PEX RTP TERMS AND CONDITIONS

Last updated: September, 2025 

These RTP Terms and Conditions (“RTP Terms”) apply with respect to using the Real Time Payments service (“Service”) made available for your Account. These RTP Terms are in addition to and are not intended to supersede or replace the rest of your Agreement. To the extent there is a discrepancy between these RTP Terms and your Agreement, these RTP Terms will apply only with respect to the Service. By sending payments or not returning payments received through the Service, you agree that you accept and will comply with these RTP Terms.

Capitalized terms used but not defined in these Terms will have the meaning set forth in the PEX Master Services Agreement - General Terms.

General Description

The Service enables you to receive payments from people that bank with financial institutions in the RTP system (“Service Participants”). As used herein, “Sender” means a person that sends a payment through the Service (each, a “Service Transfer”), and “Receiver” means a person that receives a payment through the Service.

 

RTP - SPECIAL TERMS

 

1. Risks

There are risks associated with using the Service. Service Transfers are irrevocable and cannot be reversed.

 

We do not provide buyer protection with respect to Service Transfers. That means that you cannot reverse or dispute a Service Transfer on the basis that you are dissatisfied with the goods or services provided by the Receiver; because the Receiver has failed to deliver goods or perform services, whether at all or in a timely manner; or because you wish to return purchased goods or cancel a pre-paid service.

 

WE MAKE NO REPRESENTATION THAT THE INFORMATION AVAILABLE TO US IS CORRECT, AND YOU ARE RESPONSIBLE FOR VERIFYING THAT THE ADDRESSING INFORMATION IS ACCURATE AND COMPLETE, THAT SUCH INFORMATION IS ASSOCIATED WITH YOUR INTENDED SENDER, AND THAT THE AMOUNT OF THE PAYMENT IS CORRECT PRIOR TO SUBMITTING A SERVICE TRANSFER REQUEST. YOU ACKNOWLEDGE AND AGREE THAT WE HAVE NO OBLIGATION TO VERIFY THE ACCURACY OR COMPLETENESS OF THE ADDRESSING INFORMATION OR THAT THE ADDRESSING INFORMATION IS ASSOCIATED WITH YOUR INTENDED RECEIVER.

2.      Receiving Payments

A Sender may request that you return funds sent through the Service. If we receive a return request, we will contact you. For clarity, Service Transfers are irrevocable once they have been sent, and the Receiver is not required to return funds.

 

Incoming payments to you through the Service cannot exceed $10,000,000 per Service Transfer. If you are expecting a Service Transfer, it is your responsibility to advise the Sender of any applicable Transaction Send Limits.

3.      Availability of Funds

Funds transferred through the Service will be credited to the Receiver’s account by the receiving Service Participant immediately upon completion of the Service Transfer request, and will be available for withdrawal by the Receiver immediately. Funds are available immediately 24 hours per day, 7 days per week, including weekends and state and federal holidays.

4.      Failed Service Transfers

A Service Transfer may fail if:

• there are insufficient funds available in the Sender’s account when the Sender submits the Service Transfer Request;
• the sending Service Participant suspects or determines that the Service Transfer does not comply with these RTP Terms or the rules of the RTP system;
• the Receiver rejects the Service Transfer or has declined to receive Service Transfers;
• the Service Transfer request exceeds the Transaction Send Limits;
• the Receiver’s account at the receiving Service Participant is closed, invalid, ineligible to receive Service Transfers, or being monitored for suspected fraudulent or other illegal activity;
• the Sender’s account at the sending Service Participant is being monitored for suspected fraudulent or other illegal activity;
• the sending or receiving Service Participant otherwise declines to process the Service Transfer for risk-management, legal, or regulatory reasons; or
• the Service is unavailable.

 

In addition, completion of a Service Transfer may be delayed if the Service Transfer is subject to review by the sending or receiving Service Participant for fraud, regulatory, or compliance purposes. Service Transfer requests are typically completed within 15 seconds of transmission by the Sender, unless the Service Transfer fails or is delayed as described above. We will not communicate to you as Receiver that the Service Transfer has failed. If you have not received a Service Transfer that you were expecting, you must contact the Sender.

 

5.      Transaction Errors; Unauthorized Transactions; Lost or Stolen Credentials

You acknowledge and agree that: (a) you are solely responsible for ensuring the accuracy and completeness of the addressing information for a Receiver and the amount of payment before submitting a Service Transfer request; (b) you are solely responsible for implementing, maintaining, and managing commercially reasonable security measures, access controls, user credentials, and similar for your systems and accounts that are used by you in connection with any use of the Service, at your sole cost and expense; and (c) we are entitled to rely on the foregoing when processing a Service Transfer request. We will verify each Service Transfer request in accordance with the mutually agreed security procedure(s) selected by you for the Service, which may include confirmation of the Service Transfer request by you and/or multi-factor authentication of your authorized users when accessing the Service. If you believe that an erroneous or unauthorized payment has been made through the Service using your account or that your account credentials have been lost, stolen, or otherwise compromised, please contact us immediately by email at [email protected]. Notice of any such claim must be delivered to us within one year after notification by us that a Service Transfer has been completed, and you agree that any claim made after such time is irrevocably waived to the maximum extent permitted by applicable law or regulation. You acknowledge and agree that our obligations to you in connection with any timely claim made by you under this Section will be governed by New York Uniform Commercial Code § 4A.

6.      Prohibited Payments

You agree that you shall not use the Service to request or receive any of the following types of payments (each, a “Prohibited Payment”): (i) payments that violate or appear to violate any local, state, or federal law or regulation, including all regulations of the Office of Foreign Assets Control, (ii) payments to accounts domiciled outside the United States, (iii) payments transmitted solely for the purpose of determining whether the Receiver information is valid (a “Test Payment”); provided, that you may conduct a Test Payment if you have a bona fide need to do so in order to determine the validity of Receiver information provided to you by a Receiver that wishes to receive a payment from you. A full list of prohibited uses can be found here.

 

You acknowledge that you are permitted to use the Service solely for the purpose of receiving payments to your Account consistent with the terms the Agreement set forth herein, and that to the extent you are sending or receiving a payment through the Service for another person, such other person must be a resident of or domiciled in the United States of America. You acknowledge that any payment that violates the foregoing restrictions is a Prohibited Payment.

7.      Access to the Service; Modifications to Terms

We may suspend or terminate your access to the Service at any time, including if we determine that you have used the Service in a manner that violates these RTP Terms. In addition, we may discontinue or modify the Service at any time in our sole discretion. We may modify these RTP Terms from time to time. Your continued use of the Service (whether by sending a payment or not returning a payment sent to you) following such notice constitutes your acceptance of the RTP Terms as modified.

 

8.      Liability

BY USING THE SERVICE, YOU ACKNOWLEDGE AND AGREE THAT THE SERVICE IS OFFERED ON AN AS-IS, WHERE-IS BASIS. EXCEPT AS SPECIFICALLY SET FORTH HEREIN, WE DISCLAIM, TO THE MAXIMUM AMOUNT PERMITTED BY LAW, ALL WARRANTIES OF ANY KIND WHATSOEVER, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.  WE DO NOT GUARANTEE THAT ACCESS TO THE SERVICE WILL BE UNINTERRUPTED, SECURE, OR ERROR-FREE. EXCEPT AS REQUIRED BY LAW, OR OTHERWISE PROVIDED HEREIN. WITHOUT LIMITING THE FOREGOING, WE SHALL NOT BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, INDIRECT, OR PUNITIVE DAMAGE.