Commercial Context for Users and Providers of Payment Services Clause Samples

Commercial Context for Users and Providers of Payment Services. This section provides the general context and background in which the inter-PSP Scheme exists and has been written from an end-to-end point of view. • The demand for payment services using an ICT Inst arises from an Originator, who wishes to transfer3 Funds Instantly for whatever reason to a Beneficiary. Whilst the payment service is provided by a PSP, the underlying demand and its reason are outside the control and responsibility of the PSP industry or any individual PSP; • For this requirement to transfer Funds Instantly to be satisfied, the PSP holding the Payment Account of the Originator (the Originator PSP) must have the means necessary to remit the Funds Instantly to the PSP holding the Payment Account of the Beneficiary (the Beneficiary PSP) and in the process be provided with the necessary information to accomplish the transfer;
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