Legal

Updated June 1, 2021

PRIVACY POLICY

1. Introduction

This Privacy Policy (“Policy”) has been compiled to better serve those who are concerned with how their 'Personally Identifiable Information' (“PII”) is being used online. PII, as used in UK Data Protection Act 2018 and information security, is information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context. Please read this Policy carefully to get a clear understanding of how StormPay collects, uses, protects or otherwise handles the PII in accordance with the StormPay website.
For the purpose of the applicable data protection legislation (meaning, prior to 25 May 2018 the Data Protection Act 1998 and from 25 May 2018 the General Data Protection Regulation and any legislation which implements it) (the “Data Protection Legislation”), the data controller is Paystorm Limited (StormPay), with registered office at office is 18 King William Street, Monument, London, EC4N 7BP, United Kingdom. StormPay registration number with the Information Commissioner’s Office UK (ICO) is ZA778064. References in this Policy and on StormPay website to “we”, “our” or “us” are references to Paystorm Limited. References to “you” and “your” means each natural or legal person who interacts with StormPay, uses StormPay website or the products and services which StormPay provides.

2. What personal information do we collect?

When ordering or registering on StormPay’s website www.stormpay.io, as appropriate, StormPay may be asked to enter:

  • name, email address, mailing address, phone number, date of birth;
  • credit card information;
  • identification documents, user name (or similar identifier),
    • Whenever you use the StormPay’s website or app, the following information will be collected:
  • technical information, including the internet protocol (IP) address used to connect your device to the Internet;
  • information about your visit, including the full Uniform Resource Locators (URL) clickstream to, through and from our website (including date and time);
    • StormPay collects the personal data from third parties, including, but not limited to:
  • credit-reference agencies;
  • financial or credit institutions;
  • official registers and databases;
  • fraud-prevention agencies.

3. When does StormPay collect the information?

StormPay collects the information from you when you:

  • register with our website (www.stormpay.io);
  • download our mobile application;
  • subscribe to our services, provide us with feedback;
  • participate in surveys;
  • enter personal information on registration page;
  • by communicating with us by phone, email or otherwise

4. How do StormPay use the information?

StormPay may use the information in the following ways:

  • To carry out StormPay’s obligations relating to your contract with StormPay and provide you with the product, service or information;
  • To pursue StormPay’s legitimate interests in providing and marketing StormPay products and services to you;
  • To follow up after a correspondence (live chat, email or phone enquiries);
  • To comply with any applicable legal and/or regulatory requirements;
  • To improve StormPay’s website, mobile app, products, services and interactions with you and other users in order to better serve you.

5. How do we protect your information?

StormPay’s website is scanned on a regular basis for security breaches and known vulnerabilities in order to make your visit to StormPay’s site as safe as possible.
StormPay uses the regular Malware Scanning.
The personal information is contained behind secured networks and is only accessible by a limited number of persons who have special access rights to such systems, and are required to keep the information confidential. In addition, all sensitive personal or financial information you supply is encrypted via Secure Socket Layer (SSL) technology.
StormPay implements a variety of security measures when users place an order, enter, submit, or access their information to maintain the safety of their personal information.
StormPay does not store any of your debit or credit card information.
StormPay does not sell, trade, or otherwise transfer your PII to outside parties unless StormPay provides users with advance notice. This does not include website hosting partners and other parties who assist StormPay in operating StormPay’s website, conducting StormPay business or serving StormPay’s users, so long as those parties agree to keep this information confidential. StormPay may also release information when its release is appropriate to comply with the law, enforce StormPay’s website policies or protect StormPay or others' rights, property or safety.
However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising or other purposes.

6. Retention period

StormPay retains the data for as long as necessary to fulfil the purposes to which this data is collected for, including for the purposes of satisfying any legal, accounting, regulatory or reporting requirements.

To determine the appropriate retention period for data, StormPay considers:

  • the amount, nature, and sensitivity of the data;
  • the potential risk of harm from unauthorised use or disclosure of the data;
  • the purposes for which StormPay processes the data; and
  • the applicable legal requirements.

7. Customer’s rights

With regards to applicable laws, you may have the right to access information that StormPay holds about you. You can ask StormPay to correct your inaccurate or incomplete personal data. StormPay may need to check the accuracy of the new data before StormPay updates your file. You can ask StormPay to delete your personal data if:

  • there is no reason for StormPay to continue using it;
  • you have withdrawn your consent to use your personal data;
  • you have not given StormPay consent to use your data;
  • StormPay has unlawfully used your personal data
  • StormPay is required by law to delete your personal data.

Your ability to exercise these rights will depend on a number of factors. StormPay may not be able to fulfil your request, in order to comply with regulatory responsibilities.

8. Cookies

Cookies are text files that are placed on websites on the internet. Cookies track how long a visitor spends and what they do on StormPay’s website. Cookies collect such information and share it with the owner of the website.

StormPay uses the cookies on StormPay’s website to help StormPay understand who uses StormPay’s website and how StormPay can improve it.

There are four main types of cookies:

  • Strictly necessary cookies are essential for the running of a website. Without the use of these cookies, you may not be able to use some of the features of websites.
  • Performance cookies monitor website performance and collect anonymous data on how visitors use a website. These cookies provide information to help improve how a website works.
  • Functionality cookies are used to remember user preferences so that the website can be customised for them.
  • Targeting or advertising cookies are used to target advertisements to the interests of users, based upon previous web browsing activity.

StormPay only uses strictly necessary cookies on its website, therefore there is no option to opt out.

9. Third-party links

StormPay does not include or offer third-party products or services on StormPay’s website.

10. Google

Google's advertising requirements can be summed up by Google's Advertising Principles. https://support.google.com/adwordspolicy/answer/1316548?hl=en.

They are put in place to provide a positive experience for users.

StormPay has not enabled Google AdSense on the StormPay site but StormPay may do so in the future.

11. Data Protection Act

The Data Protection Act also sets the rules for commercial email, establishes requirements for commercial messages, gives recipients the right to stop emails from being sent to them, and spells out tough penalties for violations. To be in compliance with the Act, StormPay agrees to the following:

  • Not use false or misleading subjects or email addresses;
  • Identify the message as an advertisement in some reasonable way;
  • Include the physical address of our business or company headquarters;
  • Monitor third-party email marketing services for compliance, if one is used;
  • Allow users to unsubscribe by using the link at the bottom of each email;
  • Honour opt-out/unsubscribe requests quickly.

If at any time you would like to unsubscribe from receiving future emails, you can email StormPay at support@stormpay.com or follow the instructions at the bottom of each email and StormPay will promptly remove you from ALL correspondence.

12. Contact us

If you have any questions, comments and requests regarding this Privacy Policy, you email StormPay on support@stormpay.com.

You can also write to StormPay at 18 King William Street, Monument, London, EC4N 7BP.

STORMPAY CORPORATE ACCOUNTS TERMS AND CONDITIONS

Welcome to StormPay!

Thank you for using our StormPay governed by these Terms and Conditions for Corporate Account, which together with our Privacy Policy, Cookie Policy, Rates and Charges Information and any special terms and conditions applicable to specific StormPay (jointly the “Agreement”), constitute the legal relationship between you and StormPay. Please read them carefully.

You are advised to print or download and keep a copy of these Terms and Conditions for future reference.

You can also access our Terms and Conditions on our Website.

1 About StormPay

  • 1.1. Paystorm Limited (“StormPay”) is a company incorporated under the laws of England and Wales with company number 12486589 is registered agent of Modulr Finance Limited which is an Electronic Money Institution (“EMI”) authorised by the United Kingdom Financial Conduct Authority (“FCA”) under the Electronic Money Regulations 2011 (“EMR 2011) (register reference FRN 900573) for for the issuing of electronic money. Your StormPay Card and any electronic money issued to you is issued by Modulr Finance Limited.
  • 1.2. Our registered office is 18 King William Street, Monument, London, EC4N 7BP, United Kingdom.

2 Scope of the terms and conditions

  • 2.1. These Terms and Conditions for Corporate Account together with the other constituent parts of the Agreement govern the availability and use of our Services.
  • 2.2. The registration to use our Services means the acceptance of these Terms and Conditions for Corporate Account and the Modulr Finance Limited Terms and Conditions [Annex 1]. To the extent you use additional StormPay Services, you may have to accept additional Terms and Conditions as notified to you when you access or use such Services. The acceptance constitutes the agreement between you and us. For the use of additional services, you may have to accept additional terms and conditions as notified to you when you are ordering or using such services.

    You can always view the current Terms of Use on our Website.
  • 2.3. StormPay, in its sole discretion, may change these Terms and Conditions, or any constituent parts of the Agreement from time to time and any additional terms and conditions that may apply for any of the following reasons:
    • i. where we reasonably consider it will make the terms and conditions easier to understand or fairer to you or the change would not be to your disadvantage;
    • ii. to take account of regulatory requirement;
    • iii. because of changes to Applicable Law, codes of practice or the way in which we are regulated;
    • iv. because of reasonable changes to the way we service your StormPay Corporate Account or provide services to you as a result of changes in technology. We will publish the revised Terms and Conditions in the relevant section of the StormPay Website. You are responsible for regularly reviewing these Terms and Conditions and other constituent parts of the Agreement.
  • 2.4. Unless otherwise specified the changes will come into effect immediately after being posted on the Website. Any such change will not affect any StormPay Services that were accessed or ordered prior to the effective date of such change.
  • 2.5. Your continued use of the StormPay Services after any changes to these Terms and Conditions or any constituent parts of the Agreement shall constitute your consent to such changes.

3 Glossary

  • 3.1. In these Terms and Conditions:
    • “Agreement” means these Terms and Conditions for Corporate Account, our Privacy Policy, Cookie Policy, Rates and Charges Information.
    • “API” means the application programming interface provided by StormPay.
    • “App” means the mobile application software provided by StormPay, along with the data supplied with such software and the associated media, through which you can access and use certain features, technologies, content and functionalities offered on the Website.
    • “Business Day” means a day other than a Saturday, Sunday or a public holiday in England when financial institutions are open for business.
    • “Cookie Policy” means StormPay’s policy governing use of cookies by us and which is available on the Website as may be amended from time to time.
    • “Corporate Client” means a corporate entity who has a StormPay Corporate Account.
    • “Electronic Money” means electronically stored monetary value as represented by a claim against Modulr Finance Limited.
    • “Fees” means the charges payable by you to us for using our Services. “StormPay” means Paystorm Limited.
    • “StormPay Corporate Account” means the electronic money account you maintain with us in accordance with these Terms and Conditions and does not constitute a bank account or other financial instrument and mustn’t be used for personal banking. StormPay Corporate Account includes customer information, transaction history and other information related to your use of the StormPay Services.
    • “StormPay Balance” means any funds held in your StormPay Corporate Account.
    • “StormPay Customer Services” means our customer service, which you can reach by sending a message through the “Contact Us” facility on the website, by calling +44 (0) 207 816 5954 or via email on support@stormpay.io. All queries to Modulr Finance Limited should be directed towards the StormPay Customer Services.
    • “StormPay Services” or “Services” means all of our products and services, as well as services for our partner(s), and any other features, technologies, content and functionalities offered by us on StormPay website or through other means.
    • “StormPay website” or “website” means the website available at www.stormpay.io.
    • “Privacy Policy” means StormPay`s policy governing the processing of personal data and which is available on the website as may be amended from time to time.
    • “Rates and Charges Information” means commission payable by you to us for using our Services.
    • “Regulator” means an organisation that supervises financial institutions, including Financial Conduct Authority, Payment Systems Regulator and any others.
    • “Regulations” means the Payment Services Regulations 2017 (SI 2017 No 752).
    • “Terms and Conditions” means these StormPay Terms and Conditions for Corporate Accounts published on the website and as may be amended from time to time.
    • “We”, “us” and “our” mean StormPay.
    • “You” and “your” means you the legal entity in whose name the StormPay Corporate Account is registered to.
  • 3.2. Clause headings shall not affect the interpretation of these Terms and Conditions for Corporate Accounts and references to clauses are to the clauses of these Terms and Conditions for Corporate Accounts.
  • 3.3. Any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
  • 3.4. Unless the context otherwise requires, words in the singular shall include the plural, and in the plural, shall include the singular.
  • 3.5. A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time and reference to a statute or statutory provision shall include all subordinate legislation made from time to time.

