BofA Merrill Updates Dodd-Frank Remittance Payments Solutions
Bank of America Merrill Lynch (BofA Merrill) has unveiled a set of enhanced solutions for financial institution (FI) clients to address the new requirements for conducting cross-border remittance payments, as outlined by the Dodd-Frank Remittance Regulation 1073 (DF-1073).
The updated suite of BofA Merrill solutions, which were initially developed last year, have been enhanced over the past six months according to the bank and now come with customisable features. A further update will be added when the Final Rule is published by the US Consumer Financial Protection Bureau (CFPB).
“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) at BofA Merrill.
“The initiative combines the 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.
The lead products addressing DF-1073 requirements are FXtransact White Label and BofA Merrill Information Exchange for Payments. These two solutions provide FI clients with comprehensive access to fee, tax, availability date information, and disclosure capabilities. The solutions, which will be added to later in the year, also help clients reduce costs by improving straight-through processing (STP) and eliminating manual processes.
As one of the first banks in 2012 to develop a Dodd-Frank offering, BofA Merrill has already on-boarded a number of FIs – from large national banks to small community banks. “We are working with several clients of various sizes and degrees of complexity to solve the new requirements of Dodd-Frank 1073,” said Greg Murray, head of US 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 US dollar, across 200 countries and territories.”