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12 Eurogiro News
Eurogiro - UPU Interconnection is now open
Poste Italiane and Egypt Post are the first to use the link for their new money-transfer service at
very reasonable rates
support the track and trace, the Interconnec-
tion is based on the Eurogiro Cash Interna-
tional
®
(ECI
®
).
Launch of the service
Poste Italiane and Egypt Post have laun-
ched the electronic money-transfer service
using the Interconnection. The new service
is available in 14,000 Italian and 4,500
Egyptian post offices. 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 for the next six months of 5 euros. This
will provide the 92,000-member strong Egyp-
tian community in Italy with all the benefits of
a system that will guarantee efficient money
transfers at competitive rates, respecting the
G20 commitment to progressively reduce
the average global price of remittances from
10% to 5% within five years. Money can be
collected at the destination, in the local cur-
rency, within 48 hours, and the payments are
valid for 30 days. If the beneficiary has not
collected the money within the validity period,
the transaction is automatically returned to
the sender.
3
Massimo Sarmi, CEO of Poste Italiane
and Mosad Abd El Ghani, Chairman of
Egypt Post sign the agreement to use the
Eurogiro – UPU Interconnection for their
future electronic Money Orders
Flexible remittances –
Eurogiro Cash International
®
Read more at www.eurogiro.com
In the connection between the Eurogiro
central server and the UPU central server the
security is divided into one part managed by
Eurogiro and one part managed by UPU
The purpose of the Eurogiro – UPU Intercon-
nection is to provide cross-border payment
services between Eurogiro and UPU, which
will enable Eurogiro members that are
Designated Postal Operators to exchange
Money Orders with members of the UPU IFS
network. It is designed for cash-out transac-
tions and conditions for the exchange of
transactions comply with the UPU Acts and
Regulations.
The cross-border payments in Eurogiro are
formatted based upon the SWIFT FIN (MT)
format, whilst UPU transactions are formatted
using the UPU Monord-Resord format. The
Interconnection is built on a Eurogiro central
server where format and message conversion
between the Eurogiro and the UPU formats
takes place. Mapping of network IDs and
message types are handled by the converter,
making it transparent to the Eurogiro member
and the IFS user that they are exchanging
messages via the Interconnection. To fully