Eurogiro News 7
Eurogiro facilitates the exchange of payment
information and organises community processing
agreements. A shortlist of the suite of products and
services that Eurogiro provides to its members was
presented at Eurogiro’s boot camp for recent mem-
bers of Eurogiro to ease their entry into the Eurogiro
community. The focus was on cash payments such
as the semi-urgent cash service, the ECI
®
, but the
audience recognised that the earliest Eurogiro prod-
uct, the credit transfer, remained very well suited for
growing businesses such as pension payments and
trade-related credit transfers. Participants had the
opportunity to hear and ask about Service Level
Agreements, model agreements, to probe into the
value of single point of settlement and get advice on
how to arrange a successful implementation. Eurogiro
briefly demonstrated the members’ only part of the
Eurogiro website as the site for all member relevant
information. Finally, Japan Post Bank encouraged
members to explore the benefits of developing mutual
business and shared their priorities for new business.
Genie Gloria, Senior Vice President and Head of BDO Remittance
Distribution of Banco de Oro, or BDO Unibank, of the Philippines,
introduced Eurogiro to a specialist bank in the workers’ remittance
space. Against the backdrop of a huge and growing business cre-
ated by overseas Philipino workers remitting funds to their relatives
at home, BDO has created its award-winning service to serve these
clients. Genie Gloria described how BDO’s mindset is to help clients
achieve a better life and secure the future of their families. This
approach has fostered a broad palette of services based on their
savings accounts, including credit alerts, easy and affordable terms,
fun features like discounts at partner merchants and welfare benefits
such as insurances. A very close dialogue with Philipino citizens at
home and abroad and 24/7 operations have enabled BDO to create
a service package that attracts clients. BDO collaborates intensely
with the Philippine National Bank and remittance specialists across
the world such as Wells Fargo Bank in the US and Xoom.
Among the new members of Eurogiro is a ‘new entrant’, according to Bos-
ton Consulting Group classification. Chief Commercial Officer, Earthport,
Paul Thomas, introduced the Eurogiro members to Earthport’s unique
business model and the opportunities which a link between Eurogiro and
Earthport could provide. Earthport is a SWIFT as well as a Eurogiro mem-
ber, regulated by the Financial Conduct Authority (FCA) in Great Britain
with World Bank, Blackrock and Henderson amongst its major investors.
According to Paul Thomas, Earthport delivers a “global ACH” capability
using an innovative payments framework specifically designed for high
volumes of low value cross-border payments. This provides clients with
access to local clearing schemes in 60 countries. Funding is possible in
over 30 currencies and clients control the FX process. The Eurogiro
members will benefit from in-flows of credit transactions as well as ex-
tended reach.
