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Eurogiro News  Eurogiro News Eurogiro News Eurogiro News THE INTERNATIONAL ELECTRONIC PAYMENT CO-OPERATION Eurogiro boosts the Eurogiro Cash International® Contents l December 2008 With Eurogiro’s new pricing model, Eurogiro members will send ECI on the Eurogiro 1 Eurogiro boosts the Eurogiro network free of charge in 2009. Also, receivers of ECI will see cost reductions from Cash International® the new model 3 New pricing structure within In 2009 hundreds of thousands of sent ECIs is estimated to be at least five times of that Eurogiro may be issued without additional charges to in 2008. the sending or receiving organisation. This Organisational changes within move is designed to stimulate growth in ECI Several new Eurogiro countries are also interested the Eurogiro Group volumes. Most customers will buy a bulk of in the ECI. Mr Davit Sahakyan, PhD., Director sent transactions which will include substantial of the Postal Financial Services Business additional transactions free of charge. At the Unit at HayPost, Armenia, commented on 4 Eurogiro service desk is same time, the charge for receipt of ECI is the potential mobile ‘phone notification: “The moved to new Facilities eliminated. The new model is described in information about received amount on money more detail in the following pages. transfers is not available to HayPost customers 5 Affordable pricing and a suite today. Customers try to gain information about of remittance services are Three new live countries the status of money transfers in post offices. Usually highlighted at the APPC Postal The ECI is picking up volumes in new countries it takes time to provide such information to clients Financial Services Course and is being tested on several continents as these processes are cumbersome and make by Eurogiro members around the world. the payment service slow and ineffective. That’s 6 Deutsche Postbank SwissPost PostFinance and Deutsche why the ECI service will be of a great use to establishes Platform for PAN- Postbank successfully started to send ECIs HayPost.” European in-sourcing of in June 2008 and Finance Engineering in payment transactions Bulgaria received their first ECI transaction ECI Mobile Notification in September. The Postal organisations of In line with the trend in the workers’ remittance Security activities for 2008 and Cape Verde, Hungary, Latvia and Portugal market, Eurogiro is also aiming to benefit from áá are already live on the ECI and another nine the new composition of ESG Eurogiro organisations have budgeted ECI volumes for next year; BAWAG P.S.K., Nova 7 Asia Microfinance Forum Banka, Croatian Post, CSOB, La Banque 2008 attracts 500 Experts Postale, Hellenic Post, Poste Italiane, Posta from 50 Countries Romana and Postna Banka. Volume for 2009 8 Eurogiro partner, Postova Mr Hendrik Kruidenier, Chairman banka, one of the 3 best of the Board of Eurogiro A/S banks in Slovakia “With Eurogiro Cash International® being a modern remittance product reflecting the market demands of today, Eurogiro and its users will be able to sustain their market position for the future and be competitive players in the workers’ remittance field”, so Kruidenier. Eurogiro News 2 article from | frontpage Out-payment in any post office or bank branch subject to presentation of valid personal ID & transaction reference number ECI Fact Box – Key Features • Two day ‘OUR’ product; for instance: in-payment Monday and pay-out Wednesday • In-paying customer informs beneficiary • Sending institution provides comprehensive the dense penetration of mobile ‘phones to countries during 2009. High volume corridors & validated data by end of day enhance the ECI service. Earlier this year, will be in the pipeline for the coming months • Out-payment in any post office or bank Eurogiro conducted a survey among customers and once these go live the ECI is expected branch subject to presentation of valid who issue cash payments asking how they to grow significantly in volume. The MLF, personal ID & transaction reference number viewed the value and business potential of a Eurogiro multilateral framework agreement, • Validity of payment: 30 calendar days, then enhancing the ECI with an automated mobile is planned for next year and the ECI will be funds are returned phone notification. A large majority identified the main cash product to be used. The MLF • Currencies: in and out-payment possible in the initiative to issue automated mobile phone will simplify implementation of Eurogiro services all currencies; EUR & USD default as sent notification to beneficiary or originator of an ECI by substituting bilateral agreements. Thereby, currencies as attractive, with the most benefit expected MLF is expected to attract large sending • Settlement: funds at disposal of receiving from notification