Survey: Dodd-Frank’s international remittance provisions will hurt banks’ payments business

The vast majority of banks feel their payments business will be harmed by Dodd-Frank Act provisions intended to enhance protections for consumers who transfer money internationally, according to a recent survey of industry participants. The survey, conducted by Fundtech, a technology provider serving banks and corporations around the world, also found that only 2 percent of respondents thought the provisions would deliver the intended benefits.  Read on for the details.