“Remittances and innovative transfer mechanisms” Marco Nicolì Payment Systems and Remittances Specialist Payment Systems Development Group Integrating Migration into Development Rome, Italy | October 2, 2014

In my lifespan… 2 from 1 Mhz on one desk… …to 1000 Mhz in two fingers

The history of payments 3 from barter… …to contactless

…but how much hope can we put into technology? 4

5 Status of innovative products for remittance services Remittance Prices Worldwide sample as a benchmark Average remittance cost per product type Global average 7.9%

Objective: promote transparency and competition in the market for remittances and, ultimately, reduce prices for remittance services Migrants in champion city and beneficiaries in receiving countries: raise awareness and increase financial education and inclusion Remittance Service Providers: promote best practices and dedicated services Local and national authorities: facilitate remittance flows and improvements in the market 6

7 Launched Turin, Italy 2013 Launched Montreuil, France 2014 Frankfurt, Germany and London, UK Lined up USA, Canada, Balkans Pipeline

8 Ground breaking Real-timeTransparent A virtual marketplace

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THANKS! remittanceprices.worldbank.org remittanceprices.worldbank.org 11