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E- Banking

SUGGESTIONS FOR ELECTRONIC BANKING

NOVEMBER 2002

TABLE OF CONTENTS

PAGE

Foreword Section 1: Section 2: Section several: Section 4: Tables Appendix I Appendix II Risk Management of Outsourced Technology Providers Brief Summary of Digital Signatures and License Authorities Advantages and Background Electronic Banking Risks and Controls Electronic digital Payment Devices E-banking and Examination Types of procedures 2 a few 8 13 19 twenty-two 23 twenty-five 26 twenty nine 31

Appendix III On the net Privacy of Consumer Private information Appendix IV Overview of Widely-Used Basic Secureness Safeguards Appendix V A lot of E-Banking Conditions

1

RECOMMENDATIONS FOR DIGITAL BANKING

1 ) FOREWORD

This document is supposed to provide guidance on the promotion of safe and sound ebanking1 activities, while conserving the flexibility necessary to accommodate long term technological and other changes. The guidelines are standard since the Central Bank of Barbados features the view that setting also detailed requirements in the area of e-banking could lead to their particular becoming rapidly outdated. The document is definitely not meant to create fresh examination specifications, impose regulatory requirements or perhaps represent a special description from the various ways that banks may implement effective information reliability programs. Whether financial institutions agreement with thirdparty providers2 for e-

banking services (such as Internet banking) or maintain pc services under one building, bank managing is responsible for making sure systems and data happen to be protected against risks connected with emerging systems and laptop networks.

All of us advocate that if a bank is depending upon third-party providers in this regard, management must generally understand the provider's information security program to effectively evaluate the security system's ability to shield bank and customer info. Furthermore, while these recommendations are representative of current audio industry practice, they should certainly not be considered unchangeable, since many reliability controls and also other risk management methods will always evolve swiftly in order to keep speed with new technologies and business applications.

1 Identifies banking activity being facilitated electronically, we. e. by using a computer or some other clever device. a couple of For the purposes with this guidance, " third-party provider" is broadly defined as suppliers that may supply the following services or products to institutions: system style, development, operations, and maintenance services, info processing providers; and program solutions.

two

SECTION 1

1 . INTRO AND BACKDROP

In many ways, e-banking is not really unlike traditional payment, inquiry, and information processing systems, differing only in that that utilises another type of delivery funnel. Any decision to adopt e-banking is normally motivated by a range of factors. Such as customer service development and competitive costs, all of these motivate banking institutions to assess their electronic commerce strategies. Some great benefits of e-banking happen to be widely known and can only be summarised briefly from this document.

E-banking can improve a bank's efficiency and competitiveness, in order that existing and potential customers can benefit from a greater degree of convenience in effecting deals. This increased level of comfort offered by the bank, when along with new companies, can increase the bank's target customers beyond all those in traditiona l markets. Consequently, banks are therefore becoming more hostile in implementing electronic financial capabilities including sophisticated promoting systems, remote-banking capabilities, and stored value programs. Internationally, familiar

examples include telephone financial, automated teller networks, and automated clearinghouse systems. Such technological improvements have helped bring greater sophistication to all users, commercial and " the man in the street”.

A financial institution may be up against different levels of risks and expectations arising from electronic...

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