DOCSLIB.ORG

News Contents 1 / February 2002

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
News Contents 1 / February 2002 148022s1-8.qxd 2/27/02 11:11 AM Page 1 THE INTERNATIONAL ELECTRONIC PAYMENT NETWORK FOR POSTAL ORGANISATIONS EUROGIRO News Contents 1 / February 2002 Cheaper cross-border credit transfers Eurogiro is continuing to and card payments in EUR within EU 2 widen the network ELS operators' training ■ A new EU regulation stipulates that cross- why cross-border payments tend to be more 3 border payments in EUR within EU must be expensive to produce compared to domestic priced as domestic EUR payments. The regu- payments. It is likely to be many years - Important expansion in lation makes EUR payments significantly maybe decades - before all these areas of North America: National cheaper for retail and corporate customers, additional costs are removed, even though 3 Bank of Canada signs up thus assisting EU in its aim to create an effi- some steps are being taken. The EU is try- with Eurogiro cient internal market. Financial institutions ing to ensure that reporting requirements for face grave challenges, because handling cross-border payments are removed and the An interview with costs of cross-border payments are still much banking sector is currently working on the Mr.Arrighetti higher than domestic payments. implementation of IBAN (International 4 Bank Account Number) and BIC (Bank The aim of the EU in introducing this regu- Identification Code) that aim at creating a Deutsche Bank teaming up lation is that it will secure an efficient and uniform account structure across countries. 4 with Postal Agencies smooth internal market for financial trans- fers. Without the regulation it would have Eurogiro is ready for the changes. Firstly, The reason why Eurogiro is been difficult for EU to explain to the con- we provide a very cost- efficient payment releasing three new versions sumer why it should cost more to transfer system. Secondly, we are - in co-operation 5 of ELS each year! money from Frankfurt to Amsterdam than with Postgirot AB in Sweden - in the from Frankfurt to Hamburg, especially as process of implementing a cost-effective the common currency is now EUR. solution for settlement of EUR payments. Welcoming a giant, 5 China Post The new regulation will mean significant Although many financial institutions feel the challenges for financial institutions in the new regulation is as a challenge, both finan- Automation of searches EU. Different account structures, language cial institutions and the EU share a common 6 increased tremendously differences, different domestic payment sys- hope that the regulation can lead to increased tems, and various domestic reporting growth in general and higher cross-border requirements are just some of the reasons payment activity in particular. Hungarian Post join 6 Eurogiro Continued on page 2 Western Union 2nd EPO 7 conference in Lisbon Thanks to you…cannot be 8 said too many times… 148022s1-8.qxd 2/27/02 11:11 AM Page 2 NEWS / INFORMATION Eurogiro News is a magazine for the Eurogiro is continuing to promotion of information, ideas and knowledge within the Eurogiro community. widen the network. Eurogiro News is published quarterly by: ■ Since the November 2001 issue of the Eurogiro Newsletter, we have welcomed Eurogiro Network A/S three new members of the co-operation. Carl Gustavs Gade 3 DK- 2630 Taastrup In mid-December Hungarian Post - Magyar Posta - signed the contract, in early Denmark tel: + 45 43 71 27 72 January China Post signed and in late January National Bank of Canada signed the fax: + 45 43 71 26 62 contract, all thereby becoming members of the Eurogiro co-operation - which now e-mail: [email protected] comprises 36 members in 34 countries. Editor-in-Chief: We are very happy to welcome our new members - and happy to have widened the Søren Rose reach of the network for all members. Subscription enquiries: Filip Jensen All three new members are currently working hard with the implementation. Tel + 45 43 31 12 47 www.eurogiro.com However, not only the new members are working hard - also the current members No part of this publication may be are, as usual, working hard -implementation of the ESSP (Euro Settlement Service photocopied or otherwise reproduced Provider) is currently on the agenda. As from 1st April 2002 all members have to without the written consent of Eurogiro have signed the bilateral agreement with Postgirot Bank in Sweden, which has been Network A/S ready with the Euro Settlement Service since 1st November 2001. Printed by: Schultz Grafisk For those members who since 1st January have implemented the physical EUR as their national currency, the workload has been extraordinarily high, preparing them- Although Eurogiro Network A/S has made selves and actually delivering EUR since midnight on 31st December. Mr. Arrighetti every effort to ensure the accuracy of