Common use of Incorrectly executed transactions Clause in Contracts

Incorrectly executed transactions. The Bank remains responsible in respect of the Account Holder for the proper execution of debit transactions on the account performed by transfer until the payee’s service provider receives the amount indicated on the payment order. Thereafter, the payee's service provider is responsible for proper execution of the payment transaction with regard to the payee. If a payment transaction is initiated by or through the payee, the Bank shall be responsible for the non-execution or incorrect execution of such payment transaction with respect to the Account Holder only if the payee’s payment service provider has transmitted the payment order to it correctly and at the proper time. If the Bank cannot prove the effective transfer of the funds to the payee’s service provider in accordance with the payment order sent to it either by the Account Holder or by the payee’s service provider, as the case may be, the Bank undertakes, as required and without undue delay, to restore the debited account to the position it would have been in if the incorrectly executed payment transaction had not taken place, provided that notice of such transaction has been issued within the period laid down in Article 28 of this agreement. The value date on which the Account Holder’s account is credited shall not be later than the date on which it was debited. As soon as the Bank receives an amount for the Account Holder, it becomes responsible for making the funds received from the payer’s service provider immediately available on the Account Holder’s account. If its liability is incurred, it shall immediately make available to the Account Holder the payment transaction amount and credit, as required, the Account Holder's account with the corresponding amount, with the value date that would have been assigned to said credit if the transaction had been properly executed. If the Bank is liable, it must compensate the Account Holder for the charges for which they are liable and interest borne by the latter due to the non-execution or incorrect execution, including late execution, of the payment transaction. A payment order executed by the Bank in accordance with the unique identifier provided by the Account Holder shall be deemed to have been duly executed as regards the payee designated by the unique identifier. The Bank shall be released from any liability if the Account Holder has provided it with an incorrect unique identifier or in the event of force majeure. However, the Bank verifies, to the extent technically possible and without requiring manual intervention, whether the unique identifier is coherent. If incoherent, it shall refuse to execute the payment order and notify its refusal to the person that has supplied it with the identifier. At the request of the Account Holder and in all cases, the Bank will use all means at its disposal to trace back the incorrectly executed payment transaction, shall inform the Account Holder of the results of its searches and endeavour to recover the funds concerned. If it is not possible to recover the funds, the Bank shall provide the Account Holder, upon written request, with all information available to it and relevant for the Account Holder in order for the latter to file a claim to recover the funds. If the Account Holder is the payee in the transaction, the Bank shall communicate to the payer's service provider all relevant information to recover the funds. In accordance with legal and regulatory provisions, the Bank may be required to carry out checks or request authorizations before carrying out a payment transaction. In such case, it shall not be held liable for delays or for the non-execution of payment transactions. When a payment order is initiated by the Account Holder through a payment service provider providing a payment initiation service, the Bank shall refund the Account Holder the amount of the payment transaction that has not been executed or has been incorrectly executed and, as appropriate, restore the debited payment account to the position in which it would have been if the incorrectly executed payment transaction had not taken place. If the payment service provider providing a payment initiation service is responsible for the non-execution, incorrect execution or late execution of the payment transaction, it shall immediately compensate the Bank, upon its request, for losses suffered or amounts paid to refund the Account Holder.

Incorrectly executed transactions. The Bank remains responsible in respect of the Account Holder holder for the proper execution of debit transactions on the account performed by transfer until the payee’s service provider receives the amount indicated on the payment order. Thereafter, the payee's service provider is responsible for proper execution of the payment transaction with regard to the payee. If a payment transaction is initiated by or through the payee, the Bank shall be responsible for the non-execution or incorrect execution of such payment transaction with respect to the Account Holder holder only if the payee’s payment service provider has transmitted the payment order to it correctly and at the proper time. If the Bank cannot prove the effective transfer of the funds to the payee’s service provider in accordance with the payment order sent to it either by the Account Holder holder or by the payee’s service provider, as the case may be, the Bank undertakes, as required if necessary and without undue delay, to restore the debited account to the position it would have been in if the incorrectly executed payment transaction had not taken place, provided that notice of such this transaction has been issued notified within the period laid down set out in Article 28 17-10-1 of this agreement. The value date on which the Account Holderholder’s account is credited shall not be later than the date on which it was debited. As soon as the Bank receives an amount for the Account Holderholder, it becomes responsible for making the funds received from the payer’s service provider immediately available on the Account Holderholder’s account. If its liability is incurred, it shall immediately make available to the Account Holder holder the payment transaction amount and credit, as required, the Account Holder's holder’s account with the corresponding amount, with the value date that would have been assigned to said credit if the transaction had been properly executed. If the Bank is liable, it must compensate the Account Holder holder for the charges for which they are liable and interest borne by the latter due to the non-execution or incorrect execution, including late execution, of the payment transaction. A payment order executed by the Bank in accordance with the unique identifier provided by the Account Holder shall be holder is deemed to have been duly executed as regards the payee designated by the unique identifier. The Bank shall be released from any liability if the Account Holder holder has provided it with an incorrect unique identifier or in the event of force majeure. However, the Bank verifies, to the extent technically possible and without requiring manual intervention, whether the unique identifier is coherent. If incoherent, it shall refuse to execute the payment order and notify its refusal to the person that has supplied it with the identifier. At the request of the Account Holder holder and in all cases, the Bank will use all means at its disposal to trace back the incorrectly executed payment transaction, shall inform the Account Holder holder of the results of its searches and endeavour to recover the funds concerned. If it is not possible to recover the funds, the Bank shall provide the Account Holderholder, upon written request, with all information available to it and relevant for the Account Holder holder in order for the latter to file a claim to recover the funds. If the Account Holder holder is the payee in the transaction, the Bank shall communicate to the payer's service provider all relevant information to recover the funds. In accordance with legal and regulatory provisions, the Bank may be required to carry out checks or request authorizations before carrying out a payment transaction. In such that case, it shall not be held liable for delays or for the non-execution of payment transactions. When a payment order is initiated by the Account Holder holder through a payment service provider providing a payment initiation service, the Bank shall refund the Account Holder holder the amount of the payment transaction that has not been executed or has been incorrectly executed and, as appropriate, restore the debited payment account to the position in which it would have been if the incorrectly executed payment transaction had not taken place. If the payment service provider providing a payment initiation service is responsible for the non-execution, incorrect execution or late execution of the payment transaction, it shall immediately compensate the Bank, upon its request, for losses suffered or amounts paid to refund the Account Holderholder.

