worker remittances solution enabled for mobile channel stephan kraft senior account director romania
TRANSCRIPT
Worker Remittances Solutionenabled for Mobile channel
Stephan Kraft
Senior Account Director
Romania
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What is SWIFT?
Aco-operativeorganisationserving the
financialindustry
Aprovider of
highly securefinancial
messagingservices
Thefinancial
standardisationbody
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Country Coverage
• 4 billion messages/year• 9.761 customers• 209 countries• 19 Mio messages peak day
(Marc 2011)
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(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.
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Issues and options for Bank service delivery
1. Build a proprietary network
2. Build a bilateral service with a correspondent
3. Use open correspondent banking arrangements
Costly
Lacks scale
Poor service
Options:
Issues:
1. Open correspondent arrangements do not deliver price and time transparency for consumers
2. Processing is inefficient and costly for banks
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Reference data Directory
FileAct ISO 20022
Pacs. 008,002,004
Architecture
Rules + Guidelines
Settlement Agent
Senderdebtor
BeneficiarycreditorAgents
Distribution network
sending countryDistribution network
Receiving country
participants
cover payment
SWIFT Worker Remittance - Architecture
participants Agents
Service conditions (time, cost, UTIC )
SWIFT Workers Remittance Solution - Components
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Debtor CreditorAgentAgent ParticipantParticipant
Settlement Agent
Bilateral ContractBilateral Service Level Template
Market PracticesService Levels, Product Groups, Charges & FX Practices
Reference DataParticipant and Agent Capabilities and Points of Service
Messaging StandardsInstruction, Reject, Return & Status
Messaging ServicesFileAct Strore & Forward 6.1
Mobile phone for financial services
Usage today for financial services – financial transaction notification/alert– mobile banking services : balance, credit transfer, bill payment
• In developed countries : – complement e-channels for financial services
• In emerging countries :
- channel to serve unbanked in rural areas
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Value for financial servicesFast ,reliable, secured , standardized, cost , ubiquity, reach
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Reference data Directory
FileAct ISO 20022
Pacs. 008,002,004
Architecture
Rules + Guidelines
Settlement Agent
Senderdebtor
BeneficiarycreditorAgents
Distribution network
sending countryDistribution network
Receiving country
participants
cover payment
Worker Remittance – enabled for Mobile channel
participants Agents
• Mobile instruction• Mobile access to online
banking application
• SMS notification• Cash pick-up• Credit bank account• Store on mobile wallet
Mobile instructed Remittances – value proposition
New servicewith agentsFor mobile remittances
reachingcustomers
in rural areas
Acquiring new
customers
Enable
mobile bankingchannel
For remittances
SpeedFlexibilityubiquity security
newrevenue
opportunities
Mobile instructedremittances
authorizingcash pay-outTo unbankedwith mobile
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Your Contact
Stephan KraftSenior Account DirectorCentral & Eastern Europe
SWIFTFischhof 3/6A-1010 ViennaAustria
+43 1 740 40 2374+43 1 740 40 2379+43 664 636 [email protected]
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