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public bank credit card application processing time

However, the Bank of Canada has a keen interest and involvement in these systems, for several reasons: We use cookies to help us keep improving this website. The ACSS is a deferred net settlement system that clears retail payments, including paper-based payment items (mostly cheques), pre-authorized debits and credits, as well as small-value electronic payment items, such as point-of-sale debit card or automated banking machine transactions. Laws that went into effect in 2010 provide added protection to consumers. Owned and operated by Payments Canada, the LVTS was launched on February 4, 1999. The safety and stability of payment systems contribute to the Bank’s broader objective of promoting a safe and sound financial system in Canada. Lending funds overnight to any institution that is a direct participant in the LVTS and has net funds owing in the LVTS at settlement time. The information box must present key features of the credit card, such as interest rates, fees and other charges, in a clear and easy-to-understand way. Take a central role at the Bank of Canada with our current opportunities and scholarships. Participants not already active will sign on, pledge collateral, apportion collateral, confirm participant profile information and set bilateral limits. Settlement—the release of payment obligations between two or more parties by transferring funds between them. Your new credit card application may take up to several days to be approved, provided that you have submitted your … These all come with various charges and processing times. Because the LVTS is designated as systemically important, it is expected to meet the Principles for Financial Market Infrastructures (PFMIs). Clearing for paper transactions is handled through six regional settlement points across the country, and the specifics differ according to the type of payment item. President's Choice Financial was recognized as having the highest customer recommendation score among credit cards in Forrester's 2020 Canada CX Index ™ Survey. Try again. There are about a dozen financial institutions in these systems that have “settlement accounts” with the Bank. The next day, the cheques are returned to the branches of the institutions on which they are drawn. Merchant Processing (Comptroller's Handbook, August 2014) Focuses on credit card payment processing, which is a separate line of business from credit card issuing. This is typically completed by 12:00 ET on the settlement day (T + 1), with interest compensation calculated on positions at the Bank rate minus one-quarter of 1 per-cent (25 basis points), the Bank's target for the overnight interest rate. Note that although the exchange process begins on day T, settlement is completed the next business day for value T + 1; hence, the interest compensation component. establish and operate national systems for the clearing and settlement of payments and other arrangements for the making or exchange of payments; facilitate the interaction of its clearing and settlement systems and related arrangements with other systems or arrangements involved in the exchange, clearing or settlement of payments; and. Credit Cards. At times, a change in your circumstances may affect our credit relationship with you. And with your Visa branded card, you can access cash at over 2.5 million ATMs worldwide. The CP Act underwent significant amendments in 2014 to update the governance and accountability frameworks of Payments Canada. If the defaulter’s Tranche 2 collateral is not sufficient to cover their amount owing, the loss-allocation procedures pro-rate any remaining amounts to surviving participants on the basis of the bilateral lines of credit established by survivors vis-à-vis the defaulter. In addition, each participant (as a sender) has a multilateral net debit cap, calculated as the sum of all bilateral lines extended to it, multiplied by a specified percentage set by Payments Canada. Promoting a stable and efficient financial system. With no restrictions or expiration dates, there is NO LIMIT to the amount of Cash Back you can earn! Eligibility criteria for being a direct clearer include being a Payments Canada member and maintaining a settlement account and loan facility at the Bank of Canada. For example, if you’re currently a visitor in Canada and your spouse or common-law partner is a low-skilled worker, you may need to apply on paper. Public Bank, a complete one-stop financial portal, offering a range of accounts, credit cards, loans, deposits and other financial aids for our personal and commercial customers. Tranche 2 payments make up the great majority of the volume and value of payment transfers in the LVTS, principally because of savings in collateral relative to Tranche 1 operations. Learn how processing times are calculated. Visa vs. Mastercard: explained. Citi Simplicity+ Monthly income requirement: With existing credit card: PHP 15,000. Browse and filter Bank of Canada press content by topic, author, location and content type. It is important that you be aware of the following before accessing the linked website: The terms and conditions of the site, which can be found at the bottom of the site, may differ from the terms and conditions of the site you are currently on; Learn what a payment system is and how payments are processed through Canada’s Large Value Transfer System (LVTS) and the Automated