Bank of America Merrill Lynch, a leader in global payments, announced the formal launch of a set of solutions for institutional financial clients to address new requirements for conducting cross-border payments as outlined by the Dodd-Frank Remittance Regulation 1073.
The solutions, which were initially developed last year, have been enhanced over the last six months with customizable features and will be updated when the Final Rule is published by the Consumer Financial Protection Bureau.
Bank of America’s Consumer Bank is one of the largest in the country, serving 53 million individuals and small businesses across the United States. Through close collaboration with the Consumer Bank, Bank of America Merrill Lynch created optimal solutions for DF-1073 that leverage the company’s knowledge of best practices in retail banking along with the wholesale bank’s expertise in cross-border payments and foreign bank payment practices.
