Amends GS 25-4A-201, which defines a security procedure as a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment order or communication amending or cancelling a payment order is that of the customer or (2) detecting error in the transmission or the content of the payment order or communication. Now adds the requirement that a security procedure require the receiving bank to verbally verify the payment order or communication with the customer and, if the receiving bank is the beneficiary's bank, the beneficiary.

Amends GS 25-4A-204 by adding that if a receiving bank accepts a payment order issued in the name of its customer as sender that is not authorized under GS 25-4A-202(a) (which specifies that a payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency) but that is effective as an order of the customer under GS 25-4A-202(b) (which provides that if a bank and its customer have agreed that the authenticity of payment orders issued to the bank in the name of the customer as sender will be verified pursuant to a security procedure, a payment order received by the receiving bank is effective as the order of the customer, whether or not authorized, if specified conditions are met), then the bank must refund 25% of any payment of the payment order received from the customer within 30 days of discovering that the payment order was not authorized. Makes additional technical and clarifying changes.

Amends GS 25-4A-404, which provides that if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order and makes payment due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds-transfer business day of the bank, payment is due on the next funds-transfer business day. Adds that if the beneficiary's bank account was opened within one year and the payment amount is greater than $100,000, the bank must pay the beneficiary only 25% of the payment amount on this date and pay the remaining amount 10 funds-transfer business days later without interest. Makes additional technical and clarifying changes.

Requires the Revisor of Statutes to print as annotations to the published General Statutes all explanatory comments of the drafters of this act as the Revisor deems appropriate.

Effective October 1, 2025, and applies to funds transfers commencing on or after that date.