Terms of Use

Who we are

CoinStep Ltd (trading as “CoinStep”) is a company registered in the Isle of Man under company number 129003C (“CoinStep, “we”, “us”, “our”).

We provide Digital Asset Services, Fiat Currency Wallet and access to Modulr Products (the “Services”) as defined in these Terms, via our website (https://www.CoinStep.com) mobile applications, application programming interface, point of sale device, compatible NFC devices or Modulr issued Debit Card (collectively “Site”).

CoinStep is registered as a Registered Designated Business with the Isle of Man Financial Services Authority.

Products within the Site not provided by us

When using the Site you may be eligible for an e-money account (“EMA”) and/or a physical or virtual debit card (“Debit Card”) (collectively “Modulr Products”).

If you use Modulr Products you agree to enter into a separate contract with Modulr that governs your use of such products. Please see ‘Appendix 1 - Modulr Terms for residents or legal entities of the United Kingdom, Isle of Man, Gibraltar, Guernsey or Jersey’ or ‘Appendix 2 - Modulr Terms for residents or legal entities of the European Economic Area’ (collectively the “Modulr Terms”) where you are referred to as the ‘Introduced Client’ and CoinStep are referred to as the ‘Partner Platform’. You should read these terms carefully as, in addition to section ‘Modulr Products’ of these Terms, they explain the terms and conditions that apply to your use of the Modulr Products, and any transactions that you instruct in relation to them.

Access to Modulr Products is made exclusively through the Site.

You acknowledge and agree that upon successful verification of your identity and opening of a CoinStep account (“Account”), if you are resident, or in the case of a legal entity your country of registration is, the United Kingdom, Isle of Man, Gibraltar, Guernsey, Jersey or located in the European Economic Area, one or more EMA’s may be opened in your name.

When using the Site you may be able to purchase NFC devices or other cryptocurrency merchandise (“MtSocks Products”).

If you purchase MtSocks Products you do so in accordance with, and are bound by, the Terms & Conditions .

Risk warning and Regulatory information

Cryptocurrencies are unregulated in the UK. Crypto profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up. Any references to past or future performance are not, and should not be taken as, a reliable indicator of future results. By using the Services you acknowledge and agree that (a) you are aware of the risks associated with transacting in Digital Assets; (b) that you assume all risks with respect to your use of the Services; (c) CoinStep is not responsible or liable for any such risks or adverse outcomes.

Before creating an Account to access the Services and Site you should read these Terms carefully. The Digital Asset Services and Fiat Currency Wallet that CoinStep provides through the Site are not regulated by the Isle of Man Financial Services Authority (FSA), United Kingdom Financial Conduct Authority (FCA), or any other regulator. This means that any Digital Assets or Fiat Currency held by CoinStep is not regulated. This also means that any Ombudsman Services, Compensation or Guarantee Schemes or similar, do not apply.

If you set up an EMA or Debit Card with Modulr, such products will be regulated in the United Kingdom or the European Union. This means that the United Kingdom Financial Ombudsman Service and European Ombudsman Services, apply, however the United Kingdom Financial Services Compensation Scheme and European Union Deposit Guarantee Scheme, do not apply.

Terms of Use

These Terms of Use and any terms expressly referenced to herein to include but not limited to our Privacy Policy, Prohibited Activities Policy, CoinStep API Terms of Use and the Affiliate Programme Terms and Conditions, Modulr Terms (collectively “Terms”) apply to your access to and use of the Site and Services.

By registering for an Account you are entering into a legally binding agreement (“Agreement”) with CoinStep and Modulr based on these Terms, and you agree that you have read, acknowledged, understood and agreed to all the Terms.

If you do not agree to these Terms, then you must not register for an Account and refrain from using the Site and Services.

You acknowledge that regardless of whether your application to open an Account is approved or declined, pursuant to paragraph 33 of the Isle of Man Anti-Money Laundering and Countering the Financing of Terrorist Code 2015, CoinStep are obliged to retain information provided by you to us for a minimum of five (5) years after your relationship with us formally ends. If you require further information on this point, please contact us before you register for an Account.

Amendments

We may make amendments to the Agreement by posting the revised Agreement on the Site or by emailing it to you, indicating when the revised Agreement becomes effective. Although we will endeavour to provide you with advance notice where possible, where lawful we may indicate that the revised Agreement shall be effective immediately and if you do not agree with any such modification, you should close your Account and cease using the Services. You agree that any notification of amendments in the matter as aforesaid shall be sufficient notice to you, and your continued access and/or use of the Services and/or the Site shall constitute an affirmative acknowledgement by you of the amendments and shall be deemed to be your acceptance of the revised Agreement.

