Welcome » IT Booklets » Wholesale Payment Systems » Intrabank Payment and Messaging Systems » Internally Developed and Off-The-Shelf Funds Transfer Systems » Non-automated Payment Order Origination
While in-house terminals are the primary sources for payment order origination, less complex institutions still rely heavily on memos, letters, telephone, fax, or standing instructions. (Note: standing instructions are normally maintained in the automated funds transfer system as recurring transfers and should be subject to the same input/verification controls as wires when first entered into the system). It is imperative that an institution using these payment order methods has a viable security program, which includes: