Deutsche Bank has been an acting board member of Eurogiro and also provides its members with US settlement services for the last 1o years. The current offering is being expanded to include multi-currency settlement services.
Eurogiro will provide Deutsche Bank with access to its global network of postal banks and postal organizations and gain access to knowledge to keep abreast with the latest developments in the payments market.
Deutsche Bank, in turn, will combine its market position in payments and cash management with Eurogiro’s retail distribution power through the global postal network with a reach of over two billion individuals worldwide.
Paul Camp, head of cash management financial institutions at Deutsche Bank, said: “Becoming a shareholder in Eurogiro perfectly supports our Global Remittance initiative. Clients will benefit from our existing product capabilities enhanced with the Eurogiro reach and functionality such as SMS advising. With minimal investment, our global clients can earn additional revenues as well as attract and retain customers with a new and improved remittance offering.”
Armin Brun, chairman of Eurogiro and deputy head of Swiss Post PostFinance, said: “As Chairman of Eurogiro, I welcome Deutsche Bank’s continued and now significantly increased involvement with Eurogiro and with the Eurogiro community. Deutsche Bank’s investment underscores Eurogiro’s unique market position and potential for growth.
“In my role as Head of Markets and Distribution for Swiss Post PostFinance, the largest provider of international payments in Switzerland, I have always valued our partnership and look forward to increasing our collaboration in part thanks to this mutual, close tie to the Eurogiro network.”
Denmark-based Eurogiro is a union of postal banks and other financial institutions from Europe, Africa, Asia and America. It provides solutions primarily in the low-value payment market offering proprietary electronic network solutions and a gateway to SWIFT as a closed user group.
