While HSBC processes billions of payments on its network every day, the bank has not traditionally played a major role in the global remittances space. Marcus Treacher, head of e-commerce, global transaction banking, HSBC, believes that is about to change. The World Bank estimates that global remittances totaled $420 billion in 2009, of which $317 billion went to developing countries, involving some 192 million migrants, or 3.0% of the world population. The remittances space has largely been a cash-to-cash market -- a model that is not as suited to banks transaction services, regulatory and compliance framework, says Diane Reyes, global head of payments at Citi's global transaction services. But as remitters' needs evolve to include new -- and more electronic -- payment types, the remittance market is a prime opportunity for banks to become more involved. Treacher says the sweet spot for the banks is on the capture side: remittance customers could potentially be converted into banking customers.