SPECIAL SECURITY REQUIREMENTS FOR PAYMENT ORDERS Sample Clauses

SPECIAL SECURITY REQUIREMENTS FOR PAYMENT ORDERS. You agree to comply with the Security Procedures chosen by You in any Agreement, Set-Up Form or other Terms and Conditions for Services (singularly, “Security Procedure,” collectively “Security Procedures”), with respect to all Payment Orders you originate and transmit to us. You agree that if You decline a standard Security Procedure offered by us, You will be bound by Payment Orders, whether or not authorized by You, in Your name and accepted by us in compliance with the Security Procedure chosen by You. For all Funds Transfers (as defined in Uniform Commercial Code, Article 4A or Article 11, as applicable) and for all Payment Orders (including, without limitations, request for, and amendment and cancellations to a Funds Transfer), using a Service, you agree, in additions to the Terms and Conditions for the Service, as follows: You agree to comply with the following security procedure requirements with respect to all Payment Orders you Originate and transmit to us. You understand and acknowledge that the purpose of Security Procedures is to verify the authenticity of Payment Orders delivered to us in your name and not to detect errors in transmission or in the content of Payment Orders submitted to us. You agree to implement appropriate procedures to ensure the accuracy of all Payment Orders submitted to us and the integrity of the transmission of such Payment Orders. You further agree that the Security Procedures are a reasonable and satisfactory method of verifying the authenticity of Payment Orders and that we may act on any Payment Order that we have verified in accordance with the Security Procedures. If a Payment Order (or a request for cancellation or amendment of a Payment Order) received by us purports to have been transmitted or authorized by you, it will be deemed effective as your Payment Order and you will be obligated to pay us the amount of such Payment Order Entry even though the Payment Order was not in fact authorized by you so long as we act in compliance with the Security Procedures chosen by You. If a Payment Order received by us was in fact transmitted or authorized by you, you will be obligated to pay the amount of the Payment Order regardless of whether we followed the Security Procedures. Regardless of the method you use to transmit files to us, you are strictly responsible for establishing and maintaining procedures to safeguard against unauthorized transmissions including but not limited to fraud protection tools recommended by...
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Related to SPECIAL SECURITY REQUIREMENTS FOR PAYMENT ORDERS

  • Additional security requirements The following provisions apply in respect of any Additional Security provided:

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