Collecting Institution definition

Collecting Institution means the credit institution to which the Beneficiary has opened the account to be credited or which was credited with the amount provided in the Direct Debit Instruction. Paying Institution means the credit institution with which the Payer opened the Account to be debited or which was debited by the amount stipulated in the Direct Debit Instruction.
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Collecting Institution means the credit institution with which the Beneficiary opened the Account to be credited or
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Examples of Collecting Institution in a sentence

  • The Client empowers BCR to notify the Beneficiary regarding the MDD conclusion and terms (including as regards MDD change/revocation), if the Paying Institution is identical to the Collecting Institution.

  • Direct Debit Commitment (or ADD) represents the agreement concluded between the Beneficiary and the Collecting Institution, which includes the Beneficiary’s responsibilities and its commitment to comply with the provisions of the existing legislation, including of the regulation regarding direct debit performed through the automatic clearing house, as well as the accord of the Collecting Institution that the Beneficiary uses the Direct Debit Instructions within a direct debit scheme.

  • Completion Date - the bank day (z) on which the amount set out in the Direct Debit Instruction is credited to the Short-Term Market Central Account by the Collecting Institution.

  • The Client empowers BCR to notify the Beneficiary regarding the MDD conclusion and terms (including as regards MDD change/ revocation), if the Paying Institution is identical to the Collecting Institution.

  • Intrabank Direct Debit Instruction (Intrabank DDI) - a direct debit payment instruction where the central account bank is the same as the paying institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction (the Collecting Institution is the same as the Paying Institution).

  • Direct Debit Commitment (or ADD) represents the agreement concluded between the Beneficiary and the Collecting Institution, which includes the Beneficiary’s responsibilities and his commitment to comply with the provisions of the existing legislation, including of the regulation regarding direct debit performed through the automatic clearing house, as well as the accord of the Collecting Institution that the Beneficiary uses the Direct Debit Instructions within a direct debit scheme.

  • Direct Debit Commitment (or ADD) represents the agreement concluded between the Beneficiary and the Collecting Institution, which includes the Beneficiary’s responsibilities and its commitment to comply with the provisions of the regulation regarding direct debit performed through the automatic clearing house, as well as the accord of the Collecting Institution that the Beneficiary uses the Direct Debit Instructions within a direct debit scheme.

  • Direct Debit Agreement (DDA) - an agreement between BRM and BCR as Collecting Institution, in accordance with the provisions of the applicable national and European legislation on Direct Debit, and the Collecting Institution's acceptance of BRM's use of the Direct Debit Instructions under a Direct Debit Scheme.

  • Direct Debit Agreement (DDA) - an agreement between BRM and BCR as Collecting Institution, in accordance with the provisions of the applicable national and European legislation on direct debits, and the Collecting Institution's acceptance of BRM's use of the Direct Debit Instructions under a Direct Debit Scheme.