Here is a directory of the International Money Transfers & Payments Associations in the world. Most of them are associations of Non-Bank Financial Institutions (NBFIs), Remittance Service Providers (RSPs), Money Services Businesses (MSBs), Payment Institutions (PIs), Virtual Currency Firms but also Mobile Money Network Operators (MMNOs), Payment Service Providers (PSPs) and Forex Exchange Service Providers.
The International Money Transfer, Remittances & Cross-Border Payments Industry
The International Money Transfer, Remittances & Cross-Border Payments Industry in the world in its modern form has been built on the partnerships that have been established for two or three decades (and in certain countries much longer than that) and it grew initially from the Foreign Exchange Businesses that took care of moving money around the world. After that, the large movement of migrants and their need to send money home created the small, medium and large traditional remittance companies that now serve million around the globe. Banks have played a role in the development of this industry by partnering with Money Transfer Operators (MTOs) especially in the payment side of a remittance corridor. Globalization or the increase in the need for faster and cheaper international movement of funds & payments between people and businesses (P2P, P2B, B2P and B2B) and Technology, the use of online and mobile channels to send & receive payments, plus a large number of interconnected services, whether to transfer value or information, have made this industry large and prosperous. Innovation in this sector is amazing, with fintechs & mobile money, cash distribution networks, blockchain protocols & cryptocurrency exchanges, the industry is vital and evolving at a rapid pace.
The size of the industry is hard to establish. Money Transfer Expert & IMTC Director, Hugo Cuevas-Mohr estimates the industry moves more than 1 Billion dollars a year, about 60% being Remittances. see more
The heterogeneity of the industry has made it difficult for trade associations to flourish and become true representatives of the industry in their country or region. At IMTC, we are teaming with these associations to support their efforts. Most associations listed here have members that are part of the industry and that is why we highlight them. If we don’t have you here or want to partner with us, get discounts for your members, get your message heard at our events, contact us!