BEFTN_Setup_Form

CLIENT INITIAL STAMP Version: November 2018_3 Page 1 of 6 Bangladesh Electronic Fund Transfer Network (BEFTN) Setup Form Please Tick Your Choice New Delete Amend Customer Setup Company Name: ________________________________________________________________________ Company Address: ____________________________________________________________ __________ Key Contact Person: ____________________________________________________________________ Section 1 – Customer Information Company Debit Account No.:_______________________________________________________________ Company Credit Account No.: ______________________________________________________________ Company Charge Deduction Account No.:_____________________________________________________ Section 2 – Account Details BEFTN Credit BEFTN Debit* *Direct Debit Instruction (DDI) service documents to be signed as well Section 3 – BEFTN Transaction Type Straight2Ba n k Existing New Others Section 4 – BEFTN Transaction Type Mr. Yuji Kato CLIENT INITIAL STAMP Version: November 2018_3 Page 2 of 6 Bangladesh Electronic Fund Transfer Network (BEFTN) BEFTN Service Supplement This Service Supplement (the ‘BEFTN Origination Agreement’) is entered into effective as of the ______ day of ________________, 20___, by and between ____________________________________________________, (the “Originator”), and Standard Chartered Bank (“Bank”). Recitals WHEREAS, the Originator has requested the Bank to permit it to initiate applicable electronic entries (and “Entry” or “Entries”) for payment to accounts maintained at Bank and other Banks, by means of the Bangladesh Electronic Funds Transfer Network (the “BEFTN”); and WHEREAS, Bank is willing to provide such services to Originator in accordance with the terms and conditions contained herein. NOW THEREFORE, in consideration of the mutual promises contained herein, the sufficiency of which is hereby acknowledged, it is agreed as follows: 1. 1.1 This Service Supplement sets out the terms on which we will provide you with BEFTN Service. 1.2 This Service Supplement forms part of the Agreement. 1.3 The Standard Terms, Account Terms, Country Supplement, Collections Service Supplement and Straight2Bank Supplement each as effective or applicable from time to time, are incorporated into this Service Supplement. 1.4 The Attachments mentioned in this Service Supplement form part of this Service Supplement. 2. Definitions and Interpretations 2.1 Definitions Capitalised terms used but not defined in this Service Supplement have the meanings set out in the Standard Terms or the BEFTN Rules. “Attachments” means the schedules to and referred to in this Service Supplement. a. “BEFTN Rules” means the Bangladesh Electronic Funds Transfer Network Operating Rules of the Payment Systems Division, Department of Currency Management and Payment Systems, Bangladesh Bank, dated 10 August 2010, as the same may be supplemented, amended or substituted from time to time. b. “BEFTN Service” means Our service to initiate Entries for payments by electronic fund transfers to or from Your Accounts by means of the BEFTN. c. “Rules and Laws” means rules, regulations and laws applicable to the BEFTN, Entries and BEFTN Service. “Service Supplement” means Our Service Supplement for BEFTN Service and its Attachments. d. “Entry” shall have the same meaning as defined in the BEFTN Rules. e. “Originating Banking Company” or “OB” shall have the same meaning as defined in the BEFTN Rules. f. “Originator” shall have the same meaning as defined in the BEFTN Rules. g. “Participating Bank” shall have the same meaning as defined in the BEFTN Rules. h. “Receiver” shall have the same meaning as defined in the BEFTN Rules. i. “Receiving Banking Company” or “RB” shall have the same meaning as defined in the BEFTN Rules. j. “BEFTN Guaranteed Credit” means pulling of fund through BEFTN using Straight2Bank between an SCB account Originator) and a Participating Bank account (Receiver) where credit to Originator’s account is made before receipt of cleared fund from the Receiver. k. “BEFTN Non-Guaranteed Credit” means pulling of fund through BEFTN using Straight2Bank between an SCB account (Originator) and a Participating Bank account (Receiver) where credit to Originator’s account is given upon receipt of cleared fund from the Receiver. 2.2 Interpretations The rules for interpreting the Standard Terms shall also apply to this Service Supplement. 3. BEFTN Service 3.1 This Service Supplement constitutes the BEFTN Originator Agreement between You as the Originator and Us as the Originating Bank (OB) for BEFTN Service. 3.2 You will comply with all BEFTN Rules, and Rules and Laws. Your specific obligations in the Agreement shall in no way limit the foregoing undertaking. 3.3 It will be our responsibility to ensure that the transmission of Entries and origination of BEFTN transactions are in compliance with Rules and Laws. 3.4 For BEFTN Debit transactions, You will obtain written authorizations for Entries in accordance with the BEFTN Rules, and shall retain the original copy of the same for no less than two (2) years following the termination or revocation of such authorization. By originating BEFTN transactions through our Network you are confirming that you hold a valid Debit Authorization from the Receiver and will immediately provide the same upon our request within 5 (five) days from the date of such request. If you fail to CLIENT INITIAL STAMP Version: November 2018_3 Page 3 of 6 Bangladesh Electronic Fund Transfer Network (BEFTN) provide the required Debit Authorization within the provided timeline you agree that we will debit your account and return the amount to the Receiver. 