The solutions, which were developed last year to address Dodd-Frank Remittance Regulation 1073, have been enhanced in the past few months to include customizable features, and they will be updated again after the CFPB publishes its final rule.
“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,” Paul Simpson, the head of global transaction services at BofA Merrill Lynch, said. “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.”
FXtransact White Label and Bank of America Merrill Lynch Information Exchange for Payments are two of the leading solutions developed to meet DF-1073 requirements and provide clients access to tax, availability date and fee information, as well as disclosure capabilities. The solutions also help clients cut costs by removing manual procedures and improving direct processing.
“We are working with several clients of various sizes and degrees of complexity to solve for the new requirements of Dodd-Frank 1073,” Greg Murray, the head of US dollar wire and clearing products at BofA Merrill Lynch’s global transaction services, said. “By adopting our solutions, our clients have the ability to make payments within the new regulatory framework in more than 140 currencies, including the US dollar, across 200 countries and territories.”