The term "electronic financial
service" as used in this guidance includes, but is not limited to, on-line financial
services, electronic fund transfers, and other electronic payment systems. On-line
financial services, stored value card systems, and electronic cash are among the new
electronic products being introduced in the market. Financial institutions are
establishing Internet web sites that advertise products and services, accept electronic
mail, and provide consumers with the capability to conduct transactions through an on-line
system. Services and products can be accessed through personal computers connecting to the
institution via proprietary software, commercial on-line services, and the Internet, or
through other access devices including, for example, video kiosks and interactive
television. Financial institutions should be advised that many of the general principles,
requirements, and controls that apply to paper transactions may also apply to electronic
financial services.For a copy of these guidelines, please complete the attached
information form. |
