Item Processing Services Sample Clauses
The Item Processing Services clause defines the responsibilities and procedures for handling, sorting, and processing financial items such as checks or payment instruments. It typically outlines how items are received, processed, and transmitted, including timelines, error handling, and any applicable fees or standards. This clause ensures that both parties understand the operational workflow and expectations for processing items, thereby reducing disputes and promoting efficient, accurate transaction management.
Item Processing Services. (i) M&I shall perform for Customer those certain Item Processing Services described in Schedule 5.4 for which Customer agrees to ------------ pay M&I in accordance with the fees specified in the Fee Schedule.
(ii) M&I and Customer agree to perform their respective responsibilities associated with Item Processing Services in accordance with the procedures established by M&I as modified from time to time. A copy of M&I's procedure has been or will be provided to Customer.
(iii) M&I agrees that solely with respect to the Item Processing Services provided under Schedule 5.4, such Item Processing ------------ Services shall be performed in a commercially reasonable manner and no other or higher degree of care. M&I assumes no other obligation as to performance or quality of the Item Processing Services provided. Subject to the first sentence in this subparagraph (iii), M&I shall not be responsible for any loss or damage to Customer arising as a result of any action or inaction on the part of M&I including, but not limited to, indirect, incidental, or consequential damages, lost profits, or business operation loss. Provided M&I has performed in a commercially reasonable manner, in the event of errors resulting from M&I's provision of the Item Processing Services, M&I's sole obligation and Customer's sole remedy, shall be for M&I to correct such errors, if possible, and to review its systems and procedures for the purpose of implementing changes to prevent a future occurrence of a similar error.
Item Processing Services. All Item Processing Services shall be performed pursuant to Customer’s reasonable specifications, subject to the capabilities of Aurum’s hardware and software utilized to deliver said Item Processing Services.
Item Processing Services. Aurum shall provide the following Basic Services to Customer:
Item Processing Services. FIS shall provide the Item Processing Services to Client in accordance with the applicable portions of Exhibit A and Exhibit B.
4.2.1 Client shall: (i) cooperate with FIS in its performance of the Item Processing Services, and provide FIS with information, management decisions, regulatory interpretations and policy guidelines as reasonably required; (ii) appoint FIS as its agent for purposes of receiving Items from and returning Items to clearing organizations; (iii) notify all appropriate third parties of such appointment and pay or reimburse FIS for any charges payable to such clearing organizations for, or required as a condition to, receiving or returning Items.
4.2.2 Client shall be solely responsible for: (i) verifying dates, signatures, amounts, authorizations, endorsements, payment notices, collection times, fees and charges imposed by Client on its Customers and other similar matters on all Items delivered to FIS; (ii) placing stop payments and holds on depository accounts maintained by Customers (“Accounts”); and (iii) determining the correctness of all magnetic ink inscribed or appearing on Items, regardless of by whom or when inscribed. Client shall provide all information reasonably required by FIS concerning accounts offered by Client to its Customers and internal Client general ledger accounts. Client will forward any “on-us” or imaged Items that are posted by or on behalf of Client directly to FIS without entering them into the clearing process.
Item Processing Services. The monthly service fee for Basic Services is based on the volume of the described services multiplied by the unit cost/charge for that service. A base fee will be invoiced by Aurum and payable in advance. Amounts due as a result of excess volume will be invoiced and payable in arrears. Inclearings Conventional Capture $*** per item Inclearings Image Capture $*** per item Cash Letter Creation $ No Charge Exception Pull/Cycle Sort $*** per item Outbound Return Items $*** per item Large Item Notification $*** per item Image Based Courtesy Amount Recognition $*** per item Image Base Key Entry $*** per item Power Encode $*** per item Conventional Encoding POD $*** per item Proof Corrections < $5.00 $*** per item Proof Correction > $5.00 $*** per item POD Conventional Capture $*** per item POD Image Capture $*** per item MICR Reject $*** per item Bulk File/Warehouse $*** per item Account/Statement Fine Sort $*** per item Serial Fine Sort of Items $*** per item Statement Print $*** per page DDA Statement Rendition Automated w/ zero encl. $*** per statement DDA Statement Rendition Automated w/ enclosures $*** per statement DDA Statement Rendition Manual w/ zero encl. $*** per statement DDA Statement Rendition Manual w/enclosures $*** per statement Special Handling Statement Rendition $*** per statement Savings Statement Rendition - No enclosures $*** per statement Customer Statement CD-ROM $*** per CD Statement Inserts - Regular $*** per statement Statement Inserts - Special $ Quote Manual Item Retrieval $*** per item Research $*** per hour Client Archive DVD $*** per item (excluding media) On-line Archive Access $*** per month (10,000 images per month) $*** per image over 10,000
Item Processing Services. Aurum shall provide the following Basic Services to Customer:
(a) Back Office Services --------------------
(i) Image Item Capture - POD/Proof and Transit ------------------------------------------ Aurum will digitize and capture the black and white images of the front and back of each Pre-encoded Item and each Over-the-Counter Item and assign a batch and sequence number to each Item. Outgoing cash letters will be prepared in accordance with Customer's cash letter requirements, which may change from time to time. As an Additional Service, Items for cash letter endpoints greater than twelve (12) will be re-passed and prepared in accordance with Customer's cash letter requirements, which may change from time to time. Aurum will complete the transmission of an Item Posting File containing all Over-the-Counter Items to Customer's Data Processing Services Provider by the timeframe documented in Section VII, Processing Times.
(ii) Image Item Capture - Inclearings -------------------------------- Aurum will receive Customer's Inclearing cash letter from the Federal Reserve Bank or other financial institution and balance the Items to the cash letter amount. Aurum will digitize and capture black and white images of the front and back of each Item and assign a sequential trace number, which becomes a part of the Inclearing transaction. Items rejected from the capture will be corrected and re-entered. When all Inclearing Items are captured and balanced an Item Posting File containing all Inclearing Items will be created for transmission to Customer's Data Processing Services Provider. When required, Aurum will capture and outsort Inclearing Items creating cash letters for financial institutions who are end-customers of Customer or end-customers who utilize payable through draft processing. Aurum will complete the transmission of an Item Posting File containing all Inclearing Items to Customer's Data Processing Services Provider no later than timeframe detailed on Section VII, Processing Times. The daily incoming cash letter will be reconciled to the dollar amount charged by the Federal Reserve Bank or other financial institution. All cash letter differences, missing items, extra items, etc., will be reconciled and the proper balancing reports and/or entries will be prepared. All errors detected during the incoming cash letter process are to be adjusted the same Business Day. Aurum will notify Customer of all same day settlement adjustments prior to 14:30 on the Busin...
Item Processing Services. With respect to Item Processing Services, EDS will be responsible for the Items from the time that such Items are received by EDS at the Data Center until the Items are released for pickup at the Data Center to couriers; provided that EDS' liability for the destruction or disappearance of Items will be limited to cases where the destruction or disappearance is due entirely to the negligence or willful misconduct of EDS and, if so, EDS' sole obligation is to reconstruct the Items from microfilm created by Customer.
Item Processing Services. 9 5.5 Data Warehouse Services........................................... 10
Item Processing Services. Fidelity will provide the following Services to Client:
Item Processing Services. If Customer receives Item Processing Services from HFS, HFS shall provide such services as described in an Item Processing Services Schedule, which shall be attached to this Agreement.