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Western Union on Yellownet – Astounding Success Not Very Well Developed in Many New 8 a Successful Innovation Economies

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Western Union on Yellownet – Astounding Success Not Very Well Developed in Many New 8 a Successful Innovation Economies THE INTERNATIONAL ELECTRONIC PAYMENT NETWORK EUROGIRO News Contents 2004 1 / Februar Western Union and Eurogiro sign new five-year co-operation agreement 3 ING Nordic Gateway Following five years of successful co-operation between Western Union Eurogiro accepted as and Eurogiro, the organisations have signed an extension of the 4 administrator of a Closed agreement for another five years.The agreement provides significant User Group within SWIFT benefits to Western Union agents within the Eurogiro network and access to the Eurogiro member distribution network for Western Union. Connection to Eurogiro via 5 SWIFTNet, how does it work Deutsche Postbank taps The contract now includes: market was that the cash market was on the 6 new business decline compared with banking transfers • A base bonus to existing Eurogiro members (credit transfers). ESSP migration to that are agents of Western Union Deutsche Postbank • An incentive bonus to existing members As it turned out, Western Union’s urgent cash 7 conducted successfully and selected new agents of Western Union product ‘Will Call’, was able to fill a big gap • Transaction fees to Eurogiro and incentives in the market. The opening up of the world to expand the agent base of Western Union markets and the subsequent growth in migra- Focus on the • Access to Western Union via the Eurogiro tion led to a significant increase in the need Asia Pacific Region system for money transfers particularly from devel- 7 oped countries to less developed ones. Alternatives are often costly and may involve The past co-operation was an long delays as traditional infrastructures are Western Union on yellownet – astounding success not very well developed in many new 8 a successful innovation economies. ■ When Eurogiro and Western Union signed the first contract in 1998, few could predict Western Union offers a service that quickly, UBS collaborates with how huge a success the co-operation would reliably and conveniently transfers funds 8 PostFinance in paper-based turn out to be. The cash payment business using the company’s proprietary money trans- payments operations within Eurogiro member organisations was fer network. Today you can send a Western stagnating and the prevailing view in the Union ‘Will Call’ from 150,000 agent loca- The following graph demonstrates the truly amazing development in transaction numbers over the past five years: Transactions 1999 2000 2001 2002 2003 Figure 1: Development in number of Western Union transactions within the Eurogiro community NEWS / INFORMATION Eurogiro News is a magazine for the Focus on Alliances promotion of information, ideas and knowledge within the Eurogiro community. In this newsletter we are truly proud to highlight the two newly signed Eurogiro News is published quarterly by: co-operations with Western Union and with SWIFT. Eurogiro Network A/S Carl Gustavs Gade 3, 1. tv DK- 2630 Taastrup ■ Denmark The two alliances are in line with the Eurogiro strategy where the vision is to see Tel.: +45 43 71 27 72 Eurogiro as a solution and co-operation to link different products, geographical areas, net- Fax: +45 43 71 26 62 works and alliance partners. A new five-year agreement with Western Union has been e-mail: [email protected] signed with effect as of January 1st 2004. It provides significant benefits to Western Union agents within the Eurogiro network and offers Western Union access to an increased dis- Editor-in-Chief: Søren Rose tribution network. Subscription enquiries: The SWIFT alliance is a technical co-operation where existing and potential SWIFT users Kai Thygesen, Editor within Eurogiro have potential for significant cost savings by joining the Eurogiro Closed Tel.: +45 43 31 12 47 e-mail: [email protected] User Group on SWITNet. www.eurogiro.com You will also find news from Deutsche Postbank on the settlement service ESSP and their No part of this publication may be transaction banking business. PostFinance – Swiss Post has news on a future co-operation photocopied or otherwise reproduced with UBS and a status on their Western Union service on yellownet. ING Postbank high- without the written consent of Eurogiro lights their full Nordic solution on Eurogiro. Eurogiro has many seminars 1st half of 2004 Network A/S and one of them will be held in Singapore to put focus on the Asia Pacific region. Printed by: Schultz Grafisk We hope you will find the many new developments as exiting as we do and also that the Although Eurogiro Network A/S has made articles convey the unique opportunities for payment institutions. Enjoy your read. every effort to ensure the accuracy of this publication, neither it nor any contributor can accept any legal responsibility whatso- ever for consequences that may arise from errors or omissions or any opinions or advice given. Final editing: February 2004 Søren Rose, ISSN: 1727-7450 Editor-in-Chief and Deputy Managing The Eurogiro network is an international electronic payment network and is the