The remittance sector helps transferring money around the world. This industry appears to be continuously growing according to this report and this sector is widely used for payment transactions in Australia. The report highlights the close collaboration between Australian banks and money transfer operators. The report analyzes the following issues: The functioning of the remittance [...]
The report on Universal Commerce is giving an overview of the transformation of consumer’s buying behavior in the eCommerce context. The report then highlights what the explanation of the universal commerce and illustrates the differences between online and offline experiences through various examples. The consumers perceptive and services necessary for the universal commerce are also [...]
Earlier this year, DMA consultants (Leon Isaacs and Sarah Hugo) were commissioned by HTSPE and Eurotrends to produce and deliver the report: ‘EU Remittances to Developing Countries, Remaining Barriers, Challenges and Recommendations’. Having spoken with over 100 contributors to the remittances and development agenda and visited a number of countries throughout the EU and Africa, [...]
In collaboration with the Merchant Risk Council, E-Commerce Europe and Innopay, EPIF presented its view on the Cross-border Business Transactions. The paper presents the key barriers and opportunities for the cross-border transactions, as well as the solutions for online payments.
EPIF welcomes that the European Supervisory Authorities (ESA) have recently started to provide specific guidance to the financial industry regarding the supervisory, passporting and reporting regime applicable to Payment Institutions (PI) and their agent network. The new supervisory protocol (the ‘Protocol’) provides helpful clarifications, in particular from an Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) perspective. [...]
The Briefing on Migration and Developments produced by the Migration and Remittance Unit of the Word Bank presents the officially recorded remittance flows to developing countries for 2010. Furthermore the briefing highlights the growth rate of remittances by geographical area as well as the expected Remittance flows to developing countries and on a worldwide basis.
The European Payment Institutions Federation (EPIF) welcomes and encourages the private stakeholder consultation that is currently taking place concerning a review of the 3rd Anti-Money Laundering (AML) Directive. Payment Institutions' (PI) compliance with anti-money laundering and counter terrorist financing obligations is a prerequisite for their authorisation under the Payment Services Directive (PSD). The current anti-money [...]
Commission Staff Working Paper on AML Supervision Of, and Reporting By, Payment Institutions in Various Cross-Border Situations
The World Bank Group published a report in 2010 which aims to analyze the legal and regulatory framework and identified a standard approach to the remittance sector. The remittance sector is functioning based on cross-border person-to-person payments of relatively low value. This report identifies the reasons the remittance sector has to be standardized. One of [...]
This report presents an overview of the operation of international transactions in remittances. The report focuses on demography, transaction channels and regulatory aspects of remittances. Other issues the report covers are: The concepts and components of remittances; The data sources and estimation methods of international transactions; The compilation and data processing issues in the international [...]