Eurogiro News 9
Key to our payment service to China is our
partnership with the affiliates of China Union-
Pay (CUP) and their membership of Eurogiro.
CUP is one of the largest payment gateways
into China and has the ability to deposit
payments into all bank accounts throughout
China. This is made possible because of
CUP’s extensive payment network into banks
provided by their 1.4 billion cardholders and
over 5 billion issued cards.
Our payment service to China is being offered
through their subsidiary, Guangzhou Union-
pay Network Payment Company (“GZ CUP”)
through its exclusive affiliate and newest
Eurogiro member, Lucky Venture Group (LVG).
GZ CUP business is a corporate service
company primarily engaged in inter-bank bank-
card online payments, bank card value added
services, card acquiring and POS professional
services (third-party payment, offshore RMB
exchange and cross-border payment and
settlement businesses).
LVG is one of the very few organisations
licensed by the Peoples Bank of China to con-
duct offshore RMB exchange and cross-border
payment and settlement businesses. This is
contrary to the other payment providers who
have a mandatory USD50,000 limit per year in
sending volume. Payments sent through CUP
do not have a threshold ceiling limit. The only
limitation is a RMB200,000 per transaction;
however multiple transactions can be sent by
the sender.
Eurogiro payment service to China is simple
Eurogiro members that are already on the
Eurogiro network can be connected to the
service. Members will send payments through
the Eurogiro network to LVG, the new Eurogiro
member. LVG, using the CUP intermediary
bank in Hong Kong, will do the foreign cur-
rency conversion and deposit the funds into
any bank account in China. The transfer is fast
- near real time once the payment instruction is
received and as long as the funding is in place
in the settlement account. Another of the ser-
vice’s key differentiators is the ability to do real
time RMB conversion of multiple currencies
into RMB funds sent directly to the recipients.
This effective RMB conversion settlement
process can be offered to all of the Eurogiro
members that wish to avail themselves of our
services. A process flowchart of this service is
shown next to this article.
Today LVG is an active member of Eurogiro.
LVG has been approached by several of our
members to be the first pilot payment program.
The first Eurogiro sending member to use this
service will be Poste Italiane. Rollout of the
program is anticipated in the 3rd quarter of
2014. There are other Eurogiro members who
are in the queue to be the next pilots in the
payment service to China program.
In addition to this innovative payment service,
further phases of development of this program
will include expanded e-commerce payment
services and the use of free trade zones as
part of tax free product inventory and logistics
in Guanzhou and which will soon extend to
other provinces.
If you are interested in learning more about this
innovative payment service to China, please
contact Gene Gutierrez.
3
Eurogiro signs deal to offer ground-breaking payments to
China with new member China UnionPay affiliate LVG
July 1st marked one of the most significant Eurogiro member signings for 2014 and certainly one
of the most innovative payment service offerings to China that is available today. And this unique
service is only available to members of the Eurogiro payments community!
(Left to right) Gene Gutierrez, Eurogiro Regional Director, Asia Pacific, Michel Stuijt, CEO
Eurogiro, Peter Lok, CEO LVG, Ltd (exclusive affiliate of China Union Pay)
