BNY Mellon, the global leader in investment management and investment services, has launched a 2.0 upgrade to the Global Payments Disclosure Solution being provided by its Treasury Services business to client banks.
Designed to help client banks address Regulation E rules for remittance transfer disclosures under Section 1073 of Dodd Frank, BNY Mellon’s solution has attracted client participation well in advance of the October 28, 2013 deadline for compliance with the new disclosure requirements.
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The 2.0 upgrade of the solution adds a number of client-requested enhancements, including customization features; the option of creating disclosures in advance of scheduled dates, including Saturdays; and the ability to create disclosures in Spanish, Chinese and several other languages.
The Regulation E requirements mandate disclosure of 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 helps clients generate a fully formatted disclosure with prepayment, receipt and combined disclosure options that can be given directly to consumers.
BNY Mellon’s solution does not dictate how BNY Mellon’s bank clients handle the foreign exchange portion of the cross-border payment, and allows them to transmit remittance transactions to BNY Mellon using a variety of front-end platforms.
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By GlobalDataCheryl Gurz, managing director and bank segment market manager for BNY Mellon Treasury Services, said: "This 2.0 upgrade of our Global Payments Disclosure Solution reflects the key drivers for our product development and service delivery programs — high levels of global payments expertise and experience; robust technological strength; and a strong commitment to client collaboration."
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon’s Treasury Services business delivers high-quality performance in global payments, trade services, and cash management.
The company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
