The memorandum, signed in during a January conference in Tbilisi, Georgia, will have the designated operators of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Ukraine begin piloting the UPU’s PosTransfer trademark by the end of 2017. Moldova’s Post later joined the group in February.
“As we enter a new work cycle, the UPU has made innovation, integration and inclusion the focus of its vision for the postal sector. PosTransfer encapsulates this vision, ensuring that Posts work together to offer the most up-to-date money transfer technologies, increasing the Post’s potential to financially include more of the world’s population,” said UPU Director General Bishar A. Hussein.
“The UPU is always focused on development of practical solutions and support of modernisation of postal financial services in its member countries. Today we can celebrate the extension of the UPU worldwide electronic postal payment network with these first adopters set to launch services under the UPU PosTransfer trademark in 2017,” said Sergey Dukelskiy, coordinator of the UPU’s Postal Financial Services Programme.
The PosTransfer trademark was finalized in 2015 as part of an effort to build worldwide trust and recognition for electronic postal payment services, notably among migrant workers seeking reliable and low-cost remittance services for sending money home to their families. It is now registered as a trademark in 109 countries and is one step in the development of the UPU’s worldwide electronic postal payment network.
Signing up to use PosTransfer makes it easy for designated operators to establish multilateral agreements and open corridors with other operators using the trademark. As part of the agreement, the participating pilot Posts will create a working group to decide on a common strategy, policy and marketing plan for implementing the trademark.
Signing up to use the trademark also means the operators will have to comply with agreed quality of service standards, requiring them to deliver money orders within an agreed period of time. Delivery times currently differ among Posts in the region. For instance, a money transfer sent from Belarus to Russia may not necessarily be paid out in the same timeframe as one sent from Russia to Belarus.
The pilot project comes just a few months after member countries agreed on a new Postal Payment Services Vision, which will have the UPU develop an interconnection platform where designated operators to exchange payment services with wider postal sector players.
As part of joining the user group, operators will benefit from this interconnection platform, where they will also be able to connect all UPU International Financial System applications to one central hub.
The interconnection platform also allows for the centralized management of bilateral or multilateral agreements, real-time messaging services and a centralized repository of payments.Financial services, Money transfers