Remittance industry in shake-up

The World Bank and BIS plan to set international standards and call for banks to play a greater role.

Remittance, otherwise known as the transfer of money from immigrant workers to their home countries, is a difficult business for the involved customers, regulators and banks. The transfers are difficult for customers, due to the lack of access and vendor-choice, difficult for regulators when establishing a universal cross-border standard and difficult for banks in transferring funds to non-bank customers.

Aside from individual problems, remittance is also facing an overall efficiency problem, regardless of its expanding size. On a global level, the remittance business is now worth $159 billion per year and is estimated to continue growing 5% annually.

In over 30 countries worldwide, transferring money back to...

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