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New partnerships, new ledger systems, and cutting-edge initiatives in the payments industry continue to meet evolving customer and market needs, offering faster processing, reduced costs, and enhanced transparency.  The remittance market, in particular, is one in which there is a strong policy interest in making payments as efficient and reliable as possible.

Although there is no single, authoritative definition for remittance transfers, the World Bank describes them as the sending and receiving of small amounts of money from one country to another and notes that such transfers are often initiated by migrant workers. According to its estimates, 232 million migrant workers sent remittance transfers totaling $582 billion in 2015, $430 billion of which went to developing countries. Although individual remittance transfers are generally low in value – as the IMF has observed – they provide a significant source of capital for developing countries in aggregat...

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