border payments related to retail and wholesale financial services. Over the past twenty years, the company has evolved from a platform formed by postal organisations and banks into a trusted partner for cross-border payments at a global level, processing over 32 million transactions every year.

Poste Italiane holds an 8.64% share in Eurogiro, which allows it to play a guiding role in international money transfer strategies and projects, also by focusing on innovative services such as money transfer via mobile phones or payment cards. "Through Eurogiro", explains Alessandro Albano, in charge of Payment Systems at Poste Italiane "we are able to allow cash-to-cash or cash-to-account transfers in 2-4 days, depending on the corridors and the procedures used, and with commission rates below the cost target set by the recent G8 in L'Aquila. Eurogiro is therefore a very important partner in the field of remittance and payment transfer services".

Eurogiro welcomes Caixa Econômica Federal, Brazil

Tue, 02 Mar 2010 08:57:25 GMT

Caixa Econômica Federal, Brazil joins the Eurogiro community

Please welcome Caixa Econômica Federal as a member in the Eurogiro community, and an expansion of the Eurogiro payment gateway for account transfers into Brazil.

Caixa Econômica Federal will participate in the MultiLateral Framework setup and will connect to Eurogiro via the SWIFT Eurogiro Closed User Group on SWIFTNet (SECUG). The installation is scheduled to take place in March 2010. Testing will be conducted adjacent to the installation and subsequently the Eurogiro Connectivity Certificate will be issued.

A USSP agreement is being concluded with Deutsche Bank, i.e. all transactions denominated in USD with Caixa can be settled with Deutsche Bank.

Caixa Econômica Federal is headquarted in Brasilia and 100% owned by the Brazilian Federal Union. Across its vast network of branches, the bank will provide its customers, at first, with account transfers for incoming international payments.

CAIXA is the main agent for the Federal government's public policies and is present in the life of millions of Brazilians in every Brazilian municipality. This is because this public institution serves not only its bank clients, but the whole Brazilian population through the banking correspondent networks (lottery, bakeries, markets, drugstores and other businesses), the urban infrastructure investments, the social benefits transfer, asset management and international operations. By acting in the sectors of housing, basic sanitation, infrastructure and services, CAIXA plays a core role in the promotion of urban development and social justice in the country, contributing to improve the population's quality of life, particularly the lower income ones.

The bank was established in January 1861, nearly 150 years ago and is today ranking number 5 among Brazilian banks.

For more information on connecting with Caixa Econômica Federal via the Eurogiro network, please contact Ms. Márcia Spinato Ribeiro at gerin11@caixa.gov.br

Eurogiro welcomes Ukraine Post

Mon, 08 Feb 2010 14:12:57 GMT

Eurogiro welcomes Ukranie Post.

Eurogiro is happy to announce that Ukraine Post has signed a MultiLateral Framework agreement and thereby becomes a new member of our community.

Ukraine Post will connect to Eurogiro through the ELS (Eurogiro Local System) and is scheduled to go live in April 2010. To begin with, the Post will provide its customers with cash transfers for both incoming and outgoing payments.

With more than 15,000 post office outlets (including more than 10.000 in rural areas) Ukraine Post brings unique last mile reach for both the inbound and outbound remittance market.

The Eurogiro General Contact is:

Ms. Larysa Stefanenko

Head International Affairs Department

E-mail: stefanenko@ukrposhta.com

Telephone: [+380 44 278 5139]

Fax: [+380 44 278 7969]

On December 29, 2009 Ukrainian State Enterprise of Posts "Ukrposhta" was authorized by the National Bank of Ukraine for activities related to funds transfer. In accordance with requirements of the Law of Ukraine "On Payment Systems and Funds Transfers in Ukraine" and normative legal acts of the National Bank of Ukraine specialists of Ukrposhta made considerable work to agree with the National Bank the rules of "Postal Money Order" payment system. Over this time the internal normative documents related to transmission of postal money orders and the order of the payment system financial operations monitoring were worked out.
According to the current legislation after receiving of the authorization Ukrainian State Enterprise of Posts "Ukrposhta" becomes payment organization of the national non-banking payment system.