47-4A201. Security procedure
" Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of verifying that a payment order or communication amending or cancelling a payment order is that of the customer or detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure.
Section: Previous 47-4a102 47-4a103 47-4a104 47-4a105 47-4a106 47-4a107 47-4a108 47-4a201 47-4a202 47-4a203 47-4a204 47-4a205 47-4a206 47-4a207 47-4a208 NextLast modified: October 13, 2016