this publication, neither it nor any contributor from Italian Post gives his comments in an interview you will find in this issue, can accept any legal responsibility whatso- together with quite a variety of articles, which I believe you will find interesting. ever for consequences that may arise from errors or omissions or any opinions or advice I wish you an enjoyable read. given. Final editing: 15 February 2002 Søren Rose Editor-in-Chief and Deputy Managing The Eurogiro network is an international Director electronic payment network for the postal financial institutions. The Eurogiro network is the only electronic cross-border payment system which covers both postal and bank products. Eurogiro has 36 member institutions. Although Western Europe is the core area, Eurogiro now spans four 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- COMMENTARY pany is owned by 16 European members. Continued from page 1 Eurogiro Member institutions: Austria: PSK/BAWAG • Belgium: Postcheque The regulation in summary: • Canada: National Bank of Canada • Cape Verde: Correios de Cabo Verde • China: The regulation covers all 15 EU countries China Post • Croatia: Hrvastska Post • Czech Republic: CSOB a.s. • Denmark: Danske By 1 July 2002 cross- border electronic payment transactions in EUR (ATM transactions) must Bank A/S • Finland: Sampo Bank Plc • be priced as domestic electronic payment transactions. France: La Poste • Germany: Deutsche Postbank AG • Greece: Hellenic Post • By 1 July 2003 cross- border credit (account) transfers in EUR must be priced as domestic EUR Hungary: Magyar Posta • Iceland: Iceland transactions Post • Ireland: AN-Post • Israel: Israel Postal Authority • Italy: Poste Italiane • Japan: The regulation covers amounts up to EUR 12,500, but by 1 January 2006 the amount will be Postal Savings Bureau • Luxembourg: P & T increased to EUR 50,000. • Morocco: Barid Al Maghrib • Netherlands: ING Bank N.V./Postbank N.V. • Norway: Higher fees for accounts permitting cross- border transfers compared to accounts permitting only Den norske Bank • Portugal: CTT Correios • domestic transfers are not allowed Romania: Banc Post and Posta Romana • Slovakia: Postova Banka • Slovenia: Postna Member states shall remove the reporting requirement up to 12,500 EUR (and later 50,000 banka Slovenije d.d. • Spain: BBVA and EUR). Correos y Telegrafos • Sweden: Postgirot Bank • Switzerland: Swiss Post Postfinance • From 1st July 2003 all institutions shall provide IBAN+BIC on statements or on annex to Tunisia: La Poste • Turkey: General account statements Directorate of Post • United Kingdom: Girobank PLC • USA: Deutsche Bank • The customer must inform their counter party in their IBAN/BIC. This information must be pro- Yugoslavia: Postal Savings Bank of Yugoslavia. vided to prevent extra costs being added The EU shall compile a report on the effect of the regulation no later than 1st July 2004 2 148022s1-8.qxd 2/27/02 11:11 AM Page 3 INFORMATION This year's User Group meeting will be held in Copenhagen and the agenda covers many exciting issues.This year's mix of business, marketing and operational issues, coupled with discussion groups and networking, offers a wide variety of challenges for the participants. In 2002 the Eurogiro General User Group Meeting will be hosted by Danske Bank, Denmark. At this meeting the members will: Be provided with an update/status on the Eurogiro activities. Have an opportunity to influence the way forward in Eurogiro. Be able to discuss business matters with other Eurogiro members. Attend presentations by Western Union, Deutsche Bank, EBA, EU etc. ELS operators' training ■ During the installation of the Eurogiro System, training of the ed to hold a 3-day training session for the ELS operators. The train- system operators is performed on-site. Many of our members ing covered the ELS application and the services provided by the received their training up to 5 years ago and since then we have system. Interest in the training has been overwhelming and a new introduced a wide variety of new functionality and services to the session will be held at the beginning of September. At this session system. Also, the operators employed by our members occasionally we will run the training over 5 days and include system management change position and new operators are assigned. We therefore decid- issues. The ELS training in Copenhagen 11-13 February. Important expansion in North America: National Bank of Canada signs up with Eurogiro ■ On 30th January 2002 National Bank of in its core market, whilst offering spe- Canada signed the contract with Eurogiro cialised services to its clients elsewhere in Network and thereby became the 36th mem- the world. With assets of over $75 billion ber of the co-operation - and the second new and some 17,000 employees, the National member to sign in 2002. Installation and Bank is the sixth largest bank in Canada.
