The EFT Agreement serves as the primary contractual framework for establishing and governing electronic payment processing relationships in Ireland. This document is essential when setting up electronic funds transfer services between financial institutions or payment service providers and their customers, whether they are businesses or individuals. The agreement ensures compliance with Irish financial services regulations, EU payment services directives (particularly PSD2), and data protection requirements. It comprehensively addresses security protocols, transaction processing, liability allocation, and dispute resolution mechanisms. The EFT Agreement is particularly crucial in the current digital banking environment, where secure and reliable electronic payment processing is fundamental to business operations. It incorporates necessary safeguards and requirements mandated by the Central Bank of Ireland and relevant EU regulations.
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1. Parties: Identification of the financial institution and the customer/merchant entering into the EFT agreement
2. Background: Context of the agreement and brief description of the EFT services to be provided
3. Definitions: Definitions of key terms used throughout the agreement, including technical and financial terms
4. Service Description: Detailed description of the EFT services, including types of transfers permitted and processing timeframes
5. Security Requirements: Security protocols, authentication requirements, and fraud prevention measures
6. Fees and Charges: Structure and calculation of fees, charges, and payment terms
7. Operating Requirements: Technical and operational requirements for using the EFT service
8. Authorization and Access: Procedures for authorizing transactions and accessing the EFT system
9. Data Protection and Privacy: GDPR compliance measures and data handling procedures
10. Representations and Warranties: Statements of fact and promises made by both parties
11. Liability and Indemnification: Allocation of risks and responsibilities between parties
12. Term and Termination: Duration of agreement and circumstances for termination
13. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction
14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. International Transfers: Additional terms for cross-border transfers, only needed if international transfers are permitted
2. Multi-Currency Processing: Terms for handling multiple currencies, required only if multiple currencies are supported
3. API Integration: Technical requirements for API integration, needed only if the service includes API access
4. Bulk Payment Processing: Terms for bulk payment services, included only if bulk payments are offered
5. Value-Added Services: Terms for additional services like reporting or analytics, included if such services are offered
6. Third-Party Service Providers: Terms governing the use of third-party providers, needed if external providers are involved
7. Business Continuity: Disaster recovery and business continuity requirements, optional for smaller agreements
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms
2. Schedule 2 - Technical Specifications: Detailed technical requirements, protocols, and system specifications
3. Schedule 3 - Service Level Agreement: Performance metrics, uptime guarantees, and support levels
4. Schedule 4 - Security Protocols: Detailed security requirements and procedures
5. Schedule 5 - Authorized Personnel: List of authorized personnel and their access levels
6. Appendix A - Forms and Notices: Standard forms for service requests, notifications, and changes
7. Appendix B - Implementation Timeline: Project timeline for service implementation and testing
Relevant legal definitions
Account
Agreement
Authorized Person
Authorized User
Banking Day
Beneficiary
Business Day
Confidential Information
Cut-off Time
Data Protection Laws
Direct Debit
EFT Service
EFT System
Electronic Funds Transfer
Effective Date
Force Majeure Event
GDPR
Intellectual Property Rights
International Payment
Law
Losses
Material Adverse Effect
Multi-Factor Authentication
Payment Account
Payment Instruction
Payment Instrument
Payment Order
Payment Services
Payment Service Provider
PSD2
Regulatory Authority
Security Credentials
Security Procedures
Service Level Agreement
Settlement Date
Strong Customer Authentication
System
Technical Requirements
Technical Specifications
Term
Transaction
Transaction Data
Transaction Fees
Unauthorized Transaction
User Authentication
User Guide
Value Date
Working Hours
Agreement
Authorized Person
Authorized User
Banking Day
Beneficiary
Business Day
Confidential Information
Cut-off Time
Data Protection Laws
Direct Debit
EFT Service
EFT System
Electronic Funds Transfer
Effective Date
Force Majeure Event
GDPR
Intellectual Property Rights
International Payment
Law
Losses
Material Adverse Effect
Multi-Factor Authentication
Payment Account
Payment Instruction
Payment Instrument
Payment Order
Payment Services
Payment Service Provider
PSD2
Regulatory Authority
Security Credentials
Security Procedures
Service Level Agreement
Settlement Date
Strong Customer Authentication
System
Technical Requirements
Technical Specifications
Term
Transaction
Transaction Data
Transaction Fees
Unauthorized Transaction
User Authentication
User Guide
Value Date
Working Hours
Clauses
Service Provision
Payment Processing
Authorization
Security
Access Rights
Authentication
Data Protection
Confidentiality
Fees and Charges
Service Levels
Technical Requirements
Operational Requirements
Compliance
Anti-Money Laundering
Risk Allocation
Liability
Indemnification
Force Majeure
Intellectual Property
Warranties
Representations
Term and Termination
Suspension Rights
Dispute Resolution
Governing Law
Assignment
Subcontracting
Notice
Amendment
Entire Agreement
Severability
Third Party Rights
Waiver
Business Continuity
Audit Rights
Insurance
Record Keeping
Reporting
Customer Support
Payment Processing
Authorization
Security
Access Rights
Authentication
Data Protection
Confidentiality
Fees and Charges
Service Levels
Technical Requirements
Operational Requirements
Compliance
Anti-Money Laundering
Risk Allocation
Liability
Indemnification
Force Majeure
Intellectual Property
Warranties
Representations
Term and Termination
Suspension Rights
Dispute Resolution
Governing Law
Assignment
Subcontracting
Notice
Amendment
Entire Agreement
Severability
Third Party Rights
Waiver
Business Continuity
Audit Rights
Insurance
Record Keeping
Reporting
Customer Support
Relevant Industries
Financial Services
Banking
Retail
E-commerce
Technology
Healthcare
Professional Services
Telecommunications
Insurance
Education
Hospitality
Manufacturing
Logistics
Utilities
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Operations
Information Technology
Information Security
Data Protection
Customer Service
Business Development
Account Management
Technical Operations
Payment Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Payment Operations Manager
Compliance Officer
Legal Counsel
Risk Manager
Operations Director
Financial Controller
Banking Relationship Manager
Payment Services Director
Technical Operations Manager
Information Security Officer
Data Protection Officer
Account Manager
Business Development Manager
Contract Manager
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