Transaction Services

1. What is Proof of Funds?

This is the Funds-Bank evidence of Funds to support the 'Proof of Funding'; such proof is via delivery to you and/or your Institution, in a form which is normal for a bank to issue.

This is the Service Seller issued 28-day commitment to Service Buyer; confirming to transfer Funds or a Funds-Instrument in exchange for your 'Instrument' that guarantees Settlement.   

3. What is Proof of Exit?

This is Service Buyers' Proof of Exit in response to and confirming to be fully effective with Service Sellers’ Proof of Funding; or for a certain purpose intended.

This is Service Sellers’ proof of Proof of Clearing in response to and confirming the existence/nonexistence or truth/untruth of the Proof of Exit; and/or for certain purposes intended.

5. How do Parties satisfy compliance?

Since the 'Funding Commitment' is issued to You — You have the authority to negotiate your transaction.

·       See www.occ.treas.gov and www.newyorkfed.org and http://www.federalreserve.gov/default.htm which confirms the Funds exchange is final, irrevocable, and removes any credit risk to the receiving bank.

·       See Customer Identification (CIP) USA Patriot Act Regulation; which confirms all parties to provide 'minimum requirements for identity for information gathering' upon demand; and any supporting documentary and non-documentary verification — upon receipt of the 'required' written/verbal 'Customer Notice' from your Institution.

6. Do you pay referral/finder/agent feesWe agree to pay from transaction profit/proceeds per Service Buyer instructions.

·       See NCND-ARA for additional information.