Common use of Submission of Payment Orders Clause in Contracts

Submission of Payment Orders. A Payment Order will be deemed to be submitted once it is inputted and authorised as prompted on the Platform. In order to make a Payment Order, the Account Holder has to provide Finductive with the following information: a) Beneficiary Name b) Beneficiary International Bank Account Number (IBAN) (or account number if resident in non-IBAN countries) c) Bank Identifier Code (BIC) d) Beneficiary Address e) Currency and Value f) Payment description and g) Other supporting documents as requested. All Payment Orders are initiated through the Portal. At the end of the process of a Payment Order on the Portal, the Account Holder will be provided with an irrevocable instruction to sign. This will be the Account Holder’s consent for us to process the Payment Order. If the Payment Account requires joint signatory rights to process payments the Payment Order will be deemed to have been submitted to Finductive for processing once the authorised signatories have authorised the Payment Order. Information pertaining to a particular Payment Order, including the applicable fees and charges are available before a payment is made. The Account Holder may however, at any time, make a request to Finductive in order to obtain the following information on an individual Payment Order: a) the maximum execution time b) the charges payable by the Account Holder c) a breakdown of the amounts of the Fees and any charge