Incorrectly executed transactions. The Bank remains responsible in respect of the Account Holder holder for the proper execution of debit transactions on the account performed by transfer until the payee’s service provider receives the amount indicated on the payment order. Thereafter, the payee's service provider is responsible for proper execution of the payment transaction with regard to the payee. If a payment transaction is initiated by or through the payee, the Bank shall be responsible for the non-execution or incorrect execution of such payment transaction with respect to the Account Holder holder only if the payee’s payment service provider has transmitted the payment order to it correctly and at the proper time. If the Bank cannot prove the effective transfer of the funds to the payee’s service provider in accordance with the payment order sent to it either by the Account Holder holder or by the payee’s service provider, as the case may be, the Bank undertakes, as required if necessary and without undue delay, to restore the debited account to the position it would have been in if the incorrectly executed payment transaction had h ad not taken place, provided that notice of such this transaction has been issued notified within the period laid down set out in Article 28 Articl e 17-10-1 of this agreement. The value date on which the Account Holderholder’s account is credited shall not be later than the date on which it was debited. As soon as the Bank receives an amount for the Account Holderholder, it becomes responsible for making the funds received from the payer’s service provider immediately available on the Account Holderholder’s account. If its liability is incurred, it shall immediately make available to the Account Holder holder the payment transaction amount and credit, as required, the Account Holder's holder’s account with the corresponding amount, with the value date that would have been assigned to said credit if the transaction had been properly executed. If the Bank is liable, it must compensate the Account Holder holder for the charges for which they are liable and interest borne by the latter due to the non-execution or incorrect execution, including late execution, of the payment transaction. A payment order executed by the Bank in accordance with the unique identifier provided by the Account Holder shall be holder is deemed to have been duly executed as regards the payee designated by the unique identifier. The Bank shall be released from any liability if the Account Holder holder has provided it with an incorrect unique identifier or in the event of force majeure. However, the Bank verifies, to the extent technically possible and without requiring manual intervention, whether the unique identifier is coherent. If incoherent, it shall refuse to execute the payment order and notify its refusal to the person that has supplied it with the identifier. At the request of the Account Holder holder and in all cases, the Bank will use all means at its disposal to trace back the incorrectly executed payment transaction, shall inform the Account Holder holder of the results of its searches and endeavour to recover the funds concerned. If it is not possible to recover the funds, the Bank shall provide the Account Holderholder, upon written request, with all information available to it and relevant for the Account Holder holder in order for the latter to file a claim to recover the funds. If the Account Holder holder is the payee in the transaction, the Bank shall communicate to the payer's service provider all relevant information to recover the funds. In accordance with legal and regulatory provisions, the Bank may be required to carry out checks or request authorizations before carrying out a payment transaction. In such that case, it shall not be held liable for delays or for the non-execution non -execution of payment transactions. When a payment order is initiated by the Account Holder holder through a payment service provider providing a payment initiation service, the Bank shall refund the Account Holder holder the amount of the payment transaction that has not been executed or has been incorrectly executed and, as appropriate, restore the debited payment account to the position in which it would have been if the incorrectly executed payment transaction had not taken place. If the payment service provider providing a payment initiation service is responsible for the non-execution, incorrect execution or late execution of the payment transaction, it shall immediately compensate the Bank, upon its request, for losses suffered or amounts paid to refund the Account Holderholder.