Global Remittances Working Group2015-02-262015-02-262013https://hdl.handle.net/10986/21532This paper analyzes the difficulties for nonbank RSPs in their indirect access to the domestic payment system infrastructure. It presents the background (section three) and the current situation, giving examples from a few key sending markets (section four). The main factors underlying the current situation are outlined (section five), and several potential pragmatic solutions are presented as a basis for further discussion along with implementable action plans (section six). The paper concludes with possible next steps (section seven).en-USCC BY 3.0 IGOACCESS TO BANKACCESS TO PAYMENTACCESS TO PAYMENT SERVICESACCESS TO PAYMENT SYSTEMSANTI-MONEY LAUNDERINGATMAUDITINGAUDITING INDUSTRYAUDITSAUTHORIZATIONAUTHORIZED ENTITIESAUTOMATIONBANK ACCESSBANK ACCOUNTBANK ACCOUNTSBANK CHARGESBANK REGULATIONBANK SECRECYBANK SECRECY ACTBANKING MARKETSBANKING SERVICEBANKING SERVICESBANKING SYSTEMBANKSBARRIERS TO ENTRYBORDER PAYMENTBROKERSBUSINESS ENVIRONMENTBUSINESS PRACTICECARD READERSCASH PAYMENTCENTRAL BANKCENTRAL BANKSCHECKSCLEARING HOUSESCOMMERCIAL BANKCOMMERCIAL BANKSCOMPETITIVE MARKETCOMPETITIVE MARKETSCOMPLIANCE COSTSCOMPLIANCE STANDARDSCONFIDENTIAL INFORMATIONCONFIDENTIALITYCONFLICT OF INTERESTCONFLICTS OF INTERESTCONSUMER PROTECTIONCORPORATE CLIENTSCORRESPONDENT BANKCREDIT UNIONCREDIT UNIONSCRIME INVESTIGATIONSCUSTOMER VERIFICATIONDEBIT CARDDEPOSITDEVELOPING COUNTRIESDEVELOPING MARKETSDEVELOPMENTAL IMPACTDEVELOPMENTAL IMPACT OF REMITTANCESDIRECT ACCESSDIRECT DEBITSDOMESTIC BANKINGDUE DILIGENCEECONOMIC MIGRANTSEFFICIENT MARKETEND USERSEQUIPMENTEXCHANGE CONTROLSEXCHANGE RATEEXCHANGE SERVICESEXISTING INFRASTRUCTURESFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL PRODUCTSFINANCIAL SERVICESFINANCIAL STABILITYFLOW OF FUNDSFOREIGN CURRENCYFOREIGN CURRENCY RISKFOREIGN EXCHANGEFRAUDGLOBAL REMITTANCESGLOBAL STANDARDSHOLDINGHOSTSIDID REQUIREMENTSIDENTIFICATIONILLICIT ACTIVITIESINDIVIDUAL TRANSACTIONINFORMATION TECHNOLOGYINTERNATIONAL BANKINGINTERNATIONAL BANKSINTERNATIONAL COOPERATIONINTERNATIONAL FINANCIAL SYSTEMINTERNATIONAL REMITTANCEINTERNATIONAL STANDARDINTEROPERABILITYJURISDICTIONSLAW ENFORCEMENTLAWSLEGAL REQUIREMENTSLEGISLATIONLEVEL OF RISKLEVEL PLAYING FIELDLOCAL BANKLOCAL BANKSLOCAL CURRENCYLOCAL MARKETMANDATESMARKET CONDITIONSMARKET DISTORTIONSMARKET INFRASTRUCTUREMARKET PARTICIPANTSMARKET REGULATIONMARKET STRUCTUREMICROFINANCEMICROFINANCE INSTITUTIONSMIGRANT FAMILIESMIGRANTSMIGRATIONMISMANAGEMENTMONEY LAUNDERINGMONEY ORDERSMONEY REMITTERSMONEY TRANSFERMONEY TRANSFER BUSINESSMONEY TRANSFER BUSINESSESMONEY TRANSFER MARKETMONEY TRANSFER OPERATORMONEY TRANSFER OPERATORSMONEY TRANSFER SERVICESMONEY TRANSMITTERSMONOPOLYNONBANK FINANCIAL INSTITUTIONSNONBANK INSTITUTIONSNONBANKSONLINE DATABASEOPEN ACCOUNTSPAYMENT CARDSPAYMENT INFRASTRUCTUREPAYMENT INSTRUMENTSPAYMENT SERVICESPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPHONE CALLSPOINT OF SALEPOST OFFICEPOST OFFICESPRICE TRANSPARENCYPRIVATE SECTOR DEVELOPMENTREGULATORSREGULATORY AUTHORITIESREGULATORY BODIESREGULATORY ENFORCEMENTREGULATORY ENVIRONMENTREGULATORY FRAMEWORKSREGULATORY REGIMEREGULATORY RESTRICTIONSREMITTANCEREMITTANCE BUSINESSREMITTANCE CHANNELSREMITTANCE CORRIDORSREMITTANCE DATAREMITTANCE INDUSTRYREMITTANCE SENDERREMITTANCE SERVICEREMITTANCE SERVICE PROVIDERSREMITTANCE SERVICESREMITTANCE TRANSFERREMITTANCESREPUTATIONRETAIL BANKSRETAIL PAYMENTRETAIL PAYMENT SYSTEMSRISK MANAGEMENTRISK OF MONEY LAUNDERINGSECURITY CHECKSSECURITY CONCERNSSEND MONEYSEND MONEY HOMESERVICE PROVIDERSERVICE PROVIDERSSETTLEMENTSETTLEMENT INFRASTRUCTURESSETTLEMENT SYSTEMSSMALL BANKSSMALL PAYMENTSTAKEHOLDERSTAKEHOLDERSSTANDARDIZATIONSTOCK MARKETSTOCK MARKETSSUBSIDIARIESSUPERVISORY AUTHORITIESSUPERVISORY REGIMESSYSTEM ACCESSTERRORISMTERRORISTTERRORIST ATTACKSTRADE ASSOCIATIONSTRADINGTRANSACTIONTRANSACTION COSTSTRANSFER MONEYTRANSFER OF INFORMATIONTRANSPORTTREASURYVALUE CHAINVOLUME OF REMITTANCES10.1596/21532