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Managing. The risk of Payment System - Turner P.

Turner P. Managing. The risk of Payment System - John Wiley & Sons, 2003. - 253 p.
ISBN 0-471-32848-0
Download (direct link): managingtherisksofpayment2003.pdf
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Digital Signatures 189
Private Keys 190
Public Keys 190
Certifying Authorities 191
Electronic Checks 191
Electronic Bill Presentment and Payment 193 B2B versus B2C 193
Electronic Procurement 194
Smart Cards 194
Purchasing Cards 194
Stored Value Cards 195
Money Laundering 197
Privacy Rights 198
Integrating Risk Management 200
Chapter 8 Management of Corporate
Payment Systems Risks 201
Risk Management 201
Transaction Risk 202
Review of Contractual Risk Allocation 207
Managing Payment Systems Disruptions 208
Contacts 209
Payments Applications 209
Communications 209
Managing Check Payment System Risks 210
Company That Issues Checks 210
Company That Receives Checks 211
x
Contents
Managing Wire Transfer Payment
System Risks 212
Originator and Its Bank 212
Sending and Receiving Banks 213
Managing ACH Payment System Risks 213
Glossary 215
References 225
Index 227
xi
Preface
PAUL S. TURNER
I first became familiar with the risks of payment systems as a lawyer at Occidental Petroleum Corporation, advising the Occidental treasury department. I then became an advisor to the uniform law commissioners who wrote Article 4A (Funds Transfers) of the Uniform Commercial Code (U.C.C.) and revised U.C.C. Articles 3 (Negotiable Instruments), 4 (Bank Deposits and Collections), and 5 (Letters of Credit). More recently, I have served as a member of the Payments Advisory Group of the Association for Financial Professionals and as a Vice Chair of the American Bar Associationís Payments Committee, a subcommittee of the Associationís Business Law Section.
In all of these capacities, I have had the good fortune to form lasting and rewarding professional relationships with corporate treasury and bank executives, counsel to banks, and counsel to corporate customers. It has been interesting to observe that although knowledge and experience are fairly equally represented on both sides of the table in complex negotiations, the risks arising from mundane issues such as fraud, are, from a legal point of view, better understood by bankers and their counsel than by corporate treasury executives and their counsel.
xiii
Preface
It is my hope that this book, which is written for all interested parties, including bankers, corporate executives, and their respective counsel, will make the risks associated with the payment systems better understood by all.
DIANE B. WUNNICKE
As a veteran corporate finance manager, I came to know the risks of corporate payment systems. These systems and their risks were first introduced to me in the 1970s when I worked on the first online systems for a large savings and loan and its multiuser data processing service company. I came to understand the structure, requirements, and risks of banking payment systems as we installed our on-line customer systems, including single and multi-institution ATM machines and ACH payment processing. During the 1980s through the mid-1990s, I was finance and cash manager for a global energy company. We sought out every new cash management product that would help our domestic and international multicurrency payment operations. I arranged for our office to beta test new payment systems products and reporting. We all welcomed the Treasury Management Association and its successes for both corporate treasury departments and banks.
I hope that this bookís practical explanations of the issues and management of corporate payment systems risks will be a helpful guide. Much longer books on specific topics and laws are available, and a lot of information is now timely updated and available on the Internet. (See References section.) I hope that the format of this book and its content provide the convenient, basic desk reference so often needed.
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