The EFT Agreement serves as the primary legal framework for electronic fund transfer services in Indonesia, establishing the relationship between financial institutions and their customers or merchants. This document is essential when implementing electronic payment services, ensuring compliance with Bank Indonesia regulations, the ITE Law, and related payment system regulations. The agreement covers crucial operational aspects including transaction processing, security measures, risk allocation, and data protection. It's particularly important given Indonesia's rapidly evolving digital payment landscape and the increasing adoption of electronic payment methods. The EFT Agreement typically includes technical specifications, service level commitments, and compliance requirements specific to the Indonesian market.
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1. Parties: Identification of the financial institution and the customer/merchant entering into the EFT agreement
2. Background: Context of the agreement and brief description of the EFT services to be provided
3. Definitions: Definitions of technical terms, banking terminology, and other key concepts used in the agreement
4. Services: Detailed description of the EFT services, including types of transfers permitted and processing timeframes
5. Security and Authentication: Security procedures, authentication methods, and verification requirements for transactions
6. Fees and Charges: Schedule of fees, charges, and payment terms for the EFT services
7. Operating Requirements: Technical and operational requirements for using the EFT services
8. Rights and Obligations: Detailed responsibilities and obligations of both parties
9. Transaction Limits: Daily and per-transaction limits for different types of transfers
10. Data Protection: Requirements for handling and protecting customer data in compliance with Indonesian regulations
11. Liability and Indemnification: Allocation of risks and responsibilities for unauthorized transactions or system failures
12. Term and Termination: Duration of the agreement and conditions for termination
13. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction
14. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Currency Conversion: Required for cross-border transfers or multi-currency services
2. Business Continuity: Required for high-volume or enterprise customers, covering disaster recovery and service continuity
3. API Integration: Required when the service includes API access for automated transfers
4. White Labeling: Required when the service is being provided under the customer's brand
5. Value-Added Services: Required when additional services like reporting or analytics are provided
6. Agent Network: Required when the service involves third-party agents or payment points
1. Schedule 1 - Service Level Agreement: Detailed service levels, availability commitments, and performance metrics
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and pricing tiers
3. Schedule 3 - Technical Requirements: Technical specifications, protocols, and system requirements
4. Schedule 4 - Security Protocols: Detailed security procedures, encryption standards, and authentication protocols
5. Schedule 5 - Contact Details: List of authorized contacts and escalation procedures
6. Appendix A - Forms: Standard forms for service requests, authorizations, and declarations
7. Appendix B - Compliance Requirements: Specific regulatory compliance requirements and procedures
8. Appendix C - Integration Guide: Technical integration specifications and procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
E-commerce
Retail
Technology
Telecommunications
Insurance
Healthcare
Education
Government Services
Transportation
Hospitality
Relevant Teams
Legal
Finance
Treasury
Operations
Information Technology
Risk Management
Compliance
Digital Banking
Payment Operations
Information Security
Customer Service
Technical Integration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Payment Operations Manager
Compliance Officer
Legal Counsel
IT Director
Chief Technology Officer
Risk Manager
Operations Director
Digital Banking Head
Payment Systems Manager
Financial Controller
Account Manager
Systems Integration Engineer
Information Security Officer
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