Remittance Processing definition

Remittance Processing refers to an Internet-based banking service generally provided for the collection of a customer's receivables and subsequent credit to the customer's account. The service includes the collection of mail from the customer’s post office box, and the sorting, totaling, recording and imaging of the payments; the processing of items; availability of exception and stop payment processing features; and the consummation of necessary bank deposits (collectively, the “Remittance Services”).
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Examples of Remittance Processing in a sentence

  • The Employer will, and will be deemed to, hold the sum in trust on behalf of the employees until the Employer has paid such monies to the applicable Trust Fund or Union Provincial Remittance Processing Centre.

  • Such terms are set forth in this Tri-Party Remittance Processing Agreement (the “Agreement”).

  • Vendor will perform the Services in accordance with acceptable industry standards and in accordance with the Service Levels set forth in Attachment E-1 (for Transition Services) and Attachment E-2 (for Remittance Processing Services).

  • The total amount deducted will be remitted to the Union Provincial Remittance Processing Centre each month, by the twentieth (20th) of the month following the deduction, together with an itemized list of the employees for whom the deductions are made and the amount deducted for each.

  • Neither PHI nor any Subsidiary thereof shall amend or terminate the Remittance Processing Agreement or instruct any of its Account Debtors to make payments to any Person other than as set forth in the preceding sentence, without the prior written consent of the Collateral Agent.

  • A request for such deductions shall be submitted to the Employer in a format provided by the Remittance Processing Centre.

  • For each month, the Employer shall remit to the Remittance Processing Centre (RPC), for each eligible employee, an Employer contribution equal to the amount specified in Schedule A.

  • In the event of the bankruptcy (or any similar event) of the Employer, an amount equal to the amount that is owed to the applicable Trust Fund or Union Provincial Remittance Processing Centre for Union dues, Administration dues and or Permit dues and contributions that the employees are entitled to, will be deemed to be separate from and form no part of the estate that is in bankruptcy (or any similar event), whether or not that amount has in fact been kept separate and apart from the Employer’s own money.

  • Customer Payment (Remittance) Processing Number of Dominion Company customer payments processed during the preceding year ended December 31st.

  • The total amount deducted will be remitted to the Union Provincial Remittance Processing Centre each month, by the tenth (10th) of the month following the deduction, together with an itemized list of the employees for whom the deductions are made and the amount deducted for each.

Related to Remittance Processing

  • Remittance Information means the information that must specify the Billing Account Numbers (BANs) paid; invoices paid and the amount to be applied to each BAN and invoice.

  • Remittance Period means, (a) as to the initial Payment Date, the period beginning on, and including, the Closing Date and ending on, and including, the Determination Date immediately preceding such Payment Date and (b) as to any subsequent Payment Date, the period beginning, and including, on the first day after the most recently ended Remittance Period and ending on, and including, the Determination Date immediately preceding such Payment Date, or, with respect to the final Remittance Period, the Collection Date.

  • Remittance Amount means the funds denominated in Singapore Dollars or United Stated Dollars which is to be debited from the Customer's Account(s) and converted into the specified Foreign Amount.

  • Remittance Report A report prepared by the Servicer and delivered to the Trustee and the NIMS Insurer pursuant to Section 4.04.

  • Remittance Date With respect to each Distribution Date, the 18th day (or if such 18th day is not a Business Day, the first Business Day immediately following) of the month in which such Distribution Date occurs.