Remittance Processing Clause Samples
The Remittance Processing clause outlines the procedures and responsibilities for handling payments or funds transfers between parties. Typically, it specifies how payments should be submitted, the acceptable methods (such as wire transfer or check), and the timelines for processing and confirming receipt. This clause ensures that both parties have a clear understanding of how remittances are to be managed, reducing the risk of payment delays or disputes and promoting efficient financial transactions.
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Remittance Processing. Bank’s Partner will open envelopes as received from the Lockbox and deposit processed remittances to the Lockbox Account. Bank’s Service Provider will endorse the checks received and image the deposited items. You hereby irrevocably make, constitute and appoint Bank’s Service Provider (and all persons designated by us for such purposes) as your true and lawful attorney-in-fact to indorse your name on all remittances processed hereunder. Bank’s Service Provider’s indorsement shall not be a guaranteed indorsement. Bank’s Service Provider will create deposit batches of no more than 300 checks and will deposit the same to the Lockbox Account daily. No deposits will be made on weekends or federal bank holidays. Bank’s Service Provider will use commercially reasonable efforts to process and deposit items on the next Business Day after receipt of items for deposit by Bank at its offices. Any unprocessed remittances will be forwarded to Customer.
Remittance Processing. Bank will open envelopes as received from the Lockbox and deposit processed remittances to the Lockbox Account. Bank will endorse the checks received and image the deposited items. You hereby irrevocably make, constitute and appoint us (and all persons designated by us for such purposes) as your true and lawful attorney-in-fact to endorse your name on all remittances processed hereunder. Bank’s endorsement shall not be a guaranteed endorsement. Bank will create deposit batches of no more than 300 checks and will deposit the same to the Lockbox Account daily. No deposits will be made on weekends or federal bank holidays. Bank will use commercially reasonable efforts to process and deposit items on the next Business Day after receipt of items for deposit by Bank at its offices. Any unprocessed remittances will be forwarded to Customer.
Remittance Processing. A remittance is any non-check captured image sent to Bank and includes any text or numerical information scanned from a document which needs to be in a specific location. Remittances submitted to Bank for processing must meet the specifications designated by Bank from time to time. All changes in remittance design are subject to prior testing and approval by Bank. Bank reserves the right to refuse to process remittances that do not meet its specifications. All changes in remittance design or content are subject to prior testing and approval by Bank at least two (2) weeks prior to implementation.
Remittance Processing. Remittances submitted to Bank for processing must meet the specifications designated by Bank from time to time. All changes in remittance design are subject to prior testing and approval by Bank. Bank reserves the right to refuse to process remittances that do not meet its specifications. All changes in remittance design or content are subject to prior testing and approval by Bank at least two (2) weeks prior to implementation.
Remittance Processing. (i) Checks. We use high-speed automated equipment to open mail picked up at the Remittance Address, extract Checks and Optical Character Recognition (“OCR”) documents (collectively, the “Lockbox Documents”), process and prepare Checks for deposit to your designated deposit account with us. We will program our processing systems to recognize your standard remittance envelopes and your OCR documents, based on a sample OCR document that you provide to us as set forth in Section 2 below. If, with respect to any Check sent to your Lockbox, the OCR document is missing, we will inspect the Check to determine if your remitter data is present. If the data is present, we will use the data to continue processing the Check. If the data is not present, we will deposit the Check in your designated account with us or return it to you without processing it (based upon your instructions). If a Check is missing or a Charge authorization was not provided, we will return the related OCR document to you without processing it. We shall not be deemed to have received a Check or Charge until we have received it from the United States Post Office and processed the Check or Charge according to our procedures. To accomplish automated high-speed processing and to maximize your deposit availability, we do not examine Checks (including, without limitation, any inspection for missing signatures, dates, payees, endorsements, or guarantee amounts) except as provided in any separate Service feature you use with us. Further, we do not attempt to isolate Checks bearing restrictive legends or endorsements (e.g., “paid in full,” “final payment” or words of similar meaning). You hereby agree that we do not assume any responsibility or liability for our failure to discover and forward such items to you.
Remittance Processing. Vendor shall provide full service, highly secured processing of payments remitted by MVU customers for utility bills rendered. All payments received from MVU customers are and shall remain the sole and complete property of the City of ▇▇▇▇▇▇ Valley. MVU customers may remit payment for utility bills via mail through the United States Postal Service (USPS), secured electronic service via the official MVU portal or in-person at the ▇▇▇▇▇▇ Valley approved facility. • For all remittances processed by the Vendor (for all approved customer payment methods): o Designated personnel will be subject to background certification and personal credit verification (annually or at frequency defined in Agreement with MVU) o Provide the official titles of personnel with assigned responsibilities for processing payments received via USPS and associated remittance advices o Provide the physical location and address of the secured facility where remittance processing will occur o Deposits will be made daily to a Banking Institution(s) (BI) and account(s) previously approved and designated by MVU ▪ Discrepancies between remittance advices and deposit confirmations from BI will be reported by close of each business day and resolved within one business day o Same-day updates will be provided to customer account information in CCS ▪ Discrepancies between remittance advices and customer account updates will be identified and reported by close of each business day ▪ Partial payments on account will be accompanied by documentation of such to the customer’s account o Vendor will provide daily deposit report to include number of payments received, dollar value of amounts received, reconciliation of payments received with account information in CCS
Remittance Processing. Confidential Materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions.
Remittance Processing. North Bend and Snoqualmie shall each compensate the City of Issaquah $2,500 annually for the monthly processing of local court revenues as set forth in Section 8 and amounts due and owed to the State and County as set forth in Section 10. This annual fee shall be due and payable within 30 days of invoicing.
Remittance Processing. 5.1. Posting Dates — Dates by which Wachovia will transmit records to Barclays Account Receivable system:
5.1.1. Wachovia to process all conforming and non-conforming payments in the posting timeframes specified for each mail pick up time in the Payment Schedule (Exhibit E).
5.2. Effective Dates — Dates Wachovia will associate with each record contained in the transmission to Barclays Account Receivable system:
5.2.1. Wachovia to effective date all conforming and non-conforming payments per the effective date timeframes specified for each mail pick up time in the Conforming Payment Schedule (Exhibit E).