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August 07, 1996|Times Staff and Wire Reports

Mexico's Postal Service to Join in Wire Transfer Venture: Servicio Postal Mexicano said it will participate in the partnership between Mexico's largest retail bank, Bancomer, and the U.S. Postal Service to offer electronic personal fund transfers between the U.S. and Mexico. Mexico's state-owned postal service will begin an initial run of the new wire service, called Dinero Seguro (Safe Money) in 500 of its largest post offices. The postal service plans to invest $5.3 million to remodel those offices and install new equipment. A pilot run of the service between the Mexican state of Zacatecas and California and Texas has already produced wire transfers in 10 minutes or less, the postal service said. The market for money transfers from the U.S. to Mexico is worth about $7 billion a year.

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