Eurogiro Removes Cost of Remittances by Redesigning Procedures in its Community

COPENHAGEN, October 26, 2010 - Already now half of the Eurogiro members use the newly developed
multi-lateral business framework to connect to each other in one step,
covering everything from the technical connection to the service levels and
standard business agreements. This enables Eurogiro, which organises payment
specialists among posts, banks and money transmitters, to help the industry
meet the goals of the World Bank to reduce payment costs for remitting
immigrant workers. With its unrivalled branch network, posts can reach out to
the unbanked population like no other financial organisation, and can share
the benefits of cost savings directly with the poorest in the world. "It is a
great leap forward for our community, and we are happy to support the UN in
reducing poverty," says Mr. Tjeerd Rienstra, CEO of Eurogiro.

The cost of a remittance is impacted by the cost of maintaining a large
and trustworthy network of receiving institutions. With minimal exchange of
information, Eurogiro members can start exchanging payments which are highly
standardised and which meet premium security standards via the MultiLateral
Framework. Settlement can be done out of one account and, while exceptions
are rare (Straight Through Rates around 95%), these are also standardised.
The length of time required to open a remittance corridor is decreased with
the reduction of repetitive bilateral agreements and bilateral tests.
Eurogiro's MultiLateral Framework now covers more than half of the community,
and all regions of the world. In particular, new members are pleased to find
that the task of connection is far easier than is normally the case in
correspondent banking.

About Eurogiro

If a payment made in, for instance, Swiss PostFinance is transferred
quickly and reliably to an international recipient, there is a good chance
that the transaction was automatically processed by Eurogiro, the partner for
postal organisations and banks, and the second-largest network in
international electronic payment transactions. We are determined that members
associate Eurogiro with "Quality, ease and user-friendliness, achieved
through simple, fast and inexpensive payment processing across all borders"
confirms Mr. Tjeerd Rienstra, CEO of the successful company based in
Copenhagen. The Eurogiro company was established in 1993 by 12 European
postal organisations. Over the past two decades, Eurogiro has developed from
being a platform between banks and postal organisations, to being a trusted
partner for global cross-border payments, processing over 32 million
transactions per year for more than 60 organisations. www.eurogiro.com

    Contact:

    Annelise Lysdal
    Director, Marketing & products, Eurogiro A/S
    Phone: +45-4371-2772
    Annelise.lysdal@eurogiro.com

Annelise Lysdal, Director, Marketing & products, Eurogiro A/S, Phone: +45-4371-2772, Annelise.lysdal at eurogiro.com