Load more

Recommended publications
  • Automated Clearing House (ACH) Agreement
    Automated Clearing House (ACH) Agreement P.O. Box 189, Middlebury, Vermont 05753-0189 www.nbmvt.com Phone: 1-802-388-4982 THIS AGREEMENT is made this _______ day of ___________________, 20_____, by and between _____________________________________________________________ (“Company”) and National Bank of Middlebury of Middlebury, Vermont, (“Bank”). This agreement is governed by the laws of the State of Vermont. The Company has requested that the Bank permit it to initiate electronic signals for paperless entries through the Bank to accounts maintained at the Bank and in other banks and financial institutions, by means of the Automated Clearing House (“ACH”). NOW, THEREFORE, in consideration of the mutual promises contained herein, it is agreed as follows— 1. The Bank will transmit the credit and/or debit entries initiated by the Company to the ACH as provided in the ACH Rules (“Rules”), as in effect from time to time and this Agreement. An ACH Rule Book is available upon request from the Bank. Please contact the Bank with any questions about compliance with the ACH Rules. The Bank reserves the right to audit the Company to ensure compliance with the ACH Rules. 2. The Company will comply with the Rules insofar as applicable. The specific duties of the Company provided in the following paragraphs of this Agreement in no way limit the foregoing undertaking. The Company (Originator) will not initiate entries that violate the laws of the United States, which includes Office of Foreign Asset Control sanctions (OFAC). Website: www.treas.gov/ofac/ 3. The Company will obtain written authorization for consumer entries, shall provide a copy to the consumer, and shall retain the original for two (2) years after termination or revocation of such authorization.
    [Show full text]
  • 4. Role of Multilateral Banks and Export Credit Agencies in Trade Finance 34 5
    Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard EXPORT-IMPORT BANK OF INDIA WORKING PAPER NO. 71 REVitaLISING TRADE FINANCE: DEVELOPMENT BANKS AND Export CREDIT AGENCIES at THE VangUARD EXIM Bank’s Working Paper Series is an attempt to disseminate the findings of research studies carried out in the Bank. The results of research studies can interest exporters, policy makers, industrialists, export promotion agencies as well as researchers. However, views expressed do not necessarily reflect those of the Bank. While reasonable care has been taken to ensure authenticity of information and data, EXIM Bank accepts no responsibility for authenticity, accuracy or completeness of such items. © Export-Import Bank of India February 2018 1 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard 2 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard CONTENTS Page No. List of Figures 5 List of Tables 7 List of Boxes 7 Executive Summary 9 1. Introduction 16 2. Review of Trade Finance Market 19 3. Challenges to Trade Finance 26 4. Role of Multilateral Banks and Export Credit Agencies in Trade Finance 34 5. Way Ahead 44 Project Team: Mr. Ashish Kumar, Deputy General Manager, Research and Analysis Group Ms. Jahanwi, Manager, Research and Analysis Group 3 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard 4 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard LIST OF FIGURES Figure No.
    [Show full text]
  • United National Bank
    BUSINESS eBANKING SYSTEM SERVICES AGREEMENT This Business eBanking System Services Agreement (“Agreement”), together with the applicable Terms and Conditions of Your Account for any account that is or will be linked (“Account”) to the Business eBanking System (“System”), governs the use of the System. You understand and acknowledge that that all such Accounts are to be used primarily for commercial or business purposes, and that this Agreement will control if there is any conflict between it and any agreement applicable to Your linked Account(s). In this Agreement, ‘You,’ ‘Your,’ or ‘Customer’ refers to each owner of the Account(s) accessed through the System and each person authorized to access the Account(s) using the System. A ‘Writing’ refers to a communication conveyed on paper and signed by a person with sufficient authority to bind Customer or Bank, as applicable, or an electronic message from a person with sufficient authority to bind Bank or Customer, as applicable, and conforming to the requirements of the Uniform Electronic Transactions Act as incorporated into the laws of the state governing this Agreement. By signing the Agreement or using the System and the services described herein available to Customer (collectively, “Services”). You agree to the terms and conditions set forth below. A. SERVICES 1) Generally. As requested by Customer, Bank will enter into the System balance information and/or itemized debit and credit information for Accounts on a daily basis. Bank shall provide System instructions to Customer. The System is for Customer’s internal use to enable Customer to obtain balance and other Account information and to direct payments from Account(s) to third-parties (collectively, “Payees”, and each individually, a “Payee” when using the bill payment module; collectively “Beneficiaries”, and each individually a “Beneficiary” when accessing Wire Transfers; and collectively “Receivers”, and each individually a “Receiver” when using the Automated Clearing House (ACH) network).
