2002 Electronic Payments Network - Rules of Membership and Operating Rules
Original Publication Date: 2002-Jan-01
Included in the Prior Art Database: 2015-Jun-19
Membership and operating rules for the Electronic Payments Network ("EPN") operated as an automated clearing house by the Electronic Payments Network L.L.C.
Page 01 of 31
2002 ELECTRONIC PAYMENTS NETWORK RULES OF MEMBERSHIP and OPERATING RULES
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 Electronic Payments Network L.L.C. ("EPN L.L.C."): (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 any other participant in accordance with the terms of the applicable Federal Reserve Bank Operating Circular (a participant that has entered into such an agreement is referred to herein as a "settling participant") or have designated a settling participant to settle entries on its behalf and provided EPN L.L.C. with a statement in which the settling participant acknowledges that it has agreed to assume the obligations of a settling participant for 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 EPN L.L.C. the Participant Agreement and Indemnity set forth in Appendix A of these rules or such other agreement as has been approved by the President of EPN L.L.C. or his or her designee;
Copyright © 2002 by Electronic Payments Network L.L.C. All rights reserved.
Page 02 of 31
RULES OF MEMBERSHIP
(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 EPN L.L.C.
(b) A prospective participant will be evaluated in accordance with procedures established by EPN L.L.C. A prospective participant becomes a participant of EPN upon notification from the President of EPN L.L.C. or his or her designee that its application to become a participant has been approved by EPN...