Please refer to Modulr Terms to understand the terms and conditions about how amendments may be made to them.

Key Definitions

Account - means collectively your Digital Asset Wallet, Fiat Currency Wallet and/or EMA
AutoBuy Reference - a unique reference that is assigned to you by us that you must state as your payment reference when making a Qualifying AutoBuy Deposit
Available Balance - the value of funds held and available for use and not subject to any pending authorisations, limits or restrictions
Balance - the value of funds held including those that are subject to any pending authorisations, limits or restrictions
Bitcoin Network - a peer-to-peer network that operates on a cryptographic protocol to facilitate Bitcoin transactions
Bitcoin Receiving Address - a unique Bitcoin wallet address assigned to you by us for the purpose of receiving on-chain Bitcoin transactions into your Account
Browser Extension - a downloadable browser extension provided by CoinStep to access the Earn Bitcoin service
Digital Assets - cryptocurrencies such as Bitcoin, Ethereum, Litecoin and USD Tether
Digital Asset Network - a network that operates on a cryptographic protocol to facilitate Digital Asset transactions, to include any second layer technology network
Digital Asset Services - services offered by CoinStep that enable to you buy, sell, send, receive, earn and/or store Digital Assets
Digital Asset Wallet - a hosted digital wallet provided by CoinStep that enables you to store Supported Digital Assets
E-Money Account (“EMA”) - a hosted digital wallet enabling you to store electronic money issued by Modulr and denominated in Fiat Currency
Fiat Currency - government issued currency such as Great British Pounds (“GBP”) or Euros (“EUR”)
Fiat Currency Wallet - a hosted digital wallet enabling you to hold non e-money, strictly for purposes set out within these Terms, that is provided by CoinStep and denominated in Fiat Currency
Lightning Invoice - a request for payment in Bitcoin on the Lightning Network
Lightning Network - a second layered technology applied to the Bitcoin Network that creates and uses channels for off-chain transactions
Modulr - means collectively Modulr FS Limited and Modulr Finance B.V., who provide Modulr Products
Modulr Products - those products provided by Modulr, including but not limited to an e-money account, physical or virtual debit card
NFC Device - a near field communication enabled physical device that can be linked to your Account
Qualifying AutoBuy Deposit - a bank transfer that has been made to your Account that meets the criteria as specified in these Terms that is accepted as an instruction to buy Bitcoin with the funds deposited
Retailer - means a online store that rewards Bitcoin cashback on qualifying purchases made via the Site or Browser Extension
Supported Digital Assets - means the cryptocurrencies Bitcoin, Ethereum, Litecoin, USD Tether and any other agreed by us to you in writing
  1. Eligibility
    1. You must only open one Account with CoinStep and must be resident in, or in the case of a legal entity your country of registration is, a country that permits the use and exchange of our Supported Digital Assets, and appears on our list of supported countries (as amended from time to time) which can be found at https://www.CoinStep.com/countries.
    2. You agree not to use the Services or Site on behalf of a third party unless otherwise agreed by us.
    3. Individuals
      1. To use the Services you agree and represent that:
        a) you are 18 years of age or older and have legal capacity to comply with your obligations under these Terms;
        b) you have not had a previous Account with us that was/is blocked, suspended or closed; and
        c) you will use your Account for personal use only.
    4. Businesses
      1. If you are entering into this Agreement on behalf of a legal entity you agree and represent that you have the authority to do so and you personally indemnify CoinStep against all losses to any breaches of any of your representations under this section.
      2. To use the Services you agree and represent that:
        a) you are a legal person or other organisation with full legal capacity and authority to enter into these Terms;
        b) you have not had a previous Account with us that was/is blocked, suspended or closed;
        c) your entering into these Terms does not breach any applicable law or third party right;
        d) your use of your Account will comply with the law in the country where you do business and in each country where CoinStep and its affiliates conduct business;
        e) you will use your Account to accept payments only where such payments are for instantly fulfillable goods or services; and
        f) your use of the Services will not breach our Prohibited Activities Policy.
  2. Setting up an Account
    1. CoinStep is required by law to verify your identity and monitor your use of the Services.
    2. To use the Services, you will need to register for an Account and provide certain personal information and documents that enable us to verify your identity. The information and documentation provided by you must be complete, accurate and up to date, and you undertake to update us on an ongoing basis of any changes made to, for example, you change your name or address. We will collect, use and share this information and documentation in accordance with our Privacy Policy.
