UPU on way to adopting a new Postal Payment Services Agreement
The UPU member countries attending 25th July afternoon’s Committee 6 meeting at the Universal Postal Congress agreed to continue their deliberations on the proposal for a new Postal Payment Services Agreement.
The new Agreement comes with a multilateral framework to facilitate the exchange of money transfers between postal operators, especially by electronic means.
As a result, the current international treaty will be greatly improved. Among other things, the document clearly defines the UPU’s postal payment services, while taking into account the principles of technological neutrality (enabling the interconnection of networks and systems), data confidentiality, the fight against money laundering, the secure handling and transmission of payment orders, consumer protection and the reliability of payments among operators.
Postal payments, a term used to define four kinds of exchanges (cash to cash, cash to account, account to cash and account to account), play an important social role in that they are more accessible and on offer to the public at large, without discrimination. After all, many people, including a large number of migrants, have no access to banking services. This gap is filled by the worldwide postal network, with more than 660,000 post offices, most them located in rural or remote areas.
Developing postal payment services via an electronic network has become a UPU priority. It is widely acknowledged that remittances sent by migrants contribute to development and poverty reduction. The assistance generated by these remittances outstrips State development aid and direct international investments combined, according to Edouard Dayan, Secretary General of the Congress.
The UPU member countries attending 25th July afternoon’s Committee 6 meeting at the Universal Postal Congress agreed to continue their deliberations on the proposal for a new Postal Payment Services Agreement.
The new Agreement comes with a multilateral framework to facilitate the exchange of money transfers between postal operators, especially by electronic means.
As a result, the current international treaty will be greatly improved. Among other things, the document clearly defines the UPU’s postal payment services, while taking into account the principles of technological neutrality (enabling the interconnection of networks and systems), data confidentiality, the fight against money laundering, the secure handling and transmission of payment orders, consumer protection and the reliability of payments among operators.
Postal payments, a term used to define four kinds of exchanges (cash to cash, cash to account, account to cash and account to account), play an important social role in that they are more accessible and on offer to the public at large, without discrimination. After all, many people, including a large number of migrants, have no access to banking services. This gap is filled by the worldwide postal network, with more than 660,000 post offices, most them located in rural or remote areas.
Developing postal payment services via an electronic network has become a UPU priority. It is widely acknowledged that remittances sent by migrants contribute to development and poverty reduction. The assistance generated by these remittances outstrips State development aid and direct international investments combined, according to Edouard Dayan, Secretary General of the Congress.
To help postal operators move towards providing money transfer services by electronic means and gradually replace the traditional postal money order, since 2005 the UPU has been making its electronic network more secure and reliable. It has begun putting in place a centralized clearing system, while pinpointing key migratory movement. Using its International Financial System application, it has opened 150 corridors connecting 36 countries. Some 60 other countries are currently testing the application, in order to be able to join the UPU’s international financial network.
