Interchange Settlement definition
Examples of Interchange Settlement in a sentence
Neither party shall hold itself out as having the authority to bind the other except as specifically provided in connection with Interchange Settlement.
Further, and for the avoidance of doubt, the parties agree that in order for an authorization inquiry submitted to FDMS to be counted in the total number of Authorizations for purposes of this Agreement, FDMS must also perform core merchant settlement services with respect to the Transaction so authorized, including Interchange Settlement and Merchant statementing.
Customer acknowledges that performance of Interchange Settlement involves the settlement of certain of Customer's transactions jointly and on a combined net basis with the settlement of transactions of other customers of FDR.
RCSI understands that First Data handles the Interchange Settlement with the Associations for its clients including RCSI on a net settlement basis (the “Settlement System”).
RCSI acknowledges that performance of Interchange Settlement involves the settlement of certain of RCSI’s transactions jointly and on a combined net basis with the settlement of transactions of other customers of First Data.
RCSI agrees to discharge its Interchange Settlement obligations to First Data under this Article 17 in full and on first written demand without regard to any defense, setoff or right of counterclaim (without prejudice to the ability of RCSI to pursue these independently) and notwithstanding any act or omission or alleged act or omission or any insufficiency or deficiency that there is or has been or that may be alleged in the performance by First Data of its obligations under the Agreement or otherwise.
FDR and Customer agree that they will handle and settle Interchange Settlement pursuant to the terms and conditions governing Interchange Settlement as set forth in Exhibit F.
FDR and Customer agree that Sponsor Banks will handle and settle Interchange Settlement pursuant to the terms and conditions governing Interchange Settlement as set forth in the Sponsor Bank Agreements.
Clearing Bank understands that FDMS handles the Interchange Settlement with MasterCard and VISA for its clients, including Clearing Bank on a net settlement basis (the "Settlement System").
In order for FDR to provide its Services to Customer pursuant to this Agreement, it is necessary for FDR to handle and settle Interchange Settlement for Customer through the international Interchange networks of the Networks, MasterCard and VISA.