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Worker Remittances Solution enabled for Mobile channel

Worker Remittances Solution enabled for Mobile channel. Stephan Kraft Senior Account Director Romania. What is SWIFT?. A co-operative organisation serving the financial industry. A provider of highly secure financial messaging services. The financial standardisation body.

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Worker Remittances Solution enabled for Mobile channel

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  1. Worker Remittances Solutionenabled for Mobile channel Stephan Kraft Senior Account Director Romania

  2. What is SWIFT? A co-operative organisation serving the financial industry A provider of highly secure financial messaging services The financial standardisation body

  3. 4 billion messages/year • 9.761 customers • 209 countries • 19 Mio messages peak day • (Marc 2011) Country Coverage

  4. (Worker) Remittances - Market overview Market: • International migrants  200 million • Financial flows  USD 400 billion • Industry revenue  USD 15 billion • Annual transactions  1 to 1.5 billion • Average transaction value  +/- USD 300 • A remittance is a cross-border, person-to-person payment of relatively low value.

  5. Issues and options for Bank service delivery Issues: Open correspondent arrangements do not deliver price and time transparency for consumers Processing is inefficient and costly for banks Options: Build a proprietary network Costly Lacks scale Build a bilateral service with a correspondent Poor service Use open correspondent banking arrangements

  6. SWIFT Worker Remittance - Architecture Rules + Guidelines Architecture Reference data Directory Beneficiary creditor participants Sender debtor participants Agents Agents FileAct ISO 20022 Pacs. 008,002,004 Distribution network sending country Distribution network Receiving country cover payment Settlement Agent Service conditions (time, cost, UTIC )

  7. SWIFT Workers Remittance Solution - Components Settlement Agent Debtor Agent Participant Participant Agent Creditor Bilateral Contract Bilateral Service Level Template Market Practices Service Levels, Product Groups, Charges & FX Practices Reference Data Participant and Agent Capabilities and Points of Service Messaging Standards Instruction, Reject, Return & Status Messaging Services FileActStrore & Forward 6.1

  8. Mobile phone for financial services Usage today for financial services • financial transaction notification/alert • mobile banking services : balance, credittransfer, bill payment • In developed countries : • complement e-channels for financial services • In emerging countries : - channel to serve unbanked in rural areas Value for financial services Fast ,reliable, secured , standardized, cost , ubiquity, reach

  9. Worker Remittance – enabled for Mobile channel • SMS notification • Cash pick-up • Credit bank account • Store on mobile wallet • Mobile instruction • Mobile access to online banking application Rules + Guidelines Architecture Reference data Directory Beneficiary creditor participants Sender debtor participants Agents Agents FileAct ISO 20022 Pacs. 008,002,004 Distribution network sending country Distribution network Receiving country cover payment Settlement Agent

  10. Mobile instructed Remittances – value proposition New service with agents For mobile remittances Speed Flexibility ubiquity security authorizing cash pay-out To unbanked with mobile Mobile instructed remittances Enable mobile banking channel For remittances reaching customers in rural areas Acquiring new customers new revenue opportunities

  11. Stephan Kraft Senior Account DirectorCentral & Eastern Europe SWIFTFischhof 3/6A-1010 ViennaAustria +43 1 740 40 2374+43 1 740 40 2379+43 664 636 2090stephan.kraft@swift.comswift.com T F M E W Your Contact

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