Bank of America Merrill Lynch launched two new software applications designed to address Dodd-Frank Remittance Regulation 1073, which establishes a new regulatory framework for cross-border payments.
"The new products, FXtransact White Label and Bank of America Merrill Lynch Information Exchange for Payments, were developed in the last year and updated as the new rules evolved," writes American Banker's Chris Cumming.
Once the Consumer Financial Protection Bureau releases its final rulings, B of A will adjust the applications accordingly.
"We are working with several clients of various sizes and degrees of complexity to solve for the new requirements of Dodd-Frank 1073," Greg Murray, head of B of A's U.S. dollar wire and clearing products in global transaction services unit, said in the press release.
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