Remittance Processing Service (“RPS”) collects and consolidates online bill payments to an electronic file and sends a daily transmission in a format that meets Customer’s accounts-receivable requirements.
Bank is hereby authorized to process electronic payments received from a third party consolidator (“Consolidator”), to make deposits to an Account established by Customer at Bank, and to act on behalf of Customer in accordance with the applicable Operational Instructions.
Consolidator will electronically deliver to Bank remittance data and funds from participating originators of bill payment services. On each Business Day, Bank will attempt to deliver RPS transactions to Customer in a machine readable format within 24 hours of receipt from Consolidator. Customer is responsible for adjusting effective dates for payer accounts in the event of any delays that may occur.
If Bank is unable to process a transaction due to invalid payment information received, Bank will contact Customer in order to attempt to resolve the issue. If unable to resolve, Bank is authorized to return the payment to the originator. If, after receipt of funds, Customer is unable to post a transaction due to invalid payment information, Customer shall notify Bank, and Bank shall be authorized to return the payment to the originator.
Customer may, at its option, send to Bank a list of accounts for which it does not wish to receive payments. Customer shall provide such list in the approved Bank format by sending Bank a file transmission to Bank server listed in applicable Operational Instructions. Bank shall provide Consolidator with such list. Consolidator will monitor, automatically reject (back to the payment originator) and assign a reject code to any such payments. Customer further understands and agrees that Bank may not be able to comply with Customer's request. In such an event, Customer agrees immediately to notify bank if a payment is not rejected as described herein.
Customer may choose to transfer files via File Delivery.
Bank will provide Customer a report via secure e-mail of total dollars deposited and number of items processed. Customer will compare the totals on the report to the totals in the corresponding transmission. If an out-of-balance condition exists, Customer will report the condition to Bank no later than the next Business Day. Customer and Bank will resolve out-of-balance conditions under mutually agreeable terms.