Third Party Payment transactions

Where the Parties agree the Client is provided with the ability to allow third parties to pay into and receive from the Payment Account, the terms of this Annex will apply.

1. Receiving Third Party Payment Transaction

1. Where agreed between the Parties, Clear Junction shall allow a Payment Account to receive Payment Transactions from third parties. The Parties may also designate certain third parties as an “Approved Third Party”.
2. Clear Junction may apply such screening measures as it sees fit to confirm a Payment Transaction from a third party or if such Payment Transaction is being made by an Approved Third Party. Clear Junction may refuse to process any Payment Transaction from a third party and will return the funds to the originating financial institution in such an instance.
3. In relation to each third party and Approved Third Party, Clear Junction shall specify:

1. which Payment Systems that Approved Third Party must use;
2. which currencies that Approved Third Party may make payment in;
3. any additional Fees which may be payable as a result of accepting payments from that third party; and
4. any other restrictions the party must comply with as Clear Junction may specify from time to time.

4. If a payment is received from a third party or Approved Third Party but not in compliance with any restrictions placed by Clear Junction, Clear Junction reserves the right to reject the payment and not credit it to Client’s Payment Account. A Fee may be applied for each rejected payment.
5. If Client wishes to reject a third-party Payment Transaction, Clear Junction will treat this as an Instruction to make an equivalent Payment Transaction out of the Payment Account that received the Payment Transaction (which shall be permitted to be made even if the Payment Account may not normally be used to make Payments to third parties). Clear Junction shall determine the appropriate recipient of the rejected payment based on the reason for the rejection and shall confirm this with the Client. Any such rejection shall be processed in accordance with Clear Junction’s statutory obligations.

2. Making Third Party Payments

1. Client may request Payment Transactions be executed from the Payment Account, for and on behalf of Client, to a Customer (or to a third party which will receive/hold the funds for the benefit of a Customer). The execution of these Payment Transactions shall be carried out in accordance with the Standard Terms.
2. Clear Junction shall only carry out its obligations under the Standard Terms if Client has provided the information detailed in section (3) below relevant to the method of payment/recipient.
3. As part of executing a Payment Transaction, Clear Junction may include the information provided by Client, as well as any other information about Client, the Payment Account and/or the Payment Transaction of which it is aware, within any payment Instruction submitted to a payment system where it is necessary to ensure the Payment Transaction is valid.
4. Clear Junction shall not accept any payment Instruction in relation to a Customer until adequate information has been provided by Client so that Clear Junction may satisfy itself of that Customer’s identity and carry on any other assessment as required under the AML Requirements, in accordance with the Standard Terms (if this has not already been complied with in relation to the Customer).

3. Required Payment Information

To make a transfer to a bank account Client must provide:

1. Name of the recipient;
2. Identity of Payment Service Provider for the recipient;
3. Currency Payment Transaction is to be made in;
4. Country where account of the recipient is located; and
5. The unique identifiers of the recipient’s account.