Payment Services

The Payment Services industry model set consists of Enterprise, Business Area, and Data Warehouse logical data models developed for companies providing remittance and payment services for individual consumers and business.

Typical services provided include:

Remittances alone were estimated to grow to over $600 billion by 2018 with developing countries receiving the largest share of global remittances.

Last year remittances in 24 countries were equal to more than 10 percent of the Gross Domestic Product (GDP) in 9 countries they were equal to more than 20 percent of GDP.

The public wire transfer firms have retain dominance in this field. Despite major marketing campaigns and significant investments, US banks have only a small percentage of the remittance transfer market.

Citibank, Wells Fargo, Harris Bank and Bank of America, which are the four largest US banks in the remittance field, provide only 3 percent of the estimated 40 million remittance transaction between the US and Mexico each year.

Globally there is intense competition between corporate providers, banks and postal organization.

Western Union alone has 463,000 agent locations in over 200 countries with reported annual revenues of $5.5 billion.

The Payment Service industry models are designed to address the integrated data requirements of payment services organizations.