BNY Mellon’s treasury services business has launched its new Web-based Global Payments Disclosure technology, which enables financial organizations to comply with Dodd Frank 1073 remittance transfer disclosure requirements.
Additionally, it will offer prepayment, receipt and integrated disclosure alternatives to financial institutions in support of their remittance programs.
As per the new revised regulation, it is vital to disclose all related fees, including FX conversion fees, to US consumers whenever they originate a cross-border remittance payment.
Without limiting consumers’ selection of correspondent banks and handling of foreign exchange part of the cross-border payments, the new technology creates a fully formatted disclosure with prepayment, receipt and combined disclosure options.
With BNY Mellon treasury services offerings, the users will be offered all the information required to implement the technology, such as sample agreements, training materials, and access to the solution toolkit.
Its treasury services group offers high-quality performance in global payments, trade services, and cash management through an extensive global network of correspondent financial institutions in more than 100 countries globally.
As of 31 December 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management.