Eurogiro-UPU bridge opens today - Italian and Egyptian Posts launch new service
The Eurogiro-UPU bridge now opens to many other Posts using either network to interconnect and start offering similar affordable money-transfer services.
From the Eurogiro side, the bridge is built upon the Eurogiro central server and is available for Eurogiro members who are also Designated Postal Operators. It is designed for cash transactions and conditions for the exchange of transactions are agreed bilaterally between the Postal Operators.
Eurogiro Chairperson Sylvie Solignac said her organisation 'was very satisfied that technical and commercial challenges have been successfully overcome thanks to the commitment of all parties'.
Poste Italiane and Egypt Post have today launched the first electronic money-transfer service using a bridge created by the UPU and Eurogiro to connect their respective networks. The new service is available in 14,000 Italian and 4,500 Egyptian post offices.
UPU Director General Edouard Dayan said he hopes others will follow in Poste Italiane's and Egypt Post's footsteps. 'Remittances have a significant economic impact on communities and countries and contribute to poverty reduction, and making them more accessible through the postal network is a UPU priority', he said.
Affordable service
Poste Italiane says customers can now send electronic money transfers between Italy and Egypt 'at very reasonable rates'. Single transactions of up to 1,000 euros can be sent, at a promotional flat fee of 5 euros for the next six months.
Money can be collected at destination in local currency within 48 hours. Egypt Post will not charge a fee to convert euros to pounds.
Signing the agreement in Rome today with Egypt Post Chairman Mosad Abd El Ghani, Poste Italiane CEO Massimo Sarmi said Italy's 92,000-member strong Egyptian community would 'benefit from a system that will guarantee efficient money transfers at competitive fees'. He added that the system respects a G20 commitment to progressively reduce the average global price of remittances from 10% to 5% within five years.
'I am very proud that we are the first two organisations in the world to make the bridge interconnection operational for the benefit of our clients thanks to the great work of the parties involved', said Egypt Post's Abd El Ghani.
Based on a UPU news and a press release from Poste Italiane