Nov 13, 2012
Session to detail how remittance solution will help financial institutions meet new requirements under the Consumer Financial Protection Bureau's revisions to Regulation E
NEW YORK, November 13, 2012 — BNY Mellon, the global leader in investment management and investment services, today announced that its Treasury Services group is hosting a Webinar on Thursday, November 15, at 2 p.m. EST during which remittance transfer experts will detail support services designed to help financial institutions comply with new remittance regulations.
The Webinar will explain how BNY Mellon's solution facilitates compliance with the expanded reporting and price transparency requirements for electronic cross-border consumer remittances going into effect February, 2013, under the Consumer Financial Protection Bureau's revisions to Regulation E as mandated by Section 1073 of the Dodd-Frank Act. Notable examples of these new requirements include providing information prior to the remitter's transfer request on the remitter and beneficiary involved in each transaction; foreign exchange and other fees being charged by all parties participating in the transaction; and information on applicable taxes.
Participants can register for the Webinar at http://www.bnymellon.com/events/webinar.
"As a leader in the global correspondent banking network, we have always played a key role in facilitating cross border remittances on behalf of financial institutions and their retail customers," said Susan Skerritt, executive vice president and global head of business strategy & market solutions for BNY Mellon's Treasury Services group. "Deployment of our new remittance transfer solution reflects our commitment to providing financial institutions with the additional information processing and reporting services needed to successfully complete global payment transactions in today's increasingly complex and demanding regulatory environment."
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing more than $1.4 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.