Examples of Payment Integrated Financial Institution in a sentence
Upon receipt of such notification from the relevant Payment Integrated Financial Institution confirming validation, PEXA will add the Source Account to the Representative Subscriber’s Subscriber Profile.
Once the Electronic Workspace is Locked, where funds are being provided from a Source Account, PEXA will prepare and send a Payment Instruction File to the relevant Payment Integrated Financial Institution to initiate a movement of funds from that Source Account in accordance with the authorisations and instructions in the Electronic Workspace.
Upon receipt of a Trust Account Form completed by a Representative Subscriber, PEXA will send it to the relevant Payment Integrated Financial Institution.
The statutory trust account must be held at a Financial Institution which is a Payment Integrated Financial Institution with PEXA.
In cases where the relevant Payment Integrated Financial Institution notifies PEXA of partial validation (for example, where the statutory trust account is validated, but one or more of the payment authorisers nominated by the Subscriber are not authorised signatories), PEXA will notify the Subscriber and will only add validated accounts and allow linking of validated payment authorisers to the Subscriber’s Profile.
On receiving the completed Trust Account Form, the Payment Integrated Financial Institution will review the Trust Account Form and notify PEXA whether:• the account details are valid (or otherwise); and• the payment authorisers nominated by the Subscriber are authorised signatories on the account (or otherwise).
On receiving the completed Trust Account Form, the Payment Integrated Financial Institution will review the Trust Account Form and notify PEXA whether: the account details are valid (or otherwise); and the payment authorisers nominated by the Subscriber are authorised signatories on the account (or otherwise).