4 StormPay services

  • 4.1. StormPay Services enable you to maintain StormPay Corporate Account that allows to conduct payment transaction - receive and make electronic payments as well as spend, transfer and withdraw electronic money from your StormPay Corporate Account.
  • 4.2. StormPay is an independent contractor for all purposes and is not your agent, or trustee, nor the agent, trustee, or representative nor the representative, agent, or trustee of any payer that you receive payment from or payee that you affect payment to via StormPay Services. StormPay does not have control of, or liability for, the products, work or services that are paid for with StormPay Services. We do not guarantee or ensure that a buyer or a seller will complete a transaction and we make no representation or warranty as to any products, work and services provided or delivery thereof.
  • 4.3. StormPay Services are provided in accordance with the laws of England and Wales.
  • 4.4. StormPay Services may be available in different currencies, including pounds sterling, Euro and other currencies offered by StormPay as an agent for Modulr Finance Limited from time to time.
  • 4.5. You may withdraw or transfer electronic money from your StormPay Corporate Account at any time to a bank account. However, you may be required to confirm your identity beforehand. There may be a minimum withdrawal or transfer amount, as well as threshold limits, as may be modified and disclosed from time to time. Sufficient electronic money must be available to cover any applicable Fees. You can choose from the approved methods of withdrawal when submitting your withdrawal request.
  • 4.6. StormPay Corporate Account is not a bank account, nor does it offer the features and benefits of a traditional bank account. The electronic money held in StormPay Corporate Account do not constitute deposits and do not earn any interest. The electronic money are held by StormPay for your future use of StormPay Services. By accepting these General Terms and Conditions you acknowledge that the United Kingdom’s Financial Services Compensation Scheme (FSCS) does not apply to electronic money held in connection with your StormPay Corporate Account. In the unlikely event that we become insolvent, your electronic money will be kept safe by being held on a specifically designated safeguarding account. Electronic money held on these accounts cannot be affected by liquidating nor be touched by administrators. In addition to this, we strictly adhere to applicable requirements which are designed to ensure we have sufficient capital in the business.
  • 4.7. The electronic money held by StormPay belong to the individual or legal entity that is registered for the StormPay Services. No individual or legal entity other than such registered StormPay Corporate Account holder has any rights in relation to the electronic money held in the relevant StormPay Corporate Account. You may not assign or transfer your right to utilise the StormPay Services to a third party or otherwise grant any third party a legal or equitable interest in connection with your use of the StormPay Services.
  • 4.8. The electronic money in your StormPay Corporate Account can be held for an indefinite time.
  • 4.9. The StormPay Services include the provision of a digital wallet, into which funds may be deposited, stored as electronic money, and redeemed both on your express, instruction and in accordance with these Terms and Conditions for Corporate Accounts.
  • 4.10. The StormPay Services may be subject to certain limits and availability, which may depend on your country of residence, applicable regulations and other factors used by us to determine such limits and availability from time to time at our sole discretion. Only Services that you are eligible for will be available and accessible to you through “My Account” facility on the StormPay Website.
  • 4.11. StormPay strictly prohibits using the StormPay Services while impersonating any individual or legal entity or falsely claiming an affiliation with any individual or legal entity.
  • 4.12. The StormPay Corporate Account is intended to enable payments for business-related and commercial activities and are not intended for personal use and the applicant attests that they are not using the account for personal, family or household purposes. If you use your StormPay Corporate Account for personal purposes we may close your StormPay Corporate Account immediately.
  • 4.13. For the purposes of high risk industries the StormPay Corporate Account will not be available for businesses in the following industries: trading of cryptocurrencies, casinos and other betting or gambling activities, sales of unlicensed pharmaceuticals, trading of weapons, explosives or armaments, bidding fee auctions, unregistered charities and charities that are not incorporated.
  • 4.14. You agree that the reporting and payment of any applicable taxes in the UK and any other country where this arises is your responsibility in relation to the use of a Corporate Account and any other StormPay Corporate Account. All tax obligations therefore fall under your responsibility and that of any authorised person within your company. StormPay assumes no responsibility with regards to the execution of tax obligations, or calculation and transfer of taxes relevant and applicable to you and your company in any of the countries in which you operate.
  • 4.15. Our Services do not include the provision of advice. We do not offer advice under these Terms and Conditions for Corporate Accounts on any matter including (without limit) the merits or otherwise of any currency transactions, on taxation, or markets.

5 Adding funds to your StormPay corporate account

  • 5.1 To add funds, you need to log in to your StormPay Corporate Account and follow the steps as they appear on screen. We are not responsible for the funds you intend to add to your StomPay Corporate Account until we have received them in cleared funds. We will not be acting as a payment service provider when receiving such funds.
  • 5.2 You may be presented with one or more methods to add funds, for example, bank transfer or debit cards (in these Terms and Conditions, we will call these methods “Payin Methods”). The number of Payin Methods made available to you will depend on a number of factors including where you live and your verification status with us. Payin Methods are not part of our Services, they are services provided by third parties for example, the card provider which issued you with your debit card. We cannot guarantee the use of any particular Payin Method and may change or stop offering a Payin Method at any time without notice to you.
  • 5.3 For legal and security reasons, we may impose limits on how much funds you can add into your StormPay Corporate Account.

6 Receiving payments to your StormPay corporate account

  • 6.1 You may receive funds into your Corporate Account using methods which will be available from time to time.
  • 6.2 Any funds you receive into your StormPay Corporate Account will be recorded in the “Transaction History” section of your StormPay Corporate Account. You must check that the incoming funds match against your own records. You must notify us as soon as you are aware about the incorrect transaction, so that we can investigate and if necessary trace the funds.
  • 6.3 You acknowledge that any funds received in your StormPay Corporate Account ("Received Amount") may be subject to reversal and you agree that we may deduct the Received Amount from your StormPay Corporate Account if it was reversed by the individual or legal entity who paid you the Received Amount or any relevant bank or payment service provider.
  • 6.4 If you receive deposit in a currency other than the currency of the Corporate Account, the amount of the deposit will be converted by us into the currency of the Corporate Account at the StormPay reference exchange rate at the time of deposit.
  • 6.5 The time it takes for payments to reach StormPay is not in StormPay’s control. Most incoming payments are typically received within one (1) to three (3) Business Days but may take up to five (5) Business Days or longer. If an incoming payment is not received within five (5) Business Days, we will initiate an investigation on your behalf if you so requested. For such investigation we may require that you provide us with additional information associated with the expected payment. Incoming payments may also be subject to the terms and conditions of the entity sending the payment. Any issues or disputes associated with such terms and conditions should be resolved directly with the entity sending the payment and are not the responsibility of StormPay.
  • 6.6 You may be required to provide us with additional information and documents prior to or in connection with incoming payments. Such additional information and documents may include documents allowing StormPay to verify the source of the funds, including but not limited to contracts, invoices, bill of lading, reports, certificates, identification documents, for services delivered for which you are being paid, and payment confirmation from the entity sending the funds. We may request additional information and documents to enable us to comply with any applicable law or regulation. Such information will be used in conjunction with other information and documents we have in connection with your use of the StormPay Services. Failure to provide such requested information and documents may result in us reversing the payment. All information and documents you provide us with must be accurate and complete. Where transaction information and documents cannot be verified for accuracy, we may freeze such funds, limit your use of StormPay Services and take any other action to comply with any applicable law or regulation.

7 Withdrawing electronic money from your StormPay corporate account

  • 7.1 After you log in to your StormPay Corporate Account, you may request all or part of your funds held in your Corporate Account to be withdrawn. Press "Withdraw" and follow the steps as prompted on screen.
  • 7.2 When setting up your withdrawal request, you must give us accurate information that we need in order to identify the recipient. We will not be responsible for money sent to the wrong recipient as a result of incorrect information provided by you. If you provide us with wrong details, you may ask us to assist you in recovering the money, but we cannot guarantee that such efforts will be successful. We will not be liable for any loss or delay this causes.
  • 7.3 You agree that your Corporate Account Account is subject to withdrawal limits. If your withdrawal request exceeds the current limit, we may decline your request and require you to provide us with additional documents, so we can carry out additional checks before allowing the money to be withdrawn.
  • 7.4 You agree that we are authorised to deduct our Fees, any applicable reversal amounts, and/or any amounts you owe us from the balance on your Corporate Account. If there is insufficient balance available to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.

8 Making payments from your StormPay corporate account

  • 8.1 To set up a payment order via your StormPay Corporate Account, you need to provide certain information to us including (a) details of your recipient, (b) your recipient’s bank account details or their StormPay Corporate Account details and (c) amount to be transferred.
  • 8.2 We may place limits on the amount you may send per transfer. For more information on the applicable limits, please visit our FAQ section of StormPay website.
  • 8.3 If your payment order is received by us after 12pm on a Business Day or not on a Business Day, your payment order will be deemed received on the following Business Day.
  • 8.4 Once we have received your payment order, a unique transfer number is assigned to it and it is shown in the “Transaction History” on your StormPay Corporate Account. You should quote this transfer number when communicating with us about a particular payment order.
  • 8.5 If you have sufficient available electronic money your Corporate Account, you may send electronic money from your StormPay Corporate Account. We will only process your payment order if we hold or have received sufficient cleared electronic money in your StormPay Corporate Account, including funds to cover our Fees. It is your responsibility to fund your payment order in a timely manner. We cannot be responsible for the time it takes for the funds to be sent to us by your bank or payment service provider.
  • 8.6 We carry out verification checks, and these checks may increase the time it takes to process your payment order. We cannot be responsible for any delays as a result of carrying out those checks.
  • 8.7 We will use reasonable efforts to ensure that the electronic money arrive in the recipient’s bank account or payment account within the timelines notified to you or otherwise specified in our FAQ section of the StormPay website. We do not have any control over the time it may take for the recipient’s bank or payment service provider to credit and make available funds to the recipient.
  • 8.8 If we are unable to complete your payment order, we will let you know and, if possible, the reasons for the refusal and an explanation of how to correct any factual errors. However, we are not required to notify you if such notification would be unlawful.
  • 8.9 You do not have an option to cancel or amend any payment order and/or currency exchange order once it is submitted. You can send an email to payments@stormpay.io if you want to cancel or amend any payment, and, if possible, StormPay will put maximum effort to reverse the payment. We may need to charge you a Fee for our efforts.
  • 8.10 If required, we may request clarification and additional documents relating to the payment order (e.g. an invoice, contract or the transaction terms, source of funds, or other) prior to allowing a transfer of electronic money. You agree to cooperate with us to provide such clarification and obtain requested documents.
  • 8.11 For the provision of withdrawal and transfer methods, StormPay may rely on third party banks or local payment service providers with whom we have payment arrangements and who are regulated in their respective markets and comply with their local laws. We do not guarantee the availability of any particular withdrawal or transfer method and may make changes to or discontinue a particular method at any time. We are no longer responsible for the withdrawal payment once the withdrawn electronic money are received by your designated bank or payment service provider.

9 Currency conversion

  • 9.1 You may convert the electronic money held in one currency in your StormPay Corporate Account into other currencies we support from time to time, as available to you via “My Account” facility on the StormPay website (each a “Currency Balance”). If you are eligible, you may transfer electronic money from one Currency Balance to another Currency Balance to obtain the currency by submitting a “Currency Exchange” request through your StormPay Corporate Account. Such electronic money will be generally credited in the receiving Currency Balance within minutes, in some cases it can take several hours or longer.
  • 9.2 The currency exchange Service may be subject to certain limits as set and adjusted by StormPay from time to time. We reserve the right to reject a request to transfer electronic money from one Currency Balance to another Currency Balance or block the currency exchange Service at any time at our sole discretion. The currency exchange Service is currently available in certain currencies only and additional currencies may be enabled from time to time. We do not guarantee the availability of this Service and may make changes to or discontinue it at any time.
  • 9.3 We will let you know the exchange rate when you place your “Currency Exchange” request.
  • 9.4 When we refer to an exchange rate in these Terms and Conditions for Corporate Accounts, it means the mid-market exchange rate at the relevant time for the relevant currency pair (for example, GBP to EUR) as provided by our currency liquidity providers. We may change our currency liquidity providers from time to time without notice to you.

