How to Implement
Guidance
Disclose details to build trust.
The Scheme rules clearly define how DFSPs display fees as well as any other requirements or conditions to end users, including any requirements for how fees should be calculated. The orienting goals here are simplicity and completeness.
Communicate fees to end users.
The Scheme defines how DFSPs communicate fees to end users in terms of notifications in advance of charges, as well as clear and complete fee disclosures.
Use shared cost disclosures for cross-border transfers.
DFSPs disclose the total cost of the transaction (FX cost and fees) using the same formula to inform senders of both fees and foreign exchange costs. The disclosure should be presented to the payer prior to confirming the transfer. Scheme rules should also prohibit beneficiary deductions, which reduce the value when it reaches the payee.
Reference and display benchmark FX rate in the disclosure.
DFSPs should calculate total FX cost by referencing the benchmark rate (also referred to as a reference rate, this rate is used to reflect the economic value of currencies and is for informational purposes only) for each currency pair. DFSPs should also display the benchmark rate used in the calculation as part of its disclosure of total FX cost to the end user. The benchmark rate referenced should be the most recent daily rate published for the currency pair by an authoritative source, e.g., the central bank, other government entity, Reuters Reference Rate. In cases where the benchmark rate for the specific currency pair is not published, it should be derived utilizing benchmark rates for each currency using a third, liquid currency.
Why It Matters
This builds trust and empowers users to make informed financial decisions, ensuring that the Inclusive IPS remains both affordable (by preventing hidden costs) and useful (by providing clarity and confidence in every transaction).
Seeing More Clearly
Select a lens to learn the “why” this practice.
Women’s Inclusion
Less literate than male counterparts in some contexts, and more price sensitive, women require clarity and transparency in the way the Scheme and DFSPs display product and service terms – in particular fee disclosures – to motivate their use.
Cross-Border
Cross-border, cross-currency payments are especially susceptible to hidden fees and manipulations which mask markups for end-users, making it impossible for them to understand the true cost of the payment. Confusing presentation of foreign exchange rates and other cross-border transfer fees offers a prime mechanism for DFSPs to hide costs from end users.
Tools
Design Guides
Dig into how to implement each of the practices.
Practical Approaches Acknowledge Social Norms Toward Women’s Inclusion
Summary of existing resources on ways to address gender norm barriers to inclusion.
Review Practical Approaches Acknowledge Social Norms Toward Women’s InclusionRepresentation of Women in Marketing and Financial Capability Campaigns
Summary of existing guidance on gender-inclusive communication in marketing and financial capability campaigns.
Review Representation of Women in Marketing and Financial Capability CampaignsBuilding Financial Awareness and Capability
This guidance summarizes the key attributes of a strong financial awareness and capability approach, with a focus on government social disbursement programs, which are often…
Review Building Financial Awareness and CapabilityRole of Ecosystem to Increase Women’s Awareness of Inclusive IPS Services and Products
Type of Stakeholder: Instant Payment System What The Stakeholder Can Do to Increase Women’s Awareness: Type of Stakeholder: Regulator What The Stakeholder Can Do to…
Review Role of Ecosystem to Increase Women’s Awareness of Inclusive IPS Services and ProductsPrivacy in Notifications
Overview of privacy risks related to notifications, along with methods for mitigating these risks.
Review Privacy in NotificationsSuggested Notifications and Tips for User Safety and Privacy
Description of effective notification types and sample market illustrations.
Review Suggested Notifications and Tips for User Safety and PrivacyFATF Recommendations and Guidance on Financial Inclusion
Summary of relevant FATF guidelines for customer due diligence and CGAP research on innovations in the space.
Review FATF Recommendations and Guidance on Financial InclusionEcosystem Roles in Enabling Certainty of Payee
Account Naming Role: Inclusive IPS Actions: Role: DFSP Actions: Role: Regulator Actions: Alias Addressing Role: Inclusive IPS Actions: Role: DFSP Actions: Role: Regulator Actions: Confirmation…
Review Ecosystem Roles in Enabling Certainty of PayeeWhat Good Certainty of Payee Looks Like
Overview of good design in the certainty of payee process, alongside a tangible example and illustration of the certainty of payee process.
Review What Good Certainty of Payee Looks LikeAlias Attributes
Overview of essential and desirable attributes for alias types.
Review Alias AttributesAlias Addressing Options
Overview of alias addressing types, benefits, and considerations for use.
Review Alias Addressing OptionsStandardized Disclosures for FX
This design note and companion interactive model suggests an approach to standardizing foreign exchange disclosure.
Review Standardized Disclosures for FXPIX Minimum Requirements for User Experience, Version 7.0
These are the user experience rules for financial institutions participating in Pix
Review PIX Minimum Requirements for User Experience, Version 7.0Generic payments scheme rulebook categories and example table of contents
A generic scheme rules that IIPS operators can use to build their own rulebook
Review Generic payments scheme rulebook categories and example table of contentsRelated Resources
From the Community
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