Third party settlement organization definition

Third party settlement organization means the central organization which has the contractual obligation to make payment to participating payees of third party network transactions.43,44 The most common example of a third-party settlement organization is an online auction-payment facilitator, which operates merely as an intermediary between buyer and seller by transferring funds between accounts in settlement of an auction/purchase.45
Third party settlement organization means the central organization which has the contractual obligation to make payment to participating payees of third party network transactions.41,42 These organizations include payment services such as PayPal, Venmo, and CashApp.43

Examples of Third party settlement organization in a sentence

  • The term third party network transaction means any transac- tion that is settled through a third party payment network.(2) Third party settlement organization.

Related to Third party settlement organization

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