only Director electronic cross-border payment system which covers both postal and bank products. Eurogiro has 39 member institutions. Although Western Europe is the core area, Eurogiro now spans five continents. The electronic payment system of Eurogiro is administered by Eurogiro Network A/S in Copenhagen which also provides the organisational framework for the further development of the co-operation. The com- pany is owned by 13 European members. COMMENTARY Eurogiro Member institutions: Austria: PSK/BAWAG • Belgium: Financial Post • Brazil: Empresa Brasileira de Correios e Telègrafos • Canada: National Bank of Canada • Cape Verde: Correios de Cabo Verde •China: China Post • Croatia: Hrvatska Posta • tions to more than 190 countries and territo- In 1998 it became important for postal organ- Czech Republic: CSOB a.s. • Denmark: ries around the world. The cost of the service isations to improve its services when the old- Sydbank A/S • Finland: Sampo Bank Plc • is very competitive and Western Union’s ded- fashioned ‘telegraphic Money Order’ needed France: La Poste • Germany: Deutsche ication to the success of the ‘Will Call’ prod- replacement. Postbank AG • Greece: Hellenic Post • uct has ensured that agents and customers Hungary: Magyar Posta • Iceland: Iceland benefit from a quality service. This strong growth is partly due to the Post • Ireland: An Post • Israel: Israel Postal Authority • Italy: Poste Italiane • Japan: Japan increase in urgent cash transactions in the Post, Postal Savings Business Headquarters • Working together holds numerous benefits market. However, a big contribution derives Latvia: Latvia Post • Luxembourg: P & T • for Western Union and Eurogiro members. from the significant number of new agents Morocco: Barid Al Maghrib • Netherlands: Western Union is constantly looking to within Eurogiro, with whom Western Union ING Bank N.V./Postbank N.V.• Poland: ING extend its international footprint, and the has been able to sign agreements after enter- Bank Slaski • Portugal: CTT Correios • large distribution networks typical of postal ing into co-operation with Eurogiro. When Romania: Banc Post and Posta Romana • organisations ensure maximum reach for the co-operation started, only six Eurogiro Senegal: La poste • Slovakia: Postova Banka • Western Union agents – providing conven- members were agents of Western Union. As Slovenia: Postna banka Slovenije d.d. • Spain: ience to customers as they only need visit of 1st January 2004, 25 of 39 members are BBVA and Correos y Telegrafos • Switzerland: Swiss Post Postfinance • Togo: their local post office to send or collect mon- agents of Western Union (see next page). Societe des Postes du Togo • Tunisia: La ey transfers. The trust and familiarity associ- Poste • Turkey: General Directorate of Post • ated with postal organisations also bring Value proposition United Kingdom: Alliance & Leicester security and comfort to customers when • Access to send ‘Will Call’ and other Commercial Bank Plc. • USA: Deutsche Bank using the Western Union money transfer serv- Western Union services to 190 countries • Serbia & Montenegro: Postal Savings Bank. ices. Similarly, Eurogiro members can offer and territories its customers an increased range of services. • Working with a worldwide leader in Money 2 NEWS / INFORMATION Transfer services, providing global IT, oper- ational and marketing support to agents • Fast transfers – often within minutes • More than 150,000 agent locations • Replacing existing manually costly Money Orders (especially Telegraphic) with a streamlined product • Direct access to the Western Union system via the Eurogiro system • Possibility of on-line counter connections, host solutions and internet solutions via Eurogiro Henrik Parl, Managing Director Hikmet Ersek, Senior Vice President, • Ability to maintain and expand market Eurogiro Network A/S: Europe, Middle East, Africa and Asia share as the major postal organisations to a Pacific, Western Union: great extent are agents of Western Union “Western Union's services, particularly ‘Will • Access to a customer base from ethnic com- Call’ are a unique addition to our product “Eurogiro is strategically very important for munities, generating additional revenue portfolio of other money transfer products Western Union, because it provides us with streams for other postal products such as credit transfers. It provides our growth opportunities, numerous locations members with easy access on a global basis and high quality, while Western Union Great benefits of the new contract with a product of the highest standards. brings Eurogiro members the ability to The new contract will enable Eurogiro and Speed, quality, cost efficiency and compliance provide a truly global money transfer service Western Union to work on expanding their is of critical importance to us, and Western for its customers. Together Eurogiro and product range and geographical coverage of ‘Will Call’, and potentially other Western Union provides this.” Western Union provides a real alternative to Union products into the long term. Both traditional banking transfers.” Eurogiro and Western Union aim to use their strong international platform to further Austria Hungary Romania expand and the two organisations share P.
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