RIA Envia Expands Its Payout Network in Poland by Signing Bank Pocztowy (Post Bank).LEAWOOD, Kan. & LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- RIA (Rich Internet Application) A Web-based application that approaches the speed and elegance of a local application. An RIA may refer to a browser-based application that uses AJAX or another enhanced coding technique. Envia Inc. (RIA), the third-largest global money transfer company and a subsidiary of Euronet Worldwide Euronet Worldwide, EEFT (Nasdaq), is the largest independent Automated teller machine (ATM) acquiring network in Central/Eastern Europe.
It was founded in 1994 by brothers-in-law Dan Henry and Mike Brown.
Euronet purchased it's software solutions vendor, Arksys, in 1999. Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EEFT EEFT End-to-End Force Tracking ), today announced that RIA has expanded its payout network in Poland by signing a correspondent agent agreement with Bank Pocztowy (Post Bank). The agreement expands RIA's payout network significantly in Poland with the addition of Post Bank's nearly 8,000 payout locations.
Post Bank, the fast-developing bank in Poland, will soon offer consumers the option to receive RIA money transfers from any of its nearly 8,000 payout locations across the country. These locations are a combination of bank branches and post offices. The expansion of RIA's network will enable more beneficiaries to conveniently access a fast and reliable money transfer service in Poland. Furthermore, the agreement with Post Bank enables RIA customers to send money transfers directly to any bank account or beneficiaries can opt for cash pick-up at any of Post Bank payout locations. Post Bank will begin distributing money transfers for RIA by August of 2007.
"We are pleased to announce the addition of Post Bank Poland to our growing global correspondent network. Post Bank is acting on the base of the largest payout network of post/banking outlets in the country, making them an important correspondent partner for RIA," said Michael J. Brown, chairman and chief executive officer, Euronet Worldwide Inc. "Polish emigration emigration: see immigration; migration. has grown since Poland's accession to the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the
European Community in 2004 and the subsequent opening of Western European labor markets making it a very attractive market for RIA. Our association with Post Bank will enable us to provide Polish nationals living abroad, particularly in the U.K., Germany, Italy and U.S., with a more reliable and convenient way to send money home to their families. We look forward to a mutually beneficial Adj. 1. mutually beneficial - mutually dependent
dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" and long-term relationship with Post Bank."
"The Polish economy has benefited significantly from the inflow of remittances in recent years. Our relationships with companies like RIA affirm our commitment to our customers to provide them the most reliable and convenient financial services. We look forward to enabling our customers to receive money sent to them from their loved ones abroad through the RIA network," said Stanislaw Zebrowski, chief specialist of Corporate Department, Bank Pocztowy.
The opening of the Western European labor markets to Polish workers has fueled growth in money transfers with financial inflows to Poland reaching approximately $8 billion a year in remittances. For example, one of the fastest-growing Polish communities resides in the United Kingdom, where nearly 400,000 work permits have been issued to Polish nationals since May 2004, according to the UK Home Office.
About RIA Envia Inc.
RIA, a Euronet Worldwide subsidiary, is the third-largest global consumer-to-consumer remittance company. RIA's primary services include money transfer, bill payment, money orders and check cashing. The company offers transfers under the brands RIA Money Transfer, AFEX AFEX Associated Foreign Exchange
AFEX Advanced Furnace for microgravity Experiment with X-ray radiography Money Express and Kim Phu Money Transfer. Originating money transfers across 13 countries in North America, the Caribbean, Europe and Asia, RIA terminates transactions through an extensive payer network across more than 85 countries. For more information, visit www.riafinancial.com.
About Bank Pocztowy Poland
Bank Pocztowy S.A. is the universal bank. It was established in 1990. The shareholders of Bank Pocztowy are: PPUP PPUP PAVE PAWS Upgrade Program Poczta Polska (Polish Post Office) (75% less one share) and Bank PKO PKO Polska Kasa Opieki (Polish bank)
PKO Peace Keeping Operations
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PKO Public Key Organization
PKO Public Key Security Object BP S.A. (25% plus one share). It differs from other financial institutions because it allows customers to take advantage of various financial services at their local post office. Poczta Polska operates from nearly 8,000 offices. The rich range of services provides products for individual customers, as well as mass payment wholesalers, and local authorities into the bargain.