Andy Peters, the writer behind great articles at The American Banker, wrote an article entitled “Money Transfer Business Is on the Rise — Time to Get Out” that is worth reading and serves as a preview of our sessions on Bank Discontinuance at IMTC USA 2015. Is it really time to get out? Or is it the time to get in!Details
As part of our presentation on the Somalian Remittance Crisis at IMTC USA 2015, here are some key aspects that you should know about Somalia, the Somali Diaspora and Somalian Remittances.Details
On De-Risking, Recent Bank Account Closures, The Somalian Remittance Crisis and the loud calls to try to resolve the MSB Bank Discontinuance crisis in the US (and UK, Australia… and almost everywhere)
In English, a “moving target” is when you set your expectation for something – some task, some desirable outcome, a target, and then when it is met you ‘move the target’ and set another expectation. It means that the person or entity you have set the expectation for is never able to fulfill it, never reaching the target. And “De-Risking” is fast becoming a moving target.
The Society for Risk Analysis states: “Risk analysis is broadly defined to include risk assessment, risk characterization, risk communication, risk management, and policy relating to risk, in the context of risks of concern to individuals, to public- and private-sector organizations, and to society at a local, regional, national, or global level“. Is quite a broad and very inexact science that all of us in the Financial Services area are trying all the time to define and manage.
|Date:||February 13, 2015|
DEVELOPING PARTNERSHIPS WITH US LICENSED MONEY TRANSMITTERS
We all know that technology and the creativity surrounding the tech revolution is inspiring a vast number of payment innovations. Online financial services, mobile payments, eWallets, bitcoin & the virtual currencies explosion, smarter ATMs, tools such as contactless chips, beacons, geo-location, are seeking to make payments more inclusive, easier to use, to track and to market, safer, faster, more efficient, more tailored to every user, etc.Details
Right at 9 am, in the Cash Room of the Treasury Building last Tuesday, January 13th,, 100+ attendees gathered to participate in the Roundtable.Details
As I did for 2013, I have put together the 10 most important news stories for the Money Transfer Industry in 2014, as a way to reflect back and at the same time analyze the trends for the coming year. They are not necessarily in order of importance. They are based on my personal opinions and ideas from friends and colleagues in the industry.
If you want to read it from a PDF, view it | download it from here
If I miss something of importance or if you have any type of comment, please do it in LinkedIn. We would love to hear you opinion. Please go to our Linkedin Group following this link: http://linkd.in/WiQVFa and it will take you directly to the discussion.
Bank Discontinuance of MTOs in Australia has been in the news for a couple of weeks and all the small and medium sized companies in the country are being forced to shutdown because all the major banks have been closing their accounts and letters of discontinuance have been sent to the 5,000+ MTOs in the country*. This is just another round in a worldwide problem.
You can read several articles on the situation in Australia; check this one http://bit.ly/1uQctHe for example)
MTOs have launched the Remittance and Currency Providers Association, ARPAC, to represent them and to look for ways to get government support and find solutions (see http://ab.co/1xQlj9Z). We praise their effort. The UKMTA association lead the industry’s effort in UK when the Barclay’s situation came up in UK in 2013 (http://bit.ly/1toUhPp).
Incumbents such as Western Union and MoneyGram do it. Traditional players do it. So, still, do some banks. And Telcos do too in some markets. The “it” is enable people to move money to each other in and between countries. Hugo Cuevas-Mohr shares insights gleaned from his work with money transfer professionals from all over the world about the remittance market, the role of traditional players, banks and telcos and who has the edge as this $500 billion industry evolves.
The following are the questions and answers provided by Hugo Cuevas-Mohr when interviewed by PYMNTS.com over his document “Are Telcos, Money Transfer Companies (MTOs) and Banks on a collision course over remittances?” (The document can be downloaded from there).
Click the questions below to open the answers. Please give us your comments and join the conversation here.