Payment Transaction definition

Payment Transaction means an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means the execution of any order initiated by the paying party, the beneficiary, the person authorized to issue official transfer orders or the issuer of the summons for transfer, following a certain method of payment, irrespective of the legal relationship between the paying party and the beneficiary.

Payment Transaction means an act, initiated by a payer or by or through a payee, consisting of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

Examples of Payment Transaction in a sentence

• If the Client wishes to contest an allegedly unauthorized or incorrectly executed Transfer, they must contact Paynovate's Client service by phone call or email as soon as possible after becoming aware of the discrepancy and no later than four (4) weeks following the registration of the Payment Transaction in the Account.

• Fees and Pricing Conditions may be levied in the event of an unjustified contestation of a Payment Transaction.

• The merchant shall respond to a request for information received from Paynovate in connection with a specific Payment Transaction (retrieval request) by providing Paynovate with a legible copy of the Payment Transaction receipt and any other relevant information as determined by Paynovate within the time period specified in such request.

• Paynovate restores the Account to the state in which it would have been if the Unauthorized Payment Transaction had not taken place.

• In accordance with the law, Paynovate applies Strong Client Authentication when it: ● accesses the Client’s Online Payment Account; ● initiates an Electronic Payment Transaction; ● executes an Operation through a means of remote communication, which may involve a risk of fraud in payment or other fraudulent use.

More Definitions of Payment Transaction

Payment Transaction means an act initiated by or on behalf of the Payer or by the Payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the Payer and Payee.

Payment Transaction means an act, initiated by the payer or by the payee of transferring funds between payment accounts in the Union, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means an act, initiated by the User, acting as the payer or the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means payment transaction as defined in point (5) of Article 4 of Directive (EU) 2015/2366;

Payment Transaction means the placing, withdrawing or transferring of funds initiated by or on behalf and for the account of the payer or by the payee, regardless of any underlying obligations between the payer and the payee.

Payment Transaction. The processing of a payment from a Payer to a Payee.

Payment Transaction means depositing money to a payment account, withdrawing money from a payment account or the transfer of money, if such transaction is made within the framework of Payment Service;