ISSUING ELECTRONIC INSTRUCTIONS FOR PAYMENT
3. Every electronic instruction for payment must
(a) be issued by or under the direction and control of the Receiver General;
(i) the amount of the payment,
(ii) the payment reference number,
(iii) the name of the payee,
(iv) the payee’s financial institution number, branch number and account number, and
(iv) the payment date; and
(c) when issued by on-line transfer, be authorized by a digital signature.
4. The Receiver General shall take all necessary measures to ensure
(a) the security of the system used for the transmission of electronic instructions for payment to financial institutions;
(b) the confidentiality, authenticity and integrity of the data while it is under the control of the Receiver General or being transmitted to a financial institution; and
(c) the security, integrity and safekeeping of the media used to issue an electronic instruction for payment while the media are under the control of the Receiver General or in transit to a financial institution for processing.
5. (1) All media used to issue an electronic instruction for payment must
(a) contain internal labels that identify the media by setting out
(i) the originating data centre,
(ii) the processing data centre,
(iii) the file creation date and file number,
(iv) the date and time of release of the media, and
(v) the system, file identification number, volume serial number and sequence of the originator’s file.
(b) when delivered to a financial institution for processing, be accompanied by a transmittal document, signed by the Deputy Receiver General or by a person authorized by the Deputy Receiver General in writing, that contains the information described in subparagraphs (a)(i) to (v).
(2) The Deputy Receiver General shall provide to a financial institution the names and specimen signatures of all persons authorized to sign a transmittal document addressed to that financial institution.
(3) Every electronic instruction for payment issued by on-line transfer shall be acknowledged by the financial institution that receives it and every electronic authorization shall be verified by the financial institution to ensure the integrity of the instruction.
6. A financial institution that accepts an electronic instruction for payment shall make the funds available for withdrawal or other use by the payee
(a) not later than the opening of business on the payment date, if the electronic instruction for payment is received by the financial institution before the payment date; or
(b) on receipt of the electronic instruction for payment, if it is received on or after the payment date.
- Date modified: