Report to the Congress on the Use of the ACH System and Other Payment Mechanisms for Remittance Transfers to Foreign Countries, April 2017

Board of Governors of the Federal Reserve System (U.S.)

Reports and Studies from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Section 1073(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires the Board of Governors of the Federal Reserve System (the Board) to provide biennial reports to the Congress over a 10-year period regarding the Board's work with the Federal Reserve Banks (Reserve Banks) and the U.S. Department of the Treasury (Treasury) to expand the use of the automated clearing house (ACH) system and other payment mechanisms for remittance transfers to foreign countries. Section 1073(b) requires the Board to include in its report an analysis of adoption rates of international ACH transactions (IATs), rules, and formats; the efficacy of increasing adoption rates; and potential recommendations to increase adoption. Pursuant to this statutory requirement, the Board is issuing this fourth biennial report. Updates include cross-border payment improvements, changes to laws and regulations pertaining to cross-border payments, and issues relating to economic sanctions

Date: 2017
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