    [Show full text]
  • What Can a Public Bank Do for Colorado? July 2020
    What Can a Public Bank Do for Colorado? July 2020 Colorado Public Banking Coalition: https://coloradopublicbankingcoalition.org [email protected] Rocky Mountain Public Banking InstitutE: http://bankingoncolorado.org Earl StaElin, RMPBI Chair AlEc Tsoucatos, Ph.D., RMPBI VicE Chair (303) 229-2834 [email protected] 350 Colorado: www.350colorado.org Deborah McNamara, 350 Colorado Campaign Coordinator Micah Parkin, ExEcutivE DirEctor (720) 400-3739 [email protected] What is a public bank? A public bank is a financial institution owned by the pEoplE through their rEprEsEntativE govErnmEnts and opEratEd in the public intErEst. Public banks can Exist at any lEvEl, from local to statE to national or EvEn intErnational. Any govErnmEnt body can chartEr a public bank and usE it to dEposit public funds. BEcausE it is publicly owned and opEratEd, a public bank is mandatEd to sErvE a public mission that rEflEcts the values and neEds of the community that it rEprEsEnts. In Existing and proposEd US Public Bank modEls, skillEd bankErs, not the govErnmEnt, makE bank dEcisions and providE accountability and transparEncy to the public for how their funds arE usEd. What makes public banking unique? UnlikE a privatE national bank, a public bank puts the intErEsts of local communitiEs first. PrivatE national banks havE bEcomE incrEasingly notorious for their lack of transparEncy and their prioritization of stakEholdEr profits ovEr the cliEnts and communitiEs they arE supposEd to sErvE. ThE rEvEnuE shortfalls facEd by local govErnmEnts following the 2008 financial crisis dEmonstratEd just how vulnerablE local communitiEs can bE to the mistakEs of largE national banks that put their own profits ovEr community dEvElopmEnt and fiscal strEngth.
    [Show full text]
  • Mobile Deposit Capture
    Mobile Deposit Capture FAQs Member FDIC QUESTION: ANSWER: What is National Bank of National Bank of Commerce mobile deposit allows you to deposit checks Commerce mobile deposit? into any of your National Bank of Commerce checking or savings accounts using the camera on your mobile phone or tablet. What do I need in order to use To use National Bank of Commerce’s mobile deposit service you National Bank of Commerce must have the following: mobile deposit? > An active National Bank of Commerce online banking account with mobile banking enabled > The most recent version of National Bank of Commerce’s app for your iPhone or Android > An active checking or savings account with a positive balance How do I request You can sign into the app and then click the three lines in the left hand corner. mobile deposit? Then select deposit check and enroll your accounts. Can I enroll more than one Yes. You can enroll as many accounts as you like for mobile deposit as long account? as the accounts qualify. Do I need to use a No. We will use what is called a substitute (or electronic) deposit slip to deposit slip? post the deposit to your account. You will simply need to take a picture of the front and bank of the check being deposited. Should I endorse my check No. We will add a standard endorsement to your check as we process it. before taking a picture? What type of checks can I Checks made payable to you and drawn on a bank within the United deposit? States can be deposited through mobile deposit.
    [Show full text]
  • Terms of Business of the Swiss National Bank
    Terms of Business 2019 Table of contents 1 General conditions 1.1 Purpose and scope of application 1 1.2 Exclusion of an obligation to contract 1 1.3 Conflict with other terms of business 1 1.4 Formal requirements for the SNB’s contracting partners 2 1.5 Recording of telephone conversations 2 1.6 Authority to sign on behalf of the SNB 2 1.7 Authority to sign on behalf of the contracting partners 3 1.8 Communications from the SNB 3 1.9 Liability of the SNB 3 1.10 Rights of lien and setoff 4 1.11 Charges 4 1.12 Place of performance 4 1.13 Notice of termination 5 1.14 Business hours 5 1.15 Applicable law and jurisdiction 5 1.16 Amendments to Terms of Business and conditions 5 1.17 General provision on data protection 6 1.18 Publication of data for specific bank services 6 2 Payment transactions 2.1 Admission to the giro system 7 2.2 Sight deposit account conditions 7 2.3 Cheque transactions 8 2.4 Collection 8 2.5 Cash transactions 8 3 Repo transactions 3.1 General 10 3.2 Open market operations 10 3.3 Standing facilities 10 4 Foreign exchange and gold transactions 4.1 Foreign exchange transactions 12 4.2 Gold operations 12 5 Custody services 5.1 Purchase and sale of custody assets 13 5.2 Custody and administration of custody assets 13 Annexes I List of head offices and agencies of the Swiss National Bank 15 II Instruction sheets applicable in conjunction with these Terms of Business 16 Swiss National Bank Secretariat General P.O.
