In recent years, various organisations have tackled issues related to the important topic of international remittances. However, few of these reports have been devoted specifically to the "payment system aspects" of remittances – in effect, the practical realities of actually transferring money. Understanding these payment system aspects is crucial to understanding remittances and to ensuring that remittance services are safe and efficient. This report provides an analysis of the payment system aspects of remittances and sets out general principles designed to assist countries in improving the market for remittance services.
The report was first issued in March 2006 as a consultation document and we are very grateful to the many people who provided comments. As a result of the comments, we have made changes to the report to strengthen the analysis and sharpen the message.
The report has been prepared for the Committee on Payment and Settlement Systems and the World Bank by a task force consisting of representatives from international financial institutions involved in remittances and from central banks in both remittance-sending and remittance-receiving countries. The CPSS and the World Bank thank the members of the task force and its co-chairmen, Massimo Cirasino and Marc Hollanders, for their excellent work in preparing this report.