Common use of On-line Payment Processing Clause in Contracts

On-line Payment Processing. Through Vendor's arrangements with its third party on-line banking providers (Vendor Agents), an encrypted file will be received by the Vendor every weekday on behalf of Prudential. This encrypted file will contain the customer's name, policy number, trace number, assigned code for the on-line banking provider, payment amount, and additional information. It will be matched up by Vendor against Prudential's look-up file to confirm the accuracy of customer policy numbers. Discrepancies with the policy numbers or otherwise unmatched items will be sent back the same day to the on-line banking provider. Matching payments will be included on an Accounts Receivable ("A/R") file transmission to Prudential in the required format as defined by Prudential. The third party on-line banking vendor provides guaranteed funds. In the event that: (1) the third party on-line banking vendor materially changes its offerings, including guaranteed funds, Vendor must provide prompt written notice to Prudential as soon as it is aware of such changes; and/or (2) Vendor intends to change the third party on-line banking vendor servicing Prudential in connection with the RP Services as set forth in this Attachment B-2, Vendor must provide prompt advanced written notice to Prudential and obtain Prudential's prior written consent before any such change is made. Reporting requirements for the On-Line Payment Processing activities set forth in this Section 2.9 are outlined under Attachment L.

On-line Payment Processing. Through Vendor's arrangements with its third party on-line banking providers (Vendor Agents), an encrypted file will be received by the Vendor every weekday on behalf of Prudential. This encrypted file will contain the customer's name, policy number, trace number, assigned code for the on-line banking provider, payment amount, and additional information. It will be matched up by Vendor against Prudential's look-up file to confirm the accuracy of customer policy numbers. Discrepancies with the policy numbers or otherwise unmatched items will be sent back the same day to the on-line banking provider. Matching payments will be included on an Accounts Receivable ("A/R") file transmission to Page 29 of 114 Prudential in the required format as defined by Prudential. The third party on-line banking vendor provides guaranteed funds. In the event that: (1) the third party on-line banking vendor materially changes its offerings, including guaranteed funds, Vendor must provide prompt written notice to Prudential as soon as it is aware of such changes; and/or (2) Vendor intends to change the third party on-line banking vendor servicing Prudential in connection with the RP Services as set forth in this Attachment B-2, Vendor must provide prompt advanced written notice to Prudential and obtain Prudential's prior written consent before any such change is made. Reporting requirements for the On-Line Payment Processing activities set forth in this Section 2.9 are outlined under Attachment L.