10 Registering for StormPay

  • 10.1 In order to use the StormPay Services you must first register on our website by providing certain information and details. All information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We cannot be responsible for any loss arising out of your failure to do so. You may only register for the StormPay Services by completing the online application form. As part of the registration process, you will need to accept these Terms and Conditions for Corporate Accounts, as well as other constituent part of the Agreement and any other related terms and conditions, as well as policies that will be included in the registration process. If you use or order additional Services, you may be asked to accept special terms and conditions covering such Services.
  • 10.2 You authorise StormPay, directly or through third parties, to make any enquiries we consider necessary to validate the identity of your legal entity, as applicable. This may include asking you for further information, requiring you to provide your date of birth, a taxpayer identification number and other information that will allow us to reasonably identify your company, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report, or verifying your information against third party databases or through other sources. We may also ask to see your driver’s license, passport or other identifying documents, as well as certain company documentation, at any time. For some StormPay Services, the law requires that StormPay verify some of your details or your company’s details. StormPay reserves the right to close, suspend, or limit access to the StormPay Services in the event we are unable to obtain or verify this information or if the information does not satisfy our requirements.
  • 10.3 In order to open a new StormPay Personal Account you must be aged 18 years or over. We may require at any time that you provide proof of your age.
  • 10.4 If you registered for the StormPay Services on behalf of a legal entity, you must be legally authorised under the legal entity’s formation documents and/or under applicable law to agree to the Agreement and you must be allowed to use the StormPay Services by the laws and regulations of the jurisdiction governing the legal entity. All activities under a StormPay Corporate Account shall be deemed as activities carried out by the registered user. You shall only use the Services to transact on your own account and not on behalf of any other individual or legal entity.
  • 10.5 You may only open one StormPay Personal Account unless we have agreed in writing the opening of additional accounts. StormPay may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, StormPay may close or merge these duplicate accounts at its sole discretion.
  • 10.6 You agree that you are choosing to engage with StormPay in the United Kingdom in connection with these Terms and Conditions for Corporate Accounts and that the governing jurisdiction is the United Kingdom. You will comply with any applicable laws in relevant jurisdictions. You may register for the StormPay Services only if it is legal to do so in your country or other jurisdiction of residence. By registering, you represent and warrant to us that your use of the StormPay Services does not violate any laws or regulations applicable to you.

11 Maintaining your StormPay corporate account

  • 11.1 We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence verifying such information.
  • 11.2 We may contact to your registered email with information or notices regarding your use of the StormPay Services. It is your responsibility to regularly check your email account or other methods of communication that you have registered with StormPay and to promptly retrieve and read messages relating to your use of the StormPay Services. We shall not be liable for any loss arising out of your failure to do so. You will be liable for any loss that directly results from any failure to submit, or notify us of a change in, your contact details in accordance with these terms and conditions.
  • 11.3 Information regarding payments received, payments sent, purchases transfers made, withdrawals and other StormPay Services activity are displayed in the online “Transactions History” section of your StormPay Corporate Account together with the Fees charged by us. Each transaction is shown in the “Transaction History”. You should check your StormPay Balance and “Transaction History” regularly. You should report any irregularities or clarify any questions you have as soon as possible by contacting StormPay Customer Services.
  • 11.4 In order to file a claim for an unauthorised or incorrectly executed transaction, you must immediately notify us after becoming aware of the unauthorised or incorrect transaction.
  • 11.5 We may close, suspend, or limit your access to your use of the StormPay Services and/or limit access to your electronic money for up to 180 (one hundred and eighty) days (or longer if pursuant to a court order or other legal process) if you violate these Terms and Conditions for Corporate Account or any other constituent part of the Agreement, or pursuant to any proprietary fraud and risk modelling used by StormPay when assessing the risk associated with your use of the StormPay Services. We may also limit your access to electronic money per the instructions of law enforcement agencies or our Regulators.
  • 11.6 If you do not actively use the StormPay Services, we may consider you to be inactive. Once you have been deemed inactive we may disable certain features of your StormPay Corporate Account and Services, up to and including terminating your use of the StormPay Services. If you are deemed inactive, you may request StormPay to reactivate your status at any time and StormPay may reactivate your status in its sole discretion.

12 Keeping your StormPay corporate account safe

  • 12.1 You must take all reasonable steps to keep your StormPay Corporate Account password and other personalised security features safe at all times and never disclose them. StormPay representatives will never ask you to provide your password to us or to a third party. Any message you receive or website you visit that asks for your password, other than the StormPay website, should be reported to us. If you are in doubt whether a website is genuine, you should contact StormPay Customer Services. It is advisable to change your password regularly (by following the instructions on your "My Account" facility on the StormPay website) in order to reduce the risk of a security breach. We also advise you not to choose a password that is easily determined from information someone may know or gather about you.
  • 12.2 If you have any indication or suspicion of your StormPay Corporate Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorisation or otherwise compromised, you must immediately change your password, and contact StormPay Customer Services. Any delay in or failure to notify us may not only affect the security of your StormPay Corporate Account but may also result in you being liable for any losses.
  • 12.3 We may suspend your StormPay Corporate Account or otherwise restrict its functionality (including access to funds), in our sole discretion, on grounds relating to the security of the StormPay Corporate Account or any of its security features or if we reasonably believe that an unauthorised or fraudulent use of your StormPay Corporate Account has occurred or that any of its security features have been compromised. We will lift the suspension and/or the restriction as soon as practicable after the circumstances for the suspension and/or restriction have ceased to exist.
  • 12.4 You must take all reasonable care to ensure that your email account(s) and mobile phone are secure and only accessed by you, as your email address and/or SMS may be used to reset passwords or to communicate with you about the security of your StormPay Corporate Account. If the email addresses registered with your StormPay Corporate Account is compromised, you should immediately contact StormPay Customer Services.
  • 12.5 Additional StormPay Services you use may have additional security requirements as specified in their applicable terms and conditions.
  • 12.6 If you for any reason allow another person to have access to your StormPay Corporate Account, you will be liable for all transactions and Fees incurred by such use.

13 Closing your StormPay corporate account

  • 13.1 You may close your StormPay Corporate Account at any time by contacting StormPay Customer Services or on Close My Account section on your accounts.
  • 13.2 If your StormPay Corporate Account holds a balance at the time of its closure, we will ask you to withdraw your electronic money within a reasonable period of time, during which your StormPay Corporate Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period you will not be able to access your StormPay Corporate Account but you may withdraw any remaining electronic money by contacting StormPay Customer Services and requesting that the electronic money be sent to you in a manner that is reasonably acceptable for us. Your obligations with regards to keeping your StormPay Corporate Account safe as set forth in the Keeping Your StormPay Corporate Account Safe section shall continue to apply.
  • 13.3 You must not close your StormPay Corporate Account to avoid a check or an investigation. If you attempt to close your StormPay Corporate Account during a check or an investigation, we may hold your electronic money until the check or the investigation is fully completed in order to protect our or a third party’s interests.
  • 13.4 We reserve the right to carry out any necessary checks relating to money laundering, terrorism financing, fraud or other illegal activity before authorising any withdrawal of your funds, including in relation to returning any funds to you after you have closed your StormPay Corporate Account.
  • 13.5 You agree that you will continue to be responsible for all obligations related to your StormPay Corporate Account even after it is closed.

14 Prohibited transactions

  • 14.1 You confirm that you will not use the StormPay Corporate Account and any Services associated with it, or the Website for any illegal, fraudulent or other prohibited activity. If StormPay reasonably believe that you may be engaging in or have engaged in a fraudulent, illegal or prohibited activity, including any violation of these Terms and Conditions for Corporate Account or any other constituent part of the Agreement, your access to the StormPay Corporate Account, Services associated with it and website may be suspended or terminated (and your account closed) immediately or subject to notice that we deem reasonable in the underlying circumstances. Additionally, depending on the severity of the violations, we may contact law enforcement agencies.
  • 14.2 StormPay Corporate Account and any Services assimilated with it cannot be used to make or receive payments on behalf of third parties. Additionally, it is strictly forbidden to make or receive payments through StormPay Corporate Account and any Services associated with it as consideration for or in connection with:
    • a) drugs, and/or drug paraphernalia, or items that may represent these uses;
    • b) pharmaceutical and nutraceuticals;
    • c) obscene or pornographic items, adult businesses or adult related services, including escort services, adult massage, or other adult-entertainment services, adult performer regardless of sexual orientation;
    • d) unlicensed gaming, betting and lottery platforms;
    • e) aggressive financial services;
    • f) aggressive software;
    • g) controlled substances, unapproved drugs, unapproved medical devices;
    • h) items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
    • i) file sharing websites allowing sharing, viewing or download of copyrighted content;
    • j) goods, work or services that infringe on the intellectual property rights of a third party;
    • k) unlicensed money services businesses and unlicensed escrow services;
    • l) fireworks;
    • n) lifetime products;
    • o) illegal wildlife trade;
    • p) weapons (including without limitation, knives, guns, firearms or ammunition);
    • q) replica and/or unlicensed branded goods;
    • r) any business actively requiring a license in the jurisdiction in which it operates without a license;
    • s) any other illegal act;
    • t) any other category or payer that StormPay decides to prohibit, in its sole discretion.
  • 14.3 Notwithstanding the foregoing StormPay may pre-approve the use of the StormPay Services in connection with any one or more of the above, following review and examination of circumstances thereof, and subject to its sole discretion.
  • 14.4 You may not use the StormPay Corporate Account and/or Services associated with it if you are registered, residing, working or conducting business in any country restricted by the United Nations, United Kingdom HM Treasury or European Union sanctions. We may in our sole discretion decide to discontinue or restrict our Services to residents of other countries at any time and without prior notice.
  • 14.5 We reserve the right to suspend or terminate your use of the StormPay Corporate Account and/or Services associated with it (including access to electronic money) at any time if we reasonably believe to be required to do so by law or in order to comply with recommendations issued by our Regulators, a relevant government authority or recognised body for the prevention of financial crime.
  • 14.6 It is strictly forbidden to use the StormPay Corporate Account and/or Services associated with it for any illegal purposes including but not limited to money laundering, terrorist financing, fraud, tax evasion. We will report any suspicious activity to the relevant law enforcement agency. You are prohibited from using the StormPay Services in any attempt to abuse, exploit or circumvent any law or regulation.
  • 14.7 If you conduct or attempt to conduct any transaction through your StormPay Corporate Account and any Services associated with it in violation of the prohibitions contained in this section or without the necessary pre-approval from StormPay, we reserve the right to (i) reverse the transaction; (ii) terminate or suspend your use of the StormPay Services; (iii) report the transaction to the relevant law enforcement agency; and (iv) claim damages from you.

15 Fees

  • 15.1All Rates and Charges are set forth in the Rates and Charges Information page in your “My Account” facility on the StormPay website (the “Rates and Charges Information”). Rates and Charges are subject to change at StormPay’s sole discretion.
  • 15.2 You agree to pay all Rates and Charges and your continued use of the StormPay Services indicates your continued acceptance of the Rates and Charges, including any changes that we may introduce to the Rates and Charges Information from time to time. We will send any updated Fees to your registered email and post a message to your “My Account” facility on the StormPay website. If you are unclear as to any applicable Fee, you should contact StormPay Customer Services.
  • 15.3 Your transactions may be subject to currency conversions. If you make a withdrawal or transfer from your StormPay Corporate Account denominated in one currency to an account in a different currency, then there may be a Fee for the conversion into the destination currency.
  • 15.4 You may be charged a currency conversion Fee as a percentage of the transaction or as a fixed amount, as applicable and as specified in the Rates and Charges.
  • 15.5 Fees payable by you will be deducted from your StormPay Balance and you hereby authorise us to so deduct such Fees. Transaction Fees will be charged when the transaction is executed. If your StormPay Balance is insufficient to cover the Fees, we may refuse to execute the payment. Reversal or chargeback Fees will be deducted when incurred.
  • 15.6 You may be charged an inactivity Fee if you have not used the StormPay Services, or you have maintained a zero balance, for a certain period of time as determined by StormPay in its reasonable discretion.

16 Your data

  • 16.1 We will ensure that all your personal data is held in accordance with the data privacy and security provisions of applicable law and our published Privacy Policy. Your use of the StormPay Services is subject to the Privacy Policy which you agree to as part of the Agreement. Please make yourself familiar with the Privacy Policy by visiting it on our website, https://www.StormPay.com/privacy-policy/-. StormPay in its sole discretion may amend the Privacy Policy by an update on the Privacy Policy page of the StormPay website.
  • 16.2 You will receive notifications through “My Account” facility on the StormPay website or by email that will inform you about new product features, promotions, etc. By accepting these Terms and Conditions, you agree to receive such notifications on a regular basis. If you do not wish to receive any notifications from us, please contact StormPay Customer Services.
  • 16.3 You acknowledge and agree that StormPay reserves the right to access and disclose personal data relating to you to comply with all applicable laws and lawful requests from government and/or other regulators, and/or to protect StormPay, its customers and other users. And you acknowledge and agree that StormPay reserves the right to disclose personal data to third parties if StormPay has reasonable reason to believe your use of the account is in violation of these Terms and Conditions or if StormPay is otherwise obliged or needs to disclose such information to any relevant authority.

