Compliance and Regulatory

Remit Worldwide is actively used by several U.S. banks in different states and the product has been designed so that each bank has the flexible to design the workflow and user privileges to make the product consistent with current processes in place for international payments.  We work with your bank to configure the application to support your compliance requirements and fit in with your existing workflow.

The application requires separate entry and approval for all transactions with cancel, hold or reject capabilities at each step.  Once approved for processing the application performs a real-time online OFAC scan with results delivered in an easy to use drill down interface so that your bank can decision any potential matches.  Each payment is handled individually so your bank can control a single transaction with a hold or block without affecting any other payments.

The Remit Worldwide application provides extensive reporting for your bank to monitor payments entered, approved, and released from OFAC (when applicable) with 13 months of online historical reporting and download to excel options available for most reports and 7 sevens of off line historical reports available.

Furthermore your bank will contract exclusively with Bank of New York Mellon for Remit Worldwide product, making it consistent with buying other international payment services from a regulated global bank.