Haypost CJSC, the National Operator of Postal Communication of Armenia, on Tuesday, March 7 announced the launch of a PosTransfer project, a new global postal money transfer system under the Universal Postal Union.

The first stage of the project will be implemented in Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan and Ukraine. The new system will be fully launched across the the Commonwealth of Independent States by the end of the year.

The decision to create a unified system of money transfers was adopted in the UPU Congress in Istanbul in September 2016.

According to HayPost, a unified platform has been already created, the brand and logo having also been developed.

The PosTransfer system envisages collection and payment of money transfers through the branch networks of postal operators, using various means of telecommunication, including mobile applications. Funds will become available for receipt immediately after the transfer in online mode, by the operational and technological standards of all the member states.

The rest of member countries of UPU are expected to join PosTransfer later.

The Universal Postal Union is an international intergovernmental organization and a UN agency that includes 193 countries.