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FFIEC Retail Payment Systems Booklet Updated

By Vigilize | Thursday, February 25, 2010 - Leave a Comment

The FDIC has issued the following Financial Institution Letter:

The Federal Financial Institutions Examination Council (FFIEC) has issued an updated Retail Payment Systems booklet. The booklet is part of the IT Examination Handbook series and serves as guidance for examiners, financial institutions, and service providers on identifying and controlling risks related to retail payment systems and related banking activities.


  • The FFIEC IT Examination Handbook series is a collaborative effort of the Information Technology Subcommittee of the FFIEC’s Task Force on Supervision. The subcommittee promotes uniform and effective information technology-related policies and supervisory programs for financial institutions and their service providers.
  • The revised Retail Payment Systems booklet addresses changes in technology and provides guidance on The Check Clearing for the 21st Century Act of 2004, including examination procedures related to remote deposit capture.
  • The revised booklet provides expanded guidance on automated clearing house (ACH) risk and controls, and on merchant card processing.
  • The booklet also discusses several emerging payment technologies, including:
      o Decoupled debit cards
      o Stored value cards
      o Account-to-account services
      o Remotely created checks
  • An electronic version of the booklet, as well as an FFIEC press release announcing the booklet, is available at http://www.ffiec.gov/press.htm.


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