Remittance payments

what are remittance payments use remittance payments to send money electronically to someone in another country for a remittance payment, a consumer requests the transfer, rather than a business a recipient receives the funds regulation e compliance cross river provides all international consumer remittance payments processed through cross river must comply with regulation e, subpart b https //www consumerfinance gov/rules policy/regulations/1005/30/ this regulation establishes consumer protections for remittance transfers the consumer financial protection bureau (cfpb) enforces these rules subpart b specifically covers international consumer remittance transfers how the law protects consumers the electronic fund transfer act (efta) protects people who send money internationally the dodd frank act later strengthened those protections key definitions under regulation e remittance transfer a sender requests an electronic transfer of funds to a designated recipient a sends the funds sender a consumer located in a u s state who requests a remittance transfer for personal, family, or household purposes designated recipient any person the sender specifies to receive the transfer at a location in a foreign country what regulation e excludes regulation e excludes these transfer types transactions of $15 or less securities and commodities transfers compliance requirements this guide outlines the compliance requirements you implement when integrating with cross river's remittance payment apis 1\ cancellation window users get a 30 minute cancellation window after they initiate a remittance transfer, by sending an international payment during this window, consumers cancel the payment at no cost issue refunds within 3 business days of receiving the cancellation request handle cancellations through cross river's international cancel payment endpoint this 30 minute cancellation window applies only to personal (consumer) originated international payments business originated payments are separate the payment will be sent automatically, if it is not cancelled during the cancellation window use the cos payment id returned in the send payment docid\ v6x5ykufi7seu3ghp7pkw api endpoint, as the sole parameter in the cancel payment docid\ swyrh0f0e40q1dofzmunr api request 2\ combined disclosure present a combined disclosure to the consumer before submitting the payment this single disclosure satisfies both the pre payment disclosure and receipt requirements under regulation e include all 11 of the following items in the disclosure \# disclosure item source 1 amount to be transferred cross river request a quote api docid\ onbkgebihvb4ihvb1hakl {fromamount} 2 exchange rate cross river request a quote api docid\ onbkgebihvb4ihvb1hakl {conversionrate} 3 all fees charged to the consumer cross river request a quote api docid\ onbkgebihvb4ihvb1hakl {transactionfee} 4 total amount of the transaction (transfer amount + fees) in usd items 1 + 3 5 total amount the designated recipient receives, in the recipient's currency cross river request a quote api docid\ onbkgebihvb4ihvb1hakl {toamount} 6 transfer date (the current date) current date 7 estimated delivery date cross river request a quote api docid\ onbkgebihvb4ihvb1hakl {estimateddeliverydate} + 1 or 2 padded business days 8 name of the designated recipient cross river request a quote api docid\ onbkgebihvb4ihvb1hakl {beneficiary companyname or firstname lastname} 9 error resolution and cancellation rights you provide this as follows as a customer, you have a right to dispute errors in your transaction if you believed an error occurred, contact cross river within 180 days you can also contact us for a written explanation of your rights 10 remittance transfer provider contact information (cross river) you provide this (can be your or cross river's info) this is your information or static cross river contact information 11 state regulatory agency and cfpb contact information you provide this it is the njdobi and cfpb contact information listed below api integration details call the request payment quote docid\ onbkgebihvb4ihvb1hakl endpoint to retrieve items 1 through 8 in the api response, before payment submission format these items for display to the consumer state regulatory agency and cfpb info you can provide njdobi info via cross river the format is new jersey department of banking and insurance 800 446 7467 https //www dobi nj gov consumer financial protection bureau 855 411 2372 855 729 2372 (tty/ttd) www consumerfinance gov all 11 items must be displayed before submitting the payment 3\ proof of payment (post transfer receipt) after calling the send payment docid\ evbwhqlrgzlamld2hrwvd endpoint, you must return proof of payment to the consumer this is in addition to the combined disclosure explained above, which already serves as the primary receipt provider information the provider listed on the proof of payment is either cross river or you, depending on the arrangement coordinate with your cross river partner representative to determine which entity appears as the provider confirmation number use one of these options for the confirmation number on the proof of payment cross river's cos quote id , returned in the send payment docid\ evbwhqlrgzlamld2hrwvd api response your own confirmation number , generated and managed by you if you use your own confirmation number, maintain a mapping to the corresponding cos payment id this mapping supports traceability, dispute resolution, and reconciliation cross river returns the core field values in the send payment docid\ evbwhqlrgzlamld2hrwvd api response if you use your own confirmation number or serve as the listed provider, substitute the relevant values retain a mapping between your confirmation number and the cos payment id 4\ error and dispute handling error resolution develop and maintain written error resolution policies and procedures and put controls in place retain all information needed to investigate a dispute the timing requirements below apply only to consumers they do not apply to business customers you may still assist business customers with resolving errors through your own procedures what to keep on file retain these records notices of error the sender submits documents the sender provides about the alleged error findings from your investigation error resolution process the sender reports an error within 180 days of the disclosed availability date you must investigate and reach a determination within 90 days report results to the sender within 3 business days after completing the investigation if an error occurred, correct it within 1 business day of receiving the sender's instructions if that is not possible, correct it as soon as reasonably practicable record retention keep all records for at least two years summary of partner responsibilities responsibility details configure sub account configure the sub account with classification = personal this will determine that the account is a consumer account reg e will only apply to a consumer account display combined disclosure present all 11 required items to the consumer before payment submission include a 30 minute cancellation window through the customer app ensure consumers cancel at no cost within the window deliver proof of payment surface the cross river provided receipt to the consumer after transfer provider designation on receipt coordinate with cross river to determine whether they or you appear as the provider confirmation number mapping (if applicable) if you use your own confirmation number, maintain a mapping to the cos payment id error dispute rights see above docid 2oolsywmlwzlqagtsspcd