Debit transfer definition

Debit transfer means the series of transfers, initiated by the payee, on the basis of the payer’s consent given to the payee, to the payee’s payment service provider or the payer’s own payment service provider, and includes any payment order issued by the payee’s bank or payment service provider, or an intermediary intended to carry out the payee’s order;
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Debit transfer means a payment transaction originated by the payee, based on the payor’s authority, instructing the payee’s bank to collect money from the payor’s account.
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Debit transfer means the series of transfers, initiated by the payee, and based on the payer's consent given to the payee, to the payee payment service provider or to the payer own payment service provider and includes any payment order issued by the payee's bank or payment service provider, or an intermediary intended to carry out the payee's order;
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More Definitions of Debit transfer

Debit transfer has the meaning given to it under clause 3.2(b).
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Debit transfer means a payment transaction originated by the payee’s payment order, based on the payor’s authority, instructing the payee’s bank to collect money from the payor’s account. In a debit transfer, the originator is the payee, the originating bank is the payee’s bank, the destination bank is the payor’s bank, and the receiver is the payor;
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Debit transfer means payment initiated by the payee, usually through a preauthorized agreement with the payer.
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Debit transfer means a payment transaction initiated by payment order of the payer, according to the authorization of the payer, which orders the payer’s bank to withdraw money from the account of the payer. In a debit transfer, initiator is the payee, the initiating bank is the payee’s bank, the destination bank is the bank of the payer and the recipient is the payer.
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Debit transfer means a payment transaction originated by the payee, based on the payor's authority, instructing the payee's bank to collect money from the payor's account. The issue of a check constitutes an authority for collection by debit transfer;
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Related to Debit transfer

  • credit transfer means a payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer;

  • Type II transfer means that phrase as defined by Section 3 of the Executive Organization Act of 1965, 1965 PA 380, MCL 16.103.

  • Relevant Transfer means a relevant transfer for the purposes of the TUPE Regulations.

  • Type III transfer means that term as defined under Section 3(c) of the Executive Organization Act of 1965, 1965 PA 380, MCL 16.103.

  • Custody transfer means the transfer of produced crude oil and/or condensate, after processing and/or treating in the producing operations, from storage tanks or automatic transfer facilities to pipelines or any other forms of transportation.

  • Permitted Transfer has the meaning set forth in Section 10.02.