Authorization and Settlement. (a) Authorization and settlement of Program Card transactions will take place through the Network. Gap’s merchant acquirer shall determine the [***] for all transactions processed and settled through the Network with Gap’s acquirer. Except for Gap’s [***], Private Label Card transactions will be processed and settled [***].
(b) Barclays shall only decline Purchase transaction authorizations (i) to the extent required by Applicable Law or Network Rules, (ii) where the Purchase would exceed the permitted credit limit or available credit or fails a fraud, unauthorized use or suspicious activity filter, (iii) if the Account is in default or (iv) otherwise in accordance with the Risk Management Policies.
Authorization and Settlement a. Each time Client requests a payment through the Verto Platform, Client represents and warrants that Client has all necessary and compliant authorizations and approvals under Applicable Law, including to originate a funds transfer to the identified Beneficiary, in the amount and on the date submitted, and that each payment is accurate and timely and authorization has not been revoked.
b. When Verto receives a payment request from Client through the Verto Platform, Verto will submit payment instructions to Bank or another Payment Service Provider to initiate an electronic fund transfer to the identified beneficiary. Bank and any other Payment Service Provider may effect such electronic fund transfer by ACH, wire payment, or any other method. If processed by ACH, payments to Beneficiaries located outside the United States will be processed as IAT Entries. Bank may not process payments on days that are not Business Days. Entries received after Bank’s cutoff time or on a non-Business Day shall be deemed to have been received on the next Business Day.
c. If processed by ACH, Client’s rights and obligations as the Originator of ACH credit Entries are governed by and construed in accordance with the laws of the state of Delaware, as well as the Nacha Operating Rules and Guidelines, as provided for in the Nacha Operating Rules and Guidelines. The Client also agrees that it authorises the Bank to originate credit Entries on behalf of the Originator and for any debit Entries returned by the RDFI. Any credit given by the RDFI to Beneficiary (the Receiver of a credit Entry) is provisional until the RDFI has received final settlement as provided for in Section 4A-403(a) of Article 4A of the UCC and as provided for in the Nacha Operating Rules and Guidelines. If the RDFI does not receive payment for the Entry, the RDFI is entitled to a refund from the Receiver in the amount of the credit to the Receiver’s account, and Client will not be considered to have paid the amount of the credit Entry to the Receiver. Client shall not be permitted to transmit any type of SEC Codes not permitted by Verto. If processed by wire payments, transactions may be processed through the Federal Reserve or correspondent financial institutions and are governed by Applicable Law, including Regulation J and UCC Article 4A, as provided for in the Nacha Operating Rules and Guidelines. International wire transfers may be routed
d. Verto is entitled to rely on any payment request and associated in...
Authorization and Settlement
