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Electronic Payments Network - 2009 Rules of Membership and Operating Rules

IP.com Disclosure Number: IPCOM000242126D
Original Publication Date: 2009-Jan-02
Included in the Prior Art Database: 2015-Jun-19

Publishing Venue

Undisclosed

Abstract

Membership and operating rules for the Electronic Payments Network ("EPN") operated as an automated clearing house by The Clearing House Payments Company L.L.C.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 4% of the total text.

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ELECTRONIC PAYMENTS NETWORK

2009 RULES OF MEMBERSHIP and OPERATING RULES

As amended through January 2, 2009


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OPERATING RULES

2009 EPN RULES

ELECTRONIC PAYMENTS NETWORK

RULES OF MEMBERSHIP


1. Eligibility for Participation

(a) Any of the following may apply to become a participant in the Electronic Payments Network ("EPN"), a system operated as an automated clearing house by The Clearing House Payments Company L.L.C. ("Clearing House"): (i) a "depository institution" as defined in § 19(b) of the Federal Reserve Act, 12 U.S.C. § 461(b); (ii) any "agency" of a foreign bank as defined in § 1(b) of the International Banking Act of 1978, 12 U.S.C. § 3101; (iii) a "private banker" as defined in § 2(3) of the New York Banking Law; (iv) a corporation licensed to operate an agency in New York under the provisions of Article V of the New York Banking Law; (v) the Federal Reserve Bank of New York; (vi) the Government Development Bank of Puerto Rico; and (vii) the Federal Home Loan Bank of New York.

(b) The term "depository financial institution" or "DFI" as used in these EPN Rules of Membership means any entity described in (a) above.


(c) A prospective participant must:

(i) have entered into an agreement with the Federal Reserve Bank of New York ("FRBNY") pursuant to which it may settle balances arising from the exchange of entries for its own account or the account of a settlerin accordance with the terms of the applicable Federal Reserve Bank Operating Circular andhave designated the settlerto settle entries on its behalf and provided the Clearing House with a statement in which the settler acknowledges that it has agreed to assume the obligations of a settlerfor that participant under the EPN Rules of Membership and the EPN Operating Rules (collectively referred to herein as the EPN Rules); and

(ii) have been assigned a valid routing number in accordance with procedures established by the American Bankers Association.


2. Procedures for Approval of Applicants


(a) A prospective participant must:

(i) execute and deliver to the Clearing House the Participant Agreement and Indemnity set forth in Appendix A of these rules or such other agreement as has

Copyright © 2009, 2007, 2006, 2005, 2004, 2003 by The Clearing House Payments Company L.L.C.
All rights reserved.

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2009 EPN RULES

been approved by the Chief Executive Officer of the Clearing House or his or her designee;

(ii) have agreed to transmit and receive ACH entries to and from EPN or have agreed to receive ACH entries from EPN; and

(iii) have agreed to pay all such fees, dues, operating charges, and assessments, if any, and have paid such application fee, if any, as shall have been prescribed by the Clearing House.

(b) A prospective participant will be evaluated in accordance with procedures established by the Clearing House. Evaluation of a prospective participant may include consideration of its business practices or those of its customers. A prospe...