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The EFT Agreement serves as the primary contractual framework for electronic funds transfer services in Hong Kong's sophisticated financial market. This document is essential when establishing electronic payment relationships between financial institutions and their customers, whether individual or corporate. The agreement encompasses comprehensive terms for secure electronic transactions, including authentication procedures, processing timeframes, and liability allocation. It is specifically designed to comply with Hong Kong's regulatory requirements, including the Banking Ordinance, Electronic Transactions Ordinance, and data privacy laws. The EFT Agreement is particularly crucial in today's digital banking environment, where secure and efficient electronic fund transfers are fundamental to business operations and personal banking services.

1. Parties: Identification of the financial institution and the customer entering into the EFT agreement

2. Background: Context of the agreement and brief description of the EFT services being provided

3. Definitions: Definitions of key terms used throughout the agreement

4. Service Description: Detailed description of the EFT services, including types of transfers permitted and processing times

5. Security Procedures: Mandatory security measures, authentication procedures, and customer obligations for secure access

6. Operating Requirements: Technical and operational requirements for using the EFT service

7. Fees and Charges: Structure and calculation of fees, charges, and payment terms

8. Customer Obligations: Customer responsibilities, including maintaining security and reporting unauthorized transactions

9. Bank's Rights and Obligations: Bank's responsibilities, service levels, and rights regarding service provision

10. Authorization and Instructions: Process for providing and validating transaction instructions

11. Liability and Indemnity: Allocation of liability between parties and indemnification provisions

12. Data Privacy and Confidentiality: Handling of personal data and confidential information in compliance with PDPO

13. Term and Termination: Duration of agreement and circumstances for termination

14. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes