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Saturday, March 16, 2013

UPU News : Posts discuss next developments for money transfers

04.03.2013 - Setting up a clearing system and adopting a common collective brand are among the priorities to facilitate the rapid evolution of electronic money transfers by post.
With the first international, electronic postal money transfer service celebrating its twelfth anniversary this year, a strategic conference held in Paris on 28 February and 1 March 2013 helped launch the UPU’s future work in this area. The conference was organized jointly by the UPU, Le Groupe La Poste and La Banque postale.
The heads of about 30 Posts, their managers of postal financial services and UPU experts agreed on the need to move quickly on these priorities.
They also discussed the idea of setting up a body to oversee the quality of money transfers and replacing once and for all the paper money order, which no longer meets customers’ needs, with the faster, more secure and traceable electronic transfer.
Centralized system
Conference participants strongly supported the project to set up a clearing system to help guarantee transfer payments among postal operators.
A pilot project in Latin America, where 10 Posts are exchanging money transfers among themselves and with Spain's Correos, is proving its worth.
Another priority is to adopt a common collective brand for all Posts that offer or plan to offer an international electronic money transfer service.
Known as Mandat Electronique International or MEI in France and in several African Posts, Correogiros in Spain and Latin America, and the e-money order in Mauritius, the service goes by various names depending on one’s location.
The UPU wants member countries this year to validate a common brand that would help Posts strengthen their service’s visibility and marketing efforts.
With 670,000 post offices in the world, postal money transfers are important for migrants and inhabitants of rural and isolated regions, where banking institutions are seldom found.
France’s La Poste was the first to create its Mandat Electronique International in 2001. About 60 Posts are today connected to the UPU’s network, using the International Financial System application to offer electronic money transfers.
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