    3. You acknowledge and agree to us making and retaining searches and/or inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or CoinStep against fraud or other financial crimes. The information and documentation you provide us with may be checked against any particulars on any database (public or otherwise) to which we or the third party organisations we use have access. You further acknowledge that checks made at credit reference agencies are identity checks that will leave a ‘soft print’ on your personal credit file that should have no adverse affect on your credit rating.
    4. Once your application has been verified and approved, we will provide you with a Digital Asset Wallet, Fiat Currency Wallet and/or EMA.
    5. CoinStep reserves the right to decline your application at any time without providing a reason.
  3. Fees
    1. You agree to pay all fees applicable to the use of the Services. Fees will be displayed to you on the Site (as amended from time to time) or as agreed under a separate agreement which shall form part of this Agreement.
    2. Please see section Dormant and Inactive Accounts for fees associated with Dormant and Inactive Accounts.
    3. Please see section Checkout Fees for fees associated with the Checkout service.
    4. Business EMA monthly minimum and fees
      1. The monthly account minimum and transaction fees you may have to pay us are listed on our Site. If you owe us fees we'll take the amount you owe us from your EMA(s). If there are insufficient funds held in your EMA(s), then we'll take the equivalent value from your Digital Asset Wallet. If you don't have enough money in your Account to pay the fees or other amounts you owe us, we will recover the amount in another way.
  4. Digital Asset Services
    1. CoinStep provides various services and products, typically related to the buying, selling or transacting with Digital Assets. The availability and use of the Services may vary depending on whether you are using a personal or business account.
    2. Buying and selling Digital Assets
      1. You can instruct CoinStep to buy/sell Supported Digital Assets. You acknowledge that, with the exception of Limit Orders, you cannot cancel an instruction once it has been submitted.
      2. The buy or sell price may be displayed as a time-limited fixed price and you acknowledge that the buy price may not be the same as the sell price. If your transaction is automated, for example you have instructed an AutoBuy or ForceBuy, the buy price is determined by the buy price available to you at that time.
      3. Buying and selling Digital Assets are subject to fees and limits.
    3. AutoBuy
      1. AutoBuy is a service that enables the automatic purchase of Bitcoin when your Account is funded by way of a Qualifying AutoBuy Deposit. The criteria for a Qualifying AutoBuy Deposit is as follows:
        a) the deposit must be made by GBP bank transfer with the AutoBuy Reference;
        b) the deposit does not exceed your minimum or maximum AutoBuy limits; and/or
        c) where the deposit is made to your Fiat Currency Wallet, as opposed to your EMA, the deposit must be made from a bank account held in your name.
      2. You acknowledge and agree that a Qualifying AutoBuy Deposit is an instruction from you to buy Bitcoin from CoinStep that cannot be withdrawn. The instruction is not guaranteed to be executed by us and CoinStep will not be liable for any losses directly or indirectly incurred on transactions not executed.
      3. We will endeavour to execute the AutoBuy as soon as the Qualifying AutoBuy Deposit has been received into your Account and we will notify you upon completion of a successful AutoBuy. Where an AutoBuy was not executed, we shall notify you that the transaction was not successful.
      4. The AutoBuy service is subject to limits. We reserve the right to change your limits without notice to you and you acknowledge that it is your responsibility to check the limits displayed on the Site.
    4. Sending and receiving Digital Assets
      1. You acknowledge that, unless otherwise agreed by us in writing, CoinStep only supports sending and receiving Bitcoin. For avoidance of doubt, if you wish to withdraw a Supported Digital Asset other than Bitcoin then you must do so by selling and withdrawing in Fiat Currency, or buying and withdrawing in Bitcoin.
      2. Sending and receiving Digital Assets are subject to fees and limits.
      3. Where we have identified that you are sending or receiving Bitcoin to or from another CoinStep client Account, we reserve the right to process your transaction off-chain and you acknowledge and agree that in such an instance we may display your name to the sender or recipient.
      4. Sending Digital Assets
        1. CoinStep processes transactions directly pursuant to the instructions received from you and you acknowledge that we do not guarantee the identity of any party capable of receiving a transaction facilitated by us. You are responsible for the correctness and verification of all transactional details prior to submitting any instruction to us and we will have no liability or responsibility for ensuring that the information you provide is accurate and complete.
        2. You acknowledge and agree that an instruction to send Digital Assets cannot be cancelled once it has been submitted and that CoinStep is unable to reverse a transaction once it has been broadcast to the Digital Asset Network. Once broadcast to a Digital Asset network, CoinStep has no control and does not assume any liability or responsibility in connection with the direct and or indirect consequences and consequential losses caused by any such delay on a Digital Asset Network.
