Payment Control Service Clause Samples
Payment Control Service. 4.1 Any Full Access (Account Signatory) User may request from within the Service that one of the following payment control methods applies to your Account(s):
4.1.1 individual Users can make payments up to a limit specified by you for that User (“Individual Payment Limit”);
4.1.2 every payment requires two Users (subject to clause 4.2) to participate in the control process (one User creates and approves a payment instruction and the second User authorises that instruction); or
4.1.3 every payment requires three Users (subject to clause 4.2) to participate in the control process (one User creates and authorises a payment instruction and two other Users must also authorise that same payment instruction.
4.2 Any Full Access (Account Signatory) User may request from within the Service that an individual User can only create payment instructions (“Creator”).
4.2.1 The Creator can also be an authoriser for the purpose of clause 4.1.2 or 4.1.3.
4.2.2 Where the Creator is not an authoriser for the purpose of clause 4.1.2 or 4.
Payment Control Service. 4.1 Any Full Access (Account Signatory) User may request, change or end a Payment Control Service. Ô One of the following restrictions on making payments: ▶ an Individual Payment Limit for a User; ▶ subject to clause 4.2, every payment requires: ▶ two Users to participate in the control process (one User creates and approves a payment instruction and the second User authorises that instruction); or ▶ three Users to participate in the control process (one User creates and authorises a payment instruction and two other Users must also authorise that same payment instruction).
4.2 Any Full Access (Account Signatory) User may designate an individual User as a “Creator” can only create payment instructions. Where this is the case, the designating User can also decide that:
4.2.1 The Creator can also be an authoriser for the purpose of any Payment Control Service; or
4.2.2 Where the Creator is not an authoriser for the purpose of a Payment Control Service, any instruction created by that Creator and subject to a Payment Control Service will require authorisation from two or three other Users, as applicable;
4.3 If we are asked to apply, change or end a three User authorisation process, we will write to the Business requesting authorisation for such a change. The change will not apply until authorisation is received in writing. Other changes will be applied automatically.
4.4 The Payment Control Service you select applies to any transfer of funds to a third party or between your connected business accounts held with us but it does not apply to transfers between your other accounts you could make from the Service.
4.5 If no Payment Control Service is set up, any one of your Full Access Users will be able to make a payment subject to the limits set out for the Service within Internet Banking.
4.6 If you set up a Payment Control Service and a payment is awaiting authorisation from another User then it is your responsibility to set up internal arrangements within your business to ensure that you are made aware of such pending payments. We will not be liable where a pending payment is delayed because it was not authorised by a User in accordance with any Payment Control Service arrangement you have set up.