Establish, implement, and maintain payment and settlement functions for selling products and services.
CONTROL ID 13538
CONTROL TYPE Business Processes
CLASSIFICATION Preventive
SUPPORTING AND SUPPORTED CONTROLS
This Control directly supports the implied Control(s):
Acquisition or sale of facilities, technology, and services, CC ID: 01123
This Control has the following implementation support Control(s):
Establish, implement, and maintain expedited recredit procedures., CC ID: 13574
Establish, implement, and maintain payment systems., CC ID: 13539
Employ Remote Deposit Capture systems, as necessary., CC ID: 13570
Include liquidity plans in the payment and settlement functions., CC ID: 16722
Establish, implement, and maintain an electronic commerce program., CC ID: 08617
Withhold payment and settlement functions, as necessary., CC ID: 15460
Obtain consent from affected parties prior to changes in payment and settlement functions., CC ID: 15455
SELECTED AUTHORITY DOCUMENTS COMPLIED WITH
whether the outsourcing arrangement is directly connected to the provision of banking activities or payment services for which they are authorised; (4.4 31(a), Final Report on EBA Guidelines on outsourcing arrangements)
when they intend to outsource functions of banking activities or payment services to an extent that would require authorisation by a competent authority, as referred to in Section 12.1. (4.4 29(c), Final Report on EBA Guidelines on outsourcing arrangements)
the service provider is authorised or registered to provide that banking activity or payment service in the third country and is supervised by a relevant competent authority in that third country (referred to as a 'supervisory authority'); (4.12.1 63(a), Final Report on EBA Guidelines on outsourcing arrangements)
the service provider is authorised or registered by a competent authority to perform such banking activities or payment services; or (4.12.1 62(a), Final Report on EBA Guidelines on outsourcing arrangements)