17 Liability

  • 17.1 It is entirely your responsibility to ensure that you only make payments to or receive payments from individual(s) or legal entity(ies) in connection with commercial transactions in compliance with any applicable laws and regulations. The mere fact that an individual or legal entity accepts payments through us is not an indication of the legality of the supply or provision of their goods, work and services. If you are in doubt as to the legality of a supply or purchase, you should not continue with your payment. StormPay makes no representation or warranty as to any products, work and services provided by any StormPay participant.
  • 17.2 In case of a (i) bona fide unauthorised payment or (ii) payment that was incorrectly executed due to an error by us, we shall at your request promptly refund the payment amount including all Fees deducted therefrom. This shall not apply:
  • 17.2.1 where the unauthorised payment arises from your failure to keep the personalised security features of your StormPay Corporate Account safe in accordance with the provisions of Keeping Your StormPay Corporate Account Safe section above;
  • 17.2.2 if you fail to notify us immediately of any loss of your password or other event that could reasonably be expected to have compromised the security of your StormPay Corporate Account after you have gained knowledge of such event in which case you shall remain liable for losses incurred up to your notification to us;
  • 17.2.3 in case the transaction was unauthorised but you have compromised the security of your StormPay Corporate Account with intent or gross negligence; or
  • 17.2.4 if you fail to dispute and bring the unauthorised or incorrectly executed transaction to our attention within sixty (60) days from the date of the transaction.
  • 17.3 You should check your “Transactions History” section of your StormPay Corporate Account regularly and contact StormPay Customer Services immediately if you have any questions or concerns. To the extent the security of the email or mobile phone used to register for or access, use and order the StormPay Services has been compromised, StormPay shall not be liable for any funds lost, or any unauthorised payments made, as a result of such compromise.
  • 17.4 In case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and, if reasonably possible, recovering such payments, but we shall not be liable for any payments that cannot be recovered.
  • 17.5 We shall not be liable for any disruption or impairment of our Service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.
  • 17.6 We shall not be liable for any losses arising from our compliance with legal and regulatory requirements. 17.7 Nothing in these Terms and Conditions for Corporate Accounts shall operate to exclude liability for gross negligence, fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.
  • 17.8 Our obligation under these Terms and Conditions for Corporate Accounts and other constituent part of the Agreement is limited to providing you with the StormPay Services and does not create responsibility for, nor make any statement in relation to or endorsement of the quality, safety or legality of any goods, work or services provided by a StormPay user.
  • 17.9 You are solely responsible for reporting to all applicable government tax authorities all payments loaded to your StormPay Corporate Account and for the payment of any applicable taxes that apply to such payments, as well as any other applicable reporting requirements, including but not limited to, any customs or foreign currency controls. You represent and warrant that you are in compliance with the United Kingdom Foreign Account Tax Compliance Act (“FATCA”), the Common Reporting Standard (“CRS”), as applicable, and will remain compliant with these instruments during the term of the Agreement. StormPay does not assume any responsibility for any of your tax reporting or filing obligations.
  • 17.10 You agree to defend, reimburse or compensate us and hold us, our affiliates and any third parties on which we rely or partner with to deliver products, work and service harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that we incur or suffer due to or arising out of your breach of these Terms and Conditions. For Corporate Accounts, breach of any applicable law or regulation and/or use of the StormPay Services. This provision shall survive termination of the relationship between you and us.
  • 17.11 Your use of the StormPay Services is at your own risk. We do not guarantee that our Website, or any content on it, will be free from errors or omissions. The StormPay Services are provided on an "as is" basis without warranties of any kind. StormPay hereby disclaims all warranties, either express or implied, including but not limited to warranties of merchantability and fitness for a particular purpose.
  • 17.12 In no event shall StormPay, its agents, representatives, directors, officers, employees and affiliates and contractors be liable to you or any other party for any loss or injury or any damages, either direct, indirect, punitive, special, incidental, consequential or otherwise (including, but not limited to loss of profits, business, reputation or savings) resulting from or in any way connected to your use of the StormPay Services, even if it has been advised of the possibility of such damages. This limitation of liability shall apply regardless of whether the claim asserted is based on contract, tort, negligence, strict liability or otherwise. In no event shall StormPay's liability to you at any time exceed the amount of the total Fees you paid to StormPay. In no event shall StormPay, its agents, representatives, directors, officers, employees or affiliates be liable for any act or omission resulting from circumstance beyond their reasonable control.
  • 17.13 You hereby waive any and all rights to bring any claim or action related to your use of the StormPay Services beyond one (1) year from the first occurrence of the act, event, condition or omission on which such claim or action is based.
  • 17.14 You acknowledge that StormPay will provide the StormPay Services using facilities provided by banks, payment service providers, clearing networks and other third-party payment processing services (collectively, “Service Providers”). No commercial agreement exists between the Service Providers and yourself and each of the Service Providers will accordingly have no direct liability to you.

18 Termination and suspension

  • 18.1 We may close your StormPay Corporate Account and/or terminate providing any Service associated with it by giving you two months’ prior notice.
  • 18.2 We may at any time suspend or close your StormPay Corporate Account and/or terminate the Agreement, and/or stop providing any Service associated with it, either with an immediate effect or subject to a prior notice that we deem reasonable in the underlying circumstances, if we have reasonable grounds for thinking that:
    • a) you are in breach of any provision of the Agreement or documents referred to in these Terms and Conditions or any other agreement you have entered into with us;
    • b) you have provided us with false, incomplete, inaccurate, or misleading information;
    • c) you are involved in (or attempt to commit) any fraudulent activity, money laundering, terrorism financing, or other criminal or illegal activity, including receiving proceeds of crime into your StormPay Corporate Account;
    • d) you are not eligible or become ineligible for a StormPay Corporate Account, and/or any Service associated with it;
    • e) you are, or likely to be, unable to pay debts when they become due;
    • f) you put us in a position where we might break a law, regulation, code or other duty that applies to us if we maintain your StormPay Corporate Account, and/or provide you any Service associated with it;
    • g) you inappropriately let someone else use your StormPay Corporate Account, and/or any Service associated with it;
    • h) you behave in a threatening or abusive manner to our staff;
    • i) your directors have been or could be disqualified under applicable law;
    • j) maintaining your StormPay Corporate Account, and/or providing you any Service associated with it might expose us or our affiliates to action or censure from any Regulators, a relevant government authority or law enforcement agency, or damage our goodwill and/or reputation. 18.3 We may at any time suspend or close your StormPay Corporate Account, and/or end the Agreement, and/or stop providing any Service associated with it, either with an immediate effect or subject to a prior notice that we deem reasonable in the underlying circumstances, if we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency.
  • 18.4 We may suspend your StormPay Corporate Account or restrict its functionality if we have reasonable concerns about:
    • a) the security of your StormPay Corporate Account; or
    • b) suspected unauthorised or fraudulent use of your StormPay Corporate Account.
  • 18.5 We will give you notice of any suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or immediately after, unless notifying you would be unlawful or compromise our reasonable security measures. We will lift the suspension or the restriction as soon as practicable after the reasons for the suspension or restriction have ceased to exist.
  • 18.6 Together with a termination notice or at any time thereafter we may give you instructions on how to withdraw remaining electronic money.
  • 18.7 Suspension or termination of your use of the StormPay Corporate Account, and/or any Services associated with it will not affect our right to make deductions for any outstanding or unpaid fees.

19 Intellectual property rights

  • 19.1 While you are using our Services, you may use the StormPay Materials (as defined below) only for your own (personal) use and solely as necessary in relation to those Services.
  • 19.2 "StormPay Materials" include any software (including without limitation the App, the API, developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you, or available for download from our website. You may not, and may not attempt to, directly or indirectly:
    • 19.2.1 transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service or the StormPay Materials to any individual(s) or legal entity(ies);
    • 19.2.2 remove, obscure, or alter any notice of any of our trademarks, or other intellectual property appearing on or contained within the Services or on any StormPay Materials;
    • 19.2.3 modify, copy, tamper with or otherwise create derivative works of any software included in the StormPay Materials; or
    • 19.2.4 reverse engineer, disassemble, or decompile the StormPay Materials or the Services or apply any other process or procedure to derive the source code of any software included in the StormPay Materials or as part of the Services.

20 Accessing our services

  • 20.1 We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if for any reason our Services are unavailable at any time or for any period. To access the website and use our Services, you must be connected to the internet. You are responsible for making all arrangements necessary for you to have access to our Services. Though, if you have dully authorised a third party to access your StormPay Corporate Account, we may refuse access to that third party if we are concerned about unauthorised or fraudulent access by that third party. We will give you notice if we do this, either before or immediately after we refuse access, unless notifying you would be unlawful or compromise our reasonable security measures.

21 Information security

  • 21.1 You are responsible for configuring your information technology, computer programs and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses.
  • 21.2 You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our website, our servers, computers or databases. You must not attack our website with any type of denial-of-service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities, and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our website and/or our Services will cease immediately.

22 How we communicate

  • 22.1 We usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your StormPay Corporate Account profile. You should check for incoming messages regularly; these emails may contain links to further communication on our website. If you don’t maintain or check your email and other methods of communications, you will miss emails about your transactions, our Services and changes that we may introduce to these Terms and Conditions from time to time. We cannot be liable for any consequence or loss if you don’t do this. If we have reasonable concerns either about the security of your StormPay Corporate Account, or any suspected or actual fraudulent use of your StormPay Corporate Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).
  • 22.2 In addition to communicating via email, we may contact you through “My Account” facility on the StormPay Website, via App, letter or telephone where appropriate. If you use any mobile Services, we may also communicate with you via SMS. Any communications or notices sent by:
    • 22.2.1 notification through “My Account” facility on the StormPay Website will be deemed received by you on the same day if it is posted in the “My Account” facility or App before 5pm on a Business Day. If it is posted in the “My Account” facility or App after 5pm on a Business Day or at any other time, it will be deemed received on the next Business Day;
    • 22.2.2 email will be deemed received by you on the same day if it is received in your email inbox before 5pm on a Business Day. If it is received in your email inbox after 5pm on a Business Day or at any other time, it will be deemed received on the next Business Day;
    • 22.2.3 post will be deemed received three days from the date of posting for United Kingdom post or within five days of posting for international post;
    • 22.2.4 SMS will be deemed received the same day.
  • 22.3 Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification through “My Account” facility on the StormPay website pointing you to information on our website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you.
  • 22.4 If you are unsure whether a communication is originating from us, please contact StormPay Customer Services.
  • 22.5 These Terms and Conditions for Corporate Accounts are made in the English language. Documents or communications in any other languages are for your convenience and only the English language version of them is official. All your correspondence addressed to or information or documents provided to StormPay should be in English or accompanied by a certified English translation in the form satisfactory to us.
  • 22.6 You may contact us at any time by sending a message to StormPay Customer Services via our Website or by calling +44(0)207 816 5954 during our normal office hours.

23 Complaints

  • 23.1 If you feel that we have not met your expectations in the delivery of our Services, in first instance by contacting StormPay Customer Services. If we did not deal with your complaint adequately, please contact Modulr Finance Limited via email to support@modulrfinance.com.
  • 23.2 Our goal is to provide you with a prompt answer or resolution to your complaint where possible. Nothing contained herein, however, constitutes a commitment by StormPay to resolve your complaint.
  • 23.3 StormPay Customer Services can be reached at the following address, email and phone number: StormPay Customer Services, 18 King William Street, Monument, London, EC4N 7BP, United Kingdom. Email: support@stormpay.io. Phone: +44 (0) 207 816 5954. If you are still dissatisfied with the outcome, you may direct your complaint to The Financial Ombudsman Service at the Exchange Tower, London E14 9SR or by calling free phone at 0800 023 4567, 0300 123 9123, or via using online form at https://help.financial-ombudsman.org.uk/help.

