Iowa Code 554.12201 – Security procedure
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Terms Used In Iowa Code 554.12201
- Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
554.12201 Security procedure.
“”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.
92 Acts, ch 1146, §9
Referred to in §554.12105
“”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.
92 Acts, ch 1146, §9
Referred to in §554.12105