Examples of Banking Business Day in a sentence
You agree to pay us and we may, without prior notice or demand, obtain payment of any amount due to and payable to us under this Agreement by debiting any deposit account you maintain with us, on either the Banking Business Day we transmit the wire transfer request, or for Value-Dated Payment Orders, the date you submit the wire transfer instructions to us, the Value Date or on such other date as is agreed to by us in writing.
The Contractor shall provide the Department with a daily settlement reconciliation file that contains the details of all Agency Participants’ settlement activity no later than 7:00 AM ET on the following Banking Business Day.
Payment Type Cut-off Time Settlement Visa, MasterCard, Discover 11:59 PM ET Next Banking Business Day** AMEX 11:59 PM ET 2nd Banking Business Day ACH 8:00 PM ET Next Banking Business Day** *All transactions that would otherwise be settled on bank holidays and weekends will be settled on the following Banking Business Day.
At a Participant’s request, the Contractor shall provide a separate daily settlement reconciliation file containing only the individual Participant’s settlement details to the Participant no later than 7:00 AM ET on the following Banking Business Day.
Banking Business Day A day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction Beneficiary A natural or legal person who holds a Payment Account and is the intended recipient of Funds which have been the subject of a payment transaction.