Most banks are pessimistic on the likely impact of section 1073 of the Dodd-Frank Act, expecting it to provide little benefit for consumers but with far-reaching negative effects for the payments business, according to Fundtech. The declared aim of 1073 is to provide consumers with transparency into the timeliness and cost of making remittance transfers.
However, a survey of banks carried out last month by the banking software group found that 90% believed that the impact on their payments business would be somewhat negative or extremely negative. Less than 5% were optimistic that 1073 would be beneficial. Asked whether consumers would benefit from 1073, 52% of respondents said that the impact would on balance be negative and only 2% expected the regulation to deliver the intended benefits.
Dodd-Frank 1073 mandates that consumers are given 30 minutes to cancel cross-border transactions, although only 2% of banks state that consumers rescinding orders is a frequent occurrence. Of those banks that knew the frequency, 43% stated that consumers never rescind orders.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more