1073 Solutions Center

Understanding International Remittances Under 1073

Make Sure Your Financial Institution Complies

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An increasing number of customers need to transfer money across borders, so it’s critical that your financial institution knows how to handle international remittances. Section 1073 of the Dodd-Frank Act, by adding a few additional steps to completing those cross-border payments, increases protection for both banks and consumers. NACHA is committed to helping you understand how the regulations affect your institution.

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Understanding and Complying With Section 1073

Under Section 1073 of the Dodd-Frank Act, financial institutions that generate more than 100 consumer international remittance transfers per year must comply with the revised regulations. Remittance transfers include electronic transfers like wires, ACH, prepaid card or online bill payment situations where a consumer transmits money to another country.

Additional protections under 1073 include disclosure and receipt requirements as well as error resolution and cancelation rights. Completely understanding those parameters means assessing how and when your financial institution allows international remittance transfers.

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Find Solutions for 1073

FedGlobal ACH Payments
FedGlobal logoFedGlobal ACH Payments offers an efficient means for U.S. financial institutions of all sizes to send cross-border ACH credit payments to 35 countries around the world.
     ​Find your Account Executive


ACI Worldwide
ACI payment systemsACI Money Transfer System provides high-volume, mission-critical payments handling and message switching. It provides interfaces to multiple clearing and settlement mechanisms (RTGS, ACH and Deferred Net Settlement systems), messaging systems, internal systems and numerous third-party banking applications. It provides a single platform for domestic and international payments processing, as well as financial messaging.
     Contact: Sandra Horn, Principal Product Marketing Manager


Earthport
Earthport logoEarthport delivers cross-border payments with transparency of service and predictability of outcome, reaching the maximum number of banked beneficiaries in over 50 countries. Earthport reduces the steps between originator and beneficiary, achieving high STP and predictable settlement cycles. The efficient and transparent service validates country-specific data for beneficiary accounts at the origination of the payment instruction.
     Contact: Marlene Snabb, Marketing Coordinator
     Webinar (recording)  
     Podcast
     Press Release
     Industry Presentation
     Fact Sheet


Catalyst Corporate FCU's International Wire Transfer Service
Catalyst logoSecure transfers of funds in either U.S. dollars or one of 135 foreign currencies to more than 6,000 financial institutions in 150 countries. Solution includes OFAC filtering and a swift-code check for improved accuracy and facilitates compliance with the new CFPB rules implementing Section 1073 of the Dodd-Frank Act by providing automated disclosures.
     Contact: Justin Lutes, Vice President, Correspondent Services; (800) 442-5763, x7781


PEP+®: International ACH Transactions
Fiserv logoPEP+®: International ACH Transactions from Fiserv enables your PEP+ solution to process international transactions just as you would any normal ACH transaction. International ACH Transactions seamlessly connects your PEP+ to Earthport, a leading payments service provider, enabling your customers to distribute U.S. Dollar or foreign denomination payments to more than 55 countries.
     Contact: Lolly Ihrke, Senior Product Marketing Manager, Global Payment Solutions, Fiserv, (843) 884-4358
     Fact Sheet