Be the first to like this
Dodd-Frank Section 1073 is arguably one of the biggest changes to cross-border payments globally in recent years. It requires banks providing cross-border payments services to U.S. based consumers to commit to all fees, funds delivery date and more before initiating the transaction. This session describes the pros and cons of open loop, closed loop and hybrid approaches. Speakers also discuss whether the new requirement is likely to be adopted by corporates and internationally.