Access to Banking Services by Money Transfer Institutions

The problem

We can’t say that the access to banking accounts problem is new in the Money Transfer Industry, not in the USA or a number of other countries. It was one of the reasons why the NMTA was formed back in 1996, David Landsman, Executive Director, reminds us every now and then. So why is this a such an urgent issue in 2014? I think the answer is that in the last decade a large number of small money transfer companies, with very little capital and minimal compliance structures were the first to go, now is the medium sized, larger companies, well funded, with large investments in technology and compliance the ones that are feeling the brunt. What should the industry do?

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Remittances to Latin America and the Caribbean in 2013

On February 27, 2014 at the Interamerican Dialogue in Washington D.C.  remittance expert Manuel Orozco presented his yearly analysis of the volume of remittances entitled “Current Perspectives on Remittances to Latin America and the Caribbean in 2013” and a PDF version of his briefing can be viewed/downloaded at the end of this short note. The paper considers the possible impact of immigration reform in the US on remittances and on the lives of migrants.

In 2013, family remittances to the region experienced little growth for most of the major remittance recipient countries. This may be a byproduct of immigration controls and deportations, demography, regulatory constraints and a slow recovery from the recession. Remittances have not grown substantially from 2012 and the total volume to the region was 60 billion, slightly decreasing by 1%. Manuel divides the results for the year in three groups:

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The power of Linkedin

Do you know?

Do you know that Linkedin has 259 million users and growing by about 38% per year? Do you know that 40% of members check in daily and 38% do it from their phones? Do you know that it had a 35% growth in traffic in the past year? And that it is responsible for 64% of all visits from social media channels to corporate websites?Do you know we have a great IMTC Linked in Group?

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Mobile Payments… 20% Of Global Transactions? Yes, we have to believe it.

The third Adyen Mobile Payments Index covering the period September to December 2013 was announced Friday, January 30th. The Index shows mobile payments accounted for 19.5% of all transactions worldwide in December, a growth of 55% year-over-year, up from 12.6% December 2012. The data shows tablets to be the preferred device for higher value transactions…

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