|Subject Area||Institutional and Market Infrastructure|
|Issuing Body||The World Bank and CPSS|
|Date of Issuance||January 2007|
The General Principles for International Remittances Services (GPs) provide guidance on how to improve the national market for international remittances by increasing efficiency and ultimately reducing the cost of transfer.
The General Principles for International Remittances Services allow a complete analysis of the national market for remittances by reviewing the main factors influencing the efficiency, safety, reliability and, ultimately, cost. Each market for remittances depends on the following elements:
a) Transparency and consumer protection;
b) Payment Systems Infrastructure;
c) Legal and regulatory framework;
d) Market structure and competition;
e) Governance and risk management;
In addition, the GPs provide an analysis of the different roles of both the public authorities and the industry in the development of the market.
The General Principles for International Remittances Services have been endorsed by the G8 Heads of State and Government, by the Financial Stability Forum and more recently by the G20.
The General Principles for International Remittances Services have been the reference standards in the World Bank Group for the assessment of national market for remittances in 20+ countries. They are used both for specific assessment missions and in the framework of other initiatives and programs for the assessment of the financial sector (Financial Sector Assessment Program - FSAP, FID Financial Infrastructure Diagnostic - FID, Payment Remittances and Securities Settlement Systems Assessment - PRSSS, etc.). Outside the World Bank the GPs have become the reference standards for several other multilaterals among which the International Fund for Agricultural.