ACI Worldwide says its Money Transfer System is helping financial institutions achieve compliance with the new remittance transfer rules issued by the Consumer Financial Protection Bureau.

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 wholesale banking solution, ACI Money Transfer System provides customers with an automated capability to address the complex regulatory demands of Dodd-Frank, in addition to other regulations.

ACI's approach to Dodd-Frank compliance helps financial institutions automate:

•  The ability to determine the fees associated with a transaction.

•  The delivery of the necessary disclosures to the consumer at the time of the transaction.

•  The ability to automatically manage the required 30 minute transaction hold.

"Dodd-Frank, like many compliance issues, has created a lot of angst in financial institutions for some time now," says 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."

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