Common use of Unauthorized payment operations Clause in Contracts

Unauthorized payment operations. If an unauthorized payment operation is initiated through a payment initiation service provider, and to the extent that the Customer complies with the conditions laid down under point 5.10.1. and 5.10.2. above, regarding the payment operations within the scope of the Law on payment services, the Bank shall: (i) reimburse immediately or at the latest at the end of the next business day, the value of the unauthorized payment operation; and shall (ii) restore the payment account debited to the situation that it would have been in, if the unauthorized payment transaction had not taken place, if applicable. In such case, the Bank is entitled to address the payment initiation service provider, with the latter having the legal obligation to provide proof that, within the limits of its competence, the payment transaction was authenticated, correctly registered and was not affected by any a technical failure or other deficiencies related to the payment services that it is responsible for. In this context, the Customer shall cooperate with the Bank and shall provide the relevant information he/she holds, in order to support the Bank's efforts to get compensated for all losses incurred or amounts paid following the reimbursement granted to the Customer.

Appears in 5 contracts

Samples: Framework Agreement, Framework Agreement, Framework Agreement

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Unauthorized payment operations. If an unauthorized payment operation is initiated through a payment initiation service provider, and to the extent that the Customer complies with the conditions laid down under point 5.10.1. and 5.10.2. above, regarding the payment operations within the scope of the Law on payment services, the Bank shall: : (i) reimburse immediately or at the latest at the end of the next business day, the value of the unauthorized payment operation; and shall (ii) restore the payment account debited to the situation that it would have been in, if the unauthorized payment transaction had not taken place, if applicable. In such case, the Bank is entitled to address the payment initiation service provider, with the latter having the legal obligation to provide proof that, within the limits of its competence, the payment transaction was authenticated, correctly registered and was not affected by any a technical failure or other deficiencies related to the payment services that it is responsible for. In this context, the Customer shall cooperate with the Bank and shall provide the relevant information he/she holds, in order to support the Bank's efforts to get compensated for all losses incurred or amounts paid following the reimbursement granted to the Customer.

Appears in 4 contracts

Samples: Framework Agreement, Framework Agreement, Framework Agreement

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