Examples of BIN Sponsor in a sentence
The TPA will issue distributions (including rollovers, transfers, and mistaken contributions) to you from the Distribution Account or to the BIN Sponsor for Debit Card settlement.
Subject to applicable limitations in Payment Network rules and any agreement with a BIN Sponsor, the Company Group owns, administers, and controls the wholesale Merchant Agreements and the relationship created thereby, and such control includes, without limitation, decisions regarding the continuance, amendment, assignment or termination of such Merchant Agreements.
For purposes of the foregoing, “owns” means that the Company Group has sole and exclusive ability to assign or transfer the Merchant relationship contemplated by the Merchant Agreement from the existing BIN Sponsor to a new BIN Sponsor bank designated by the Company Group in accordance with the terms and conditions of the relevant Sponsorship Agreement and the Payment Network rules.
To the Company’s Knowledge, there is no material investigation, proceeding or disciplinary action, including fines currently pending, or to the Company’s Knowledge, threatened in writing against the Company or any Company Subsidiary by a Payment Network, any BIN Sponsor or any third-party payment processor that provides transaction processing services for the Company Group member, including “front-end” authorizations or “back-end” settlement processing (a “Processor”).
BIN Sponsor Moorwand Ltd - an Authorized Electronic Money Institution regulated by the Financial Conduct Authority (Reference No. 900709), with its office registered at: Birchin Xxxxx 00 Xxxxxxx Xxxx, Xxxxxx, XX0X 0XX, Xxxxxx Xxxxxxx (Company No. 08491211).
Except for disputes that have arisen in the ordinary course of business, and that are not material in nature or amount, the Company is not engaged in any dispute with any Key Merchant, Key Agent, Material Processor, BIN Sponsor or Material Referral Provider.
To the Knowledge of the Company and after giving effect to applicable waivers, no Merchant is engaged in a business which is prohibited under the Payment Network rules or the underwriting guidelines of the Company Group, the applicable Material Processor or BIN Sponsor.
Further, the Closing will not trigger any rights, including payment of increased residuals, termination of exclusivity, granting of exclusivity, buy/sell options, termination rights or other rights or remedies, under or in connection with any other arrangement with any ISO, Key Agent, Processor, BIN Sponsor, or Third-Party Referral Provider.
The Bank shall have used its reasonable best efforts to become a BIN Sponsor.
Benefits of Using a BIN Sponsor Much faster route to market – potential savings of up to six to nine months.