Third-Party Sender definition

Third-Party Sender refers to an entity which functions as a type of Third-Party Service Provider that acts as an intermediary in transmitting entries between an Originator and an ODFI and acts on behalf of an Originator.

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Third-Party Sender means an organization that is not an Originator that has authorized an ODFI or a third party service provider to transmit, for its account or the account of another Third Party Sender, a Credit Entry, Debit Entry or non-monetary Entry to the Receiver's account at the RDFI.

Third-Party Sender has the meaning set forth in Section 2.3.

Examples of Third-Party Sender in a sentence

• In any case in which Customer proposes to act as a Third-Party Sender with respect to the initiation of Entries on behalf of another Third-Party Sender, Customer shall perform due diligence on each proposed Third-party Sender and provide a summary of the results of the due diligence to Bank upon such form, and in such format, as Bank may from time to time require.

• In any case in which Customer proposes to act as a Third-Party Sender with respect to the initiation of Entries on behalf of other Originators, Customer shall perform due diligence on each proposed Originator and provide a summary of the results of the due diligence to Bank upon such form, and in such format, as Bank may from time to time require.

• All intended third-party beneficiaries to this Agreement, including the ODFI and Third-Party Sender, shall also be considered to be intended third-party beneficiaries of any amendments.

• Obtaining general information on the proposed Third-Party Sender including name, address, taxpayer identification or social security numbers, copies of corporate organization documents, identity of owners, type of business, purpose for the transactions and similar general information.

• Due Diligence; Bank Approval of Third-Party Sender and Originators.

More Definitions of Third-Party Sender

Third-Party Sender means a person that performs functions related to the origination of ACH Entries on behalf of another business organization, and as such term is more specifically defined in the ACH Rules.

Third-Party Sender means a person that is not an Originator, that has authorized an ODFI or another Third Party Sender to transmit, for the account of the Third Party Sender or another Third Party Sender, (i) a credit entry to the account of a Receiver with an RDFI, or if the Receiver is also the RDFI, to such Receiver, in order to effect a payment from the Originator to the Receiver, or (ii) a debit entry to the account of a Receiver, or if the Receiver is also the RDFI, to such Receiver, in order to effect a payment from the Receiver to the Originator.

Third-Party Sender means a Person that is not an Originator that has authorized an ODFI to transmit, for its account or the account of another Third Party Sender, (a) a Credit Entry to the Receiver’s deposit account or loan account with an RDFI or the RDFI’s general ledger account, or, if the Receiver is also the RDFI, to such Receiver’s account, in order to effect a payment from the Originator to the Receiver, (b) a Debit Entry to the Receiver’s deposit account or general ledger account, or, if the Receiver is also the RDFI, to such Receiver’s account, in order to effect a payment from the Receiver to the Originator, or (c) Non-Monetary Entry with respect to its account or the account of another Third Party Sender.

Third-Party Sender shall have the meaning given to it in Article Eight of the Rules.

Third-Party Sender means an intermediary between the company originating the ACH payment and ODFI of that transaction, as defined in the NACHA Rules.

Third-Party Sender means a person that is not an originator that has authorized an ODFI (or another third-party sender) to transmit, for the account of the third-party sender (or another third-party sender), (i) a credit entry to the account of a receiver with an RDFI (or, if the receiver is also the RDFI, to such receiver) in order to effect a payment from the originator to the receiver, or (ii) a debit entry to the receiver’s transaction account or general ledger account with an RDFI (or, if the receiver is also the RDFI, to such receiver) in order to effect a payment from the receiver to the originator.

Third-Party Sender means PayNearMe when PayNearMe is acting as an intermediary between the company originating the ACH payment and the Originating Depository Financial Institution (ODFI) of that Transaction.