3.5 In case of BEFTN Guaranteed Credit, We shall credit Your account (Originator’s account) subject to availability of an approved credit line with Us before We have received clear funds from the Receiver. However, if after crediting the fund in Your account We do not receive clear funds from the Receiver in that case Bank is hereby authorized to debit Your account, even if fund is not available and the account is overdrawn. 3.6 In case of BEFTN Non-Guaranteed Credit, We shall credit your account as per the BEFTN settlement cycle from the Receiver through Participating Bank. However, if after crediting the fund in Your account We receive request from the Receiver to return the fund in that case Bank is authorized to debit Your account, even if fund is not available and the account is overdrawn. 4. Types of BEFTN Debit Transactions Under Our Direct Debit Instruction (DDI) service the following features are offered for BEFTN Debit transactions. 4.1 Variable – BEFTN transactions are originated through Straight2Bank by you as and when required. 4.2 Fixed - BEFTN transactions are setup as one-time standing instructions in our system and auto originated on due dates as per details provided by You in accordance with the BEFTN authorization received by You from the Receiver. 5. Entries 5.1 Attachments a. All Entries will be transmitted to us in accordance with the processing schedule in Attachment A (Processing Schedule). b. The total amount of Entries sent by the Originator shall not exceed the established limits in Attachment B (Exposure Limit). c. The Parties shall comply with the settlement procedures described in Attachment C (Settlement). d. The Parties shall comply with the security procedures described in Attachment D (Security Procedures). You acknowledge that the purpose of the security procedures is for verification of file authenticity and not to detect errors within the transmitted file or individual transactions. No security procedure for detection of any such error has been agreed upon between the Parties. e. You shall pay to us amounts in Attachment E (Pricing Schedule) plus applicable taxes, duties, charges and levies. f. Entries transmitted by us will be reflected in Your Account statement. 5.2 Transmission of Entries a. We will transmit the Entries initiated by you into the BEFTN and with procedures provided for in this Service Supplement and in the BEFTN Rules. b. You will utilize our origination system using BEFTN format or such other format or medium as the parties may mutually agree upon for the transmittal of Entries to Us. 5.3 Rejection of Entries a. In the event that any Entries are rejected by the BEFTN System for any reason, it shall be your responsibility to remake such entries. We shall have no responsibility to reinitiate any returned entries until you remake such entries in accordance with the BEFTN Rules. b. We shall have the right to reject any Entry that does not fully comply with the requirements of this agreement, which determination shall be made in our sole discretion. In addition, we shall have the right to reject any Entry that is made while you are in default of any requirements of this agreement, including but not limited to the requirement to maintain an adequate account balance or line of credit. 5.4 Return of Entries We will notify you of the receipt of any returned entry or notification of change entry no later than one Business Day after the Business Day of such receipt. You may reinitiate any returned entry at your discretion, provided the reinitiating is in accordance with applicable sections of the BEFTN Rules. We will not reinitiate any returned entries automatically 5.5 Originator Error a. If you discover that any Entry it has initiated was made in error, you must notify us of the error within 24 hours. In such a case, we will utilize our best efforts to initiate an adjusting entry or stop processing of any such Entry. Should We be unable to stop the Entry from posting, or if it is too late to withdraw the item from the BEFTN System, You may initiate a reversal file to correct the Entry, as provided for and abiding by the BEFTN Rules. b. Should a reversal be created for an individual Entry or Entries, the receiver(s) of the Entries must be notified by you of the reversal no later than the settlement date of the reversing Entry. c. Should a reversal be created for a complete file reversal, you must advise us within five (5) Business Days of settlement. 5.6 Originator Data Retention You will retain data on file adequate to permit remaking of Entries for ten (10) days following the date of their transmittal by Us, and shall provide copies of such data to Us upon its request. 6. Limitation of Liability 6.1 In relation to BEFTN Services, Our total liability for any claim for any Losses provided under the Agreement is limited to the amount recoverable by Us from the BEFTN system operator or any other sub member pursuant to the BEFTN Rules or any applicable indemnity agreement. CLIENT INITIAL STAMP Version: November 2018_3 Page 4 of 6 Bangladesh Electronic Fund Transfer Network (BEFTN) 6.2 We will not be liable for any failure or delay in transmission of an entry if such transmission would (1) result in Our having exceeded any limitation upon Our intra-day net funds position established pursuant to BEFTN Rules, (2) violate any risk control provisions applicable to Us, or (3) violate any Rules or Laws. 7. Indemnification 7.1 The Originator will indemnify Bank if Bank incurs any financial loss or liability (including attorneys’ fees and associated expenses) due to the breach, with respect to any Entries initiated by the Originator, of any of the warranties of an Originating Bank contained in the BEFTN Rules, except those due to the gross negligence of Bank. This includes reimbursement by the Originator to Bank of any fines imposed on Bank due to breaches of the BEFTN Rules by the Originator. 