Examples of HKICL FPS in a sentence
All payment or funds transfer transactions using HKICL FPS will be processed, cleared and settled under the interbank clearing and settlement arrangements including without limitation the arrangements in relation to the Faster Payment System agreed by the Participants and HKICL, its counterparties or any settlement bank from time to time.
Registration and amendment of Proxy ID and related records in the HKICL FPS must be done in accordance with the applicable rules, guidelines and procedures imposed by HKICL from time to time.
Where the Bank receives status update notifications involving any of the customer’s Proxy ID (or related records) or eDDA setup or any other matter relating to HKICL FPS from or through HKICL FPS from time to time, the Bank will notify the customer accordingly by such means and at such time as the Bank considers appropriate.6b.
For the avoidance of doubt, the Bank reserves the right to determine effecting any payment or fund transfer instructions by Clearing House Automated Transfer System (CHATS) or by telegraphic transfer or by HKICL FPS or by any combination of these.
The Bank has no control over the operation of HKICL FPS nor the timing on which the customer’s instructions or requests are executed by HKICL FPS.
HKICL FPS has the right to process and execute the customer’s instructions and requests in such sequence or manner as HKICL considers appropriate.
Should the payment or fund transfer processed by HKICL FPS involves cross-border payment or overseas counterparties, the payment process, clearing and settlement arrangements are also subject to the rules, laws and regulations of the relevant jurisdiction.2e.
The customer should not request the Bank to register any Proxy ID or set up any eDDA for the customer and should not initiate any payment or funds transfer using the HKICL FPS unless the customer accepts the provisions of this Part.1c.
In order to use the Addressing Service to receive payment or funds transfer using HKICL FPS, the customer has to register the customer’s Proxy ID in the HKICL FPS.
The Bank will process and submit the customer’s instructions and requests to HKICL FPS in accordance with the applicable terms, rules, guidelines and procedures imposed by or agreed with HKICL, its counterparties and any settlement bank from time to time.