Source: BNY Mellon
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.