FPX system definition

FPX system means an exchange infrastructure and application platform offered by PayNet. This system facilitates electronic payment transactions, which is connected to various banks’ Internet Banking platform. FPX offers multi-layer solutions across all markets in terms of Business-to-Business (B2B) and Business-to-Customer (B2C).
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Examples of FPX system in a sentence

  • The Sub seller must ensure that it has and maintains adequate procedures and systems for receiving and processing prompt payment confirmation received from FPX system and promptly and correctly updates the payment status as well as to ensure that its obligations are fulfilled to the Buyer’s satisfaction.

  • Payment An order from a Buyer to its Buyer Bank directing the Buyer Bank to: Draw funds from the Buyer’s bank account via Internet Banking; and Transmit payment confirmation message to FPX system to perform crediting of funds to the Acquirer to pay a Seller for a successful FPX transaction.

  • FPX system does not accommodate any web caching to prevent storing of files/data in the hard disk cache and ensuring confidentiality of customer/business partner information.

  • Payment An order from a Buyer to its Buyer Bank directing the Buyer Bank to:  Draw funds from the Buyer’s bank account via Internet Banking; and  Transmit payment confirmation message to FPX system to perform crediting of funds to the Acquirer to pay a Seller for a successful FPX transaction.