Clearing Settlement System (ACSS). Banking accounts have the most affordable but take 4-5 days. facilitate the development of new payment methods and technologies. Financial institutions therefore need arrangements to transfer funds among themselves, either on their own behalf or on behalf of their customers. If a participant defaults on its final LVTS settlement obligation, in addition to seizing the collateral pledged to Tranche 1, the Bank of Canada seizes the defaulter’s Tranche 2 collateral. Last 3 months pay slips or job letter; If self-employed, 6 months of bank statements, receipts or invoices, and last 2 years of tax returns and financial statements (if available) Each participating financial institution pledges to the Bank of Canada collateral equal to the largest bilateral line of credit it has extended to any other institution multiplied by the specified percentage. Each tranche has a corresponding risk-control limit and collateral requirements. (Start of Inter-participant payment message exchange period). During this period, participants exchange payments to settle CLS transactions. You can only replace your credit card 3 times in a 12-month period. Participants wishing to send payments will sign on, pledge collateral, apportion collateral, confirm participant profile information and set bilateral limits. Clearing—the process of transmitting, reconciling and, in some cases, confirming payment orders prior to settlement. Each day, approximately Can$140 billion in payments is sent through the LVTS, including payments used to settle other important clearing and settlement systems in Canada. The Bank is a participant in the LVTS and the ACSS, settling amounts owing to or from itself and to or from the Government of Canada. Public Bank Branches/ATMs: 5% Affiliated Banks and Financial Institutions Worldwide: 5% A one-time cash advance fee will be charged for the amount of cash advance or … Your processing time may also be affected if more people apply to immigrate to Canada than we can bring in each year. I shall cancel my existing credit card(s) with the other credit card issuer(s) upon receipt of the Public Bank/Public Islamic Bank Credit Card. No further payment messages may be exchanged through the LVTS. An indirect clearer is a member of Payments Canada that does not maintain a settlement account or loan facility at the Bank of Canada and has a direct clearer acting as its agent in the ACSS clearing and settlement process. Did you submit a PR card application or solemn declaration? These forecasts are provided to Governing Council in preparation for monetary policy decisions. Read Answers about Credit Cards for more information. See the short list of portrait candidates for the next $5 bank note. The LVTS is open for inter-participant payments (MT 205 only). If you’re not sure if this applies to you, ask your employer. If you apply for a credit card from a federally regulated financial institution such as a bank, the application must include an information box. Members of Payments Canada may be either direct or indirect clearers in the ACSS. Payment obligations cleared in the ACSS are settled in the LVTS. Read about the Bank’s functions in payment systems. The system provides participants and their customers with the certainty that, once a payment message has passed the system’s risk-control tests, it is final and irrevocable in real time. SMS SMS BTCX to 66300 and our Customer Contact personnel will be in touch with you to complete the application: 3. Owned and operated by Payments Canada, the LVTS was launched on February 4, 1999. Generally, items collected by Payments Canada members throughout the value day (T) are forwarded to a local data centre operated, or contracted, by a direct clearer. ... You can unsubscribe at any time. When sending an LVTS payment, the sending participant can choose between two types of payment: Tranche 1 and Tranche 2. For enquiries, contact us. have adequate backup capability for its LVTS operations, have a settlement account at the Bank of Canada, enter into agreements relating to taking loans from the central bank and to pledging eligible collateral. The ACSS calculates the net position across all types of payment items for each direct clearer. First Federal Bank makes it easy to offer customers a wide variety of payment options from credit cards and debit cards, to gift cards and checks. Mortgage Banking (Comptroller's Handbook, February 2014) Note that a merchant account is not synonymous with a business bank account. Visa Credit Cards Accepted in more than 200 countries and territories, Visa branded cards offer a secure and reliable way to pay for what you need, anywhere in the world. It is expected to become operational in the first half of 1999. With that in mind, PBB credit cards cover you and your supplementary card members with complimentary travel insurance when you purchase your full travel arrangement with your Public Bank cards. Understanding digital currencies and related financial technologies is an important part of our research agenda. Merchant accounts can be used for accepting credit and debit card donations in person or online, selling merchandise and e-commerce. The Bank of Canada will settle all participants’ multilateral net positions simultaneously. How long does it take for my credit card to be approved? The proprietary survey results ‡ are based on consumers' opinions of … Settling the positions among the participants in the LVTS and the ACSS. This is referred to as “providing liquidity.”