National Shared Database definition
Examples of National Shared Database in a sentence
Customer acknowledges and agrees, on behalf of itself and Payees, that all information submitted by Customer in an inquiry or otherwise contributed by Customer pursuant to this Section 3 is contributed to the National Shared Database, and may be used by EWS for the purpose of providing the EWS Account Verification Services and its other services in compliance with all applicable laws.
The Account Verification Services performed through EWS consists of EWS’ Account Ownership Service and Account Status Service (“EWS Account Verification Service”) which provides information on the ownership of the Deposit Account, whether the Payee associated with the Deposit Account is authorized to transact on the given Deposit Account, and in the case of the Account Status Service, whether a presented Account number is open, closed, or not located in the National Shared Database.
EWS retains all rights, title and interests in and to the Real- time Payment Chek® Service with AOA and the National Shared Database, including any enhancements thereto, whether conceived by you, EWS, or otherwise.
You acknowledge that the Real-time Payment Chek® Service with AOA and the National Shared Database are proprietary to EWS and that you receive no copyright, intellectual property rights, or other rights (other than those described in this Service Description) in or to any of the foregoing.
Response Data is based on information from the National Shared Database reported as of the last contribution submitted to the National Shared Database.
If you are a Financial Services Organization with 250,000 or more Client Accounts, then, as a condition of using the service, you shall be required to contribute data to the National Shared Database.
The EWS Account Verification Services allows Provider to make an electronic inquiry to EWS through a Provider connection with EWS in order to receive information from the National Shared Database transmitted in response to such inquiry (“Response Data”).
You will protect and not violate those proprietary rights and honor and comply with Bank’s reasonable requests to protect Bank’s and EWS’s contractual, statutory, and common law rights in the Real-time Payment Chek® Service with AOA and the National Shared Database.
The validation is performed either in real time or by batch process against cross-bank contributed account data stored in a National Shared Database maintained by EWS.