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Payment Systems Worldwide - A Snapshot : Outcomes of the Global Payment Systems Survey 2010Global survey outcomes presented in this
 publication are divided into two main sections: Chapters I
 through VIII analyze the survey results and identify trends
 using various variable for cross-country comparisons. In
 addition to worldwide totals, three broad country
 characteristics exogenous to payment system development are
 used as a basis for comparisons: i) level of per capita
 income; ii) geographical location; iii) population size.
 Details of the methodology used for the analysis are covered
 in the Methodological Note. The Appendix contains the full
 set of countryby- country answers to each of the questions
 included in the questionnaire.
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El Salvador Financial Sector Assessment Program UpdatePayment systems are a core part of all
 financial systems. The quality of payment systems determines
 the stability of the overall economy, the efficiency and
 reliability of financial intermediation, and the possibility
 for the private sector to innovate and provide new services
 to consumers. This technical note presents the results of
 the assessment of payments, remittances, and securities
 settlement processes in El Salvador, based on international
 standards and best practices. It includes several
 observations for the improvement of the National Payments
 System (NPS) in El Salvador. This note takes into account
 the peculiarities of the jurisdiction of El Salvador:
 namely, the relatively small size of the financial system
 and the dollarized nature of the economy. The central bank
 and other institutions are already planning appropriate
 actions on many of the issues discussed. In some cases,
 however, the team identified additional elements, which are
 discussed in this note.
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Migrant Remittance Flows : Findings from a Global Survey of Central BanksDrawing on the findings from responses to a survey conducted in 2008-09 from 114 central banks worldwide (of which 33 are in Africa), this paper aims to better understand how central banks and other national institutions regulate and collect data and other information on cross-border remittance flows. Findings indicate that, although the vast majority of countries, in both sending and receiving countries, collect data on remittances, and 43 percent of receiving countries estimate informal remittances, there is a need for more frequent and better coordinated data collection, both across national institutions and among different divisions within the same national institution, as well as between countries. Survey results also indicate that many new market entrants' transfer activities are unregulated. Countries must take into account new channels and technologies, such as mobile phone service providers, in monitoring remittance flows. It will be important for national regulatory authorities to work closely with mobile telecoms network operators to strike the right regulatory balance, to better understand these new channels' associated risks and fully tap their potential for fostering inexpensive, efficient remittance transfer services. The high cost of transfers was cited in the survey as the top factor inhibiting migrants from using formal channels. Many countries, particularly in Africa, have made progress in rendering exclusivity contracts illegal, which can help increase competitiveness and reduce transfer costs. Further policy reforms and initiatives are needed to address the high costs of remittances.