Members of the Universal Postal Union (UPU) have agreed to accelerate global postal development through making changes to the funding of the Quality of Service Fund (QSF).

The 26th UPU Congress is currently sitting in Istanbul, Turkey. Members have agreed to implement a new funding model that according to the UPU will “ensure the sustainability of the QSF for improving the quality of postal services in developing countries”.

The new model means that the UPU will collect more contributions to build a ‘Common Fund’. This will be used to develop more large scale global projects for the improvement of postal supply chain capabilities and e-commerce.

In addition the QSF will be extended to 2028.

The UPU has released a statement saying that funding support was also a concern for the Congress Committee 5, that examines proposals regarding postal financial services. It debated the UP’s proposed new vision for postal payment services. This calls for the UPU to set up an interconnection platform that will allow designated operators to exchange payment services with wider postal sector players.

The interconnection would then be facilitated through the UPU’s International Financial System – an application that facilitates the exchange of international money orders.

The goal is to modernize and extend the reach of the postal payments network to promote global financial inclusion through the Post.

“The new vision focuses on bringing an extended range of payment services to all citizens of the world,” said Mr. Abhas, Assistant Director General at India Post.

The UPU noted: “In light of the new vision, the UPU will review necessary changes to the Postal Payments Services Agreement (PPSA), the UPU intergovernmental legal instrument, throughout the 2017 – 2020 work cycle. The changes will be submitted next Congress, after which the new vision will be implemented.”

 
Subscribe to Newsletter