Payment Account Security Clause Samples
The Payment Account Security clause establishes requirements and responsibilities for safeguarding the financial accounts used in transactions under the agreement. It typically outlines measures such as encryption, restricted access, and regular monitoring to prevent unauthorized access or fraudulent activity involving payment accounts. By setting these standards, the clause helps protect both parties from financial loss and data breaches, ensuring the integrity and security of payment processes.
Payment Account Security i. Finductive provides personalised security features in compliance with the PSD2 requirements consisting, amongst others, of 2-factor strong customer authentication which is included in the Platform both at customer login and at payment execution. Finductive ensures that the personalised security features conform to all Regulatory Technical Standards and are not accessible to anyone other than the Account Holder, without prejudice to the obligations on the Account Holder.
ii. In case the Account Holder wishes to use an alternative method for two-factor authentication and receipt of OTP, the Account Holder has to select this option through the Platform. Transactions, operations and activities confirmed with the OTP, generated via each of the available two-factor authentication methods, supported for the Service, will be considered as valid and binding on the Account Holder.
iii. The Account Holder agrees to use his/her credentials, such as username and password and other personalised security features in accordance with these Terms and Conditions and applicable law. The Account Holder must not provide and must not allow disclosure of the personalised security features to any third party as it may result in unauthorised transactions, for which the Account Holder shall be held fully liable.
iv. Finductive undertakes to make every reasonable effort to prevent any other use of the Payment Account.
Payment Account Security i. Finductive provides personalised security features in compliance with the PSD2 requirements consisting, amongst others, of 2‐factor strong customer authentication which is included in the Platform both at customer login and at payment execution. Finductive ensures that the personalised security features conform to all Regulatory Technical Standards and are not accessible to anyone other than the Account Holder, without prejudice to the obligations on the Account Holder.
ii. The Account ▇▇▇▇▇▇ agrees to use his/her credentials, such as username and password and other personalised security features in accordance with these Terms and Conditions and applicable law. The Account Holder must not provide and must not allow disclosure of the personalised security features to any third party as it may result in unauthorised transactions, for which the Account Holder shall be held fully liable.
iii. Finductive undertakes to make every reasonable effort to prevent any other use of the Payment Account.