The US Faster Payments Council has released a comprehensive analysis of the current landscape of cross-border remittances and bill payments. The report, entitled Financial Inclusion for Cross-Border Remittances and Bill Payment highlights the challenges faced by underserved communities.
It explores the state of global financial inclusion, identifying persistent hurdles despite significant progress over the past decade. Additionally, the report outlines key pain points associated with cross-border transactions. This includes issues of trust, cost, speed, transparency, and ease of access.
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“Financial inclusion in faster payments requires more than just an available product,” said Gail Hillebrand, Chair of the FPC Financial Inclusion Work Group.
“Financially inclusive products must build trust and make user costs transparent. They must be usable and affordable with or without a bank account. And have strong security for money and data, be designed to prevent mistakes, providing remedies for losses from fraud. Faster payments that are designed to be safe and affordable can contribute to increased financial inclusion.”
In addition to examining challenges, the bulletin also presents strategies and recommendations for improving financial inclusion through faster cross-border payments. It outlines how faster payments can streamline the process of sending money for utility bills, subscriptions, insurance premiums, credit cards, loans, and other recurring expenses.
Barry Tooker, Principal at TransactionBanker.com, added: “The intersection of financial inclusion and cross-border payments is significant. It addresses the challenge of enabling individuals and businesses in underserved or remote areas to participate in the global economy.”
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By GlobalDataFurthermore, the bulletin explores the potential of faster payments in facilitating person-to-person transactions within family financial networks. offering greater security and flexibility to underserved individuals.
