General Principles For International Remittance Services
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General Principles For International Remittance Services
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Author : Group of Ten. Committee on Payment and Settlement Systems
language : en
Publisher:
Release Date : 2007
General Principles For International Remittance Services written by Group of Ten. Committee on Payment and Settlement Systems and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Emigrant remittances categories.
General Principles For International Remittance Services
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Author :
language : en
Publisher:
Release Date : 2006
General Principles For International Remittance Services written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The Remittance Market In India
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Author : Gabi G. Afram
language : en
Publisher: World Bank Publications
Release Date : 2012-01-09
The Remittance Market In India written by Gabi G. Afram and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-09 with Business & Economics categories.
Millions of migrants worldwide send billions of dollars in remittances each year to their families or communities of origin. In many developing countries, remittances are an important source of family and national income and also are the largest source of external financing. Remittances are better targeted at the needs of the poor than foreign aid or foreign direct investment (FDI) as recipients often depend on remittances to cover daily living expenses, to provide a cushion against emergencies, or to make small investments in business or education. Therefore, international remittance services should be safe, efficient, and reliable. This can be achieved by increasing competition in the remittance industry, providing broader access to payment system infrastructure, enhancing transparency, and ensuring a sound and predictable legal and regulatory framework. With an estimated US$55 billion in remittance inflows in 2010, India is the world's foremost remittance destination. The size and potential impact of these inflows is large. Despite substantial progress over the past 15 years, the provision of accessible, efficient, and cost-effective remittance services in India could be improved. Remittances transfers often can be costly relative to the low incomes of remitters and the small amounts involved, especially in rural India, and are not accessible. Attempts to examine the remittance market in India have been limited. This policy note attempts to fill this gap by undertaking a broad, detailed investigation of the Indian remittance market and analyzing its characteristics based on the General Principles for International Remittance Services (GPs). It identifies some of the key actions and public policy measures for the improvement and future development of this market that would make it more contestable, transparent, accessible, and sound. Such actions and policy measures could assist financial institutions and policy makers in enhancing the safety and efficiency of, as well as lowering the costs of, remittance services in India.
International Transactions In Remittances
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2009-09-14
International Transactions In Remittances written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-14 with Business & Economics categories.
The International Transactions in Remittance: Guide for Compilers and Users (RCG) presents concepts, definitions, and classifications related to remittances. It is consistent with the new standards for measuring balance of payments transactions, as contained in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). These standards are used globally to compile comprehensive and comparable data. The RCG identifies the main remittances compilation methods currently being used by compilers and discusses in detail the strengths and weaknesses of each method. It is the first manual providing compilation guidance for remittances and is also the first compilation guide based on concepts set out in BPM6. Although the RCG is primarily aimed at remittances data compilers, it may also be useful for users who wish to understand remittances data.
Making Remittances Work
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Author : Emiko Todoroki
language : en
Publisher: World Bank Publications
Release Date : 2014-06
Making Remittances Work written by Emiko Todoroki and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06 with Business & Economics categories.
Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
No Easy Solution A Smorgasbord Of Factors Drive Remittance Costs
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Author : Tito Nícias Teixeira da Silva Filho
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-30
No Easy Solution A Smorgasbord Of Factors Drive Remittance Costs written by Tito Nícias Teixeira da Silva Filho and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-30 with Business & Economics categories.
There has been a global push to decrease the cost of remittances since at least 2009, which has culminated with its inclusion in the Sustainable Development Goals in 2015. Despite this effort and the emergence of new business models, remittance costs have been decreasing very slowly, disproving predictions that sharp declines would be just around the corner. In addition, remitting to poorer countries remains very expensive. Oddly, this situation has not been able to elicit academic interest on the drivers of remittance costs. This paper delved deeply into the remittances ecosystem and found a very complex, heterogenous and unequal environment, one in which costs are driven by a myriad of factors and where there are no easy and quick solutions available, which explains the disappointing outcome so far. Nonetheless, it also shows that while policymakers have limited room to act they still have a very important role to play.
The Uk Nigeria Remittance Corridor
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Author : Raúl Hernández-Coss
language : en
Publisher: World Bank Publications
Release Date : 2007-01-01
The Uk Nigeria Remittance Corridor written by Raúl Hernández-Coss and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Social Science categories.
This study is the first research work on remittances conducted in Nigeria and reveals the actual state of its remittance market. The report describes how United Kingdom residents of Nigerian origin transfer remittances home and how the funds are distributed to their beneficiaries in Nigeria. The review presents the remittance industry conditions existing in the UKNigeria remittance corridor at the origination and distribution stages of the transactions, and the intermediaries who facilitate the transfers. The report makes conclusions and compares these main findings with lessons from other corridors. The UK-Nigeria remittance corridor has an equal dominance of formal and informal remittance intermediaries. Although several formal financial institutions for transferring money exist in the UK, many people choose to send money informally. More collaboration between the UK and Nigeria is necessary to develop the remittance market, to encourage the use of formal channels, and to enhance the development potential. Among its benefits, the remittance country partnership (RCP) between UK and Nigeria aims to reduce the cost of remittance transfers. The Nigerian government is engaging its diaspora to help spur economic growth. This report recommends that each government focus on improving data collection at its end of the corridor and do more research to provide its policymakers and its private sector with accurate information.
Fintech And Payments Regulation Analytical Framework
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Author : Mr.Tanai Khiaonarong
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Fintech And Payments Regulation Analytical Framework written by Mr.Tanai Khiaonarong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.
Remittance Markets In Africa
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Author : Sanket Mohapatra
language : en
Publisher: World Bank Publications
Release Date : 2011-01-01
Remittance Markets In Africa written by Sanket Mohapatra and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Social Science categories.
Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both for sending remittances from outside the region and for within-Africa (South-South) remittance corridors. At the same time, the remittance landscape in Africa is rapidly changing with the introduction of new remittance technologies, in particular mobile money transfers and branchless banking. This book presents findings of surveys of remittance service providers conducted in eight Sub-Saharan African countries and in three key destination countries. It looks at issues relating to costs, competition, innovation and regulation, and discusses policy options for leveraging remittances for development in Africa.
The Market For Remittance Services In The Czech Republic
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Author : Marco Nicoli
language : en
Publisher: World Bank Publications
Release Date : 2010
The Market For Remittance Services In The Czech Republic written by Marco Nicoli and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
The Market for Remittance Services in the Czech Republic is part of the World Bank Studies series. These papers are published to communicate the results of the Bank's ongoing research and to stimulate public discussion. This study presents the outcomes of a survey conducted by the World Bank Payment Systems Development Group. 880 migrants of eight different nationalities were interviewed during summer 2009 in Prague. The survey aimed at analyzing the main characteristics of the market for remittances in the Czech Republic and should serve as a guide for both public authorities and the private sector in identifying possible actions to improve the efficiency of the market. The nationalities selected represent the largest and most important migrant communities in the country: China, Moldova, Mongolia, Poland, the Russian Federation, the Slovak Republic, Ukraine, and Vietnam. World Bank Studies are available individually or on standing order. The World Bank Studies series is also available online through the World Bank e-library (www.worldbank.org/elibrary).