Disclaimers 2

Acknowledgements 3

Executive summary 6

1 Introduction 8

  1.1. Policy context 8

  1.2. Transparency in retail cross-border payments and remittances 9

2 An overview of retail cross-border payments and remittances 13

  2.1. The retail cross-border payments and remittances sector 13

  2.2. Transparency in retail cross-border payments and remittances 15

3 Transparency requirements in retail cross-border payments and remittances 18

  3.1. Total transaction cost 18

  3.2. Expected delivery of funds 22

  3.3. Ability to track payment status 23

  3.4. Terms of service 24

  3.5. Self-regulation and industry guidelines 25

  3.6. Requirements across provider types, use cases, payment instruments and distribution channels 27

  3.7. Timing of disclosure 28

  3.8. Other requirements related to transparency 29

4 Approaches to enhance transparency in retail cross-border payments and remittances 31

  4.1. National payment strategies and roadmaps 31

  4.2. Market monitoring and enforcement activities 32

  4.3. Consumer testing and research 35

  4.4. Financial literacy and awareness initiatives 36

  4.5. Initiatives and measures to support consumers shopping around 37

  4.6. Co-operation mechanisms 39

  4.7. Considerations 41

5 Conclusions and guidance on enhancing transparency in retail cross-border payments and remittances 42

  5.1. Guidance on enhancing transparency in retail cross-border payments and remittances 43

Annex A. KPIs for transparency in retail cross-border payments and remittances 49

References 51

Notes 58