V.D     Payment Systems

The BCP should address alternate arrangements if payment systems fail (e.g., automated teller machines (ATM), funds transfers, electronic banking, remote deposit capture, or mobile capabilities). Alternate solutions may include manual procedures for calling in or faxing wire or automated clearing house requests to correspondent financial institutions. In addition, web-based systems or third-party software may be used to perform transactions. Management should verify that redundant electronic payment systems and equipment (e.g., tokens and routers) are included at recovery sites for activation and that documentation is maintained for timely posting of entries when systems are recovered.

The BCP should also address increased cash demands and moving funds through electronic systems, including internet and mobile banking. Management may consider developing procedures for pre-established withdrawal limits based on the financial institution’s relationships with customers. In addition, management should prepare for a potential increase in branch traffic when ATMs are unavailable. Pre-established agreements with various cash delivery services within and outside of the local area should also be considered so that ATMs can meet customer demand when service returns.


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