FSB reports on progress on addressing correspondent banking decline and on remittance providers’ access to banking services

Industry News | 29/05/19

The Financial Stability Board has published progress reports on the implementation of its action plan to assess and address the decline in correspondent banking relationships, and the implementation of its own recommendations on access to banking services by remittance service providers. The number of active correspondent banks fell by 3.4% in 2018, demonstrating a cumulative decline of 19.3% since 2011. This has had a significant impact on the ability of remittance service providers to access banking services, particularly in developing countries in which remittance flows are a key source of household income.