Maestro Global Rules (PDF) - MasterCard

Europe Region
13.9 Merchant-approved Transactions
10.11.2 Maintenance of System Liquidity
If the Corporation requires additional funds to maintain system liquidity and to
meet the settlement obligations of failed Customers for which the Corporation
guarantees Transactions, it may, upon two (2) working days’ notice in writing,
obtain the required funds from the other European Customers by debiting their
settlement accounts. The funds will be collected by decreasing the Customers’
gross daily settlement amounts of outgoing volumes by up to five per cent (5%)
of the amount settled on the day of notification and by increasing Customers’
gross daily amounts of incoming volumes by up to five per cent (5%) of the
amount settled on the day of notification.
If necessary, collection will continue on the same basis on the days following
the day of notification, for as long as needed to satisfy the settlement obligations
of failed Customers and to ensure system liquidity. The Regional President or
his designee will have responsibility for determining whether and/or when
circumstances calling for application of this Rule exist.
The funds collected will be treated as advance payments on the sums that
may be required from all Customers in the sharing out of loss. If the funds
collected from a Customer exceed the amount ultimately charged to it in the
final allocation, the excess will be returned to the Customer with interest
payments based on the average overnight credit rate applicable to the currency
as defined by central banks in the respective countries between the date(s) of
collection of funds and the date of the final allocation.
If the funds collected from a Customer fall short of the amount charged to it in
the final allocation, the Customer will pay the shortage to the Corporation with
interest calculated in the same manner.
10.11.3 Loss Allocation Among Customers
Any losses incurred by the Corporation, or for which the Corporation may
otherwise be responsible due to the failure of a Customer to perform its
settlement obligations, will be apportioned among the European Customers.
The apportionment of losses will be based on Customers’ guaranteed issuing
and acquiring volumes. The collection of the loss allocation will be undertaken
by the Corporation as soon as practicable under the circumstances of the
settlement losses and may be carried out over an extended period if required.
13.9 Merchant-approved Transactions
The Rules set forth in part 1 of this rulebook are modified as shown below.
The Issuer is liable for Merchant-approved Transactions that it has authorized.
Its liability is the same as for online Transactions that it has authorized. The
Acquirer requests authorization only once as such Transactions must not be
resubmitted. Thus, the Issuer will either approve or decline the authorization
only once.
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17-76 9 November 2012 • Maestro Global Rules