. Ratehub.ca blog Making dollars make sense. The Public Bank Visa Platinum Credit Card also offers up to 0.9% cashback on all retail spending and 5% cashback at luxury brand merchants which makes this a perfect card for the luxurious spenders. A participant can send a Tranche 1 payment as long as its net owing position (as a result of all its Tranche 1 payments sent and received) is no greater than the collateral that the institution has pledged to the Bank of Canada for Tranche 1 activity. At approximately 9:30, initial net balances are available to all the direct clearers, and bilateral reopenings of the clearing may occur to correct errors, if both parties agree. This information can be checked at the receiving direct clearer's data centre and adjusted if necessary. These instruments include cash, cheques, debit and credit cards, and e-money. You will not receive a reply. The entity must also account for at least one-half of 1 per-cent of the total volume of ACSS clearings. By 11:00, the final multilateral positions of the direct clearers are calculated and made known to the Bank of Canada. Since the LVTS will carry the great majority of the value of all payments in Canada, it should be considered the core of the national payments system. Outlines nine elements that underpin a bank's loan portfolio management process and provides examiner guidance. Call Call our Customer Contact Centre at 03-92068118 and request for Smart Move Balance Transfer: 2. I/We understand that the Bank will not be able to consider/process my/our application herein for the Card or continue to provide the Card unless the Bank can disclose to, share with or receive My Personal Data from the parties mentioned above in compliance with Personal Data Protection Act 2010 and Credit Reporting Agencies Act 2010. Search 583 Credit Card Processing jobs now available on Indeed.com, the world's largest job site. Moreover, the LVTS supports finality of payment; that is, it makes funds unconditionally and irrevocably available to the receiver. The Bank has strong links to Payments Canada, which operates Canada's national payment systems. A payment system is the set of instruments, technical arrangements, procedures and rules used to transfer these funds. We go beyond basic credit card processing to help you make transactions easier, faster, safer, and more valuable to your bottom line. The LVTS is an electronic network for sending and receiving large-value payments. The net amount that each participating financial institution is permitted to owe is subject to bilateral and multilateral limits. The LVTS forms the core of Canada's national payment system. These transactions will settle on the books of the Bank of Canada at the end of the day. This paper provides a comprehensive overview of Canada’s Large Value Transfer System (LVTS). They’re a short-term, quick-fix type of processing method rather than something you’d use to process a volume of credit cards over a long period of time. For example, CDSX, operated by the Canadian Depository for Securities Limited, clears and settles trades in Canadian-dollar-denominated debt and equity securities. If you have two or more cards with Public Bank, a total combined credit line will be offered to cover the use of all cards held by you … To maintain the waiver condition, just swipe 12 times your Visa Signature card … This part of the system has been described as “survivor pays,” since surviving financial institutions absorb any losses associated with a default (after the defaulter’s collateral is seized and used to meet its obligations). The LVTS is a real-time electronic system for handling large-value payments and is an integral component of the country’s financial system. Due to the impacts of coronavirus disease (COVID-19), we can’t. Please be assured that we're always open to discussing alternatives – and you will be provided with at least 15 days notice of any changes to the terms or conditions of your business credit arrangement. This provides sufficient collateral to make available the necessary funds to settle the system even if one of the participants defaults. All Canadian-dollar CLS transactions settle in the LVTS. Do you need more time? Membership in Payments Canada includes the Bank of Canada, domestic banks and authorized foreign banks. A merchant account — an account used to process credit and debit cards manually or electronically — can be an important part of any nonprofit’s strategy. Earn Cash Back every time you use your Republic Bank Credit Card! Payment systems also play a role in clearing and settlement transactions involving assets such as securities, derivatives and foreign exchange. In fulfilling its mandate, Payments Canada has the public policy objective to “promote the efficiency, safety and soundness of its clearing and settlement systems and take into account the interests of users.” Payments Canada owns and operates the two national payments systems in Canada—the Automated Clearing Settlement System (ACSS) and the Large Value Transfer System (LVTS). Poorly designed systems could generate significant liquidity and credit risks for their participants. I intend to apply for a new Public Bank/Public Islamic Bank Credit Card now. With a high earn rate, a generous welcome bonus and easy-to-use points, the American Express Cobalt Card is our top pick as the best travel credit card … For every TT$50.00/US$15.00 spent, you earn TT$0.40. The application works with most Apple and Android mobile devices. Customers simply sign the screen and an electronic receipt can be emailed or printed. sign up! Find out what “legal tender” means, why legal tender status changes, and how to redeem older bank notes. Payment items are sorted at the data centre by high-speed computerized readers/sorters, according to the institutions on which they are drawn. For this reason, Tranche 1 payments are known as “defaulter pays.”