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.
FedGlobal ACH Payments
FedGlobal 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.
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ACI 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 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
Catalyst Corporate FCU's International Wire Transfer Service
Secure 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
PEP+®: 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