Electronic Funds Transfer: Information on Three Critical Banking Systems

• NCJ Number: 116949
• Date Published: 1989
• Length: 21 pages
• Corporate Author: US Government Accountability Office
• Sale Source: Azimuth Inc.; National Institute of Justice/; NCJRS Photocopy Services
• Publication Type: Issue Overview
• Language: English
• Country: United States of America
• Note: Briefing Report to the Chairman, Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce, U.S. House of Representatives

Annotation

This briefing report describes electronic funds transfer, with special emphasis on three banking systems: the Federal Reserve Communications System (Fedwire), the Clearing House Interbank Payments System (CHIPS), and the S.W.I.F.T. telecommunications system operated by the Society for Worldwide Interbank Financial Telecommunications S.C.

Abstract

Information is provided on each of the three banking systems, including the purpose and date of establishment, the number of participants using each system, and the number of transactions executed through each system in 1987. The report also identifies the Federal regulatory agencies with oversight responsibility for the three banking systems and identifies generic risks associated with electronic funds transfer systems. Appendixes include a description of typical transactions processed through the three banking systems, examples of international electronic funds transfer using CHIPS and S.W.I.F.T. and Fedwire and S.W.I.F.T., names of officials responsible for the three banking systems, and an identification of threats to the security of electronic funds transfer systems.