Product of collaboration and pilot testing with client banks, online solution helps clients address the Consumer Financial Protect Bureau (CFPB)'s most recent Regulation E rules for remittance transfer disclosures under Section 1073 of Dodd Frank
Test driving the solution gives banks a jump-start on October 28, 2013 compliance deadline
NEW YORK, June 13, 2013 — BNY Mellon, the global leader in investment management and investment services, today announced that its Treasury Services business is providing test drive access to its On-Line Global Payments Disclosure Solution.
The result of collaboration and pilot testing with client banks, BNY Mellon's innovative remittance transfer disclosure solution has been updated since its initial launch several months ago in response to the most recent set of Regulation E requirements under Section 1073 of Dodd Frank announced by the Consumer Financial Protection Bureau (CFPB) at the end of April. BNY Mellon is providing test drive access to the platform to give clients time to integrate the solution into their work flow well in advance of the October 28, 2013 deadline for Regulation E compliance.
The Regulation E requirements mandate disclosure of 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 helps clients generate a fully formatted disclosure with prepayment, receipt and combined disclosure options that can be given directly to consumers. It does not dictate how BNY Mellon's bank clients handle the foreign exchange portion of the cross-border payment, and allows them to transmit remittance transactions to BNY Mellon using a variety of front-end platforms.
"One of the unique challenges we faced in developing this solution was the need to move forward on the technology front while at the same time monitoring and participating in the development of a new regulation," said Susan Skerritt, executive vice president and global head of business strategy and market solutions for BNY Mellon's Treasury Services group. "To meet that challenge, we put a lot of emphasis on communication and collaboration with all of the stakeholders involved. Giving our bank clients the opportunity to test drive a solution that reflects the latest technology and regulatory developments shows how successful that approach has been. It also demonstrates how client focus drives our approach to innovation — test driving will give our bank clients a great way to jump-start their Regulation E compliance efforts."
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 36 countries and more than 100 markets. 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 March 31, 2013, BNY Mellon had $26.3 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. Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.