IT Examiner School, Providence, RI

Money Transmission (products/functions) Common Money Transmission Products/Functions include:

 Remittance (EFT: Wires, ACH)  Prepaid/stored value cards  Person-to-person payments  Bill payment

 Online Payments  Virtual Currency  Drafts  Money Orders

Application Development (Common with Money Transmitters) Money Transmitter licensees (more than other non-depository FIs) are developing their own unique applications:  Internally-developed applications that interface electronic transfer systems and mobile applications are becoming very common.  Policies, procedures, methodologies  Development standards (OWASP Top 10), including quality assurance and testing  System Access/Segregation of Duties  Penetration Testing  Patching