World Bank Certification
At the 35th G8 Summit (2009) at L'Aquila in Italy, one of the goals set by the eight leading industrialised countries was to reduce the price of remittances by a total of five per cent over the next five years (‘five-by-five’ objective). In this context, the World Bank set itself the task of taking a closer look at existing price comparison websites for foreign remittances. It concluded that the methodology of existing national and regional databases and the availability of information varied widely between databases. For this reason, the World Bank developed a proposal for a uniform methodology. This methodology is intended to:
- facilitate creation and expansion of price comparison databases,
- assist international and government institutions in collecting money transfer data,
- ensure user-friendliness,
- promote customer protection by creating uniform standards for the websites,
- create an opportunity to compare information from different websites.
The World Bank has therefor formulated 12 minimum requirements which – provided they are all met – result in certification being awarded to the price comparison website
- At least two different transfer amounts can be queried for each corridor.
- Fees for the transfer are totalled.
- Data are shown for the exchange rate applied.
- Total costs are shown.
- The speed of transaction is shown.
- The type of transfer service is shown.
- The transfer service providers shown on the website together have at least 60% of the market share in the sending country for the corridor in question.
- The data collectors are independent and impartial.
- Data are collected by mystery shoppers.
- No advertising appears on the website.
- The website has a clear financing model and is not financed by transfer service providers.
- There are links to other World Bank certified databases.
You can find more information about the certification process and its requirements here: Remittance Prices Comparison Databases: Minimum Requirements and Overall Policy Strategy.