Evaluating Payment Systems Service Providers OSCUI Workshops
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1 Evaluating Payment Systems Service Providers 2011 OSCUI Workshops
2 Goal To provide credit unions with sound guidance regarding potential changes to payment service providers including the due diligence necessary to evaluate alternatives and make informed decisions
3 Definition of Payment Systems What are payment systems? Payment systems are the procedures and associated computer networks used to settle financial transactions and to transfer funds between financial institutions.
4 Presentation Roadmap What will we cover during this session? Overview of basic elements of changing payment system service providers Review the risks associated with payment services Review checklist
5 cmcgrath Exercise Among your tables, discuss your fears about changing payment services providers.
6 Elements Changing Payment Service Providers
7 5 Basic Elements Identify and Understand Risks Identify Corporate Services Gather Inventory of Alternatives Perform Due Diligence Make Informed Decisions
8 5 Basic Elements Identify and Understand Risks Identify Corporate Services Gather Inventory of Alternatives Perform Due Diligence Make Informed Decisions
9 Risks Changing Payment Service Providers
10 Identify and Understand Risks Strategic Reputation Credit Liquidity Legal Operational
11 Exercise At each table, discuss your assigned risk area(s) and what these risks may encompass. Write your answers on the flip charts and be prepared to discuss with the group.
12 Retail Payment Systems Risks
13 Checklist Changing Payment Service Providers
14 Payments Systems Checklist Attachment to LCU 10-CU-26 Tabs (components) 1. General 2. Due Diligence 3. Special Considerations
15 Payment Systems Checklist Tab #1 General
16 Payment Systems Checklist Tab #1 - General Planning Risk Assessment Comparison Analysis
17 Payment Systems Checklist Tab #1 Planning Services Volume of Activity Support
18 Exercise As a group, brainstorm a list of payment system services that credit unions currently provide to their members.
19 Payment Systems Participants Wire (Funds) Transfer Automated Clearing House (ACH) Item (Check) Processing Card Services Originator Originator Maker Card Holder Originator s Bank ODFI Maker s / Paying Bank Card Issuer FedWire --- CHIPS ACH Operator Clearing House --- Federal Reserve Bank ATM / Payment Network Beneficiary s Bank RDFI Bank of First Deposit Acquirer Beneficiary Receiver Payee Merchant
20 Payment Systems Checklist Tab #1 - General Planning Risk Assessment Comparison Analysis
21 Payment Systems Checklist Tab #1 Risk Assessment Risk Assessment Tool
22 Payment Systems Checklist Tab 1 - General Planning Risk Assessment Comparison Analysis
23 Payment Systems Checklist Tab #1 Comparison Analysis Comparison Analysis Tool
24 Payment Systems Checklist Tab #2 Due Diligence
25 Payment Systems Checklist Tab #2 Due Diligence Background Check Financial & Operational Controls Review Contract Issues Ongoing Monitoring & Control Contingency Plans
26 Payment Systems Checklist Tab #2 Due Diligence Background Check Referrals Experience with provider Satisfaction with Support/Customer Service Legal Review Attestation Letter Other Sources BBB, D&B, etc.
27 Payment Systems Checklist Tab #2 Due Diligence Financial and Operational Control Review Financial statements Audits/Engagements (SAS 70) Other Sources
28 SAS 70 Audits Objective: Provide information about the control structure features of the company s business processes SAS 70 Audits - Type I and Type II
29 SSAE 16 Statement on Standards Attestation Engagements (SSAE) 16, Reporting on Controls at a Service Organization SAS 70 - Phased Out A = Attestation
30 Payment Systems Checklist Tab #2 Due Diligence Background Check Financial & Operational Controls Review Contract Issues Ongoing Monitoring & Control Contingency Plans
31 Payment Systems Checklist Tab #2 Due Diligence Contract Issues Ongoing Monitoring & Control Contingency Plans
32 Payment Systems Checklist Tab #3 Special Considerations
33 Payment Systems Checklist Tab #3 Special Considerations ACH Wire Transfers Item Processing Coin & Currency Card Services
34 5 Basic Elements Identify and Understand Risks Identify Corporate Services Gather Inventory of Alternatives Perform Due Diligence Make Informed Decisions
35 Goal To provide credit unions with sound guidance regarding potential changes to payment service providers including the due diligence necessary to evaluate alternatives and make informed decisions
36 Questions?
37 Resources FFIEC IT Examination Book - Payment Systems Booklet FFIEC IT Examination Book Outsourcing FFIEC IT Examination Book Supervision of Technology Service Providers ECCHO Electronic Clearing House Organization NACHA Operating Rules (must be purchased)
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