Payment Transaction definition

Payment Transaction means an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means a money transfer or cash-in/out operation initiated by the Payer, in the Payer’s name, or by the Recipient.

Payment Transaction means the execution of any order initiated by the paying party, the beneficiary, the person authorized to issue official transfer orders or the issuer of the summons for transfer, following a certain method of payment, irrespective of the legal relationship between the paying party and the beneficiary.

Examples of Payment Transaction in a sentence

• In the event of an unauthorised or incorrectly executed Payment Transaction, IFX shall refund the amount of the unauthorised or incorrectly executed Payment Transaction to the Customer and where applicable, restore the E-Money Account to the state it would have been in had the unauthorised Payment Instruction not taken place, by ensuring that the credit value date is no later than the end of the business day on which IFX becomes aware of the unauthorised or incorrectly executed Payment Transaction.

• We may, at Our discretion, reject any Payment Transaction that exceeds your Available Balance.

• For the avoidance of doubt IFX will only refund an unauthorised Payment Transaction under this clause 6.1, where the Customer informs it of the same within the timeframe identified in clause 4.1.1 of this Agreement.

More Definitions of Payment Transaction

Payment Transaction means an act, initiated by a payer or by or through a payee, consisting of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means an act, initiated by the payer or by the payee of transferring funds between payment accounts in the Union, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means an act, initiated by the User, acting as the payer or the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

Payment Transaction means payment transaction as defined in point (5) of Article 4 of Directive (EU) 2015/2366;

Payment Transaction means the placing, withdrawing or transferring of funds initiated by or on behalf and for the account of the payer or by the payee, regardless of any underlying obligations between the payer and the payee.

Payment Transaction means depositing money to a payment account, withdrawing money from a payment account or the transfer of money, if such transaction is made within the framework of Payment Service;

Payment Transaction means a periodic or one-off transfer, ordered by the Account Holder, or by any authorised representative, debiting the Payment Account.