FOR IMMEDIATE RELEASE
Contact: Ranada Johnson
Email Address: email@example.com
BANCServices Group Announces BANCwire Compliance with Dodd Frank
Charleston MO. – September 21, 2013 – Bancservices International LLC (BSI), a partnership between BANCServices Group and Thompson International LTD Inc., has completed development of an advanced version of its BANCwire international payments system. The system is now fully compliant with all requirements of section 1073 of the Dodd Frank Wall Street Reform and Consumer Protection Act.
According to Glenn Ault, CEO of BANCServices Group and also of BSI, “BANCwire rationalizes the cost of Dodd Frank compliance across multiple US financial institutions, making it possible for banks and credit unions of any size to offer international payments to its customer base on a low-cost, risk-managed basis.”
BANCwire is a white-labeled solution, designed to allow institutions to provide the service under their own brand banners. Yet support for compliance with all applicable regulations regarding money laundering and consumer protection is centralized within a highly secure computing environment. BSI’s software can be rapidly and seamlessly integrated into partner institutions’ existing systems, and comes with ongoing support for all compliance functions (including reporting), marketing, and operations. All payments are processed by a registered US financial institution.
In accord with Dodd Frank, the system provides money remitters an accounting at time of origination of all costs and taxes, guaranteed time of delivery, 30-minute cancellation and multi-lingual disclosures.
While BSI currently enjoys reciprocal relationships with payment partners in 53 countries worldwide, the firm will actively market the new service to US financial institutions and additional overseas partners in the fourth quarter of 2013.
The international payments market has enjoyed five-year growth rates of 12%, reaching a total market size over $500 billion. Ault believes that in this environment, BANCwire provides an opportunity for US financial institutions both to earn profits and serve the increasingly important immigrant and foreign resident populations. “It’s a perfect alignment,” said Ault, “because all of this is happening as the target market population is beginning to migrate to banking and credit union relationships from its more traditional reliance on non-bank financial services.”
For more information, prospective participants should contact Ranada Johnson at 866-322-3200.
BANCServices Group, based in Charleston MO, is an established third party provider of a suite of services that increase profits, grow customer deposits, and analyze customer revenues for financial institutions across the United States.
Thompson International LLC Inc., based in Miami FL, is a financial services firm established in 1953. It specializes in international project finance and government obligations.