Settlement Bank definition

Settlement Bank means a participant whose PM account or sub-account is used to settle AS payment instructions,

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Settlement Bank means Settlement Member or its Alternate Submission Location through which the Settlement Member provides CLS third party services.

Settlement Bank means a bank designated as such by Clearing Corporation from time to time for settlement of transactions.

Examples of Settlement Bank in a sentence

• The Software will have access to the Networks, Third Party Processors (TPPs), Vendors and a Settlement Bank, each of which shall be selected by Company.

• The Software will facilitate (at Company’s option) some or all of the following: acceptance of signature -based debit, credit and stored value electronic transactions; use of electronic funds transfer, including electronic transfers from Custom ers’ banks, electronic checks, and the transfer of funds from the Settlement Bank to the Merchant Deposit Account On file with the Company via use of the Vendor Services.

• With the exception of those fees listed in Exhibit A which may be modified by Company in its sole discretion, this Agreement may only be amended or modified by a written agreement between the parties; provided however, notwithstanding the foregoing, this Agreement may be unilaterally amended by Company if such amendment is mandated by a Card Brand, NACHA, any Settlement Bank, its Vendors or by law.

• Company’s provision of the Software, use of the Vendor Services and the provision of access to the Networks, TPPs, and Settlement Bank is collectively referred to as the “Service”.

• Company is responsible for ensuring that Settlement Bank and applicable Vendor settle Transactions and deposits payments from Customers net of Fee.

More Definitions of Settlement Bank

Settlement Bank means a settlement member of the CHAPS and Town Clearing systems who has entered into contractual arrangements with the CGO to provide Assured Payment facilities for members of the CGO;

Settlement Bank means a bank holding accounts with regards to payments, where the discharge of obligations arising from a payment system takes place;

Settlement Bank means the bank which maintains the settlement accounts of all the member banks for settlement of clearing and / or other obligations.

Settlement Bank means a ►M3 PM account holder ◄ whose PM account or sub-account is used to settle payment instructions submitted by an ancillary system via the ASI;

Settlement Bank means a recognised bank which Giveall uses to settle (i.e. to pay into) the merchant or any other funds.

Settlement Bank means any bank with a SAMOS account;

Settlement Bank means a bank that maintains an account either for the Clearinghouse or for any of its Clearing Members, which is used for the purpose of any settlement activity described in 17 CFR § 39.14.