Bank of America Merrill Lynch has launched a set of solutions for financial institution to address Dodd-Frank requirements for conducting cross-border payments.
The products were developed last year and have been enhanced over the last six months with customisable features. They will be updated when the final Dodd-Frank (DF-1073) rule is published by the US consumer financial protection bureau.
The main solutions addressing DF-1073 requirements are FXtransact White Label and BofAML’s Information Exchange for Payments. They include comprehensive access to fee, tax, availability date information, and disclosure capabilities, aiming to help clients reduce costs by improving processing and removing manual processes.
“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, the bank’s 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.”
Greg Murray, BofAML head of US dollar wire and clearing products in GTS, adds: “We are working with several clients of various sizes and degrees of complexity to solve for the new requirements of Dodd-Frank 1073. 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.”