of the beneficiary. Markets institutions that need global coverage for institution on value date; settlement service looked diverse, but it was widely viewed as a cash and account transactions. At the same provider of EUR & USD necessary element of a modern service. time, MLF is another incentive for existing • Remuneration: receiving institution remune- users of Eurogiro to implement and test the rated with a bilaterally agreed flat fee Future outlook ECI this year in order to be ready for larger • Transactions can be tracked and traced Eurogiro expects to have 0-5 countries incoming volumes that are projected for next through the Database live on the ECI by year-end and another 0 year and the years ahead. Eurogiro is a commercial company that promotes bilateral and multilateral business opportunities among its customers. Customers of Eurogiro are active in retail financial services and wholesale banking worldwide. Although its roots are in Western Europe, Eurogiro now spans five continents. The Eurogiro Group offers an electronic payment system that is the only cross-border payment system which covers both postal and banking products. The Eurogiro head office is in Copenhagen; Eurogiro also has a representative office in Singapore. Eurogiro has 61 connections/customers in 49 countries: Albania: Posta Shqiptare sh.a · Armenia: HayPost · Australia: ANZ Banking Group · Austria: BAWAG P.S.K. · Belgium: La Poste SA · Bosnia & Herzegovina: Nova Banka · Brazil: Empresa Brasileira de Correios e Telérafos · Bulgaria: Finance Engineering JSC and Bulgarian Posts · Canada: National Bank of Canada and Canada Post · Cape Verde: Correios De Capo Verde · China: China Post · Croatia: Croatian Post · Czech Republic: CSOB a.s. · Denmark: Sydbank A/S · Egypt: Commercial International Bank (Egypt) S.A.E. · France: La Banque Postale · Germany: Deutsche Postbank · Greece: Hellenic Post and EFG Eurobank Ergasias · Hungary: Magyar Posta · Ireland: An Post · Israel: Israel Postal Company Ltd · Italy: Poste Italiane and Banca Popolare di Sondrio · Japan: Japan Post Bank Co. Ltd. · Latvia: Latvia Post · Luxembourg: EPT Luxembourg · Madagascar: Paositra Malagasy · Mongolia: XacBank · Morocco: Banque Centrale Populaire and La Poste - Barid Al Maghrib · Netherlands: ING / Postbank · New Zealand: ANZ National Bank · Philippines: Philippine Postal Corporation · Poland: Polish Post · Portugal: CTT Correios de Portugal · Romania: Posta Romana and Banc Post · Senegal: Postefinances· Serbia: Postal Savings Bank · Slovakia: Postova Banka · Slovenia: Postna Banka Slovenije · South Korea: Korea Post · Spain: BBVA and Correos · Switzerland: PostFinance - Swiss Post · Thailand: Thailand Post and Bangkok Bank Public Co. Ltd. · Togo: Societe des Postes du Togo · Tunisia: La Poste · Turkey: PTT General Directorate of Posts · United Kingdom: Alliance & Leicester Commercial Bank plc, Citibank N.A. and Visa Europe · USA: Deutsche Bank and American Express Bank Eurogiro News 3 New pricing structure within Eurogiro Taking effect from st of January 2009 Over the past sixteen years since we started customer, in principle, can grow their business boost in the number of transactions following this our activities, Eurogiro has been successful in in a given calendar year without having additional improvement. In the next issue of this magazine strengthening its position in the international Eurogiro costs. we will inform you in more detail about the new payments and remittance market by our constant Multilateral Framework. focus on improving our service, quality and All transaction types will enter into the calculations product range. of each customer’s pricing tier – independently of the platform from where it will be initiated and Our customer base has each year shown a solid to where it is destined (SECUG or ELS). Another growth and so have the number of transactions major new benefit is that a fee will no longer be exchanged on the Eurogiro network. charged for the Eurogiro Cash International (ECI) Feedback from many of our customers clearly product – both on the sending and receiving states that simplifying our fee structure should ease side - which we hope will contribute to an even the administrative work and thereby contribute stronger growth in business opportunities for our positively to our image. As a consequence, as customers. advised to all our customers in November, we will introduce a new simplified pricing model taking New Services in 2009 effect from January st 2009. In 2009 Eurogiro introduces the Multilateral Framework set-up, whereby participating In this new model the Monthly Service Charge organisations will be able to exchange payments and the Transaction fee will be merged into between each other without extra costs and one fixed Monthly Fee, which
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