Security Procedure Selection Clause Samples
Security Procedure Selection. Company’s (title) will determine which of Company’s employees will be authorized to create/modify and to verify ACH transfer requests (each, an “Operator”) and the dollar limits per transaction and per day assigned to each Operator and will communicate this information to Credit Union. Credit Union will set up the Operators by assigning each an Operator ID. The Company’s (title) will also be responsible for communicating any changes in Operators or in Operator limits or authorization(s) to Credit Union in writing with a signed authorization form and promptly reporting any breach of the security code. Company agrees to use the Credit Union’s Security Procedures selected below as described herein and as such Security Procedure may be amended as agreed upon by Company and the Credit Union from time to time, for the purpose of verifying the authenticity of ACH originations and communications amending or canceling ACH Orders. The Credit Union’s Security Procedure consists of a combination of security devices, questions and protocols, which include: dual authorization, Tokens, Passwords, and call back procedures, which are described in more detail below. The Credit Union maintains commercially reasonable Security Procedures based primarily of its knowledge of the service users’ circumstances and its knowledge of security procedures employed by similarly situated users and receiving banks. Company and its Users and other agents shall maintain the highest possible level of confidentiality with regard to the Security Procedure, and will take all steps necessary to prevent access to them by unauthorized persons. Company agrees to notify us immediately following your discovery of any unauthorized use. Subject to the Credit Union’s obligations under this Agreement, the Credit Union will have no liability in connection with, or resulting from, the execution of any transfer by the Credit Union that was verified pursuant to the Security Procedure, except to the extent applicable law prohibits the parties from varying the Credit Union’s liability with respect to such transfers. You understand that the Security Procedure is not for the purpose of detecting errors in transmission or content of an ACH Order.
Security Procedure Selection. The Company acknowledges that the Bank ---------------------------- offers each of the security procedures described below for the purpose of verifying the authenticity of an instruction to originate an ACH electronic credit or debit entry (a "payment order") received by the Bank in the name of the Company. The Company refuses to have its payment orders verified by any security procedure other than the security procedure it has expressly designated. The Company has reviewed each of these security procedures and has determined that the following security procedure best meets its requirements, given the size, type and frequency of the payment orders it will issue to the Bank (check one): PI SecurID - File Transmission - This procedure combines a card with a --------------------------- personal identification number (PIN) known only by the Company and the Bank. The card generates a random and unique security code every minute. The code combines with the PIN to provide a unique password every minute. The password must be presented with the ACH transmission and is used by the Bank to authenticate the identity of the Company.
Security Procedure Selection. The Token Card/Passcode - File Transmission/Batch Release security procedure described below is required for the product known as the Internet ACH Service. If Company uses the Internet to access ACH services, but does not use the Internet ACH Service, the Secure File Transport security procedure is required. For each of the other ACH services, Company acknowledges that Bank offers each of the security procedures described below for the purpose of verifying the authenticity of an instruction to originate an ACH credit or debit entry (a "payment order") received by Bank in the name of Company. Company refuses to have its payment orders verified by any security procedure other than the security procedure it has expressly designated. Company has reviewed various security procedures including the following and has determined that the security procedure designated in the Acceptance of Services best meets its requirements, given the size, type and frequency of the payment orders it will issue to Bank: TOKEN CARD/PASSCODE - File Transmission/Batch Release (for Internet ACH Service) - This procedure combines a token card with a personal identification number (PIN). A token card will be assigned to each Operator (as defined below). The PIN is set by each Operator individually upon first logon. The token card generates a random and unique security code every minute. The code combines with the PIN to provide a unique password every minute. The password must be presented with the ACH transmission or batch release authorization and is used by Bank to authenticate the identity of Company and/or the person originating the transmission or release. Bank will verify each request to access the Service by determining if the Passcode is valid for the associated Operator ID and if the Operator ID used by the person requesting access is the Operator ID of one of the persons Company has designated as being authorized such access. Bank has no obligation to confirm in any other way the identity of any person making such a request. IF COMPANY HAS REQUESTED SELF-ADMINISTRATION OF COMPANY'S ACCESS TO THE CEO, Bank will assign a Company ID code and will set up Company's first Company administrator ("FCA") by assigning a personal ID code and password to be used when the FCA first enters the CEO. The FCA can then set up additional Company administrators (who will have access to all services Company receive through the CEO), administrators and users. A User is an Operator. (Administrators ...