The UPU and Eurogiro signed an agreement yesterday to interconnect their networks to exchange postal payment services.
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.
“Interconnecting networks is crucial for the success of any service, also in the area of postal financial services and specifically money transfer services,” said UPU Director General Edouard Dayan.
“The vast worldwide network of post offices is a great asset, and Eurogiro users and customers could greatly benefit from having access to it,” said the company’s CEO, Tjeerd Rienstra.
Pilot project
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.
Sixty-four Posts, postal financial services and banks around the globe exchange payments using the Eurogiro network.