Eurogiro and Deutsche Postbank sign agreement for new EUR settlement service
Eurogiro and Deutsche Postbank have upgraded the unique single point of settlement service for EUR. The agreement on the new service was signed today in Bonn.
 |
Bonn, 21 April 2015. Signing of the contract between Deutsche Postbank and Eurogiro on the upgraded EUR settlement service. More than 40 Eurogiro members use the EUR settlement service which reduces the number of required settlement accounts.
From the left: Michel Stuijt, CEO Eurogiro, Dr. Susann von Gunten, Head of Dept. Global Network Management, Deutsche Postbank AG and Jutta Rosar, Pre Sales Solutions Manager, Deutsche Postbank AG.
The renewed EUR Single Settlement Service, replacing the current service as per the 24th of June 2015, includes regulatory additional sanctions screening by the settlement provider of all underlying transactions (avoiding ‘blind settlement’). The unique procedure of settling bulks of transactions is preserved in the new service. Members will still avoid multiple EUR settlement accounts and take advantage from the bulking processing of Eurogiro.
Eurogiro members using the new service will upgrade their Eurogiro connection to provide copies of the underlying payment transactions to the settlement provider. As today, each member will pre-screen all payments before initiating settlement.
The original version of the EUR Single Settlement Service has served Eurogiro members well for 15 years.
Eurogiro is excited to continue its partnership with Deutsche Postbank on this important service.