(NASDAQ: ACIW), a leading international provider of payment systems, announced today its
Money Transfer System
™ is helping financial institutions achieve Dodd-Frank compliance, well in advance of the original deadline of February 7, 2013. This regulation, a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is one of the major issues facing financial institutions in 2013.
The company’s industry leading wholesale banking solution,
ACI Money Transfer System
, provides customers with a fully automated capability to address the complex regulatory demands of Dodd-Frank, in addition to other regulations.
“ACI has a sustained focus on helping our customers meet the increasingly complex demands of regulatory compliance,” said Dan Frate, executive vice president, global markets and product management. “It is a priority for ACI to ensure our customers successfully meet regulatory challenges and Dodd-Frank is a compelling example of the support offered by ACI. By offering comprehensive solutions to assist with on-going compliance demands, our customers can focus on more strategic initiatives and rest assured that ACI is effectively managing the regulatory changes in a timely manner. Simply put, we excel at regulation.”
ACI’s comprehensive approach to Dodd-Frank compliance helps financial institutions automate:
- The ability to determine the fees associated with a transaction –Money Transfer System is able to provide fee transparency using existing fee processing.
- The delivery of the necessary disclosures to the consumer at the time of the transaction—Money Transfer System facilitates Dodd-Frank disclosures aligned with the bank’s standard mechanisms of providing customer disclosures.
- The ability to automatically manage the required 30 minute transaction hold—Money Transfer System manages the mandatory wait period in an automated manner thus eliminating the need for bank personnel to manually oversee this aspect of the processing
“Dodd-Frank, like many compliance issues, has created a lot of angst in financial institutions for some time now,” said Nancy Atkinson, senior analyst, Aite Group. “Regulatory bodies are seeking transparency that is not readily available in how the banking networks operate. The financial institutions which will be the most successful at addressing this regulation are those that provide the necessary information in the most automated and least disruptive manner to their organization.”