June 2011 Agenda Remittances a new perspective About Remittances a new perspective Typically by migrant workers to their families Especially from developed to developing countries Personto person low value ie not commercial or wholesale payments ID: 627306
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Remittances- a new perspective -
June 2011Slide2
Agenda
Remittances - a new perspectiveSlide3
About…
Remittances - a new perspective
Typically by migrant workers to their families. Especially from developed to developing countries
Person-to person, low value – i.e. not commercial or wholesale payments
Domestic remittances also exist
Recurrent - but typically made by individual transfers (e.g. not by standing order)
Typically credit transfers
For remittance service providers (RSPs), often indistinguishable from any other retail cross-border transfers
An international remittance is
a cross-border, person-to-person payment of relatively low value
The World BankSlide4
Facts & FiguresRemittances - a new perspective
Worldwide
remittances totaled $
440
billion in 2010
involved some 250 million migrants or 3.2% of world population
annual transactions: 1 to 1.5 billion
average
transaction value: +/-$ 300Slide5
Facts & FiguresRemittances - a new perspective
EMIGRATION, 2010
■ Stock of emigrants: 2,769.4 thousands
■ Stock of emigrants as percentage of population: 13.1%
■ Top destination countries: Italy, Spain, Hungary, Israel, the United States, Germany, Canada, Austria, France, the United Kingdom
IMMIGRATION, 2010
■ Stock of immigrants: 132.8 thousands
■ Stock of immigrants as percentage of population: 0.6%
■ Top source countries: Moldova, Bulgaria, Ukraine, the Russian Federation, the Syrian Arab Republic, Hungary, Greece, Turkey, Italy, Germany
Romania inward remittances flow totaled $
4,5
billion in 2010
outward remittances flow totaled $310 million in 2009
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How it works now …
Remittances - a new perspective
Sender/
remitter
Beneficiary/ Receiver
Sending
Agent
Disbursing Agent
MTO
Country A
MTO
Country B
Debiting Bank
Crediting Bank
Message
Holds funds
Liquidity
provision
Proprietary network
Correspondents
bank system
(balance accounts)
Transactions databaseSlide7
How it could work …
Remittances - a new perspective
Sender/
remitter
Beneficiary/ Receiver
Debiting
Bank
Crediting Bank
Message
Collection channels
Distribution channels
SWIFT networkSlide8
Focus on…Remittances - a new perspective
Collection /Distribution Channel
agents, mobile, ATM, online …
Market environment
regulatory environment
Other players (exclusivities)
Compliance (AML/KYC)
Marketing strategies
The challenge is to reach the rural areasSlide9
Agenda
Remittances - a new perspectiveSlide10
Allevo’s approach
Remittances - a new perspective
Participant
Bank 2
Agent/Branch
Funds
distribution
Statuses
SWIFTNet
WR pacs:
008 - payment instr.
004 - return
002 - status
Participant
Bank 1
qPayIntegrator
qPI-FO
Client
Mobile
Operator
Collections Channels
qPI-FO