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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
  • 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)