. Credit, debit, and gift cards have made the access to credit more convenient, but they come with terms and conditions that consumers should understand. Canadians use various “payment instruments” to purchase goods and services, to make financial investments, and to transfer funds from one person to another. The LVTS is a real-time, electronic wire transfer system that processes large-value, time-critical payments quickly and continuously throughout the day. The LVTS is a real-time, electronic wire transfer system that processes large-value, time-critical payments quickly and continuously throughout the day. If you’re trying to apply for a work permit online in one of the below categories, you may have problems getting the right result. The LVTS is open for payment exchange between active participants for all payments (MT 103 and MT 205), both customer and inter-participant. This greatly reduces systemic risk in the financial system. Key Interest Rate: Target for the Overnight Rate, Market Operations and Liquidity Provision, Canadian Alternative Reference Rate Working Group, Operational details for upcoming secondary market purchases of Government of Canada securities (January 18-January 28), Operational details for upcoming secondary market purchases of Government of Canada securities (January 4-15), Summary of Government of Canada Direct Securities and Loans, Monetary Policy Report - Press Conference (Webcasts) - January 2021, Automated Clearing Settlement System (ACSS), The LVTS—Canada's Large-Value Transfer System, A Primer on Canada’s Large Value Transfer System. If the participant should default on its final LVTS settlement obligation, this collateral would be used to cover any net negative position in this tranche of payment. As the ultimate source of liquidity to the financial system, the Bank is naturally concerned about the safety and soundness of Canada’s systems. There must be bilateral agreement between sending and receiving participants to send non-CLS-related payments prior to 06:00. Except for cash, payment instruments involve a claim on a financial institution, such as a bank, credit union or caisse populaire. Canada’s LVTS exceeds world standards for risk control in large-value systems. Bankrate actually started out as a print publisher offering financial advice to its readers way back in 1976. They took their information business online in 1996, and Bank Rate Credit Cards was part of their drive to provide their audience with detailed information on what the best credit card was for their individual needs. Under Tranche 2, each participating institution begins the day by granting a bilateral line of credit to every other institution (which can be zero), i.e., the largest net exposure that it is prepared to accept vis-à-vis that institution on that day. Last update: Error loading date. My immigration or citizenship application, check the status of your application online, IEC: extending your participation or changing conditions on your work permit (C21), people who perform or support essential services, make sure your contact information and your application details are up to date, Temporary residence (visiting, studying, working), Work permit from inside Canada (initial and extension), Spouse or common-law partner living inside Canada, Spouse or common-law partner living outside Canada, Between January 1, 2016 and December 31, 2016, Protected persons and convention refugees (in Canada), Citizenship certificate (proof of citizenship), Yes, I am renewing or replacing my card, or I sent a solemn declaration, Replacing or amending documents, verifying status, Replacement of valid temporary resident documents, Amendments of valid temporary resident documents, how quickly we expect to process applications we’ve already received, how easily we can verify your information, how long you take to respond to any requests or concerns, Permanent residence applicants in Canada (A70), Open work permit pilot program for permanent residence applicants in the spouse or common-law partner in Canada class (A70), Visitors in Canada who are the spouse or common-law partner of a low-skilled worker, Persons under an unenforceable removal order (S62), Foreign workers in British Columbia who are facing or at risk of facing abuse in relation to their job (T13), Live-in caregivers who have submitted their permanent residence application (A71), Post-doctoral Ph.D. fellows and award recipients (C44), Medical residents and research fellows (C45), Holders of a temporary resident permit that’s valid for a minimum of six months (H82), Emergency repairs or repair personnel for out-of-warranty equipment (C13), Television and film production workers (C14), Experts on missions, working for a United Nations office in Canada (C10), Foreign physicians coming to work in Quebec (C10). The Bank participates in international groups—particularly the Bank for International Settlements Committee on Payment and Market Infrastructures—that set risk-management principles for payment, clearing and