24 Other important terms

  • 24.1 Nobody else has any rights under the Agreement. The Agreement is between you and us. No other person shall have any rights to enforce any of its terms. You acknowledge and agree that we will not need to get your agreement in order to end or make any changes to the Agreement.
  • 24.2 We may transfer the Agreement to someone else. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of your rights and obligations under the Agreement (including the StormPay Corporate Account or electronic money held in such StormPay Corporate Account) without our prior written consent. We reserve the right to transfer, assign or novate the Agreement (including the StormPay Corporate Account or electronic money held in such StormPay Corporate Account) or any right or obligation under the Agreement at any time without your consent. This does not affect your rights to close your StormPay Corporate Account under the Clause 15.
  • 24.3 If a court finds any part of this Agreement illegal or otherwise unenforceable, the rest of the Agreement will continue in force and effect. Each of the clauses and paragraphs of the Agreement operate separately.
  • 24.4 Even if we delay in enforcing the Agreement, we can still enforce it later. If we delay in asking you to do certain things or in taking action, it will not prevent us from taking steps against you at a later date.
  • 24.5 These Terms and Conditions fro Corporate Accounts and the other constituent parts of the Agreement supersede and extinguish all previous agreements between you and StormPay, whether written or oral, relating to their subject matter.
  • 24.6 Any dispute between you and us in connection with your StormPay Corporate Account and/or the Agreement may be brought in the courts of England and Wales.

ANNEX 1

INTRODUCED CLIENT SCHEDULE MODULR INTRODUCED CLIENT TERMS OF BUSINESS

BACKGROUND


Modulr is a provider of Modulr Products (as described to you by Partner Platform), which includes the provision of an electronic money account for businesses and associated payment services. The electronic money account is provided by Modulr FS. These Introduced Client Terms of Business govern the Modulr Products that Modulr agrees to provide to the Introduced Client.

These Introduced Client Terms of Business ‎(including all the attached Schedules)‎, together with the Modulr Account Terms and Conditions set out the terms on which the Modulr Products are provided and constitute the Agreement between Modulr, Modulr FS and the Introduced Client.

THE PARTIES AGREE AS FOLLOWS:

1. Interpretation

  • 1.1. In these Introduced Client Terms of Business: (a) a reference to a clause is a reference to a clause in these Introduced Client Terms of Business; (b) headings are for reference only and shall not affect the interpretation of these Introduced Client Terms of Business; (c) the singular shall include the plural and vice versa; (d) a reference to a person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns; (e) a reference to a party shall include its personal representatives, successors and permitted assigns; (f) reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

2. Modulr Products

  • 2.1. Modulr will make available to the Introduced Client such products that are provided to the Partner Platform and, as described by Partner Platform in the application process.
  • 2.2. The Introduced Client agrees to the Partner Platform providing all such information to Modulr who will check and verify the identity of the Introduced Client, its directors, beneficial owners and Authorised Users as required by law.
  • 2.3. The Introduced Client acknowledges that a search of the electoral register may take place for anti-money laundering purposes on the individuals listed in clause 2.2 above.
  • 2.4. The Introduced Client acknowledges that a “soft footprint” search may be placed on the electronic files of the individuals noted in clause 2.2 above by the Credit Reference Agencies and their personal details may be accessed by third parties for the specific purpose of anti-money laundering and countering the financing of terrorism (AML/CFT), identity verification and fraud prevention.
  • 2.5. The Account and Cards (where applicable) are provided by Modulr FS to the Introduced Client in accordance with the Modulr Account Terms and Conditions. Modulr Products provided to the Introduced Client under this Agreement are for the sole use by the Introduced Client.
  • 2.6. The Introduced Client can use the Account and Cards (where applicable) to make Transactions on the terms and conditions set out in the Modulr Account Terms and Conditions. A record of all Transactions relating to the Account can viewed on the Website or accessed via the Partner Platform (as applicable).
  • 2.7. The Introduced Client shall promptly notify Customer Services as soon as it becomes aware login and security information enabling access to its Modulr Products have been lost, stolen or compromised.
  • 2.8. From time to time Modulr may carry out additional checks on the Introduced Client, including the identity of its directors, beneficial owners and the nature of its business in accordance with its Due Diligence Procedure and as required by law. Modulr may contact the Introduced Client or the Partner Platform (as applicable) for such purposes. The Introduced Client agrees to provide such information as necessary.
  • 2.9. The Introduced Client shall comply with all legislation and regulation as it applies to the Introduced Client. Any failure to comply with relevant legislation or regulation shall be considered a material breach of the Agreement and may result in Modulr discontinuing the provision of the Modulr Products as set out in clause 6.4.
  • 2.10. The Introduced Client shall implement as appropriate Modulr’s reasonable security recommendations it notifies to the Introduced Client from time to time.

3. Authorised Users

  • 3.1. Access to the Modulr Products is restricted to individuals that have been designated by the Introduced Client as Authorised Users.
  • 3.2. The Introduced Client must notify Modulr of all individuals it wishes to be an Authorised User.
  • 3.3. Each Authorised User is permitted to access and use the Modulr Products in accordance with these Introduced Client Terms of Business.
  • 3.4. The Introduced Client will be responsible for training its Authorised Users in the appropriate use of Modulr Products.
  • 3.5. The Introduced Client shall ensure its Authorised Users;
    • 3.5.1 take all reasonable care to ensure Modulr Product access credentials, including login details to the Website, where applicable, are kept confidential to each Authorised User; and
    • 3.5.2 do not share any information that would enable another party to access the Introduced Client’s Account.
  • 3.6. The Introduced Client acknowledges and agrees that each Authorised User is authorised by the Introduced Client to act on its behalf. Modulr shall deem any instruction given by an Authorised User is an instruction given by the Introduced Client.
  • 3.7. The Introduced Client will be responsible for timely notification to Modulr of any revocation of Authorised User access and will be liable for Transactions made, Fees incurred and use of Modulr Products by an Authorised User until Modulr has had one full Business Day to act on any received notice. This clause shall not apply to Introduced Clients accessing Modulr Products via the Partner Platform.
  • 3.8. Where the Introduced Client accesses Modulr Products through a Partner Platform, such Partner Platform will be considered the Authorised User. In this instance if additional Authorised Users are required they must be requested by the Partner Platform. The use of a Partner Platform to access the Modulr Products by the Introduced Client are set out in further detail below.

4. Accessing Modulr Products through a Partner Platform

  • 4.1. In the event the Introduced Client utilizes a Partner Platform to access Modulr Products, the Introduced Client agrees and authorises the Partner Platform to instruct Modulr to access and use the Modulr Products on behalf of the Introduced Client, which shall include but not be limited to making Transactions, viewing and retrieving Transaction data, initiating refunds and closing the Account.
  • 4.2. The Introduced Client acknowledges and agrees that Modulr shall have no liability whatsoever with respect to the performance, availability or quality of any Partner Platform.
  • 4.3. The Introduced Client acknowledges and agrees to the following:
    • 4.3.1. it must satisfy itself that its Platform Partner Agreement grants the Partner Platform all permission necessary to operate the Account on the Introduced Client’s behalf;
    • 4.3.2. the Platform Partner will be granted full access to operate the Introduced Client’s Account as an Authorised User of the Introduced Client;
    • 4.3.3. it is responsible for monitoring Partner Platform activities on its Account. Any queries relating to such activities will be raised with the Partner Platform directly and settled between Partner Platform and the Introduced Client;
    • 4.3.4. the Introduced Client has no recourse against Modulr for any act or omission of the Partner Platform with respect to its Account;
    • 4.3.5. the Introduced Client understands it can only access its Account to make Transactions, review Transactions made or otherwise use Modulr Products through the service provided by the Partner Platform; and
    • 4.3.6. it will only use the Account for the purpose set out in the Partner Platform Agreement.
  • 4.4. On receipt of notification by Modulr from the Partner Platform that it wishes to terminate this Agreement, this Agreement shall terminate. Any funds in the Introduced Client’s Account will be returned in accordance with the terms of the Modulr Account Terms and Conditions.
  • 4.5. If the Introduced Client has any complaint or concern relating to the Account or other Modulr Products, such complaint or concern shall be raised directly to the Partner Platform, who shall deal with it in accordance with Modulr’s Complaints Policy, a copy of which is available on request from the Partner Platform and on the Website.

5. Customer Services

  • 5.1. The Introduced Client can contact Customer Services if it has any queries about the Modulr Products. Information may be requested from the Introduced Client, including but not limited to, its Authorised Users, Cardholders or Transaction information so that it can verify the identity of an Authorised User, the Cardholder and/or the Modulr Products provided to such Introduced Client.
  • 5.2. Any information shared by the Introduced Client will be kept strictly confidential. Where such information is provided in connection to a service provided by a third party, for example, the Account, then the Introduced Client’s information will only be used in accordance with instructions of such third party and only for the purpose of providing Customer Services to the Introduced Client on behalf of such third party.
  • 5.3. As part of Modulr’s commitment to providing a quality customer service, its managers periodically monitor telephone communications between its employees and Introduced Clients to ensure that Modulr’s high quality service standards are maintained. The Introduced Client consents to such monitoring and recording of telephone communications and agrees to make its Authorised Users aware of such practice.

6. Term and Termination

  • 6.1. This Agreement shall commence on the date the Introduced Client receives confirmation from Modulr or the Partner Platform (where applicable) of its successful application for Modulr Products and shall continue until terminated by the Introduced Client, Partner Platform (if acting on behalf of the Introduced Client) or Modulr.
  • 6.2. The Introduced Client or the Partner Platform (where applicable) may terminate this Agreement immediately by notifying Customer Services in writing by post or email.
  • 6.3. Modulr may terminate this Agreement and close the Introduced Client’s Account(s) by providing the Introduced Client with at least two months’ notice.
  • 6.4. Modulr may suspend or terminate this Agreement immediately if, for any reason, the Introduced Client (i) is unable to satisfy the Due Diligence Procedures, (ii) for breach of this Agreement, (iii) has provided false, incomplete or misleading information, (iv) has engaged in fraudulent, money laundering, terrorism financing or other illegal activity or we have reasonable suspicions in respect of same or (v) we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority. Modulr shall notify you as soon as possible, unless prohibited by law, of such suspension or termination of the Agreement.
  • 6.5. This Agreement will automatically terminate when all Accounts of the Introduced Client are closed (for any reason).
  • 6.6. Modulr may terminate or suspend this Agreement in whole or in part immediately by giving written ‎notice to the Introduced Client if Modulr ceases to provide Cards pursuant to the provisions of Schedule 1.‎
  • 6.7. On termination of this Agreement for any reason, any balance remaining in the Introduced Client’s Account(s) shall be returned to the Introduced Client in accordance with the Modulr Account Terms and Conditions. The Introduced Client shall pay immediately all outstanding Fees due (where applicable) under this Agreement and in the event of a negative balance in an Account, shall reimburse Modulr FS such amount equal to the negative balance.

7. Intellectual Property

  • 7.1. The Introduced Client acknowledges all Intellectual Property Rights in the Modulr Products are owned by or provided under licence to Modulr. Modulr grants the Introduced Client a non-exclusive, royalty-free licence for the duration of this Agreement to access and use the Modulr Products only for the purpose contemplated by this Agreement.
  • 7.2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to the Introduced Client.

8. Force Majeure

  • 8.1. Modulr and/or Modulr FS will not be liable for the non-performance or failure to provide any part of the Modulr Products occurring as a result of any events that are beyond the reasonable control of Modulr, for example, but not limited to, fire, telecommunications or internet failure, utility failure, power failure, equipment failure, employment strife, riot, war, terrorist attack, non-performance of third party suppliers, acts of God such as storm or lightening damage, or other causes over which Modulr and/or Modulr FS has no reasonable control.

9. Assignment Transfer and Subcontracting

  • 9.1. The Modulr Products provided to the Introduced Client are personal to the Introduced Client. The Introduced Client may not novate, assign or otherwise transfer this Agreement, any interest or right under this Agreement (in whole or in part) without the prior written consent of Modulr.
  • 9.2. The Introduced Client agrees Modulr may, in its sole discretion, assign, or transfer some or all of its rights and obligations or delegate any duty of performance set out in the documents forming this Agreement. Modulr may subcontract any of its obligations under this Agreement.
  • 9.3. In the event of any transfer of this Agreement by Modulr to another service provider; if the Introduced Client does not want to transfer to the new provider, the Introduced Client must notify Modulr of its objection in writing to Customer Services. On receipt of such notification, Modulr it will terminate this Agreement. Any balance remaining in the Introduced Client’s Account(s) will be returned to the Introduced Client in accordance with the redemption procedure set out in the Modulr Account Terms and Conditions.
  • 9.4. It is acknowledged by the Introduced Client that Modulr enters into this Agreement on its own behalf and as agent for and on behalf of Modulr FS with respect only to clauses 10 and 14 of these Introduced Client Terms of Business.

