Payment Network Agreement
/ˈpeɪmənt ˈnɛtwɜrk əˈɡriːmənt/
Definitions
- (n.) A contract between entities that governs the terms, conditions, and interoperability within a payment network facilitating transactions.
The payment network agreement outlined the responsibilities of each member bank to ensure smooth transaction processing.
Forms
- payment network agreement
- payment network agreements
Related terms
See also
Commentary
Usually drafted to balance operational, risk, and compliance obligations among participating financial institutions and technology providers.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.