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Electronic Payment Agreement

Electronic Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Electronic Payment Agreement

"Need an Electronic Payment Agreement for my e-commerce marketplace operating in Singapore, with specific provisions for cryPTOcurrency payments and integration with multiple payment gateways, to be implemented by March 2025."

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Document background
The Electronic Payment Agreement is essential for businesses operating in Singapore's digital payment ecosystem. It is typically used when establishing payment processing relationships between merchants, payment service providers, and financial institutions. The agreement ensures compliance with Singapore's Payment Services Act 2019, Electronic Transactions Act, and MAS guidelines while addressing crucial aspects such as transaction processing, security measures, data protection, and fee structures. This document is particularly relevant given Singapore's push towards a cashless society and the increasing adoption of digital payment solutions.
Suggested Sections

1. Parties: Identifies the contracting parties and their details

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used tHRoughout the agreement

4. Services: Description of payment services to be provided

5. Fees and Charges: Payment terms, fee structure, and charging mechanism

6. Security Requirements: Authentication and security measures

7. Data Protection: PDPA compliance and data handling procedures

8. Term and Termination: Duration and termination provisions

9. Liability and Indemnification: Risk allocation between parties

Optional Sections

1. Integration Requirements: Technical specifications for system integration - use when technical integration is required

2. Service Level Agreement: Performance metrics and service standards - use for enterprise or high-volume clients

3. White Labeling: Branding and customization provisions - use when service is white-labeled

4. Cross-border Provisions: International payment requirements - use for international payment services

Suggested Schedules

1. Fee Schedule: Detailed breakdown of all fees and charges

2. Technical Requirements: Technical specifications and integration requirements

3. Service Level Parameters: Detailed service levels and performance metrics

4. Security Protocols: Detailed security requirements and procedures

5. Compliance Requirements: AML/CFT and regulatory compliance procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Authorized User
Business Day
Confidential Information
Customer
Data Protection Laws
Effective Date
Electronic Payment
Force Majeure Event
Intellectual Property Rights
MAS
Merchant
Payment Account
Payment Card
Payment Data
Payment Gateway
Payment Institution
Payment Instruction
Payment Method
Payment Network
Payment Processing Services
Payment Service Provider
Payment System
Payment Transaction
Personal Data
Processing Fee
Regulatory Requirements
Security Credentials
Service Level Requirements
Settlement
Settlement Account
Settlement Period
Technical Documentation
Technical Requirements
Term
Transaction Fee
Transaction Records
User Authentication
Clauses
Access and Authentication
Amendments
Anti-Money Laundering
Assignment
Audit Rights
Authorized Users
Business Continuity
Change Control
Compliance with Laws
Confidentiality
Data Protection
Dispute Resolution
Electronic Records
Entire Agreement
Fee Structure
Force Majeure
Governing Law
Indemnification
Intellectual Property
Integration Requirements
Liability Limitations
Notices
Payment Processing
Performance Standards
Refunds and Chargebacks
Regulatory Compliance
Security Measures
Service Levels
Settlement
Subcontracting
System Integration
Technical Requirements
Term and Termination
Transaction Processing
Warranties
Industries

Payment Services Act 2019 (PSA): Core legislation governing payment systems and payment service providers in Singapore. Includes licensing requirements and consumer protection measures for payment services.

Electronic Transactions Act (ETA): Provides legal framework for electronic transactions, including recognition of electronic signatures, formation and validity of electronic contracts, and electronic transaction requirements.

Banking Act: Regulates banking operations and payment systems, providing oversight for financial institutions involved in payment processing.

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data, including requirements for cross-border data transfers in electronic payment systems.

AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations, including KYC requirements and transaction monitoring obligations.

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and consumer rights protection in electronic payment transactions.

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore, including E-payments User Protection Guidelines, Technology Risk Management Guidelines, and Outsourcing Guidelines.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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