Sudeban to regulate electronic banking

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Friday, August 27, 2010

Venezuela's financial services regulator Sudeban is working on the establishment of several rules that will regulate the use of e-banking, according to a press release.

The rules being considered by the regulator tackle two fronts: the first of which is the identification and authenticity of the financial services client, and the second having to do with the confidentiality, integrity, availability and monitoring of the transmitted information, regardless of the medium by which it is transferred, such as internet banking, ATMs and m-banking, Sudeban said.

The regulator is considering five levels of authorization that will strengthen security in e-banking, which will vary from the simplest transactions, such as cash advances, payments and money transfers of the account holder to the financial institution, to more complex financial transactions, such as third-party transfers.

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The use of m-banking is strongly being considered, as it could represent a big step in terms of increasing bank penetration, given the massive use of mobile devices across the country, Sudeban said.