Bank of America Merrill Lynch, a leader in global payments, today announced the formal launch of a set of solutions for financial institution clients to address new requirements for conducting cross-border payments as outlined by the Dodd-Frank Remittance Regulation 1073 (DF-1073). The solutions, which were initially developed last year, have been enhanced over the last six months with customizable features and will be updated when the Final Rule is published by the Consumer Financial Protection Bureau.
“Bank of America Merrill Lynch is proud to be at the forefront of developing DF-1073 solutions that will help our clients not only evolve with the marketplace and expand their global payment business, but importantly serve their own retail customers as comprehensively and seamlessly as possible,” said Paul Simpson, head of Global Transaction Services (GTS).
“The initiative combines the considerable expertise – including systems and technology – of the Consumer Bank, with that of our wholesale business, which has a long history of operating in overseas markets and delivering payments around the world,” Simpson added.
Bank of America’s Consumer Bank is one of the largest in the country, serving 53 million individuals and small businesses across the United States. Through close collaboration with the Consumer Bank, Bank of America Merrill Lynch created optimal solutions for DF-1073 that leverage the company’s knowledge of best practices in retail banking along with the wholesale bank’s expertise in cross-border payments and foreign bank payment practices.
The lead products addressing DF-1073 requirements are FXtransact White Label and Bank of America Merrill Lynch Information Exchange for Payments. These solutions provide clients comprehensive access to fee, tax, availability date information, and disclosure capabilities. The solutions also help clients reduce costs by improving straight-through processing and by removing manual processes.
As one of the first banks in 2012 to develop a Dodd-Frank offering, the company has on-boarded a number of financial institutions – from large national banks to small community banks. “We are working with several clients of various sizes and degrees of complexity to solve for the new requirements of Dodd-Frank 1073,” said Greg Murray, head of U.S. Dollar Wire and Clearing Products in GTS. “By adopting our solutions, our clients have the ability to make payments within the new regulatory framework in more than 140 currencies, including the U.S. dollar, across 200 countries and territories.”