A convenient, compliant solution for facilitating consumer-initiated international money transfers is in place for community banks to use when the pertinent Consumer Financial Protection Bureau rule goes into effect Oct. 28.
The solution will enable Bankers’ Bank of the West’s community bank customers to provide a sender with a single written disclosure that displays all of information required on the receipt. This disclosure is initiated through a connection with a global clearing network that accepts rate requests and receives automatic currency conversions in an easy-to-use template format. Report generation, activity recording, and administrative controls are done in BIDS (the Bankers Internet Data System).
To comply with the CFPB rule requirements, the community bank will need to issue the sender proof of payment once the transfer has been effected—for example, in the form of a stamp on the combined disclosure.
The international payments tool is the brainchild of a partnership between LendingTools.com and Western Union Global Business Payments, Inc. To find out more about this solution, call BBW’s Vice President of Operations Debbie Wendt at 800-873-4722.