Bank of America Merrill Lynch has launched a set of solutions to help financial institutions meet Dodd-Frank requirements for cross-border payments.
The bank has enhanced the solutions, initially developed last year, adding customizable features prior to the final rule on cross-border payments, called rule DF-1073, being published by the Consumer Financial Protection Bureau.
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, says Paul Simpson, head of Global Transaction Services (GTS). 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.
The solution combines Bank of America Merrill Lynchs expertise in retail banking with its wholesale banks experience in cross-border payments and foreign bank payment practices. The solutions provide clients access to fee, tax, availability date information and disclosure capabilities and can help reduce costs by improving straight-through processing and removing manual processes.
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