7.2 The Originator will indemnify Bank against any loss, liability or expense (including attorneys’ fees and associated expenses) resulting from any claim that Bank is responsible for any act or omission of the Originator or any other person or entity associated with or affected by the services to be performed hereunder, including but not limited to any receiver, receiving Bank, or any participating bank. 8. Inconsistency 8.1 If there is any inconsistency between: a. this Service Supplement and he Application Form for the Service, this Service Supplement prevails; b. this Service Supplement and any of the Attachments, the relevant Attachment prevails; and c. this Service Supplement and the Account Terms, the Account Terms prevail. d. this Service Supplement and the Standard Terms, the Standard Terms will prevail. e. this Service Supplement and the Collections Service Supplement, the Collection Service Supplement will prevail. f. this Service Supplement and the Straight2Bank Supplement, Straight2Bank Supplement will prevail. CLIENT INITIAL STAMP Version: November 2018_3 Page 5 of 6 Bangladesh Electronic Fund Transfer Network (BEFTN) You shall send origination files to us (the Bank) within the times mentioned below. Files received after these times may not be delivered to the BEFTN Operator for next day settlement. 1. Payroll Credits: All payroll credit origination will be sent to the Bank by 6:00 PM*. Time before the settlement date of the subject Entries. All files received after this cut off time will be processed the following Business Day. 2. Debit Entry: The data file containing debit entry information will be transmitting to Bank by 5:30 PM* (‘cut off time ’) one Business Day before the settlement date of the subject Entries. All files received after th e cut off time will be processed the following Business Day. 3. Other Credits: All other credit origination Entries must be submitted by 6:00 PM*. Business Day before the settlement date of the subject Entries. All files received after this cut off time will be processed the following Business Day. 4. All entries transmitted to us through electronic mail or in hard copies should be signed by your authorized signatory before being transmitted to us. * These ti mes may change in accordance with the change in clearing time advised by the Bangladesh Bank or Bank’s own transaction cut off times. The Bank wills advice the relevant changes to you. Attachment A – Processing Schedule Your daily limit for originated credit Entries will be the lesser of Your current balance in Your Account. Attachment B – Exposure Limit Yo u wil l provid e immediatel y availabl e fund s t o offse t an y credi t entrie s originate d b y i t befor e th e paymen t instructio n i s sen t t o Banglades h Ban k PB M (Participatin g Ban k Modul e Server) . Yo u wil l receiv e immediatel y availabl e fund s fo r an y electroni c debi t entrie s initiate d b y i t no t late r tha n th e settlemen dat e o f th e items . Provision s ma y b e mad e fo r holdin g account s t o b e maintaine d fo r postin g o f an y retur n debi t received , a s state d i n thi s Agreemen t an d abidin g b y th e BEFTN Rules . Yo u wil l promptl y provid e immediatel y availabl e fund s t o indemnif y U s i f an y debi t item s ar e rejecte d afte r W e hav e permitte d Yo u t o withdra w immediatel y availabl e funds , shoul d fund s no t b e availabl e i n You r Account s t o cove r amoun t o f th e rejecte d . Attachment C – Settlement You are required to utilize the security procedures for all origination activity. Where applicable, We will call back the/any of the Authorised Person (s) and will cross match the total amount and total number of transactions sent through a particular batch. You are responsible to strictly establish and to maintain procedures to safeguard against unauthorized transactions. You warr ant that no individual wi ll be allowed to initiate transfers in the absence of proper supervision and safeguards, and agree to take reasonable steps t o maintain the confidentiality of the security procedures and any passwords, codes, security devices, and related inst ruc tions provided by Us. If you believe or suspect that any such information has been accessed by an unauthorized individual, you will verbally notify Us immediately, followed by written confirmation. The occurrence of such notification will not affect any tr ansfers made in good faith by Us prior to the notification and within a reasonable time period to prevent unauthorized transfers. However if the originated file is transmitted to Us through secure means agreed between You and Us will not require a telepho ne verification by Us with Your Authorised Person ( s ) before the files will be released. Attachment D – Security Procedures CLIENT INITIAL STAMP Version: November 2018_3 Page 6 of 6 Bangladesh Electronic Fund Transfer Network (BEFTN) Signed on Behalf of the Originator: Signature Name: Designation: Signature Name: Designation: Signed on Behalf of Standard Chartered Bank: Signature Name: Designation: Signature Name : Designation: You agree to compensate Us for providing the services referred to herein at the prices set forth in schedule of charges. The prices contained therein do not include, and you shall be responsible for payment of, any sales, use, excise, value added, utility or other ta xes relating to the services provided for herein. We may amend this Pricing Schedule at our discretio n and any such change shall be notified to you through our website, Bangladesh Bank website or as may deem fit and proper. BEFTN Pricing: Free Attachment E – Pricing Schedule Mr. Yuji Kato Mr. Takashi Masaya Mr. Kenji Tajima Signature Designation :