On Tuesday, ACI Worldwide, an international payment systems provider, announced that its Money Transfer System aimed at helping financial systems came into compliance with Dodd-Frank ahead of the Feb. 7 deadline.
“ACI has a sustained focus on helping our customers meet the increasingly complex demands of regulatory compliance,” Dan Frate, the executive vice president of global markets and product management at ACI, said. “It is a priority for ACI to ensure our customers successfully meet regulatory challenges and Dodd-Frank is a compelling example of the support offered by ACI. By offering comprehensive solutions to assist with ongoing compliance demands, our customers can focus on ore strategic initiatives and rest assured that ACI is effectively managing the regulatory changes in a timely manner. Simply put, we excel at regulation.”
ACI’s Money Transfer System allows financial institutions the ability to determine the fees associated with a transaction and the ability to automatically manage a required 30-minute transaction hold, as well as assists in the delivery of required disclosures to the consumer at the time of the transaction.
“Dodd-Frank, like many compliance issues, has created a lot of angst in financial institutions for some time now,” Nancy Atkinson, a senior analyst at Aite Group, said. “Regulatory bodies are seeking transparency that is not readily available in how the banking networks operate. The financial institutions which will be the most successful at addressing this regulation are those that provide the necessary information in the most automated and least disruptive manner to their organization.”