Transaction Services

Proof — means the Service Party/Agent written instrument, supported with any required records or  documents, and undertaking to arrange at certain time(s) any required verification to establish the absolute existence/non-existence or truth/untruth and effectiveness of the intent and purpose for which the proof is intended. 

Clearing — means verification of (Funds & Instruments) between ‘Institutions’, then subsequent settlement of same Instruments & Funds between Institutions.

Institution — means a financial institution that supports a negotiable instrument or entity that supports an instrument effective with your transaction and/or is supported by an Institution with same attributes and any required enhancements — that clearing would confirm is legal and authorized-licensed to operate in USA/Canada/Western Europe, and that either has a current 'A'/acceptable S&P/equal credit rating with acceptable proof of ability that is fully effective to support-satisfy the instrument obligation and pay any agreed default damages. 

Instrument — means a DTC-eligible instrument or negotiable instrument — that clearing would confirm is a legally enforceable agreement that expresses an undertaking (guaranty, promise, or stipulation) that creates an absolute obligation that is effective for the purpose for which it is intended.