Osaka, October 25, 2012 – J.P. Morgan Treasury Services is creating a consumer cross-border payment solution to help impacted clients prepare for compliance with Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Rule 1073”). The solution will be available in the first quarter of 2013, to coincide with the Rule’s implementation.
Rule 1073 applies to U.S. consumer-initiated, cross-border electronic transfers and payments (remittance transfers). Starting February 7, 2013, any U.S.-based consumer sending cross-border wires must receive pre-payment disclosures and post-payment receipts from their financial institution. Disclosures must include various pieces of information, including any related fees, FX conversion rates, and taxes related to the wire payment.
J.P. Morgan’s solution will help targeted U.S. banks comply with the new disclosures required by Rule 1073. J.P. Morgan will facilitate efficient routing to support necessary payment and disclosure accuracy. The firm is actively collecting fee and tax information, and will maintain this data in an interactive database that clients will be able to access via multiple solutions.
“As a global leader in the payments space, clients look to us for guidance in navigating the changing regulatory landscape,” said Emma Loftus, Head of Global Clearing for J.P. Morgan Treasury Services. “Our Consumer Cross-Border Payment Solution relies upon our global footprint and the strong relationships we have with financial institutions in all regions. Our clients will benefit from our leadership position and ability to provide them with the information and execution necessary to process their transactions.”
For more information about J.P. Morgan’s Consumer Cross-Border Payment Solution, please contact your Treasury Services customer service contact.
J.P. Morgan Treasury Services is a business that resides within J.P. Morgan’s Corporate & Investment Bank (CIB).
About J.P. Morgan Treasury Services
J.P. Morgan’s Treasury Services business is a full-service provider of innovative cash management, trade, liquidity and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18.2 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.