Connecting to EUROGIRO system commercially disadvantageous for Azerbaijan
Azerbaijan, Baku, Oct. 13 / Trend H.Valiyev /
Connecting to the EUROGIRO system of remittances is currently commercially disadvantageous for Azerbaijan, Head of the Postal Services Department of the Azerbaijani Communications and Information Technologies Ministry Novruz Mammadov told journalists on Oct.12.
It is necessary to become a member of this organization and pay membership dues to connect to the EUROGIRO system, Mammadov said. Azerbaijan holds 80 percent of traffic exchange directly with the CIS countries. Azerbaijan holds the vast majority of remittances directly with the countries of post-Soviet space, the volume of remittances with the European countries are negligible.
"In this regard, under the current indicators it is commercially disadvantageous for Azerbaijan to pay membership fees," Mammadov added.
Now, the Universal Postal Union is in talks on the integration of the EUROGIRO system with the international money transfers STEFI (Secured Transfer of Electronic Financial Information). If an agreement is signed on this matter, then Azerbaijan as a full member of the STEFI will automatically receive access to the EUROGIRO system.
The EUROGIRO system is a network through which banks, postal banks and the postal Administration are served. Currently, 42 countries participate in this system, providing postal services on money transfers at a high level. EUROGIRO works closely with the Universal Postal Union, the Federal Reserve System, which includes U.S. banks working with VISA Electron, Western Union, Cirrus, Pay Pal, Master Card, etc.
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