Tuesday, January 23, 2007

Another remittances report, this time by the BIS...

The Committee on Payment and Settlement Systems (CPSS) and the World Bank issued a report today entitled General principles for international remittance services. Not for use by the market, merely for use by governments/regulators.

The CPSS-World Bank report provides an analysis of the payment system aspects of remittances, on the basis of which it sets out general principles designed to assist countries that are seeking to improve the market for remittance services. The report contains five general principles, covering: transparency and consumer protection; payment system infrastructure; the legal and regulatory framework; market structure and competition; and governance and risk management. The report highlights the roles of both public authorities and remittance service providers in implementing the general principles.