The Direct Payment Authorization Form is a critical banking document used in the Philippines to establish automatic payment arrangements between account holders and financial institutions. It is primarily utilized when setting up recurring payments, standing instructions, or regular fund transfers from a designated bank account. The form must comply with Philippine banking regulations, including BSP Circular No. 1022, the Electronic Commerce Act, and the Data Privacy Act. It typically includes detailed account information, payment specifications, authorization parameters, and necessary declarations. This document is essential for both individual and corporate clients requiring automated payment solutions, and it incorporates important consumer protection measures and data privacy considerations as mandated by Philippine law.
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1. Account Holder Information: Details of the account holder including full legal name, address, contact information, and valid ID numbers as per BSP KYC requirements
2. Bank Account Details: Complete banking information including account number, account type, branch details, and bank name
3. Payment Authorization: Explicit authorization for direct payments, including the purpose and scope of the authorization
4. Payment Details: Specific details about the authorized payments including amount, frequency, and payment schedule
5. Terms and Conditions: General terms governing the authorization including the bank's rights and responsibilities
6. Cancellation and Amendment: Procedures for canceling or modifying the authorization
7. Data Privacy Consent: Consent for handling personal information in compliance with the Data Privacy Act
8. Declarations: Account holder's confirmation of understanding and agreement to all terms
9. Signature Block: Space for authorized signatures, dates, and witness signatures if required
1. Joint Account Authorization: Additional authorization section for joint account holders, required when the account has multiple owners
2. Third Party Beneficiary Details: Information about the receiving party, required when payments are made to a specific beneficiary
3. Foreign Currency Declaration: Additional declarations for foreign currency transactions, needed when dealing with international payments
4. Corporate Authorization: Required for corporate accounts, including board resolution references and authorized signatory details
5. Electronic Payment Consent: Specific consent for electronic processing, required when payments will be processed electronically
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequencies if applicable
2. Schedule B - Fee Schedule: List of applicable fees and charges related to the direct payment service
3. Appendix 1 - Required Documentation: List of supporting documents required for verification and processing
4. Appendix 2 - Terms of Electronic Fund Transfer: Detailed terms and conditions specific to electronic fund transfers when applicable
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