Solution assists clients in meeting Dodd Frank 1073 remittance transfer disclosure requirements
NEW YORK, March 18, 2013 — BNY Mellon, the global leader in investment management and investment services, today announced that its Treasury Services business is introducing an innovative online solution that assists financial institution clients in meeting disclosure requirements as outlined in the Consumer Financial Protection Bureau's recent revisions to Regulation E under Section 1073 of Dodd Frank.
The revisions mandate disclosure of all related fees, including FX conversion fees, to U.S. consumers whenever they originate a cross-border remittance payment. Remittance transfer providers must also comply with requirements for resolving inquiries from consumers related to remittance transactions. BNY Mellon's Web-based Global Payments Disclosure Solution produces a fully formatted disclosure with prepayment, receipt and combined disclosure options that can be given directly to consumers. It does not dictate how clients handle the foreign exchange portion of the cross-border payment, does not limit their selection of correspondent banks, and allows clients to transmit remittance transactions to BNY Mellon using a variety of front-end platforms.
"The debut of our Global Payments Disclosure Solution well in advance of the compliance deadline marks the successful completion of an extensive collaboration with many others in the banking community," said Susan Skerritt, executive vice president and global head of business strategy and market solutions for BNY Mellon's Treasury Services group. "This solution is a great example of how we're leveraging our strengths in payment processing, information reporting and compliance assistance to help our client succeed in strategically important markets."
As with all BNY Mellon treasury services offerings, this solution is supported by a 24/7 client support team. Clients will be provided with all the information needed to implement the solution, including sample agreements, training materials, and access to the solution toolkit.
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services, and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. The company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.