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 a money transfer or cash-in/out operation initiated by the Payer, in the Payer’s name, or by the Recipient.
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.
Examples of Payment Transaction in a sentence
In any event, in case of any outward Payment Transaction which may be considered to be a European Union cross-border payment made in Euro currency, Finductive shall process the Payment Order by no later than the end of the following Business Day on which the Payment Order was placed.
Where currency conversion has to be effected for a Payment Transaction, the applicable exchange rate shall be available on the Platform itself before the Payment Order is submitted.
Fees shall be debited from the Account Holder’s Payment Account automatically with the execution of every Payment Transaction.
More Definitions of Payment Transaction
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 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;
Payment Transaction means payment transaction as defined in point (5) of Article 4 of Directive (EU) 2015/2366;
Payment Transaction means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money;
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 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;
Payment Transaction means a periodic or one-off transfer, ordered by the Account Holder, or by any authorised representative, debiting the Payment Account.