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Summer/Autumn 2010
After the introduction of the Euro as an
accounting currency on 1 January 1999 it
was obvious for the Eurogiro Community,
represented by the Eurogiro Operational
Performance Group, that there would be a
huge potential for enhanced efficiency in
settling of Euro denominated payments
within the Eurogiro community – and that this
enhanced efficiency would be even more
important when the Euro was introduced as
a physical currency 1 January 2002.
A dedicated working group staffed by
Eurogiro members was established
and during the first half of 2001 the fully
automated settlement solution for Euro
denominated payments went live. The
settlement service was provided by Postgirot
Bank Sweden, and that became the first
single Euro Settlement Service Provider for
the Eurogiro Members – the ESSP.
In June 2003 Deutsche Postbank took over
the role as the ESSP after a successful “big
bang migration”.
Based upon the success of the ESSP and
the significant cost saving this service
provides for Eurogiro members, and as a
consequence of Eurogiro’s expansion of its
network to span five continents, a similar
service for the world’s largest currency –
the US Dollar – was introduced in 2006 to
serve the needs of the Eurogiro members.
Deutsche Bank Trust Company Americas
was selected as the single USD Settlement
Service Provider – the USSP.
When Eurogiro introduced the MultiLateral
Framework set-up in early 2009 it was
decided to establish a third fully automated
settlement solution as an integrated part
of the MultiLateral Framework. Deutsche
Bank AG, London Branch was selected as
the Settlement Service Provider – and in
this case for all national currencies in use
within the Eurogiro Community, i.e. a “Multi
Currency Settlement Service” – the MCSSP.
All three Settlement Solutions and their
providers have, during the years in
production, established a reputation for
very high quality and efficiency in the fully
automated settlement services provided to
the participating members.
Today more than 50 Eurogiro Members are
taking advantage of the Eurogiro settlement
solutions and Eurogiro is proud to state
that all three solutions have been evaluated
regularly showing no important incidents or
claims based on event logs.
By 1 November 2011 the co-operation agree-
ments with Deutsche Postbank and Deutsche
Bank, as the providers of the settlement
services, have been extended for 4 years,
i.e. until 31 October 2015 with an option for
further extension periods of 4 years after a
renewed evaluation. With this extension, the
Eurogiro community is ensured stable high
quality and efficient fully automated settlement
solutions for the long term.
3
Eurogiro’s unique settlement services continue
to be successful
The co-operation agreements with the Settlement Service Providers have been extended for
another 4 year term and thereby sustained settlement services to the Eurogiro members are
ensured
8
Eurogiro News
Pay out in any local currency, settle on one account,
and know all rates & costs up front
Use our solution for Multicurrency Settlement
Read more at www.eurogiro.com
Dr. Susann von Gunten, Head of Depart-
ment, Global Network Management at
Deutsche Postbank AG signs a new
agreement for the Eurogiro settlement
service for EUR deno inated payments
Kefei Chang, Director, Head of USD
Clearing Product Management from
Deutsche Bank, responsible for the
agreement between Eurogiro and
Deutsche Bank for the settlement
service USD denominated payments