Global Payments Key market participants Market participant Role Description Money Sender and Core An individual or business wishing to transfer money (sender) to another individual Beneficiary or business (beneficiary) internationally Money TransferOperator Core Non-bank companies specialized in international money transfer through a global network of agents Sender Bank Core A sender’s preferred bank that offers international money transfer Beneficiary Bank Core A bank used by the beneficiary to receive funds Correspondent Bank Supporting A bank that has access to foreign exchange (FX) corridors and facilitates the transfer (via nostro accounts and SWIFT) SWIFT Supporting The global member-owned cooperative provider of secure financial messaging and settlement services Local Clearing Network Supporting The national interbank network that allow financial messaging/settlement (e.g. ACH, SPBand Zengin) Regulator Supporting Central banks and monetary authorities that determine and monitor adherence to KYC and AML standards WORLD ECONOMIC FORUM | 2016 48