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The Pre-Authorized Payment Agreement is essential for establishing recurring payment arrangements in Malaysia's banking system. It is commonly used when customers need to set up regular automatic payments for various services such as utilities, insurance premiums, loan repayments, or subscription services. The agreement must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and relevant Bank Negara Malaysia guidelines. It includes crucial details such as payment frequency, amount, duration, and the processes for modifications or cancellations. This document is designed to protect both the financial institution and the customer while ensuring smooth automated payment processing in accordance with Malaysian law.

1. Parties: Identification of the financial institution and the customer/account holder

2. Background: Context of the agreement and purpose of the pre-authorized payment arrangement

3. Definitions: Key terms used throughout the agreement including payment-related terminology

4. Authorization: Customer's explicit authorization for automatic debits and scope of the authorization

5. Payment Details: Specification of payment amount, frequency, and timing

6. Payment Processing: Procedures for processing payments, including cut-off times and handling of failed payments

7. Customer Obligations: Customer's responsibilities including maintaining sufficient funds and providing accurate information

8. Bank's Rights and Obligations: Bank's responsibilities and rights in processing payments and maintaining the service

9. Fees and Charges: Any fees associated with the pre-authorized payment service

10. Data Protection and Privacy: Handling of personal and financial information in compliance with PDPA 2010

11. Amendments and Termination: Procedures for modifying or ending the payment arrangement

12. Governing Law: Specification of Malaysian law as governing law and jurisdiction