All terms and conditions of the usage of CheckAlt’s Catch!, except as amended herein, shall remain in full force and effect, or so unless canceled in writing by CheckAlt or bank client (“Client”) and its customer(s) (“Payer”).
Client Responsibilities
1. Pre-Implementation:
a. Client agrees to provide to CheckAlt its mathematical algorithms and account edits, if any, for validating Payer identifiers. CheckAlt agrees that it shall use its best efforts to apply any such algorithm given to CheckAlt to the payment data, to validate Payer identifiers; however, notwithstanding anything to the contrary in this Agreement, Client agrees that CheckAlt shall not be responsible for incorrect or incomplete data received from Client or Agents.
2. Post-Implementation:
a. Client will post payments to its Payer accounts on the date CheckAlt transmits the payments data to Client, if possible, but in any event no later than three (3) business days after the date of transmission of the payments data. Any delay between timely transmission of payments data and funds and posting shall not result in a late fee to Payer for late payment.
b. Client accepts full financial and unconditional responsibility for items returned when Agent is not able to verify that there are sufficient Payer funds available prior to submission of the electronic payment and funds to Client.
CheckAlt Responsibilities
1. CheckAlt will collect and process electronic bill payments (the “Payments”) from third party bill pay providers (collectively known as “Agents”), who transmit Payments to CheckAlt via MasterCard RPPS, Fiserv, or any other network acceptable to CheckAlt.
2. CheckAlt shall transmit the Payments data and funds in United States currency to the Client as follows:
a. CheckAlt shall transmit electronically the data file to the Client or the Client’s designated representative within three (3) business days after receipt by CheckAlt of such Payments from the Agent.
b. CheckAlt makes downloadable reports available to Client detailing each Payment, including dollar amount, Payer name, Payer identifier, and Payment date. The data must be 100% in balance with the expected amount of funds every day.
c. The associated Payments funds shall be deposited electronically in the Client’s designated account as specified in the Catch! Implementation.
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