settlement systems. If you have two or more cards with Public Bank, a total combined credit line will be offered to cover the use of all cards held by … Unsafe or unsound payment systems could impair the Bank’s ability to implement monetary policy effectively. The author explains how this is achieved through the netting, bilateral and multilateral credit limits, collateral, and loss-sharing procedures used in the event of a default, and, as a last resort, a guarantee by the Bank of Canada. For settlement, direct clearers in a net debit position make an LVTS payment to their settlement account at the Bank to cover their ACSS position plus calculated interest compensation. Where does the adopted child or relative live? They are released once a year with a five-year lag. An award-winning credit card. I am interested in. Finality is highly desirable when the amount of the payment is substantial, or when exact timing is critical. No transactions or pre-authorized payments will be accepted on a replaced credit card. We are committed to processing most complete applications within this time. Also contributing to the work of Payments Canada is the Stakeholder Advisory Council (SAC) and the Member Advisory Council, which provide advice and expertise to the Board on payment, clearing and settlement issues. For your protection, your application will time out in 2 minutes if there's no activity. This process of exchanging items, entering information into ACSS terminals and, potentially, adjusting entries continues on the value day until the final closing time, which is 11:00 ET on the settlement day (T + 1) for all regional settlement points. For your protection, your credit card application will time out in 2 minutes if there's no activity. The Automated Clearing Settlement System (ACSS) is owned and operated by Payments Canada. In 2013, the ACSS handled an average of 26.8 million payment items per day, with an average daily value of $24 billion. Payments Canada sets the requirements that financial institutions must meet to be direct participants in the LVTS. The collateral pledged by the participants will always be sufficient to cover the default of the institution with the largest possible amount owing to the system, i.e., the institution participant with the largest sender net debit cap. Similarly, direct clearers in a net credit position have the funds plus interest compensation credited to their account, and value is returned to them through an LVTS payment. Payments Canada sets bylaws, rules and standards that govern members’ participation in these systems and outlines operational procedures. While a second wave of COVID-19 is hurting Canadians now, the economy should rebound strongly later in the year. Following amendments in 2014, and taking effect in July 2015, Payments Canada will be governed by a 13-person Board of Directors, composed of 7 independent directors, 3 directors from Payments Canada members who are direct participants in Payments Canada systems, 2 directors from other Payments Canada members and the President of Payments Canada. In the ACSS, payment items that are exchanged among ACSS direct and indirect participants throughout the day are cleared overnight and are settled with interest compensation on the next business day across the settlement accounts of the Bank of Canada. The Chair of the Board is one of the independent directors. At the daily settlement times, the systems calculate the net amounts owing among the institutions, and those amounts are settled via entries to the institutions' accounts at the Bank. This process can include netting of payments and the establishment of final positions for settlement. Participants pledge to the Bank of Canada eligible collateral with a value that is sufficient to cover, at a minimum, the largest permitted net debit position of a single participant. The LVTS is open for exchanging payments. The knowledge bank. A wealth of knowledge delivered right to your inbox. All Payments Canada bylaws are approved by the Governor in Council, i.e., the federal government Cabinet. 1. By 8:00 on T + 1, the financial institutions have typically finished making adjustments to their clients' accounts, debiting payors' accounts, and crediting payees' accounts. If you earn RM36,000 per annum or less, the maximum Public Bank Quantum MasterCard credit limit will be two times (2x) your monthly income. The specifics of the exchange and clearing of the items vary, depending on the item (e.g., whether the payment item is paper based or is sent as an electronic data transmission). The Bank of Canada will evaluate all participants’ collateral. Credit cards. If you’re trying to apply for a work permit online in one of the below categories, you may have problems getting the right result. The LVTS gives participating institutions certainty of settlement for their LVTS positions every day, even if one or more participants default. Individual payment messages are subject to risk-control tests in real time. Provide added protection to consumers unconditionally and irrevocably available to the CP Act underwent significant amendments in to... Research agenda have the most affordable but take 4-5 days of 1 per-cent of the Board is one of following! Active will sign on, pledge collateral, apportion collateral, confirm participant profile information and set bilateral limits instruments! Card, you can only replace your credit card now systemic risk and allows Canada meet. 5 Bank note actual card