10. Liability

  • 10.1. Nothing in this Agreement will operate to limit either party or its agent’s liability with respect to fraud or for death or personal injury resulting from negligence, in either case whether committed by that party or its employees, agents or subcontractors.
  • 10.2. Modulr and Modulr FS makes no warranty that access to and use of the Modulr Products will be uninterrupted or error free.
  • 10.3. The Introduced Client acknowledges and agrees that Modulr and/or Modulr FS are not liable to the Introduced Client for any loss, liability or damages the Introduced Client suffers which result from, are related to, or in any way are connected with any fraud control, restriction measures or other measures implemented from time to time including as require, unless such loss, liability or damage is a direct result of Modulr and/or Modulr FS’s fraud, gross negligence or willful misconduct in procuring the implementation of fraud control or purchase restriction measures that Modulr has expressly agreed in writing to procure for the Introduced Client.
  • 10.4. Modulr and Modulr FS shall not be liable to the Introduced Client for any loss or damage the Introduced Client may suffer as a result of any act or omission of an Authorised User or Cardholder or an Authorised User’s or Cardholder’s use of or inability to use of the Modulr Products.
  • 10.5. The Introduced Client agrees to indemnify Modulr and Modulr FS against any and all actions, claims, costs, damages, demands, expenses, liabilities, losses and proceedings Modulr and/or Modulr FS directly or indirectly incurs or which are brought against Modulr if the Introduced Client, or an Authorised User, or a Cardholder has acted fraudulently, been negligent or has misused a Modulr Product or any of the services provided under this Agreement.
  • 10.6. Modulr and/or Modulr FS shall not be responsible in any way for any interest or claims of any third parties in respect of the Modulr Products, except as required by law or regulation.

11. Reports

  • 11.1. Modulr may make available certain management or other reporting or business administration functionality via the Website.
  • 11.2. Modulr may from time to time amend, modify, replace or withdraw in whole or in part such reporting it provides without further notice.

12. Data Privacy

  • 12.1. Modulr will collect and retain personal information about the Introduced Client and each Authorised User and Cardholder to enable Modulr to deliver the Modulr Products, the services linked to it and deal with any enquiries that the Introduced Client may have about it. Modulr is the data controller of the personal information gathered by Modulr for such purpose. If Modulr uses a third party to provide a part of the Modulr Product then that provider will be the owner and controller of the personal information they require to collect in order to operate the relevant service. The use of personal information by third-party service providers will be set out in their service terms and conditions of use. Modulr will, at such third-party provider’s direction, process personal data on its behalf, for example, to enable Modulr to provide Customer Services to the Introduced Client.
  • 12.2. Modulr processes personal information in accordance with relevant laws on the protection of personal data.
  • 12.3. If Modulr transfers the Introduced Client’s information to a third party in a country outside of the European Economic Area Modulr will ensure that the third party agrees to apply the same levels of protection that Modulr is legally obliged to have in place when Modulr processes personal data.
  • 12.4. Further information about how Modulr uses personal information can be found in Modulr’s Privacy Policy; please contact Customer Services for a copy of this.

13. Changes to the Agreement

  • 13.1. Modulr may amend or modify this Agreement by giving no less than two (2) months’ notice to the Introduced Client unless Modulr is required to make such a change sooner by law. All proposed changes will be posted on the Website and communicated to the Introduced Client by such other means that Modulr agreed with the Introduced Client, for example by email. If the Introduced Client is accessing Modulr Products via a Partner Platform, all notifications will be communicated via such Partner Platform.
  • 13.2. The Introduced Client has no obligation to accept such amendments proposed by Modulr.
  • 13.3. The Introduced Client will be taken to have accepted any change to this Agreement that Modulr notifies to the Introduced Client unless the Introduced Client tells Modulr otherwise before the relevant change takes effect. In such circumstance, Modulr will treat notice of objection by the Introduced Client as notification that the Introduced Client wishes to terminate this Agreement and the use of all Modulr Products immediately. All Accounts of the Introduced Client will be closed and any balance remaining in the Introduced Client’s Account will be returned to the Introduced Client in accordance with the redemption procedure set out in the Modulr Account Terms and Conditions. In this circumstance the Introduced Client will not be charged a fee for the Account closure and return of any balance.

14. General

  • 14.1. In these Introduced Client Terms of Business, headings are for convenience only and shall not affect the interpretation of these Introduced Client Terms of Business.
  • 14.2. Any delay or failure by Modulr to exercise any right or remedy under this Agreement shall not be interpreted as a waiver of that right or remedy or stop Modulr from exercising its rights at any subsequent time.
  • 14.3. In the event that any part of this Agreement is held not to be enforceable, this shall not affect the remainder of the Agreement which shall remain in full force and effect.
  • 14.4. The Introduced Client shall remain responsible for complying with this Agreement until its Account(s) are closed (for whatever reason) and all sums due under this Agreement have been paid in full.
  • 14.5. This Agreement is written and available only in English and all correspondence with the Introduced Client shall be in English.
  • 14.6. This Agreement is governed by the laws of England and the Introduced Client agrees to the non-exclusive jurisdiction of the English courts.

Schedule 1: Card Obligations

1. Introduction

  • 1.1. The terms of Schedule 1 shall apply where Virtual Cards and/or Physical Cards are included within the Modulr Products.

Transactions Disputes and Chargebacks

  • 2.1. For the purposes of these Introduced Client Terms of Business, a “Chargeback” means a refund of a Card Transaction after the Introduced Client (or Modulr FS on its behalf) successfully disputes the Card Transaction as permitted by the Card Scheme rules.
  • 2.2. The Introduced Client shall provide Modulr all relevant information in relation to Virtual Card Transaction as may be required by Modulr to resolve the dispute in accordance with applicable law and, where applicable, to raise a Chargeback in accordance with Card Scheme rules.
  • 2.3. The Introduced Client agrees that Card Scheme’s decision on the validity of the Chargeback is final and binding and that in the event a Chargeback is not successful or is subsequently reversed the Introduced Client will be liable for the amount of the disputed Card Transaction.
  • 2.4. Modulr shall at its discretion not refund a Chargeback to the Introduced Client until the relevant challenge periods have passed under the relevant Card Scheme rules unless it is required to do under relevant law or regulation.

3. Cardholders

  • 3.1. Where corporate Cards are made available to the Introduced Client as part of Modulr Products, Introduced Client will be able to designate individuals as Cardholders permitted to use certain Cards.
  • 3.2. The Introduced Client must notify Modulr of all individuals it wishes to be Cardholders and shall not permit any other person to use the Cards.
  • 3.3. The Introduced Client shall be responsible for ensuring that each Cardholder is informed of the Modulr Account Terms and Conditions as they apply to the Cards and the Introduced Client shall ensure that the Cardholder complies with them.
  • 3.4. In addition to clause 3.3 above, Introduced Client shall be responsible for ensuring that each Cardholder reads and accepts the Modulr Corporate Cardholder Terms and Conditions, which shall be made available to the Cardholder by the Introduced Client. Introduced Client shall keep a record of each Cardholder’s confirmation given in accordance with this clause and shall promptly make such records available to Modulr on request.
  • 3.5. The Introduced Client shall ensure its Cardholders take all reasonable care to keep any security credentials relating to the use of Cards, such as PIN or any access or similar codes, where applicable, confidential and in accordance with the Modulr Account Terms and Conditions and Corporate Cardholder Terms and Conditions.
  • 3.6. The Introduced Client acknowledges and agrees that each Cardholder is authorised by the Introduced Client to act on its behalf. Modulr shall deem any instruction given by a Cardholder with respect to Card Transactions as an instruction given by the Introduced Client and the Introduced Client shall be responsible for all actions and the use of Physical Cards by any Cardholder.
  • 3.7. In the event of any changes to this Agreement, Modulr Account Terms and Conditions and/or the Modulr Corporate Cardholder Terms and Conditions, or if the Introduced Client’s Account and/or Card is suspended, cancelled or terminated, it is the Introduced Client’s responsibility to communicate any such changes and/or any information regarding the suspension, cancellation or termination to each Cardholder.

4. Withdrawal of Cards; Change of Card Scheme

  • 4.1. Modulr reserves the right to:
    • 4.1.1. cease providing Cards as part of Modulr Products for any reason;
    • 4.1.2. provide Cards issued under a different Card Scheme.

Part C: - The Modulr Account Terms and Conditions; Important information you need to know

The Modulr Account Terms and Conditions Please read these Terms and Conditions carefully before you agree to use an Account or any related services provided by or through us. These Terms and Conditions, together with the Introduced Client Terms of Business constitute the entire agreement between Modulr and you. By signing the Modulr Account Terms and Conditions you accept the terms of the Agreement, or by agreeing to open an Account and/or using our services, you accept these Terms and Conditions. If there is anything you do not understand, please contact Customer Services using the contact details provided to you by Partner Platform.

