Eurogiro Newsletter - page 2

in which both SeaBank and Vietnam Post act
as responsible parties. Vietnam Post will be in
charge of cash payments and SeABank will
take charge of account credits to and from
other members of Eurogiro. The responsibilities
and rights between the members are compli-
ant and warranted by Eurogiro‘s Multilateral
Framework agreement and the three party con-
tract. This will mean a mutual strengthening of
all the parties in the collaboration.
How is the connection between SeABank
and Vietnam Post?
The parties are confident that this construction
is a great enhancement of the current services
provided between SeABank and Vietnam Post.
Being a full-fletched bank with private as well
as public, cross-industry owners, SeABank
will guarantee an aggressive approach to
cooperate with Eurogiro partners in reaching
Vietnamese communities in Eurogiro member
countries with a large Vietnamese population.
Vietnam Post will ensure that customers in
urban as well as rural areas without an account
can benefit from the services.
With strong resources and great influence in
the Vietnamese remittance market, SeABank
and Vietnam Post combined expect to be a
strategic member in Asia. They look forward to
complementing the current reach in the region
for Eurogiro.
Member meeting
2016 – Is disruption a
blessing or a threat?
Eurogiro CEO, Michel Stuijt, opened with a
brief on Eurogiro since 2015 and welcomed
SeABank as a new Eurogiro member.
SeABank had formed a collaboration with
Vietnam Post. Together they would enable
payments to and from accounts as well as
cash pay-out.
The implementation of the Euro Settlement
Service (ESSP) version-2 in 2015 had been
a major achievement. It had involved most
Eurogiro members and the Eurogiro IT
development unit. Members now have access
to a one-stop euro settlement service which
meet all the compliance requirements of today.
Nevertheless, a panel of experts from ESSP,
Deutsche Postbank, Susann von Gunten,
Michel Obrist from Deutsche Bank and
Uwe Holmsgaard, Eurogiro, concluded that
compliance would remain a high priority and
would be an issue of major impact for financial
institutions for the foreseeable future.
Coping with Disruption
‘Disruption’ was the most used term to describe
the trends in the payment market today.
Disruption was coming from Fintechs that were
better at meeting the expectations of clients
such as the Milleniums looking for speedy
and ‘hassle-free’ services. Disruption was also
pushed by regulators which license non-banks
to offer regulated payments (or other financial
services) and which request banks to open
up their infrastructures and enable access to
Prague was an attractive venue for this year’s member meeting in
Eurogiro. About 100 delegates and speakers from around the world
came to talk business, to hear about Eurogiro and to be inspired, or
perhaps even provoked, by a very diverse group of speakers. Many
speakers investigated current trends of disruption to payments.
2 Eurogiro News
1 3,4,5,6,7,8
Powered by FlippingBook