Payment Switch definition

Payment Switch means on-line electronic transaction processing payment infrastructure that connect different payment channels to the payment processors and enablers’ e.g. InterSwitch.
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Payment Switch means an online electronic transaction processing payment infrastructure that connects different payment channels to the payment processors and enablers’ e.g. InterSwitch.
Sample 1

Examples of Payment Switch in a sentence

  • The Planet Payment Switch will receive the batch close command and will prepare the Transactions for clearing to the Planet Payment Merchant Accounting System.

  • Typically the authorization response will be received by the Planet Payment Switch within 6 seconds after the authorization request is initiated from the Planet Payment Switch.

  • In the event of transaction time-out between the Planet Payment switch and POS during this period wherein Planet Payment Switch detects this condition using the prescribed methods from the APACS 40 interface, Planet Payment will initiate and forward a ‘Online Transaction Reversal’ to Card Associations for onward routing to issuers.

  • The Planet Payment Merchant Accounting System will receive inbound Transaction clearing files from the Planet Payment Switch and will out-process the Transactions to Visa and MasterCard through Planet Payment’s Platform in the Cardholder Settlement Amount.

  • Upon receiving an authorization through Card Association networks, Planet Payment Switch will forward the authorization response to Acquirer or Acquirer Merchant POS as may be required.

  • Now to enable cross border payment, NCHL has included such use case within the scope of Retail Payment Switch (RPS) with addition of NPIx to handle cross border transactions.

  • Bangladesh Bank has taken initiative to establish National Payment Switch (NPS) in order to facilitate interbank electronic payments originating from different delivery channels e.g. Automated Teller Machines (ATM), Point of Sales (POS), Internet, Mobile Applications, etc.

  • The Planet Payment Merchant Accounting System will receive inbound Transaction clearing files from the Planet Payment Switch and will out-process the Transactions to Visa and MasterCard through Planet Payment’s Platform in an amount equal to the Purchase Amount.

  • The Planet Payment Merchant Accounting System will receive inbound Transaction clearing files from the Planet Payment Switch and will send authorization log files and deposit files to Acquirer Platform in mutually agreed formats and at mutually agreeable intervals.

  • When intangible assets are internally developed, as is the case with the Company’s EMV Payment Switch, the cost comprises the directly attributable costs in the development phase necessary to create, produce and prepare the asset for the Company to be able to operate it for its intended use provided they meet the recognition criteria.

Related to Payment Switch

  • payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

  • Payment month means, for all programs except EA, the calendar month for which benefits are issued.

  • Cash Payment System means a payment system that generates any transfer of funds through a transaction originated by cash, check, or similar paper instrument. This includes electronic payments to a financial institution or clearing house that subsequently issues cash, check, or similar paper instrument to the designated payee.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Payment Plan means the schedule of payment prescribed in Schedule C;

  • Payment Schedule ’ means a schedule which sets out—

  • Minimum Monthly Payment for any Mortgage Loan and any month means the minimum amount required to be paid by the related mortgagor in that month.

  • Payment card means a credit card, charge card, debit card, or any other card that is issued to an authorized card user and that allows the user to obtain, purchase, or receive goods, services, money, or anything else of value from a merchant.

  • payment service user means a natural or legal person making use of a payment service in the capacity of either payer or payee, or both;

  • Payment Due Date means the date by which the Date of Payment must occur, in accordance with the provisions of Sections 504.3 through 504.5 of this Exhibit, in order for NYSERDA not to be liable for interest pursuant to Section 504.6.

  • Net Payment means the amount the Issuer or any paying agent pays the Holder after deducting or withholding an amount for or on account of any present or future tax, assessment or other governmental charge imposed with respect to that payment by a taxing authority (including any withholding or deduction attributable to additional amounts payable pursuant to this Section).

  • Scheduled Distribution means, with respect to any Collateral Loan, for each Due Date, the scheduled payment of principal and/or interest and/or fees due on such Due Date with respect to such Collateral Loan, determined in accordance with the assumptions specified in Section 1.3.

  • Payment Method means a payment method that Stripe accepts as part of the Stripe Payments Services (e.g., a Visa credit card, Klarna).

  • Payment Cap For each Mortgage Loan, the percentage limit set forth in the related Mortgage Note concerning the maximum permitted increase in a monthly payment.

  • Delta Payment means as it is described in this Agreement.

  • Premium payment plan means a benefit plan whereby school em- ployees may pay their share of group health plan premiums with pretax dollars as provided in the salary reduction plan under chapter 41.05 RCW pursuant to 26 U.S.C. Sec. 125 or other sections of the Internal Revenue Code.

  • payment service means any business activity set out in Annex I;

  • Payment device means any credit card as defined in 15 U.S.C. § 1602(k) or any "accepted card or

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Installment sale contract or "contract" means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. The terms include a loan, mortgage, conditional sale contract, purchase-money chattel mortgage, hire-purchase agreement, or

  • Scheduled Downtime has the meaning set forth in Section 5.2.

  • Payment Network means a debit or credit network (such as the ACH Network or ACCEL / Exchange payment network) through which funds may be transferred.

  • Booking Form means the booking form you completed setting out details of your order in respect of the Event;

  • Installment Payment has the meaning ascribed to it in Section 2.02(a).

  • Debit Payment means a particular transaction where a debit is made.

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.