    [Show full text]
  • Atm/Debit Card Application
    ATM/DEBIT CARD APPLICATION Thank you for your interest in a First Pioneer National Bank ATM or Debit Card. Please provide the information requested below, review the Terms and Conditions, and sign and date where indicated. Your ATM/Debit Card should arrive within the next 7 to 10 days. The card and PIN (Personal Identification Number) will arrive separately. When you receive your new card, please activate the card and verify it works. TYPE OF CARD REQUESTED ATM CARD ATM/DEBIT CARD HSA DEBIT CARD APPLICANT INFORMATION Primary Account Holder Name Joint Account Holder Name Mailing Address City State Zip Daytime Phone Evening Phone Checking Account # Savings Account # (DEBIT CARD PURCHASES ARE NOT ALLOWED FROM A SAVINGS ACCOUNT ) TERMS and CONDITIONS You agree to the following terms and conditions: Your daily withdrawal limits per account are: ATM $500 Debit Card $1,500 These limits may be increased or decreased at any time at the discretion of First Pioneer National Bank. When you receive your card, it can be activated at an ATM or during a PIN transaction. You can activate or flag your card as Lost/Stolen in case of an emergency by logging in to your NetTeller Online Banking or Pioneer Mobile Banking. Keep all your receipts and deduct the amount from your register. Your card is accepted worldwide anywhere the VISA®, STAR or PLUS logos are displayed. You agree to be responsible for any transactions done by anyone to whom you have given your card and/or Personal Identification Number (PIN). Do not put your PIN on the Internet, in your wallet/purse or anywhere for others to see.
    [Show full text]
  • National Bank of Egypt New York Branch
    National Bank of Egypt New York Branch National Bank of Egypt Resolution Plan Section 1: Public Section December 2013 National Bank of Egypt New York Branch National Bank of Egypt Resolution Plan December 2013 Table of contents 1. Section 1 : Public section 1 Introduction 1 2. Summary of resolution plan The names of material entities 2 Description of core business lines 3 Summary of financial information 3 Description of derivatives and hedging activities 5 Membership in material payment, clearing and settlement systems 6 Description of foreign operations 6 Material supervisory authorities 8 Principle officers 9 Corporate governance structure for resolution planning and related processes 9 Description of material management information systems 10 High-level description of resolution strategy 10 National Bank of Egypt Resolution Plan 2013, Public Section National Bank of Egypt (“NBE”) New York Branch Resolution Plan Section 1: Public Section Introduction This is the public section of the plan for resolution (“Resolution Plan”) prepared by the National Bank of Egypt and required pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and regulations of the Federal Deposit Insurance Corporation ("FDIC") and the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The initial Resolution Plan of the National Bank of Egypt is due on December 31, 2013, with annual updates thereafter. The FDIC and the Federal Reserve have each, by rule and through the supervisory process, prescribed the assumptions, required approach and scope for these resolution plans, and have required that certain information be included in a public section of the resolution plans.
    [Show full text]
  • 2020 ACH Annual Communication Letter
    February 28, 2020 Dear ACH Originator, Annually, the National Automated Clearing House Association (NACHA), the rule-making body for the ACH network, makes edits and updates to the Operating Rules. As a courtesy to our customers and to assist in rules compliance, we communicate those updates as well as provide a few reminders regarding ACH processing through Nicolet National Bank. Please forward this information to the person(s) in your company who are responsible for processing ACH transactions through Nicolet National Bank. Direct Deposit of Payroll, Vendor Payments, HSA Contributions, and Rental Property Rent/Lease Payments are all examples of ACH transactions your Company may be originating through us. Important Reminders: Daily ACH cutoff for Next Day file submission is 5:00pm CST. Daily ACH cutoff for Same Day file submission is 10:00am CST. (Must check the Same Day box) Same Day ACH entry limit is $25,000.00. No one entry within the file can be for more than $25,000.00. (Note: This limit increases to $100,000.00 effective 3/20/20) Each Company is assigned a Daily ACH Limit. If you exceed your limit your file submission email will include the details of the overage. A Treasury Management Team Member will place a phone call to an account signer to verify the over limit. This is a fraud mitigation step. Limits may be increased at any time by request of an account signer. After each file is initiated, there will be a yellow warning that states “Pending Financial Institution Review”. An email will be sent to identified users that states “ACH Limit Check – Warning” to explain the file is pending review.
