Interchange Settlement Account Sample Clauses
The Interchange Settlement Account clause defines the mechanism by which financial transactions between parties are settled, typically involving the transfer of funds to reconcile balances resulting from exchanges of goods, services, or payment instructions. In practice, this clause outlines the procedures for crediting and debiting the relevant accounts, specifies the timing and frequency of settlements, and may detail the responsibilities of each party in maintaining sufficient funds. Its core function is to ensure accurate and timely settlement of obligations, thereby reducing settlement risk and promoting trust between the parties involved.
Interchange Settlement Account. In order for First Data to provide its Services to RCSI pursuant to the Agreement, it is necessary for First Data to handle and settle “Interchange Settlement” for RCSI through the international interchange (“Interchange”) networks of Associations. It shall be the responsibility of RCSI to provide ICA and BIN numbers from the respective Associations for use by First Data in the settlement of transactions for RCSI. RCSI understands that First Data handles the Interchange Settlement with the Associations for its clients including RCSI on a net settlement basis (the “Settlement System”). To facilitate the Settlement System, First Data has established, will establish or will direct RCSI to establish and may in the future establish or direct RCSI to establish, one or more interchange settlement “Central Clearing Accounts” (collectively the “Settlement Account”) at one or more banks.
Interchange Settlement Account. In order for FDR to provide its Services to Customer pursuant to this Agreement, it is necessary for FDR to handle and settle Interchange Settlement for Customer through the international Interchange networks of the Networks, MasterCard and VISA. Customer understands that FDR handles the Interchange Settlement with the Networks, MasterCard and VISA for its clients including Customer on a net settlement basis (the "Settlement System"). To facilitate the Settlement System, FDR has established, will establish or will direct Customer to establish and may in the future establish or direct Customer to establish one or more interchange settlement Central Clearing Accounts (collectively the "Settlement Account") at one or more banks.
Interchange Settlement Account. In order for FDR to provide its services to Customer pursuant to this Agreement, it is necessary for FDR to handle and settle Interchange Settlement for Customer through the international Interchange networks of MasterCard and VISA. It shall be the responsibility of Customer to provide ICA and BIN numbers from MasterCard and VISA, respectively, for use by FDR in the settlement of transactions for Customer. Customer understands that FDR handles the Interchange Settlement with MasterCard and VISA for its clients including Customer on a net settlement basis (the "Settlement System"). To facilitate the Settlement System, FDR has established, will establish or will direct Customer to establish and may in the future establish or direct Customer to establish one or more interchange settlement Central Clearing Accounts (collectively the "Settlement Account") at one or more banks.