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20 Years of Eurogiro - a Special Setup Within Cross-Border Payments
Copenhagen, Denmark (ots/PRNewswire) - On the 5th February 2013, a unique company within the payments industry celebrates its 20th anniversary.
Eurogiro embraces financial institutions of many kinds as members of its network - posts, post banks, small and large banks, other payments service providers and mobile operators.
Members use Eurogiro to provide any kind of payment product to their clients, be it cash payments or account-to-account transfers, initiated from any channel the client prefers. What they have in common is the strategy to create a competitive advantage by insisting on cost efficiency, transparency and fairness in their payment services.
Eurogiro will celebrate some innovative successes achieved over its first 20 years:
- Electronic payments' network, with a unique bulking architecture that secured very low production costs and high levels of automation. It eliminated paper-based transactions amongst members. - Joint credits and cash payments with market-leading transparency in speed, charging and foreign exchange rates. - Unmatched reach to a unique blend of financial institutions. Many members have the largest branch network within their country and a significant share of account holders of retail, corporate and public clients. It is a top priority for Eurogiro to expand its reach. - Establishment of an office in Singapore to provide regional support to Asia Pacific members, and further develop business in the region. - Partnership between Western Union and Eurogiro for same-day cash payments. This was amongst the first of the cross-industry partnerships, signed in 1998 and renewed several times, and combined the market-leading service of Western Union with the un-matched postal branch network. Eurogiro later added long-lasting partnerships with SWIFT and UPU.
The diverse membership within Eurogiro is united by a shared aim of creating a common service and set of rules and agreements. The Eurogiro owners have re-invested all profit generated back into the company to enhance this network and most members have contributed towards the shaping of Eurogiro. As a result, the company in Copenhagen has remained small, with only 14 employees. This is a key part of the strength of Eurogiro.
Eurogiro was, from the start, a network for exchange of electronic cross-border payments, a product and processing standard, and a community within which to create business opportunities. This is still in the Eurogiro DNA.
Today the focus of Eurogiro is to continue its global expansion and retain a high level of satisfaction amongst all its members.
Eurogiro, founded in 1993 by 14 European postal organisations, is a commercial company and a collaboration whose aim it is to develop worldwide business relating to the cross-border payments of both retail and wholesale financial services for the benefit of its members. The Eurogiro community of financial institutions is the driving force behind all business developments. Over the past twenty years, the company has evolved from a platform of postal organisations and banks into a trusted partner on a global level, processing over 30 million cross-border payments every year, reaching more than 500,000 branches and 4 billion people in more than 50 countries.
Eurogiro employs 14 people directly and has its head office in Copenhagen, Denmark and a branch in Singapore.