Committee on Payment andSettlement SystemsThe World Bank
General principles for international remittanceservices
January 2007
THE WORLD BANK
Copies of publications are available from:Bank for International SettlementsPress & CommunicationsCH-4002 Basel, SwitzerlandE-mail:publications@bis.org Fax: +41 61 280 9100 and +41 61 280 8100This publication is available on the websites of the BIS (www.bis.org) and the World Bank(www.worldbank.org).
©
Bank for International Settlements and The World Bank 2007. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited.
ISBN 92-9131-732-2 (print)ISBN 92-9197-732-2 (online)
CPSS/World Bank - General principles for remittances - January 2007
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Foreword
In recent years, various organisations have tackled issues related to the important topic ofinternational remittances. However, few of these reports have been devoted specifically tothe "payment system aspects" of remittances – in effect, the practical realities of actuallytransferring money. Understanding these payment system aspects is crucial tounderstanding 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 outgeneral principles designed to assist countries in improving the market for remittanceservices.The report was first issued in March 2006 as a consultation document and we are verygrateful to the many people who provided comments. As a result of the comments, we havemade 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 andthe World Bank by a task force consisting of representatives from international financialinstitutions involved in remittances and from central banks in both remittance-sending andremittance-receiving countries. The CPSS and the World Bank thank the members of thetask force and its co-chairmen, Massimo Cirasino and Marc Hollanders, for their excellentwork in preparing this report.Timothy F Geithner, Chairman Michael U Klein, Vice PresidentCommittee on Payment and Settlement Systems The World Bank
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