OREANDA-NEWS. On August 27, 2008 Ipak Yuli Bank has joined the international remittance system of Migom. Today, the bank operates seven international remittance systems – Anelik, MoneyGram, Bystraya Pochta, Unistream, Western Union, Contact, and Migom.

Migom is a system of international remittances for individuals that does not require the letter to open bank accounts. The system has been in operation since 2002, and is widely known in Russia and the CIS. The system has started to spread to other countries of the world. The total number of the system's service points exceeded 7,000 as of 1 January 2008.

The arrival of the remittance takes about 5-10 minutes, and the commission charged for the transfer makes up 2-3% of the sum of the transfer. The beneficiary does not cover any of the costs.

Ipak Yuli Bank was founded on 23 April 1990 and acts on the basis of the license of the Central Bank of the Republic of Uzbekistan No. 10 of 25 January 2003. In 2005 the bank integrated a new system of remittances, Bystraya Pochta.

In 2006 the bank signed a Loan Agreement with the Asian Development Bank on small and micro-financing and an agreement on the extension of a credit line with the Islamic Corporation for Private Sector Development. The same year Ipak Yuli received the certificate of excellence from the leading German Bank, Commerzbank for high level of payment automation within the SWIFT format.

In 2006 the Coordinator of the CEMEA region in London made a positive decision on the admission of the bank to Visa International system.

In 2007 a new banking product, Ipak Yuli Online was integrated. The product provides access to information on the bank account at any time of the day from any part of Uzbekistan, and an opportunity to make online payments.

Also this year the bank started to provide Western Union and Unistream international remittance services.