Security procedure definition

Security procedure means a procedure employed for the purpose of verifying that an electronic signature, record, or performance is that of a specific person or for detecting changes or errors in the information in an electronic record. The term includes a procedure that requires the use of algorithms or other codes, identifying words or numbers, encryption, or callback or other acknowledgment procedures.

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Security procedure means a procedure established by agreement between a customer and a receiving bank for the purpose of verifying that a payment order or communication amending or canceling a payment order is that of the customer, or detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure.

Security procedure means a procedure established between the Bank and the customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, encryption, call back procedures or similar security devices.

Examples of Security procedure in a sentence

• State Street shall use reasonable efforts to act on all authorized requests to cancel or amend payment orders received in compliance with the Security Procedure provided that such requests are received in a timely manner affording State Street reasonable opportunity to act.

• The Client acknowledges that the Security Procedure it has designated on the Selection Form was selected by the Client from Security Procedures offered by State Street.

• State Street shall verify the authenticity of all instructions according to the Security Procedure.

• State Street shall assume no responsibility for failure to detect any erroneous payment order provided that State Street complies with the payment order instructions as received and State Street complies with the Security Procedure.

• The Security Procedure is established for the purpose of authenticating payment orders only and not for the detection of errors in payment orders.

More Definitions of Security procedure

Security procedure means a procedure employed for the purpose of verifying that an electronic signature, record, or performance is that of a specific person or for detecting changes or errors in the information in an electronic record. “Security procedure” includes a procedure that requires the use of algorithms or other codes, identifying words or numbers, encryption, or callback or other acknowledgment procedures, and includes digital signature technology.

Security procedure means the security procedure prescribed under section 16 by the Central Government;

Security procedure means a procedure for the purpose of —

Security procedure means a procedure employed for the purpose of verifying that

Security procedure means the applicable security procedure to be followed by the Customer (and its Authorized Persons) and/or by J.▇. ▇▇▇▇▇▇, so as to enable J.▇. ▇▇▇▇▇▇ to verify that an instruction is authorized. The applicable Security Procedure for different types of instructions may be set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement or in separate documentation, and may be updated by J.▇. ▇▇▇▇▇▇ from time to time upon notice to the Customer. A Security Procedure may, without limitation, involve the use of User Codes, dual-factor authentication, telephone call backs, or third party utilities. For the avoidance of doubt, an authenticated SWIFT message issued in the name of the Customer through any third party utility that J.▇. ▇▇▇▇▇▇ has approved as a utility through which Instructions may be provided hereunder, shall be deemed to have been verified through a Security Procedure.

Security procedure means a procedure established by agreement of a

Security procedure means a procedure employed for the