Barriers to Access to Payment Systems and Proposed Actions : Special-Purpose Note

This paper analyzes the difficulties for nonbank RSPs in their indirect access to the domestic payment system infrastructure. It presents the background (section three) and the current situation, giving examples from a few key sending markets (sect...

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Bibliographic Details
Main Author:	Global Remittances Working Group
Format:	Publications & Research
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	ACCESS TO BANK ACCESS TO PAYMENT ACCESS TO PAYMENT SERVICES ACCESS TO PAYMENT SYSTEMS ANTI-MONEY LAUNDERING ATM AUDITING AUDITING INDUSTRY AUDITS AUTHORIZATION AUTHORIZED ENTITIES AUTOMATION BANK ACCESS BANK ACCOUNT BANK ACCOUNTS BANK CHARGES BANK REGULATION BANK SECRECY BANK SECRECY ACT BANKING MARKETS BANKING SERVICE BANKING SERVICES BANKING SYSTEM BANKS BARRIERS TO ENTRY BORDER PAYMENT BROKERS BUSINESS ENVIRONMENT BUSINESS PRACTICE CARD READERS CASH PAYMENT CENTRAL BANK CENTRAL BANKS CHECKS CLEARING HOUSES COMMERCIAL BANK COMMERCIAL BANKS COMPETITIVE MARKET COMPETITIVE MARKETS COMPLIANCE COSTS COMPLIANCE STANDARDS CONFIDENTIAL INFORMATION CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSUMER PROTECTION CORPORATE CLIENTS CORRESPONDENT BANK CREDIT UNION CREDIT UNIONS CRIME INVESTIGATIONS CUSTOMER VERIFICATION DEBIT CARD DEPOSIT DEVELOPING COUNTRIES DEVELOPING MARKETS DEVELOPMENTAL IMPACT DEVELOPMENTAL IMPACT OF REMITTANCES DIRECT ACCESS DIRECT DEBITS DOMESTIC BANKING DUE DILIGENCE ECONOMIC MIGRANTS EFFICIENT MARKET END USERS EQUIPMENT EXCHANGE CONTROLS EXCHANGE RATE EXCHANGE SERVICES EXISTING INFRASTRUCTURES FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL PRODUCTS FINANCIAL SERVICES FINANCIAL STABILITY FLOW OF FUNDS FOREIGN CURRENCY FOREIGN CURRENCY RISK FOREIGN EXCHANGE FRAUD GLOBAL REMITTANCES GLOBAL STANDARDS HOLDING HOSTS ID ID REQUIREMENTS IDENTIFICATION ILLICIT ACTIVITIES INDIVIDUAL TRANSACTION INFORMATION TECHNOLOGY INTERNATIONAL BANKING INTERNATIONAL BANKS INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL REMITTANCE INTERNATIONAL STANDARD INTEROPERABILITY JURISDICTIONS LAW ENFORCEMENT LAWS LEGAL REQUIREMENTS LEGISLATION LEVEL OF RISK LEVEL PLAYING FIELD LOCAL BANK LOCAL BANKS LOCAL CURRENCY LOCAL MARKET MANDATES MARKET CONDITIONS MARKET DISTORTIONS MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET REGULATION MARKET STRUCTURE MICROFINANCE MICROFINANCE INSTITUTIONS MIGRANT FAMILIES MIGRANTS MIGRATION MISMANAGEMENT MONEY LAUNDERING MONEY ORDERS MONEY REMITTERS MONEY TRANSFER MONEY TRANSFER BUSINESS MONEY TRANSFER BUSINESSES MONEY TRANSFER MARKET MONEY TRANSFER OPERATOR MONEY TRANSFER OPERATORS MONEY TRANSFER SERVICES MONEY TRANSMITTERS MONOPOLY NONBANK FINANCIAL INSTITUTIONS NONBANK INSTITUTIONS NONBANKS ONLINE DATABASE OPEN ACCOUNTS PAYMENT CARDS PAYMENT INFRASTRUCTURE PAYMENT INSTRUMENTS PAYMENT SERVICES PAYMENT SYSTEM PAYMENT SYSTEMS PENSION PHONE CALLS POINT OF SALE POST OFFICE POST OFFICES PRICE TRANSPARENCY PRIVATE SECTOR DEVELOPMENT REGULATORS REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY ENFORCEMENT REGULATORY ENVIRONMENT REGULATORY FRAMEWORKS REGULATORY REGIME REGULATORY RESTRICTIONS REMITTANCE REMITTANCE BUSINESS REMITTANCE CHANNELS REMITTANCE CORRIDORS REMITTANCE DATA REMITTANCE INDUSTRY REMITTANCE SENDER REMITTANCE SERVICE REMITTANCE SERVICE PROVIDERS REMITTANCE SERVICES REMITTANCE TRANSFER REMITTANCES REPUTATION RETAIL BANKS RETAIL PAYMENT RETAIL PAYMENT SYSTEMS RISK MANAGEMENT RISK OF MONEY LAUNDERING SECURITY CHECKS SECURITY CONCERNS SEND MONEY SEND MONEY HOME SERVICE PROVIDER SERVICE PROVIDERS SETTLEMENT SETTLEMENT INFRASTRUCTURES SETTLEMENT SYSTEMS SMALL BANKS SMALL PAYMENT STAKEHOLDER STAKEHOLDERS STANDARDIZATION STOCK MARKET STOCK MARKETS SUBSIDIARIES SUPERVISORY AUTHORITIES SUPERVISORY REGIMES SYSTEM ACCESS TERRORISM TERRORIST TERRORIST ATTACKS TRADE ASSOCIATIONS TRADING TRANSACTION TRANSACTION COSTS TRANSFER MONEY TRANSFER OF INFORMATION TRANSPORT TREASURY VALUE CHAIN VOLUME OF REMITTANCES
Online Access:	http://documents.worldbank.org/curated/en/2013/01/24027311/barriers-access-payment-systems-proposed-actions-special-purpose-note http://hdl.handle.net/10986/21532

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Summary:	This paper analyzes the difficulties for nonbank RSPs in their indirect access to the domestic payment system infrastructure. It presents the background (section three) and the current situation, giving examples from a few key sending markets (section four). The main factors underlying the current situation are outlined (section five), and several potential pragmatic solutions are presented as a basis for further discussion along with implementable action plans (section six). The paper concludes with possible next steps (section seven).

Barriers to Access to Payment Systems and Proposed Actions : Special-Purpose Note

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