    [Show full text]
  • POSTAL SAVINGS Reaching Everyone in Asia
    POSTAL SAVINGS Reaching Everyone in Asia Edited by Naoyuki Yoshino, José Ansón, and Matthias Helble ASIAN DEVELOPMENT BANK INSTITUTE Postal Savings - Reaching Everyone in Asia Edited by Naoyuki Yoshino, José Ansón, and Matthias Helble ASIAN DEVELOPMENT BANK INSTITUTE © 2018 Asian Development Bank Institute All rights reserved. First printed in 2018. ISBN: 978 4 89974 083 4 (Print) ISBN: 978 4 89974 084 1 (PDF) The views in this publication do not necessarily reflect the views and policies of the Asian Development Bank Institute (ADBI), its Advisory Council, ADB’s Board or Governors, or the governments of ADB members. ADBI does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. ADBI uses proper ADB member names and abbreviations throughout and any variation or inaccuracy, including in citations and references, should be read as referring to the correct name. By making any designation of or reference to a particular territory or geographic area, or by using the term “recognize,” “country,” or other geographical names in this publication, ADBI does not intend to make any judgments as to the legal or other status of any territory or area. Users are restricted from reselling, redistributing, or creating derivative works without the express, written consent of ADBI. ADB recognizes “China” as the People’s Republic of China. Note: In this publication, “$” refers to US dollars. Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5, Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan www.adbi.org Contents List of illustrations v List of contributors ix List of abbreviations xi Introduction 1 Naoyuki Yoshino, José Ansón, and Matthias Helble PART I: Global Overview 1.
    [Show full text]
  • Electronic Payment Systems, Electronic
    SCHWERPUNKTTHEMA Electronic Payment Systems, tronically, remain the exclusive domain of an Electronic Money and the Inter- electronic network that has been specifically designed for handling high value payments. net: The United Kingdom Expe- This paper is divided into six separate parts rience to Date including the Introduction. In the second sec- tion, I will examine some of the key elements associated with a modern payment system. by Andreas Credé, Science Policy Research Unit, University of Sussex Each payment system must satisfy certain minimum requirements in order to be able to operate successfully. The key issues include a The level of Internet access in the UK is ex- stable legal framework, agreed procedures for panding rapidly. Although the volume of settlement and clearing of payments as well as business being transacted using the Inter- net is currently insignificant in relation to measures that ensure payment messages are the overall UK economy, there is a general secure and that fraud is minimized. expectation that it will grow exponentially The paper then goes on to provide an over- over the next ten years. The future vision is view of the UK payment system and how it is of increasing volumes of business trans- divided into distinct and separate elements. The acted on the Internet using electronic meth- section highlights the sharp contrast between a ods of payment and eventually electronic same day electronic payment system that exists money in the form of electronic-cash. This largely to service the financial sector and the article reviews some of these developments other types of payment system.
    [Show full text]
  • A Briefing Note for UNI Post and Logistics
    The postal sector and the global recession A briefing note for UNI Post and Logistics Prepared by Andrew Bibby and Neil Anderson April 26 2009 version 4.0 1. Introduction A global economic crisis, such as much of the world is currently experiencing, leads to a reduction in business activity and threatens jobs and prosperity. The present problems may have begun in the finance and banking industry, but the downturn has spread to other sectors of the economy. Unfortunately the postal and logistics sector will not escape unscathed. The UPU has produced an initial assessment in its report The Global Economic and Finance Crisis: initial insights into its impact on the postal sector, presented to a UPU international conference on the crisis held early in April (at which UNI was represented). The UPU’s overall view is perhaps best expressed in the headline to its subsequent press release: “Postal sector feeling the pinch, but financial crisis not all doom and gloom”1. (The Report Executive Summary is attached as Appendix One. A full copy can be viewed in English & French at; http://www.upu.int/postal_economics/en/the_global_economic_and_financial_crisis_en.pdf) A vital piece of insight into one of the root causes of the financial crisis was delivered by the International Monetary Fund (IMF) representative at the UPU international conference on the subject. Emmanuel van der Mensbrugghe, Assistant Director, IMF Offices in Europe, said that one of the most significant causes of the crisis had been a long period of at least 10 years of stagnation of middle incomes, while at the same time, the cost of housing and mortgages had increased significantly (Detailed in the following chart)2.
    [Show full text]