IT Examiner School

Money Transmission

Common Money Transmission Products/Functions include:

Online Payments

Remittance (EFT: Wires/ACH)

P2P Payments

Drafts

Prepaid/Stored Value Cards

Virtual Currency

Bill Payment

Money Orders

Money Transmission Insecure Application Development Processes

Money Transmitters generally leverage agile software development processes to develop in-house solutions for delivery of core product and service offerings.

Examples include: • Internally-developed APIs to communicate with depository institutions, electronic settlement networks & cloud service providers • Internally-developed mobile applications for end-users • Internally-developed solutions for cryptographic key management