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Global Consumer Money Transfers Conference 2006 Declared A ‘Triumph’ By Major Banks,Money Transfer Operators And Regulators


The Global Consumer Money Transfers Conference 2006 chaired by the former Chancellor of Exchequer Lord Lamont of Lerwick was declared a ‘triumph’ by the major banks, money transfer operators and regulators who took part.

Jack Jared, Managing Director.Global Transaction Services, Citigroup in his keynote speech at the conference which took place at the Mandarin Oriental Hotel, Knightsbridge, Londonon Monday 30th October said how much he valued being given the opportunity to round up the conference.

In his remarks he said,”I have listened with keen attention to the entire conference today. It ranged on subjects ranging from anti-money laundering to supporting developing economies by smoothing the path for remittances, to the new technologies which help the process, the roles of the leading money transfer operators such as Western Union, Coinstar, Unistream and banks such as ourselves, ICICI Bank of India, European Central Bank, Philippines National Bank and so on.

“My role was to admit that whereas banks as a whole have been late to recognise the importance of the remittance market, today we are on board, and with our global reach have entered into the spirit of competition and provision of the best possible service we can manage. It will change and develop, as indeed is the remittance market itself is with growing economies and the ever greater sums being remitted back home. Today this is now estimated to be at a very conservative level of US$300b. a year, but more likely, taking into account the informal market to be twice that level.

“The conference brought together all the important elements in this sector, with the awareness of a new phrase which has entered our thinking, that of ‘financial inclusion.’ In other words the better the service becomes in delivering a quality, user friendly service to the recipients, the more likely they will be to create savings accounts where they had none, and finally to need the broad range of services we can provide, which can only be of benefit to all.

“We look forward to the IAMTN’s Global Consumer Money Transfers Conference 2007 and will support it heartily.”


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