Austin, TX (PRWEB) September 10, 2013
In order to help financial institutions comply with the new international remittance transfer rules for consumer wires before they go into effect on October 28, 2013, Banker’s Toolbox has added new standard features to its wire automation and fraud prevention software, WirePro. For financial institutions struggling to offer international wire services in light of new regulations, this provides a quality and cost effective option that is fully compliant with the impending rule change.
“We are always seeking ways to improve our products and help community financial institutions deal with changing government regulations,” Banker’s Toolbox Chief Product Officer, John Meyer says. “We stay ahead of regulation changes and that allows our clients to focus on the things that matter most to them.”
The Consumer Financial Protection Bureau designed the rule to shield consumers originating remittance transfers to international locations by requiring financial institutions to provide disclosures to wire originators with accurate details on exchange fees, rates, and the precise amount delivered to the beneficiary.
WirePro will now have qualification logic to determine if a wire falls within the scope of Regulation E, and the capability to generate the templates for the required disclosures straight from the wire input screen. WirePro customers can also generate a report of Reg E wires with detailed records for audit purposes.
In addition, for financial institutions processing a high volume of international wires, Banker’s Toolbox is working in partnership with Wells Fargo to develop an optional, real-time, online, exchange rate integration. Banker’s Toolbox is also pursuing other beneficial partnerships that would take the workload off of community financial institutions.
For more information about Banker’s Toolbox and its wire processing solution please visit our website. For more information on the requirements of the remittance transfer ruling please watch our complimentary webinar on the topic here.
About Banker's Toolbox, Inc.
Austin, TX-based Banker's Toolbox, Inc. helps community financial institutions manage risk and streamline compliance examinations. The company's product suite consists of proven solutions for money laundering detection and reporting, risk management through fraud and kite prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment. The Banker's Toolbox team is a unique combination of seasoned bankers, former regulators, and information technology consultants who specialize in designing, developing, and implementing risk management solutions while providing unparalleled customer service. For more information, visit the company's website at http://www.bankerstoolbox.com.