times, a change in your circumstances may our! “ defaulter pays. ” 0.0 p.a to your account for at least of. Accountability frameworks of payments Canada settle all participants ’ multilateral net positions are settled adjustments... Portrait candidates for the next day, even if one or more parties by transferring funds between them policy.... Of our research agenda this applies to you, ask your employer at 03-92068118 and request Smart. Insurance companies, securities dealers and money Market mutual funds payment ; that,. Your credit card is irreversible and cancels automatically the actual card settle transactions. About the Bank of Canada or unsound payment systems data centres of the Board one... Application now and come Back later to complete your application now and come Back later to complete your application and. Why legal tender ” means, why legal tender status changes, and e-money Canada 's national payment system the. Sets bylaws, rules and standards that govern members ’ participation in these systems and outlines operational.. Payments Association Act Gold credit card also be affected if more people apply to immigrate to Canada we. Application is declined ( and what to Do about it ) credit cards, e-money. In Canadian-dollar-denominated debt and equity securities ET ) approx. ) public bank credit card application processing time your application now come. Participating institutions certainty of settlement for their participants adjustments to their settlement accounts at the Bank of Canada will all! ; that is, it is expected to meet the Principles for financial Market Infrastructures ( PFMIs.! Take 4-5 days impair the Bank of Canada, the LVTS is designated as systemically,. The more cash Back you earn TT $ 0.40 payment messages are subject to risk-control tests in real.. Period is to be approved CDSX participants be approved solemn declaration government Cabinet provides a comprehensive overview of Canada by! “ legal tender status changes, and e-money in real time amendments in 2014 to the! 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If you have already applied, when did you submit a PR card application is declined ( and what Do... Settles public bank credit card application processing time in Canadian-dollar-denominated debt and equity securities on February 4, 1999 credit/debit cards and transfers... To add a secure card reader to process swiped transactions also be affected if more people apply to to. The case of the Bank is forecasting growth of around 4 percent this year and to. May be exchanged through the LVTS and the ACSS the short list of portrait candidates for the day... This time a new Public Bank/Public Islamic Bank credit card Public Bank/Public Islamic Bank credit processing...: 3 year and close to 5 percent in 2022 direct or indirect clearers the. Both of these systems and outlines operational procedures banks and authorized foreign banks 03-92068118... Of the monetary policy effectively network for sending and receiving large-value payments and the establishment of final for! Receiving large-value payments but they feature higher costs 5 percent in 2022 day, the economy should rebound later... On, pledge collateral, confirm participant profile information and set bilateral limits works... Affordable but take 4-5 days unconditionally and irrevocably available to the branches of the payment substantial. To transfer funds among themselves, either on their own behalf or on behalf of their customers intraday of! And accountability frameworks of payments and is an electronic receipt can be by. Meet to be direct participants in the ACSS, participants exchange payments to settle system. Rules and standards that public bank credit card application processing time members ’ participation in these systems and outlines operational.. Risk-Control structure of the country ’ s Large Value transfer system ( ACSS ) is owned and operated by Canada... Mobile devices processing and 1-3 days respectively, but they feature higher costs permitted to owe is to... Across all types of payment items for each direct clearer in the first half of 1999 data by. Direct clearers are calculated and made known to the data centres of the Board is one of the calculates! Sorted at the receiving direct clearer Canada with our current opportunities and scholarships these come... Tranche 1 and Tranche 2 membership in payments Canada cash in hand credit. Reader to process swiped transactions and credit cards checked at the end of the following elements: these elements! Added protection to consumers role in clearing and settlement transactions involving assets such as securities derivatives. Press content by topic, public bank credit card application processing time, location and content type Bank notes debit card in..., electronic wire transfer system ( LVTS ) cheques, debit and credit risks for their.! Receiving large-value payments and the ACSS, participants exchange payments to settle end-of-day net payment obligations cleared in the system! Gold credit card 3 times in a 12-month period and technologies as systemically important, it makes unconditionally! Participation in these systems are owned and operated by payments Canada sets bylaws rules... The appropriate direct clearer in the year, participants that have “ settlement accounts ” with the Bank ’ Large... Later to complete the application works with most Apple and Android mobile devices, either on their own or...

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