Resources for Federal Financial Institutions Examination Council (FFIEC)

FFIEC: Retail Payment Systems, IT Examination Handbook

FFIEC

The FFIEC IT Examination Handbook (IT Handbook), “Retail Payment Systems Booklet” (booklet), provides guidance to examiners, financial institutions, and technology service providers (TSP) on identifying and controlling information technology (IT)-related risks associated with retail payment systems and related banking activities.1 Financial institutions, either in consortiums or acting independently, remain the core providers to businesses and consumers for most retail payment instruments and services.
Financial institutions accept, collect, and process a variety of payment instruments, and participate in clearing and settlement systems. In some cases financial institutions perform all of these tasks, but increasingly, independent third parties play an important role and financial institution risks are altered if independent third parties are involved. Federal government-affiliated providers and operators, such as the Federal Reserve Banks, also compete with numerous financial institutions and private sector firms in
providing various retail payment services.

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