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April 1, 2010
Post offices in Kazakhstan start to send and receive money transfers through the Money Transfer Systems Integrator of the CyberPlat® payment systemIn accordance with the agreement between Joint Stock Company Kazpost and the leading Russian payment system CyberPlat®, the post offices in Kazakhstan start maintaining a unique service allowing to send and receive money transfers through various money transfer systems using a single interface.
In the beginning of March, the first money transfers between the Russian Federation and the Republic of Kazakhstan using the Money Transfer Systems Integrator (MTSI) were successfully carried out. Already in the nearest future, the citizens of the friendly state will obtain an opportunity to receive and send money transfers in the post offices of their republic using the capabilities of the most popular money transfer systems supported by MTSI. These capabilities include interchange of money transfers not only with Russia but practically with all CIS countries and countries of the entire world.
MTSI has been successfully operated and maintained in Russia since April, 2008 and, currently, allows sending transfers through nine systems: UNIStream, Anelik, Bystraya Pochta (Fast Post), Leader, InterExpress, AsiaExpress, Allure, and the two largest international money transfer systems. Several other money transfer systems are being connected.
For an effective entry into the extremely profitable market of money transfers, it is necessary to cover all potential clients wherever possible. Since in Kazakhstan, as well as in Russia, no money transfer system has a market share equal to more than 20%, then, for the full coverage of clients, it is necessary to cooperate with all large money transfer systems – according to CyberPlat® experts, not less than with nine systems.
In order to work with nine money transfer systems without using the MTSI, Kazpost JSC had to do the following:
- conclude and maintain 9 contracts with money transfer systems;
- maintain the necessary level of balances of 9 correspondent accounts with the clearing banks of these systems or allocate 9 deposits to operate them;
- purchase 9 servers;
- install 9 payment interfaces (gateways) – by the number of systems;
- AND, MOST IMPORTANTLY, teach the tellers to operate 9 interfaces simultaneously, which is simply impossible – in practice, even an experienced expert will make a great number of mistakes operating more than three systems.
Having implemented the MTSI solutions of CyberPlat®, Kazpost JSC obtained an opportunity to do the following:
- operate all money transfer systems under a single agreement;
- maintain only one correspondent account for operating all money transfer systems;
- use only one server;
- install only one software package;
- form only one easy-to-develop technological gateway;
- obtain a new high-yielding and marketable service;
- expand the client base due to the new service.
Our solution enables credit institution to slash their costs and, at the same time, expand the client base in the field of money transfers which leads to an almost tenfold increase in the effectiveness of these transactions. This is easy to show – for example, the costs of a bank which operated three money transfer systems and changed over to our Integrator will be reduced three times - at the same time, the client coverage will be increased three times as well. Implementation of out product presents a unique opportunity for banks and other credit institutions to cover the maximum of the money transfer market at minimal costs,” – stated Andrey Gribov, President & CEO, CyberPlat OJSC.
CYBERPLAT OJSC is the leading Russian Internet-based company offering its services in the field of online payment processing and secured online document interchange. The company’s product CyberPlat®, the versatile multibanking integrated internet-payment system, is the leader in the payment acceptance market. Currently, the CyberPlat® payment acceptance network consists of more than 400,000 outlets around the world accepting cash payments for the benefit of the leading telecommunication service providers, commercial television and numerous service providers, including Beeline, MTS, MegaFon, Tele2, NTV-Plus and many others. The CyberPlat® electronic payment processing system is the member of the World GSM Association and Russian Infocommunication Union. The total turnover of the system comprised about 160 billion rubles in 2008. BDO Unicon is the official auditor of CyberPlat®. Additional information about the company is available at: www.cyberplat.com
Kazpost JSC is the national postal service operator. At present time, Kazakhstani post includes about 21 thousand staff person, more than 3,200 post offices throughout the country, 14 regional branches and 4 branches of republican importance. Today, there is an intensive process of transforming Kazakhstani post into a multifunctional financial supermarket, where, in a short period of time, the entire complex of postal, financial and numerous non-profile services will be rendered; as well as into a versatile logistics operator without which one can not do in such a big country as Kazakhstan, under the circumstances of a developing informational society.
Kazpost JSC provides a wide range of banking services to the population of the entire republic and is the only national company rendering such services in the rural area. Rendering of banking services started in 1999 in accordance with the license of The National Bank of Kazakhstan for performance of a number of banking transactions in national and foreign currencies.
Acquisition of the status of a reputable company allowed the Kazakhstani postal operator to raise its own prestige significantly in the international arena. Kazpost worthily managed to become a part of the world postal community, establish the mutually beneficial cooperation with the leading postal administrations of the world.
www.kazpost.kz
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