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This Area Will Not Be Seen Workers Remittances Workers Remittances.

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Presentation on theme: "This Area Will Not Be Seen Workers Remittances Workers Remittances."— Presentation transcript:

1 This Area Will Not Be Seen Workers Remittances Workers Remittances

2 This Area Will Not Be Seen Any tolerances to consider? Workers Remittances transactions revenue Bank share 20 to 30% 15 billion USD 1 to 1.5 billion

3 This Area Will Not Be Seen Any tolerances to consider? Correspondent banking Not tailored to provide consumer prices and time transparency Franchisee of money transfer operator Costly to scale, deploy and maintain in many countries Bilateral agreements over proprietary networks Bound to operators offering and conditions Challenges Workers Remittances

4 This Area Will Not Be Seen Workers Remittances Contract template for service conditions Rulebook with market practice Directory with participant reference data XML standards for instructions, status and return FileAct messaging service B u s i n e s s T e c h n i c a l f r a m e w o r k

5 This Area Will Not Be Seen Any tolerances to consider? Payment instruction I paid $100. You can pick it up at XYZ bank. Give 123 as reference ISO payment instruction via Workers remittance solution, re- using existing clearing mechanism Pay -out Account Mobile phone numbers as account identifier or beneficiary identity verification to authorize cash pay-out Workers Remittances

6 This Area Will Not Be Seen Any tolerances to consider? Standardised definitions Complemented with Alliance Integrator Centralised information database Technical framework similar to SEPA Fast time to market and stronger reach Expanded commercial opportunities Reduced total cost of ownership Faster return on investment 47 banks Workers Remittances

7 This Area Will Not Be Seen Workers Remittances Contact partner banks Implement application Integrate in front-office Test and roll-out Getting started est elp acilitaterain ertify ntegrate

8 This Area Will Not Be Seen Workers Remittances Easy to scale Compelling customer neutral Easy to integrate experience Your global platform for person-to-person payments Commercially

9 This Area Will Not Be Seen For more information visit us on the stand Workers Remittances


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