Debit Network definition

Debit Network means a network upon which transactions linked to checking or savings accounts are routed.
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Debit Network is an online data processing system used to support PIN based Card Transactions.
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Debit Network means those debit networks determined by Processor through which debit transactions submitted by Merchant may be routed by Processor from time-to-time.
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Examples of Debit Network in a sentence

  • Merchant will permit and will pay all expenses of periodic examination and audit of functions related to each Debit Network, at such frequency as the applicable Debit Network deems appropriate.

  • Xxxxxxxx agrees to comply with all Debit Network rules, regulations, procedures, fees, assessments, penalties, and other membership duties, obligations, and costs of each such Debit Network, which are applicable to Merchant during the term of this Agreement.

  • If Merchant allows Cardholders to initiate cashback transactions, Merchant must transmit to the Debit Network for each cashback transaction initiated at Merchant’s location, the following information in its transaction message: (i) the amount of cashback given to the Cardholder pursuant to the POS transaction; and (ii) Whether the POS transactions involved the issuance of scrip to the cardholder.

  • Merchant will cooperate with Processor and with each applicable Debit Network and its other members to resolve any alleged errors relating to transactions.

  • Xxxxxxxx will comply with any other requirements relating to PIN security as required by Bank, NMS or any Debit Network, inclusive of PIN encryption method.

  • Neither Bank nor any Debit Network will have any liability to Merchant as a result of any such suspension or termination.

  • Merchant shall treat transactions by any Debit Network cardholders in the same manner as transactions by any other cardholders as permitted by the Rules and law.

  • In addition, in the event that Bank’s participation in such Debit Network is suspended for any reason, processing through such Debit Network by Merchant will be suspended for the period of time of such suspension and Bank will notify Merchant of that event.

  • This Section (2.06) pertains only to transactions authorized, captured and settled through such Debit Network.

  • Processing under a particular Debit Network may be suspended or terminated (without terminating this entire Agreement) if: (i) the Debit Network determines to suspend or terminate processing; or (ii) automatically, upon termination or expiration of Bank’s or Merchant’s access to such Debit Network whether caused by termination or expiration of Bank’s agreement with such Debit Network or otherwise.


More Definitions of Debit Network

Debit Network means the telecommunications and processing system of a shared electronic funds transfer network.
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Debit Network means the any regional or national debit network which routes PIN-based transactions through Bank and with respect to which Bank is either a direct or sponsored member.
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Related to Debit Network

  • BT Network means the communications network owned or leased by BT and used to provide a Service.

  • ACH Network means the funds transfer system, governed by the NACHA Rules, that provides funds transfer services to participating financial institutions.

  • Card Network means a payment card network, including the network operated by each of Visa, Mastercard, American Express and Discover.

  • Non-Network means any hospital, day care centre or other provider that is not part of the network.

  • Payment Network means a debit or credit network (such as the ACH Network or ACCEL / Exchange payment network) through which funds may be transferred.

  • Synchronous Optical Network (SONET) is an optical interface standard that allows inter-networking of transmission products from multiple vendors. The base rate is 51.84 Mbps (“OC-1/STS-1”) and higher rates are direct multiples of the base rate, up to 13.22 Gbps.

  • Network means the participating providers described in the Provider Directory.

  • Network plan means a policy of group health insurance offered by an insurer under which the financing and delivery of medical care, including items and services paid for as medical care, are provided, in whole or in part, through a defined set of providers under contract with the insurer. The term does not include an arrangement for the financing of premiums.

  • Network Element is As Defined in the Act.