Browse Prior Art Database

Electronic Payments Network - 2013 Rules of Membership and Operating Rules Disclosure Number: IPCOM000242130D
Original Publication Date: 2013-Jan-01
Included in the Prior Art Database: 2015-Jun-19

Publishing Venue



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.

Page 01 of 51



As amended through January 1, 2011

Page 02 of 51




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

Copyright © 2011, 2009, 2007, 2006, 2005, 2004, 2003 by The Clearing House Payments Company L.L.C.

All rights reserved.



Page 03 of 51


Indemnity set forth in Appendix A of these rules or such other agreement as has 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...