THE INTERNATIONAL ASSOCIATION OF MONEY TRANSFER NETWORKS
We are the leading non-profit membership organisation representing money transfer operations worldwide. We work closely with governments, regulators, regional associations and private companies to promote the creation of safe, reliable and efficient cross-border payments.
Remittances provide a much-needed service to migrants and connect families across the world. They also constitute one of the largest inflows of resources to developing countries, along with foreign direct investment (FDI), official development assistance (ODA) and private debt and equity.
Connecting innovators, disruptors and stakeholders to explore the opportunities and challenges in today’s remittance industry.
Founded in 2005 by Veronica Studsgaard, we provide a consistent platform for industry stakeholders to come together, discuss common challenges, and create opportunities. Our role is to bridge the gap between the public and private sector and help to drive industry collaboration.
We do this in a number of ways. IAMTN organises industry events, both physical and virtual, with carefully-curated agendas designed to push industry thinking in new directions. Our events attract payments professionals from all across the global financial ecosystem who join us to discuss, debate and explore the myriad forces impacting the remittance sector.
IAMTN represents and defends the common interests of our members, working hard to remove the obstacles that prevent institutions from implementing their vital services.
WHAT WE DO
We are also helping to address the issues and risks currently faced by the industry during the COVID-19 crisis, to make sure that we come out on the other side in the best shape possible. Remittances will drop in volume, but increase in importance. They are a lifeline for the emerging economies that will be hardest hit. As industry leaders, we need to make sure that we do as much as possible to continue capturing remittance flows within formal channels.
We are working with the FATF and the US Treasury to address the issue of de-risking. Banks have been withdrawing, or failing to offer, their facilities to specific customers in greater numbers than ever before.
Supporting the SDGs
In 2015 the United Nations issued an urgent call to action to eradicate global poverty, reduce economic inequality and push the world towards a more sustainable pathway – the 2030 Agenda for Sustainable Development.
Remittances contribute to reaching the Sustainable Development Goals (SDGs) on a number of levels, which are central to our thinking:
Households - Recognising the positive socioeconomic impact of remittances on families and communities (SDGs 1-6).
Communities - Supporting policies and specific actions to promote synergies between remittances and financial inclusion, encouraging market competition and regulatory reform, and mitigating any negative impact resulting from climate change (SDGs 7, 8, 10, 12 and 13).
Internationally - Ensuring that the revitalised Global Partnership for Sustainable Development – as outlined in SDG 17 – and the Global Compact on Migration promote collaboration across all sectors involved in remittances.
Endorsing the International Day of Family Remittances
16th June 2020 is officially designated as the International Day of Family Remittances (IDFR). The day recognises, and raises global awareness of, the fundamental contribution made by migrant workers to the wellbeing of their families and communities back home, and to the sustainable development of their countries of origin.
IAMTN's members are fully committed to providing secure, fast and competitive access to remittances. We celebrate the power of remittances each year and call on governments, regulators, financial institutions and development bodies to do everything in their power to help us to provide the most robust payments infrastructure possible.
We are also at the forefront of a host of industry initiatives. Our members include the entire spectrum of the modern international payments network, including banks, payment institutions, electronic money transfer organisations and mobile operators. Together, we work in tandem with governments, regulators and all the other key stakeholders, such as the FATF, FSB, World Bank, IFAD, DIFD, and UNCDF.