Processing Mechanism definition

Processing Mechanism means the payment mechanism through the internet or such other mode of payment and delivery as may be notified by RapiPay from time to time, including but not limited to Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and/or UPI (defined hereinafter).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Processing Mechanism means the payment mechanism through any permissible mode of payment and delivery as may be notified by Ujjivan SFB from time to time, including but not limited to Immediate Payment Service (“IMPS”), National Electronic Funds Transfer (“NEFT”), Real Time Gross Settlement (“RTGS”) and/or UPI (defined hereinafter).

Processing Mechanism means the payment mechanism through the internet utilizing the Payment Gateway Networks of Acquiring Banks including steps relating to Authentication and Authorisation for the purpose of effecting the transfer of funds from the Customer’s account to PSP’s nodal account followed by settlement of such funds to the Merchant’s account.

Examples of Processing Mechanism in a sentence

• In relation to the Processing Mechanism, NDML / Third Party Service Provider shall be entitled to seek deletion of the display of any material on the Entity Website if the act or manner of such display is mis-representative of the services of NDML / Service Provider, in the sole and exclusive opinion of NDML.

• NDML represents that its ability to provide the Payments Services, at any time, is contingent upon the various banks, Card Issuers and Payment Gateway Providers, agreeing to allow and continuing to allow, the usage of the Processing Mechanism by Entity for collection of Payment Amount(s) from its Citizens.

• Subject to the provisions of Clause 4.2 and 4.3 below, NDML agrees to release due payments to Entity directly or through its Third Party Service Provider of the amounts collected through valid and successful transactions conducted using the Processing Mechanism, after deductions of NDML’s Fees including service tax, duties and any other levies and other dues (including any refunds / adjustments processed on account of Entity Citizen Payment Amount(s) during the period).

• NDML’s sole obligation and Entity’s sole and exclusive remedy in the event of interruption to the Services or loss of use and/or access to NDML’s Site and/or the Payment Gateway Providers facilities / services, shall be to use all reasonable endeavors to restore the Services and/or access to the Processing Mechanism as soon as reasonably possible.

• Notwithstanding the aforesaid, Entity assures and guarantees to NDML the due performance of all Citizen Orders for which the payment has been transferred through the Processing Mechanism.

• Entity also agrees that it shall protect the technology and the proprietary software of NDML/Third Party Service Provider and the Processing Mechanism.

• In the event of any Partner Bank/Payment Gateway Provider not agreeing to extend or keep extended, for any reason whatsoever, the usage of the Processing Mechanism for processing transactions of Entity and/or its Citizens, NDML shall not be able to provide/keep provided the Payments Services in respect of that particular Partner Bank/Payment Gateway Provider.

• Subject to the terms and conditions hereinafter contained and in consideration of the payment of the Fees set out in Clause 3 of the Agreement, NDML shall by itself or in association with its Third Party Service Provider provide to Entity, services of providing the Processing Mechanism for obtaining Authentication and Authorisation of payments by Citizens from time to time (these services are hereinafter referred to as ‘Payments Services’).

• Whilst the NDML/ Third Party Service Provider shall use its best endeavors to ensure that there is no breakdown/ interruption or any technical flaw in the Processing Mechanism, Entity shall not hold NDML /Third Party Service Provider responsible for any breakdown / interruption or any technical flaw in the Processing Mechanism and/or any consequent delay or failure in completion of payment instructions as a consequence thereof.

• To enable the rendering of the Payments Services under this Agreement, NDML /Third Party Service Provider would require integrating with Entity’s portal, which may require the installation of certain software and hardware solutions and enabling the portal for the use of the Processing Mechanism.

More Definitions of Processing Mechanism

Processing Mechanism means the payment mechanism through the internet facilities and through such other modes and mechanisms of payment and delivery as may be notified by Nextlayer from time to time.

Processing Mechanism means the mechanism utilizing the payment channels of the Payment Service Providers through Bank Services and/or through such other modes and mechanisms of payment, as may be notified by Bank from time to time;