Dodd Frank’s Remittance Regs: Addressing 1073 with Minimal Disruption to Your Business

Thank you for joining us for the Earthport webinar event! If you missed out on the live event, Dodd Frank’s Remittance Regs: Addressing 1073 with Minimal Disruption to Your Business is now available on demand. Click here to tune in to a replay of the June 19 webinar.

The webinar discusses how the new regulations will impact the cross-border consumer payments market and the institutions serving this business, and how those in the remittance business can best cope with the upcoming CFPB regs.

Dodd-Frank 1073 seeks to protect and inform consumers by providing greater transparency and predictability, relating to the cost and delivery of international payments. Under the final rules adopted by the CFPB, which go into effect February 2013, international remittance transfers from individuals in the United States must have clear and conspicuous disclosures about the price of a transfer, the amount of currency to be delivered to the recipient and the date the funds will become available.

    Click here to tune into the webinar replay.

    Featured Speakers:

    Stanton Koppel is Of Counsel in the Paul Hastings San Francisco office. His practice focuses on advice and transactions in the financial services and payment systems area, including US and foreign regulation, payment systems risk management and anti-money laundering issues, consumer protection regulation and acquirer processing and marketing agreements. Previously, Mr. Koppel served as in-house counsel to Visa International and Visa U.S.A. Inc. for 28 years, the last 15 of which as senior vice president and assistant general counsel, providing counseling in every aspect of the companies’ global payment card businesses, including network rules, data security issues, brand marketing agreements, issuer brand agreements, co-brand marketing agreements, merchant acceptance incentive agreements and acquisition and spin-off transactions. Mr. Koppel recently has counseled bank network and non-bank international remittance transfer clients regarding implementation of Dodd-Frank Sec. 1073 compliance programs.

    Neil Burton is Director of Product Strategy at Earthport. He has over 20 years of payments industry experience, gained globally, in wholesale and retail payments and is a regular speaker at payments conferences and the author of many papers on cross-border payments. For 13 years prior to joining Earthport in 2008, Neil was Global Payments Solutions Executive in IBM’s Global Banking Solutions team. He acted as the subject matter expert in IBM’s successful bid to build and operate CLS Bank, the global settlement bank, in addition to multiple bank back office and national payments infrastructure projects, including conceiving, developing and rolling out a successful liquidity management product. Neil is consulting with financial institutions on how best to address their Dodd-Frank 1073 requirements using a hybrid closed loop model.

    Greg Murray is Global Product Manager for Bank of America Merrill Lynch’s USD Clearing and Banknotes businesses. He and his team work closely with clients and business partners to create and deliver market-leading payment and currency solutions to serve the needs of financial institutions worldwide. Greg has over 27 years of experience in treasury services. Prior to joining Bank of America, he led JPMorgan’s Global USD Clearing product management group and held a number of roles in Treasury Sales Consulting, Client Service and eService.

    Earlier in his career, Greg held several positions in product management, strategy development and operations management with Deutsche Bank, Bankers Trust Company and Chase Manhattan Bank. He serves on several industry committees, including NYCH and SWIFT, and his team is also represented at the Fed and BAFT-IFSA.

    Greg was born and raised in Asia, and holds a BA in Chinese Language and Literature from George Washington University.

    Samantha Carrier is a Senior Director of Advanced Payment Solutions for NACHA – The Electronic Payments Association. With more than ten years of experience with the Association, Ms. Carrier currently leads NACHA’s international programs. In this role, she manages the Global Payments Forum, The US International Committee, and represents NACHA in various international initiatives such as the International Payments Framework Association. NACHA’s international programs are focused on industry education, collaboration and dialogue to ensure that the US ACH Network supports seamless international, non-urgent payments to support global commerce.

    About Earthport:

    Earthport is a regulated global financial services organisation specializing in cross-border payments.

    Earthport provides a cost-effective and transparent service for secure international payments, servicing banks, foreign exchange businesses, money transfer organisations, payment aggregators and e-commerce businesses.

    Earthport delivers a “global ACH” capability using an innovative payments framework specifically designed for high volumes of low value cross- border payments. This provides our clients with access to local clearing schemes in over 50 countries.

    Our clients have improved their margins on existing transactions and increased transaction income from exploiting underserved market sectors. Key benefits of using Earthport include:

    Improved growth and reach for our client’s business, enabling the innovation of new services and improving access to local markets worldwide

    Transparent, reliable, predictable and secure payments leading to outstanding customer satisfaction and retention

    Increased profitability in processing high volume, low value international payments cost-effectively

    Unparalleled end-to-end processing efficiency while constantly evolving with the regulatory environment.

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