Definitions

  • Account - The electronic money account, also known as Modulr Account provided by us in accordance with these Terms and Conditions.
  • Account Information Service Provider – means a third party payment service provider who is authorised by or registered with the Financial Conduct Authority or another European regulator to provide online account information services, who, with your permission will be able to access certain online account information on one or more payment accounts held by you to give you a consolidated view of your payment accounts.
  • Account Limit – any limit that applies in relation to your Account and/or Card, such as account maximum balance, and limits on receiving and sending payments from your Account as referred in paragraph 2.
  • Account Manager - The individuals elected by the Account Owner to be responsible for the management of the Account, also known as an “Authorised User”.
  • Account Owner – The entity legally responsible for an Account.
  • Agreement - The agreement for your Account made up of these Terms and Conditions, together with the Introduced Client Terms of Business which constitute the entire agreement between you and Modulr. Application Programming Interface (API) – means the interfaces provided by Modulr to the Introduced Client (and the Partner Platform on the Introduced Client’s behalf) to directly instruct Accounts via the Introduced Client’s or the Partner Platform’s own application.
  • AML Policy - Modulr’s written policy on anti-money laundering and counter terrorist financing as may be amended from time to time by Modulr.
  • Applicant – A customer of the Partner Platform who applies for Modulr Products but is yet to be accepted by the Modulr as an Introduced Client.
  • Available Balance - The value of funds available on your Account.
  • Bacs Credit – Means Bacs Direct Credit. A service enabling organisations to make payments to an account which takes 3 Business Days for the funds to be cleared.
  • Business Days - Monday to Friday between the hours of 9am-5pm but does not include bank holidays, or public holidays in the United Kingdom.
  • Card – means a Virtual Card or a Physical Card.‎
  • Cardholder - means the individual authorised to use the Physical Card issued to you.‎
  • Card Scheme - Mastercard and/or Visa or such other payment network through which Card Transactions are processed as may be made available to you from time to time.‎
  • Card Transaction – means a Virtual Card Transaction or a Physical Card Transaction.‎
  • CHAPS – the Clearing House Automated Payment System, a service enabling organisations to make same-day payments to an account within the UK, within the CHAPS operating days and times. Chargeback has the meaning given to it in Schedule 1 of the Introduced Client Terms of Business.‎ Confidential Information - any information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to: the business, products, affairs, strategy, contracts, customer relationships, commercial pipelines, business contacts, prospective customers, existing customers, business models, customer pricing, management systems, business methods, corporate plans, maturing new business opportunities, research and development projects, marketing and sales information, sales targets and statistics, discount structures, suppliers and potential suppliers, source codes, computer programs inventions, know-how, technical specifications and other technical information relating to products and services.
  • Customer Services - The contact centre for dealing with queries about your Account. Contact details for Customer Services can be obtained from the Partner Platform.
  • Data Protection Laws – the following, to the extent they are applicable to a party: the Data Protection Act 2018, the General Data Protection Regulation (EU) 2016/679, the Electronic Communications Data Protection Directive 2002/58/EC, the Privacy and Electronic Communications (EC Directive) Regulations 2003 and all applicable laws and regulations relating to processing of personal data and privacy (as amended or replaced from time to time), including where applicable the guidance and codes of practice issued by the Information Commissioner (in the United Kingdom) or other applicable supervisory authority;
  • Direct Debit – a payment collected via UK Direct Debit scheme operated by Bacs from or to your Account.
  • Direct Debit Collection – a payment collected to your Account via UK Direct Debit scheme on the basis of an instruction given by you to the payer’s payment service provider.
  • Direct Debit Guarantee – means the refund terms applicable to Direct Debit Mandates as set out on the direct debit form or direct debit confirmation provided to you by the payment recipient.
  • Direct Debit Mandate – a payment collected from your Account via UK Direct Debit scheme on the basis of a mandate permitting someone else (recipient) to instruct us to transfer ‎money from your Account to that recipient.
  • Due Diligence Procedure - Modulr’s procedures for carrying out due diligence on Introduced Clients in order to comply with its policies and regulatory obligations.
  • Faster Payment – A service allowing you to make and receive electronic payments in the UK which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
  • Fees – where relevant, those fees payable by the Introduced Client.
  • Information – Means any information related to the organisation, and any personal information related to Account Manager or the Cardholder.
  • Intellectual Property Rights – means without limitation, all patents (including models and inventions), trademarks, service marks, trade names, domain names, business names, copyrights, design rights, database rights, rights to or in computer software, know-how, trade secrets, rights to or in confidential information and all other intellectual property rights and rights or forms of protection of a similar nature or effect which may subsist anywhere in the world whether or not registered or capable of registration, together with all applications for registration of, and any licence to use, any of the foregoing and "Intellectual Property" shall be construed accordingly;
  • Introduced Client – Any client of Modulr which has been introduced by the Partner Platform and whose account is operated by the Partner Platform based on instructions the Partner Platform receives from the Introduced Client (where relevant).
  • Introduced Client Terms of Business - The terms on which Modulr provides Modulr Products to the Introduced Client.
  • Merchant - means a merchant authorised to accept Card Scheme-branded Cards.‎
  • Modulr – Modulr Finance Ltd, a company registered in England and Wales with number 09897957 and whose registered office is at Scale Space, 58 Wood Lane, London, W12 7RZ. Modulr Finance Ltd (FRN: 900699) is a registered agent of Modulr FS Ltd.
  • Modulr Account Terms and Conditions - This agreement, between Modulr FS and the Introduced Client which governs the terms on which the Introduced Client may use its Account.
  • Modulr Products – those products, including but not limited to the Account as described by Partner Platform in the application process.
  • Online Portal – means the interface provided by Modulr for the Introduced Client to access via the public internet, subject to applicability based on the Introduced Client’s relationship with the Partner Platform. Payment Initiation Service Provider – means a third party payment service provider authorised by or registered with by the Financial Conduct Authority or another European regulator to provide an online service to initiate a Transaction at your request on your Account.
  • Partner Platform – A third party that is permitted by Modulr and Modulr FS to introduce and act on behalf of Introduced Clients, and permitted by you to act as an Authorised User. Partner Platform Agreement - an agreement between the Account Owner and the Partner Platform for the provision of various services, under the terms of which the Introduced Client wishes to open an Account with Modulr to be used for the purpose and in accordance with the terms set out in the Partner Platform Agreement.
  • Physical Card - means a physical card-based payment instrument issued by us to you which uses the Card Scheme payments network and ‎may be used to make Physical Card Transactions. ‎
  • Physical Card Transaction - means the use of a Physical Card to make a payment to a Merchant.‎
  • Regulator – the Financial Conduct Authority, located at 12 Endeavour Square, London, E20 1JN or any authority, body or person having, or who has had, responsibility for the supervision or regulation of any regulated activities or other financial services in the United Kingdom.
  • SEPA – Single Euro Payments Area scheme, which allows payments to be made in euros within the EEA. ‎
  • Transaction – any debit, credit or other adjustment to an Account that affects the balance of monies held in it, ‎including a Virtual Card Transaction.
  • TPP (Third Party Provider) – means an Account Information Service Provider or a Payment Initiation Service Provider.
  • we, us, our or Modulr FS - Modulr FS Ltd, a company registered in England and Wales with number 09897919 and whose registered office is at Scale Space, 58 Wood Lane, London, W12 7RZ and who is regulated by the Financial Conduct Authority for issuance of electronic money under FRN 900573, or Modulr acting on Modulr FS Ltd’s behalf.
  • Virtual Card – means a virtual card-based payment instrument consisting of (amongst other things) a unique 16 digit account number issued to you by us which uses the Card Scheme payments network and may be used to make Virtual Card Transactions.
  • Virtual Card Transaction – means the use of a Virtual Card to make a payment to a Merchant.
  • Website – means the customer portal that Introduced Clients can login to in order to use the Modulr Products.
  • you, your - The Account Owner, also referred to as an Introduced Client.

Account & card limits

  • 2.1 Limits may apply to the balance on your Account at any time, the maximum value of an individual payment Transaction, maximum Virtual Transaction value per Card‎, the maximum aggregate value of all payment Transactions made from your Account or Cards in a particular time period e.g. during any one Business Day and the maximum number of payment Transactions made from your Account over a particular timeframe. ‎ Your Cards may also have certain Card Transaction types disabled, such as cash withdrawals at an ATM.‎
  • 2.2 The limits and restrictions that apply to your Account and Card‎ will be communicated to you during the Account set-up process and/or before the Card is issued to you (as applicable). These limits may also change over time based on your Account and/or Card‎ usage; any such change will be communicated to you. You can check the limits at any time by contacting Customer Services. You should not make a payment Transaction request which exceeds such.
  • 2.3 From time to time a Card Transaction may be authorised which exceeds the limit or restriction applicable to your Account or ‎Card, for example when it is used in an offline environment for example but not limited to payments for or on transport (purchases ‎on a train, aeroplane, underground or toll payments). In such circumstance, a negative balance on your Account may occur. In this ‎case the process in paragraphs 5.13 to 5.15 inclusive will apply.‎
  • ‎2.4 Certain Merchants may require verification that the funds held on your Account will cover the Card Transaction amount and will ‎place a “pre-authorisation” on your Card. This amount will be unavailable to you until the Card Transaction is completed or released ‎by the Merchant. The pre-authorisation allows the Merchant up to 30 days to claim and settle any funds owed to them from the ‎Card. Examples include but are not limited to hotels and rental cars. If there are insufficient funds available on your Account, Modulr ‎must still make this settlement, which may result in a negative balance on your Account. In this case the process in paragraphs 5.13 ‎to 5.15 inclusive will apply.‎
  • 2.5 To manage our risk, particularly with respect to money laundering, fraud or security concerns, we also apply internal controls, including limits, to certain types of payment. We change these as necessary but for security purposes, we do not disclose them.

Scope of these terms and conditions

  • 3.1 Your Account is an electronic money account and the electronic money and any Card associated with it is issued to you by us. We are regulated by the Financial Conduct Authority for the issuance of electronic money (FRN 900573). Your rights and obligations relating to the use of this Account are subject to these Terms and Conditions between you and us.
  • 3.2 The types of Transactions enabled for your Account will be explained to you by the Partner Platform, or as subsequently ‎enabled by us. The terms of these Modulr Account Terms and Conditions applicable to specific Transactions or payment types (for example, ‎Cards) apply only to the extent that such Transactions or payment types are enabled for your Account.‎
  • 3.3 This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
  • 3.4 You agree that we or the Partner Platform may communicate with you by e-mail or telephone for issuing any notices or information about your Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated.
  • 3.5 You can request a copy of these Terms and Conditions at any time by contacting Customer Services.

Opening your account

  • 4.1 Your Account will be opened on your behalf by the Partner Platform. You may only hold an Account so long as you remain an approved client of the Partner Platform that provided you with your account details.

Using the account

  • 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Modulr from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
  • 5.2 Your Account can also receive internal transfers from other Accounts owned or controlled by the Partner Platform, which apply instantly.
  • 5.3 An incoming payment will not be credited to your Account if:
    • 5.3.1 the Account has reached the Account Limits; or
    • 5.3.2 the Account is inactive or blocked or terminated; or
    • 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
    • 5.3.4 we suspect the payment to be fraudulent.
  • 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
  • 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA and other methods as added and notified to you by the Partner Platform from time to time.
  • 5.6 Your Account will be configured and operated by the Partner Platform. You agree that Modulr and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the ‎Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or ‎Card(s).‎
  • 5.7 Where Cards are made available to you, , your Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be ‎issued to you via the Online ‎Portal or Modulr API. The value of the Virtual Card Transaction, together with any applicable fees and ‎charges, will be deducted from ‎your Account once we receive the authorisation request from the Merchant.‎
  • ‎5.8‎ If the Card Transaction is made in a currency other than the currency the Card is denominated in, the ‎Card ‎Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the ‎Card Transaction. The exchange rate varies throughout the day and is not set by us.‎ ‎‎You can check the relevant Card Scheme rate as follows.‎ Mastercard Card Scheme rate at: https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html;‎ VISA Card Scheme rate at: https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html.‎
  • 5.9 A Transaction is deemed to be authorised by you:
    • 5.9.1 when you or your Account Manager or Partner Platform enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials;
    • 5.9.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall ‎be deemed to have ‎‎authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value ‎specified ‎when creating the request for creation of the Virtual Card;‎
    • ‎5.9.3‎ when you or the Cardholder (i) enter a PIN or provide any other security credentials;‎ (ii) sign a sales voucher;‎ (iii) provide the ‎Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) ‎insert the Physical Card into a card device or an ATM;‎
    • 5.9.4 when you give instructions through a third party (such as the recipient of a Direct Debit Mandate or a ‎Payment Initiation ‎Service Provider)‎.‎ Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.10 below.
  • 5.10 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business Day before the Transaction was due to take place;
  • 5.11 Cancelling a Direct Debit Mandate with us will not cancel ‎the agreement with the organisation you are paying. It is your responsibility to tell the organisation collecting ‎the payment about the changes to your instructions.‎
  • ‎5.12 If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on ‎your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in ‎sections 5.13 and 5.14 apply. You agree that once we make this negative balance known to you, we will charge you the amount of ‎negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds on your ‎Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your ‎Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agencies.‎
  • ‎5.13 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will ‎seek to recover the negative balance amount from the Merchant.‎
  • ‎5.14 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover ‎the negative balance amount from the person who made the error.‎
  • 5.15 The Available Balance on your Account will not earn any interest.
  • 5.16 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details.
  • 5.17 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

Third party access

  • 6.1 You can instruct a TPP to access information on your Account or initiate certain Transactions from your Account provided such TPP has identified itself to us and it has acted in accordance with the relevant regulatory requirements. We will treat any instruction from an TPP as if it was from you or an Account Manager.
  • 6.2 We may deny a TPP access to your Account if we are concerned about unauthorised or fraudulent access by that TPP. setting out the reason for such denial. Before doing so, we will tell you that we intend to deny access and give our reasons for doing so, unless it is not reasonably practicable, in which case we will immediately inform you afterwards. In either case, we will tell you in the manner in which we consider most appropriate in the circumstances. We will not tell you if doing so would compromise our security measures or would otherwise be unlawful.
  • 6.3 If you have provided consent to a TPP to access the data in your Account to enable them to provide account information services to you or initiate Transactions on your behalf, you consent to us sharing your information with the TPP as is reasonably required for them to provide their services to you. You must let us know if you withdraw this permission and we recommend you let the TPP know. On notification from you, we will not provide such TPP access to your Account or the data in it.

Closing your account

  • 7.1 You may close your Account by contacting Customer Services. Please refer to your contract with the Partner Platform for any terms relating to your need to maintain your Account.
  • 7.2 The Account will be closed if the Partner Platform instructs us to close your Account (in which case the Partner Platform will inform you of this instruction).
  • 7.3 On termination of the Agreement for any reason, these Terms and Conditions will automatically terminate, and your Account will ‎be closed and any Cards issued to you will be cancelled.
  • 7.4 Any Available Balance remaining on the Account after Account closure will be transferred to your nominated bank account via Faster Payments or SEPA (as relevant)‎ based on instructions to us from the Partner Platform. If for any reason this is not possible, such Available Balance will remain yours for a period of six years from the date of Account closure. Within this period, you may at any time request a refund by contacting Customer Services. You will not have any access to your Account and we will not return any funds remaining on the Account after six years from the date of Account closure and this Agreement will terminate.

