Dodd-Frank Solved with Global Fintech Forum & FedGlobal® International Payments

The Problem

Introduction of the Consumer Financial Protection Bureau's regulations surrounding implementation of Dodd-Frank, Section 1073, Reg E presents a new set of challenges for those in the financial service industry. The 2013 Final Rule mandates international remittance pre-payment disclosure to consumers of detailed payment information for exchange rates, fees, taxes, and date of funds availability as well as error resolution support and 30-minute consumer opt-out periods.

The Solution

Global Fintech Forum's Origination Application Software for FedGlobal® International Payments simply and conveniently provides your financial institution with the means to meet each of Dodd-Frank, Section 1073's regulations. In addition to providing standard BSA and OFAC compliance, our solution also implements transparency of exchange rates, fees, taxes, 1-4 business day delivery of funds, automated 30 minute consumer opt-outs, and global access. Significantly lower fees and competitive exchange rates provide opportunities to develop underbanked and unbanked populations who desire more affordable international payments.

All Financial Institutions that join this program enjoy zero start-up costs, zero monthly fees, call center support, free training, marketing consultations, and dual verification technology. Financial institutions have much to gain by using the Global Fintech Forum interface.

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