Maestro Global Rules (PDF) - MasterCard

10.2.2 Assessment for Late Settlement
Europe Region
10.2 Settlement
As described in the Settlement Manual, a Customer is not permitted to maintain
a balance under zero on its account with the settlement bank. In order to
remedy any debit position, every Customer is required to transfer on a daily
basis to its settlement account the funds necessary to bring the account balance
up to zero.
If the Customer does not comply with this requirement, the Corporation will
assess the Customer daily based on the amount of the deficit. The assessment
will be on the first day of failure to transfer funds in a timely manner and for
each subsequent day on which funds are overdue.
“Assessments” in Chapter 1 of the Settlement Manual is modified as follows:
Customers are assessed according to the schedule in the billing manual
applicable to them.
No assessment will be charged if the Customer’s deficit is less than USD 2,000
per day.
This assessment will not apply if the settlement failure is the result of natural
disaster, strike, local holidays, delay on the part of the settlement bank, or any
event beyond the Customer’s control.
10.2.4 Settlement Finality
The Corporation determines the net obligations of the participants in its payment
system under its Rules and operating procedures. Customers’ net obligations
are calculated by the Corporation’s proprietary small value clearing systems and
are based upon accepted financial messages submitted by the participants
to the Interchange System. Financial messages are considered irrevocable,
by Customers, upon completion of the clearing system cutoff. However, in
accordance with the Rules and operating procedures, Customers may submit a
separate financial message to offset a previously submitted financial message.
The Corporation subsequently creates instructions, reflecting the Customers’
end-of-day net obligations, which result in the assumption or discharge of
payment obligations between Customers. These instructions are effected by
Customers and the settlement agents of the Corporation. Settlement finality of
the transfer order is determined by the rules of the national payment system in
which the funds transfer is executed.
10.2.4.1 Cooperation with Government Authorities >>
Each Europe Region Customer agrees and acknowledges that, for the purposes
of administering the Interchange System, the Corporation may from time to time
co-operate (by sharing of information or otherwise) with:
1. the Financial Services Authority;
©1993–2012 MasterCard. Proprietary. All rights reserved.
Maestro Global Rules • 9 November 2012 17-73