Your liability and authorisations

  • 8.1 You are responsible for understanding and complying with the Agreement including these Terms and Conditions.
  • 8.2 We may at any time suspend, restrict or refuse to authorise any use of your Account and/or Cards (including cancelling Card(s)) or refuse to process your instructions or authorise any particular Transaction where:
    • ‎8.2.1‎ we are concerned about the security of or access to your Account and/or your Card;‎
    • ‎8.2.2 we know or suspect that that your Account and/or Card is being used in an unauthorised or fraudulent manner;‎
    • ‎8.2.3 we need to do so in order to comply with the law or otherwise for regulatory or crime prevention purposes;‎
    • ‎8.2.4the Transaction would breach the limits applicable to your Account and/or Card;
    • 8.2.5 you, the Account Manager or the Cardholder breach an important part of these Terms and Conditions, or repeatedly breach any term in this Agreement and ‎fail to resolve the matter in a timely manner.‎
  • 8.3 If we cancel, suspend or restrict your Account and/or Card(s), or otherwise refuse to execute a payment order to or to initiate a Transaction, we will, without undue delay and provided we are legally permitted to do so, notify you or the Partner Platform of the refusal, suspension or cancellation (as applicable). If possible, we will provide the reasons for the refusal to execute the Transaction and/or suspending the use of your Account and/or Card and where those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
  • 8.4 You or the Account Manager or the Cardholder must not:
    • 8.4.1 allow another person to use security information related to the Account and/or Cards,
    • 8.4.2 write down password(s) or any security information unless this is done in a way that would make it impossible for anyone else to recognise any of that information, or
    • 8.4.3 disclose passwords or any security information, or otherwise make them available to any other person, whether verbally or by entering them in a way that allows them to be observed by others.
    • 8.4.4 You must take all reasonable steps to keep your Account and password(s) and any other security-related details safe at all times. If you visit a website or receive a message that asks for your password, other than the Modulr website, this should be reported to us. If you are in doubt whether a website is genuine, you should contact Customer Services. If you have any indication that your Account, password or other security information has been compromised, you must immediately change your password and notify us as soon as possible.
  • 8.5 You will be liable for all Transactions that take place as a result of you, the Account Manager or the Cardholder acting fraudulently or failing to comply with these Terms and Conditions with intent or gross negligence. Any such Transactions and any fees and charges relating to such Transactions will be deducted from the Available Balance on your Account.
  • 8.6 You will be liable for all Transactions that the Partner Platform, any other Account Manager makes on your behalf or the Cardholder makes as per this Agreement, along with those made by a TPP authorised by you to initiate a Transaction.
  • 8.7 You will be liable for all unauthorised Transactions that arise from the use of lost or stolen Physical Cards, the Account or Card security information such as but not limited to the Online Portal log in details and API security details, Card number and CVV if you, the Account Manager, or the Cardholder fail to keep the security features of the Account and/or Cards safe.
  • 8.8 It is your responsibility to keep us updated of changes to your Information, including e-mail address and mobile numbers. Failure to do so may result in us being unable to contact you regarding your Account or to let you know about changes to these Terms and Conditions.
  • 8.9 If you request to recall a Transaction due to an error or mistake caused other than by Modulr, we reserve the right to charge you (i) a handling fee of £25 per recall and (ii) any fee payable by Modulr to a third-party bank or institution for handling the recall.
  • 8.10 You agree to indemnify and hold harmless, us, Modulr and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this Agreement, including these Terms and Conditions and/or any breach of these Terms and Conditions by you.

9. Disputes and incorrect transactions

  • 9.1 If you (or an Account Manager or Cardholder) have a reason to believe that (i) a Transaction on your Account was unauthorised or was made incorrectly, (ii) a Physical Card is lost or stolen; or (iii) someone else (other than TPP) knows the security credentials or otherwise has ‎unauthorised access to your Account and/or Card,‎ you must inform us immediately by contacting Customer Services. After you notify us, we will replace a lost, stolen or misappropriated Physical Card and/or security credentials, as appropriate.‎
  • ‎9.2 We will investigate your claim for a refund of unauthorised or incorrectly executed Transactions, provided at all times that you ‎have notified us without undue delay of becoming aware of such incorrectly executed or ‎unauthorised Transaction and in any case ‎within the timeframes required by the Card Scheme rules if the incorrect Transaction relates to a Card ‎Transaction and for ‎all other Transactions within 13 months of the date of the relevant Transaction‎. We will not be liable for any unauthorised or incorrectly executed Transactions notified to us after this ‎period.‎
  • 9.3 If you dispute a Transaction:
    • 9.3.1 subject to 9.3.2 and 9.3.3 we will immediately refund the amount to your Account to the position it would have been in if the unauthorised Transaction had not taken place. We will have no further liability to you. If we subsequently discover that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the Transaction.
    • 9.3.2 if there are reasonable grounds for thinking that you may not be entitled to a refund (based on the evidence available to us at the time you report the unauthorised Transaction), we may investigate before giving you a refund and we will provide you with our supporting evidence if we believe you are not entitled to the refund;
    • 9.3.3 if the Transaction was initiated through a TPP, it is for the TPP to prove that, the Transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the TPP’s payment initiation service; and
    • ‎9.3.4‎ if we make an error on a Transaction made to someone else through the Direct Debit ‎scheme, we will refund you in ‎accordance with the Direct Debit Guarantee‎.
  • 9.4. If an incorrect Transaction is paid into your Account that should not have, we will, where possible, immediately send the funds back to the bank acting for the person from whose account the Transaction was made. In such circumstance you agree to return the funds to us and provide such assistance that we require in recovering the amount from you. If we cannot recover the funds, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.
  • 9.5 You will be liable for all Transactions made from your Account if you (or the Account Manager or the Cardholder) have acted fraudulently or have failed with gross negligence:
    • 9.5.1‎ to keep the security credentials used to access or use your Account and/or Card safe and secure or otherwise failed to ‎comply with these ‎Terms and Conditions in relation to the safety of your Account and/or Card; or‎
    • ‎9.5.2‎ failed to notify us in accordance with 9.1 above‎.
  • 9.6 You may be entitled to a refund where a Transaction from your account which was initiated by payee provided that:
    • 9.6.1 the authorisation did not specify the exact amount;
    • 9.6.2 the amount of Transaction exceeded the amount you could reasonably have expected (taking into your previous spending pattern and other relevant circumstances). We may ask you to provide such information as is reasonably necessary for us to determine if this is correct; and
    • 9.6.3 you asked for a refund within 8 weeks of the date the Transaction was debited to your Account. In such circumstances we will refund you within 10 Business Days of receiving your claim for a refund or, where applicable, within 10 Business Days of receiving any further information we requested - or we will provide you with reasons for refusing the refund.
  • 9.7 If you want a refund for a Transaction made using the Direct Debit scheme, the Direct Debit Guarantee will apply instead of the terms in 9.6 above.

10. Variation

  • 10.1 We may change these Terms and Conditions by providing you with at least two months’ prior notice by e-mail (provided you have supplied us with an up-to-date e-mail address).
  • 10.2 If you do not agree with the changes to the Terms and Conditions, you may at any time within the two months’ notice period notify us and these Terms and Conditions will be terminated and your Account closed. If you do not notify us to the contrary during this period then you will be deemed to have accepted the change and it will apply to you when it comes into force.
  • 10.3 If any part of these Terms and Conditions are inconsistent with any legal requirements then we will not rely on that part but treat it as if it did actually reflect the relevant legal requirement. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical.

11. Termination or suspension

  • 11.1 We can terminate your Account at any time if we give you two months’ notice and transfer any Available Balance at the time to your nominated bank account without a charge.
  • 11.2 We can suspend or terminate your Account at any time with immediate effect (and until your default has been remedied or the Agreement terminated) without any prior notice to you if:
    • 11.2.1 we discover any of the Information that we hold for you is false, misleading or materially incorrect; or
    • 11.2.2 if you, the Account Manager, the Cardholder or a third party has engaged in fraudulent activity, money laundering, terrorism, terrorism financing or other illegal activity in connection with your Account or we have reasonable suspicions in respect of the same; or
    • 11.2.3 if you have reached your Account Limit;
    • 11.2.4 you or the Account Manager have breached these Terms and Conditions; or
    • 11.2.5 we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority.
  • 11.3 In the event that we do suspend or terminate your Account then if we are able to do so, we will tell you in advance otherwise we will let you know immediately afterwards (to the extent we are permitted by law).

12. Our liability

  • 12.1 Our liability and the liability of our agents in connection with this these Terms and Conditions (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:
    • 12.1.1 Neither we, nor our agents shall be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds;
    • 12.1.2 Neither we, nor our agents shall be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
    • 12.1.3 where sums are incorrectly deducted from your Available Balance due to our default, our liability and that of our agents shall be limited to payment to you of an equivalent amount to that which was incorrectly deducted from your Available Balance;
    • 12.1.4 in all other circumstances of our default, our liability and that of our agents jointly will be limited to transferring any Available Balance to your nominated bank account.
  • 12.2 In circumstances where sums are incorrectly deducted from your Available Balance due to our fault, if we require your support to enable us to recover the incorrect deduction, you agree to provide us and our agents with all assistance that we reasonably require.
  • 12.3 Nothing in these Terms and Conditions shall exclude or limit our liability or that of our agents for death or personal injury resulting from our negligence or fraud.
  • 12.4 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
  • 12.5 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with these Terms and Conditions.

13. Your information

  • 13.1 Some personal data will be necessary for us to provide you with the Account and services under this Agreement. Modulr FS is a Data Controller and shall only use your personal data for this purpose. Please see the Privacy Policy (please contact Customer Services for details of where to access this) for full details on the personal data that we and Modulr Finance Ltd hold, how we will use it and how we will keep it safe. Modulr will at all times comply with Data Protection Laws.
  • 13.2 We will retain details of individual transactions for six years from the date on which the particular transaction was completed. We will maintain all other records for six years from which we have ceased to provide you with any product or service
  • 13.3 You must update any changes to your Information by contacting Customer Services.
  • 13.4 If we discover that the Information we hold about you is incorrect, we may have to suspend or cancel your Account until we can establish the correct Information, in order to protect us both.
  • 13.5 If you or the Account Manager allow or give consent to an Authorised Third Party Provider to access your Account to provide their services, you should know that we have no control over how an Authorised Third Party Provider will use your information nor will we be liable for any loss of information after an Authorised Third Party Provider have access to your information.

14. Complaints procedure

  • 14.1 Complaints regarding any element of the service provided by us can be sent to Customer Services.
  • 14.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will automatically be posted or emailed to you.
  • 14.3 In most cases we will provide a full response by email to your complaint within fifteen Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five Business Days of the date we received your complaint.
  • 14.4 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

15. General

  • 15.1 Any delay or failure to exercise any right or remedy under these Terms and Conditions by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.
  • 15.2 If any provision of these Terms and Conditions is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
  • 15.3 You may not assign or transfer any of your rights and/or benefits under these Terms and Conditions and you shall be the sole party to the contract between us. You will remain liable until the Account issued to you is terminated. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under these Terms and Conditions.
  • 15.4 Save for Modulr, who acts on our behalf, no third party who is not a party to these Terms and Conditions has a right to enforce any of the provisions in these Terms and Conditions and the Contracts (Rights of Third Parties) Act 1999 shall not apply.
  • 15.5 These Terms and Conditions contain the information set out in Schedule 4 of the Payment Service Regulations 2017 and you can obtain a copy of this Agreement at any time by contacting Customer Services.
  • 15.6 These Terms and Conditions are governed by English law and you agree to the exclusive jurisdiction of the courts of England and Wales.
  • 15.7 The Financial Services Compensation Scheme is not applicable for this Account. No other compensation schemes exist to cover losses claimed in connection with your Account. As a responsible e-money issuer, we will ensure that once we have received your funds they are deposited in a safeguarded account in accordance with our legal obligations. In the event that we become insolvent funds that are safeguarded by us are protected against the claims made by our creditors.

16. Contacting customer services

  • 16.1 Customer Services are provided by the Partner Platform. The details shall be provided by the Partner Platform.

COOKIE NOTICE

Can we use cookies to improve your experience?

We’re not talking about the crunchy, tasty kind. These cookies help us keep our website safe, give you a better experience and show more relevant ads. We won’t turn on unless you accept. Want to know more or adjust your preferences?

Strictly necessary cookies

These essential cookies do things like remember your progress through a form or deliver you information securely - helping to keep you (and us) safe. They cannot be disabled.

Analytics and advertising cookies

These cookies allow us to collect anonymous information on how you make use of our website or services. These cookies help us deliver you the most relevant advertisements and help improve the effectiveness of our advertisement campaigns. We may make use of these cookies for our own advertisement campaigns and or contract with any third parties in order to collect information and provide advertisements on the basis of these cookies.