Common use of Transaction execution times Clause in Contracts

Transaction execution times. Subject to the other terms of this Agreement, you agree that we will use due and reasonable skill, care and diligence to execute your Transactions and credit funds to your Recipient’s payment service provider with the following execution times after we have received your valid Transaction payment order on a Business Day, which may be: as soon as our partners and the payment networks available to us permit; or as we may otherwise notify you (which may be within hours of us receiving your valid payment order). The time of receipt of your payment order is when we receive it, subject to the terms of this Agreement. If we don't receive your payment order on a Business Day, we may treat the receipt of your payment order on the following Business Day. There are special rules that apply to the timing of certain payments where our Service allows you to send money within the European Economic Area (which is also known as the “EEA” – this region includes all the countries in the European Union as well as Liechtenstein, Iceland and Norway). These special payment execution rules are: Payments made in Euro to Recipients in the EEA – these are made available to the Recipient’s payment service provider no later than the end of the following Business Day after we receive your valid Transaction payment order in accordance with the terms of this Agreement All other payments made in other EEA currencies to Recipients in the EEA – these are made available to the Recipient’s payment service provider no later than the end of the fourth Business Day after we receive your valid Transaction payment order in accordance with the terms of this Agreement. We agree that the ‘special payment execution rules’ outlined above do not apply to payment transactions executed in other currencies. Please note that while the Recipient’s payment provider is likely to be under a legal obligation to make these funds available once they have received them, there may be further delays in your Recipient receiving the funds depending on matters such as the Recipient’s payment service provider’s opening hours as well as them completing their own customer identity checks on the Recipient.