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 remittance transfers. All international consumer remittance payments processed through Cross River must comply with Regulation E, Subpart B. 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 remittance transfer provider 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 API endpoint, as the sole parameter in the cancel payment 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 {fromAmount}
2	Exchange rate	Cross River request a quote API {conversionRate}
3	All fees charged to the consumer	Cross River request a quote API {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 {toAmount}
6	Transfer date (the current date)	Current date
7	Estimated delivery date	Cross River request a quote API {estimatedDeliveryDate} + 1 or 2 padded business days
8	Name of the designated recipient	Cross River request a quote API {beneficiary: companyName or firstName lastName}
9	Error resolution and cancellation rights	You provide this disclosure to customers. Tell your customers: They have the right to dispute transaction errors. If they think there's an error, they should contact you within 180 days. They can also ask you for a written explanation of their 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 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 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 Payment ID, returned in the send payment 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 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