Deregulation of remittance services by the Payment Services Act, which took effect April 1, 2010, created a stir in the media last year. Although the PSA has now been in effect for over a year, the remittance services market has seen few new entrants, mainly because of burdensome identity verification requirements and commercial viability issues. Identity verification is one of financial institutions' strengths. Operational alliances between financial institutions and remittance service providers should yield synergies that vitalize the remittance services market.
*Organization names and job titles are current as of the publishing dates
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