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Our financial systems are mainly guarded by banks, and often companies who provide remittance services rely on banks to ensure money moves around. However, banks can decide to ‘off-board’ those remittance service providers from one day to the next, putting remittance senders at risk of losing access to the service at short notice. This practice is called de-risking, and could easily be mitigated by allowing these non-bank remittance providers to access the payment infrastructure directly, so they are no longer solely reliant on banks. |