Understanding Remittances in a New Light
Discover a new perspective on remittances, highlighting the process, facts, and figures, along with challenges and potential improvements. Learn about the flow of inward and outward remittances, as well as key destination and source countries. Explore how this vital financial channel works and how it could be enhanced for better efficiency and reach.
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Presentation Transcript
Remittances - a new perspective - June 2011
Agenda Setting up the scene Allevo s approach Remittances - a new perspective
About An international remittance is a cross-border, person-to-person payment of relatively low value The World Bank 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 Remittances - a new perspective
Facts & Figures Worldwide remittances totaled $440 billion in 2010 involved some 250 million migrants or 3.2% of world population annual transactions: 1 to 1.5 billion average transaction value: +/-$ 300 Remittances - a new perspective
Facts & Figures Romania inward remittances flow totaled $4,5 billion in 2010 outward remittances flow totaled $310 million in 2009 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 Remittances - a new perspective
How it works now Sender/ remitter Sending Agent MTO Debiting Bank Holds funds Country A Message Proprietary network Correspondents bank system (balance accounts) Transactions database MTO Crediting Bank Liquidity provision Beneficiary / Receiver Disbursing Agent Country B Remittances - a new perspective
How it could work Sender/ remitter Debiting Bank Collection channels Message SWIFT network Distribution channels Beneficiary/ Receiver Crediting Bank Remittances - a new perspective
Focus on 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 areas Remittances - a new perspective
Agenda Setting up the scene Allevo s approach Remittances - a new perspective
Allevos approach qPI-FO qPI-FO Client qPayIntegrator Agent/Branch SWIFTNet Funds distribution WR pacs: 008 - payment instr. 004 - return 002 - status Statuses Participant Bank 2 Collections Channels Participant Bank 1 Mobile Operator Remittances - a new perspective