        3. Transactions sent on the Bitcoin Network are typically not sent from your Bitcoin Receiving Address due to our internal security protocols. It is important that should a transaction you have sent subsequently need to be returned or refunded back to your Account, that it is sent to your Bitcoin Receiving Address. You acknowledge and agree that any Bitcoin sent to a wallet address other than your Bitcoin Receiving Address may not be recoverable by us and CoinStep will have no liability or responsibility for any losses.
        4. Instructions can be made to send Bitcoin via the Lightning Network through the Site. Please refer to section ‘Linking an NFC Device to your Account’ for terms governing the use of a linked NFC Device.
        5. Bitcoin transactions sent and received on the Lightning Network are subject to channel and liquidity availability.
        6. You acknowledge and agree that our security protocols may delay the processing and the sending of a Digital Asset transaction and that CoinStep does not assume any liability or responsibility in connection with the direct and or indirect consequences and consequential losses caused by any such delay in processing your instruction.
      5. Receiving Digital Assets
        1. We will provide you with the use of a Bitcoin wallet address that is unique to you (“Bitcoin Receiving Address”) which enables us to identify that an incoming on-chain transaction is to be credited to your Digital Asset Wallet. From time to time it may be necessary for us to change your Bitcoin Receiving Address and any change will void any previous Bitcoin Receiving Address. We will provide you with advance notice where possible, however you agree that it is your responsibility to check your Bitcoin Receiving Address immediately prior to a transaction being sent to it.
        2. You acknowledge and agree that any Bitcoin sent to a wallet address other than your Bitcoin Receiving Address may not be recoverable by us and CoinStep will have no liability or responsibility for any losses. You acknowledge and agree that any attempted transactions in such items will result in loss of the item and that CoinStep has no liability for any losses related to Supplemental Protocols.
        3. We will provide you with the ability to create Lightning Addresses that are unique to you (“LNURL Addresses”), and create Lightning Invoices, which enables us to identify that an incoming off-chain transaction is to be credited to your Digital Asset Wallet.
        4. We reserve the right to change your LNURL Addresses. We will provide you with advance notice where possible, however you agree that it is your responsibility to check your LNURL Addresses immediately prior to a transaction being sent to it.
        5. Bitcoin transactions sent and received on the Lightning Network are subject to channel and liquidity availability.
        6. The crediting of incoming transactions to your Available Balance may be delayed whilst (a) the transaction attains the required number of confirmations as displayed on the Site (and amended from time to time) on the Bitcoin Network; and/or (b) if the transaction is subject of our internal controls and risk management processes.
    5. Digital Asset Wallet
      1. Your Digital Asset Wallet enables you to store, transfer and manage the balances of Supported Digital Assets.
      2. You acknowledge and agree that any Digital Assets stored at CoinStep are held by CoinStep on your behalf.
      3. In the interest of security, CoinStep retains and securely stores all Digital Asset private keys in a mixture of both online and offline storage.
    6. Linking an NFC Device to your Account
      1. You can link a compatible near field communication enabled physical device (“NFC Device”) to your Account. Once linked, CoinStep will accept whenever you wave/swipe/present the NFC Device over a compatible contactless NFC reader as your instruction for us to settle the subsequent Lightning Invoice subject to sufficient funds being held in your Account and that the transaction does not exceed the transactional limits configured by you.
    7. Earn Bitcoin
      1. Cashback is rewarded in Bitcoin on a qualifying purchase made at a participating Retailer.
      2. You acknowledge that in order for cashback to be rewarded, the following criteria must be met in relation to the respective purchase, but does not guarantee a cashback reward:
        a) the Retailer has successfully been able to place a cookie on the device through which the purchase is made, which allows them to identify that you have been referred to their website by CoinStep;
        b) the cookie must be on the device that you make the purchase for the entirety of the purchase checkout process which must be completed using the Retailer’s URL on a web browser rather than using the Retailer’s mobile application;
        c) your purchase is not subsequently returned, amended or cancelled; and/or
        d) you are not an existing customer of the Retailer.
      3. You acknowledge and agree that:
        a) cashback will only be paid out once CoinStep has been paid by the Retailer;
        b) the BTC price used to calculate the cashback is determined by the price available to you at the time the cashback is applied to your Account;
        c) your cashback will be forfeited in the event that your Account is blocked/suspended or closed at the point that cashback became payable;
        d) the average payment time displayed for each Retailer on the Site is there for references purposes only, and in no way is meant to indicate a timescale of when cashback will be rewarded and applied to your Account;
        e) any dispute regarding your purchase is between you and the Retailer;
        f) any dispute regarding your cashback is between you and CoinStep;
