Representing the world’s postal services,
United Nations agency the Universal Postal Union (UPU) is
potentially one of the most formidable competitors to enter the
global electronic funds remittance market in recent times.
United Nations agency the Universal Postal Union (UPU) is
potentially one of the most formidable competitors to enter the
global electronic funds remittance market in recent times.
Underscoring this potential the UPU has
announced that a further 11 countries are now active users of its
International Financial System (IFS) network, swelling the total
number to 36 countries.
announced that a further 11 countries are now active users of its
International Financial System (IFS) network, swelling the total
number to 36 countries.
Based on software developed by the UPU’s Postal
Technology Centre the IFS replaces traditional paper postal money
orders and facilitates electronic fund transfers between postal
operators and banks. Transactions are completed in 15
minutes.
Technology Centre the IFS replaces traditional paper postal money
orders and facilitates electronic fund transfers between postal
operators and banks. Transactions are completed in 15
minutes.
Significantly, the latest postal services to
become active users of the UPU’s remittance platform bring Latin
American and Arab countries on board for the first time.
become active users of the UPU’s remittance platform bring Latin
American and Arab countries on board for the first time.
In Latin America the UPU’s service is now
available via 110 post offices in Chile and 60 in Uruguay, with a
key objective of providing a link to 2,300 post offices in another
newcomer to the service, Spain.
available via 110 post offices in Chile and 60 in Uruguay, with a
key objective of providing a link to 2,300 post offices in another
newcomer to the service, Spain.
The project is part of the Regional Development
Plan developed between the UPU, the Postal Union of the Americas,
Spain and Portugal, which plans to extend the service to other
Latin American countries.
Plan developed between the UPU, the Postal Union of the Americas,
Spain and Portugal, which plans to extend the service to other
Latin American countries.
Importance of the remittance link was stressed
by the UPU which noted that there are 4.5 million immigrants in
Spain, 1.6 million of them from Latin America. According to Spain’s
central bank, Latin American expatriates in Spain sent €6.25
billion ($8.9 billion) to their home countries in 2006.
by the UPU which noted that there are 4.5 million immigrants in
Spain, 1.6 million of them from Latin America. According to Spain’s
central bank, Latin American expatriates in Spain sent €6.25
billion ($8.9 billion) to their home countries in 2006.
In the Arab world postal operators in Egypt,
Jordan, Morocco, Qatar, Syria, Tunisia, the United Arab Emirates
(UAE) and Yemen are now active users of the UPU’s remittance
platform.
Jordan, Morocco, Qatar, Syria, Tunisia, the United Arab Emirates
(UAE) and Yemen are now active users of the UPU’s remittance
platform.
The UPU noted that the service in the UAE was
of particular importance because foreigners comprise 80 percent of
the population of 4.6 million.
of particular importance because foreigners comprise 80 percent of
the population of 4.6 million.
According to the UPU, postal services in a
further 60 countries are preparing to join its IFS network. This
would increase the total number to almost 100 countries, a key
milestone in the UPU’s objective of having postal services in all
its 192 member countries on the IFS network by 2015. With a total
of 665,000 post offices these services represent the world’s
biggest distribution network.
further 60 countries are preparing to join its IFS network. This
would increase the total number to almost 100 countries, a key
milestone in the UPU’s objective of having postal services in all
its 192 member countries on the IFS network by 2015. With a total
of 665,000 post offices these services represent the world’s
biggest distribution network.