        g) the Retailer or their agent will share the order ID relating to your purchase in order for us to track your purchase; and/or
        h) if cashback is paid to you in error, we reserve the right to reclaim or adjust your Balance.
      4. We will notify you when we receive confirmation that a purchase may be eligible for a cashback reward. If you do not receive such notification, please Contact Us immediately and we will use reasonable endeavours to investigate with the Retailer or their tracking agent. You acknowledge that the Retailer or its tracking agent’s decision is final in relation to the payment of cashback. In the event we do not receive the cashback for a purchase for whatever reason, we will not be liable to pay the cashback to you.
    8. Send Globally
      1. By using the Send Globally feature, you authorise CoinStep to process a Lightning Network transaction from your account to a selected third-party recipient entity.
      2. You acknowledge that the Send Globally feature involves the transfer of Bitcoin by CoinStep, not of GBP or EUR.
      3. When you initiate a Send Globally transaction, CoinStep will display the applicable rate for the conversion which you must confirm.
      4. Any additional reference details provided by you are provided for use by the recipient entity. You consent to us disclosing or transferring your information (for instance your name) and the additional reference details to recipient entities, which may be located in other countries.
      5. Sufficient funds are required in your account for the execution of the transaction. If the funds available in your account are not sufficient the transaction will not be completed.
      6. It is not possible to cancel or reverse a transaction once it has been completed.
      7. Once the lightning transaction has been completed and the Bitcoin has left your CoinStep account, CoinStep shall bear no future liability or responsibility.
    9. CoinStep Checkout (“Checkout”)
      1. Checkout is a service that is available to business accounts that wish to accept payment for goods or services or to registered charities that wish to accept donations, in Digital Assets.
      2. You warrant and represent that you will only use the Checkout service on a website or in a physical premises or location that (a) you have disclosed to us and received our prior written consent, (b) where the products or services offered are provided by you and not on behalf of a third party, and/or (c) the services or products offered by you will not breach our Prohibited Activities Policy.
      3. You acknowledge and agree that any legal relations are between you and the person making a payment or donation to you (“Purchaser”), and that CoinStep is not a party to them. We do not accept any queries, letters, requests and/or complaints regarding you, your services, products, activities, payments and/or donations, and the Purchaser.
      4. You are solely responsible for (a) verifying the age of the Purchaser, (b) ensuring that the services or products provided to them are legal in their country, and (c) ensuring that their country permits the use and exchange of Digital Assets. You acknowledge and agree that we will not be liable for your failure to comply with any legal requirements regarding the transaction with the Purchaser.
      5. By using Checkout, you authorise us to act as your agent so we may receive, hold and disburse funds on your behalf and to take any and all actions that we think are necessary to provide the Checkout service and to comply with applicable laws.
      6. Payment made by the Purchaser to CoinStep will be considered the same as payment made directly to you and will extinguish the Purchaser’s outstanding obligation, to the extent of the payment.
      7. We may ask for permission to inspect your business location in connection with your use of the Checkout service, or request documentation or evidence to support specific transactions to help us comply with Anti-Money Laundering or Countering the Financing of Terrorism laws. You agree to comply with such requests in a timely and co-operative manner.
      8. You acknowledge and agree that any payment processed through the Checkout service, prior to the Invoice expiration time and date, regardless of whether it is fully paid, underpaid or overpaid will be exchanged into your chosen settlement currency and that CoinStep will not be liable for any price volatility risk between you and the Purchaser.
      9. Invoices and Settlement
        1. In order to accept a Digital Asset payment or donation, you need to create a request (“Invoice”) through the Site. When creating the Invoice you will be able to specify an invoice currency and amount and a settlement currency, from those made available to you by us. The settlement currency is the currency you set for us to convert the Digital Asset into and for the purpose of this Section should not be confused with the Digital Asset displayed to your Purchaser in which is the payment currency for your Invoice. You assume any volatility risks of the currency in which you choose to settle. For example, if you choose your settlement currency as Bitcoin, then you assume the volatility risk of the Bitcoin value.
        2. The Invoice can be sent to the Purchaser by email or a URL link, or displayed to the Purchaser via a hosted or embedded integration on your website or point of sale device. The Invoice will provide the Purchaser with details of how to settle through Digital Asset payment. The Digital Asset amount that they must pay is based on a time-limited fixed price which we guarantee the Purchaser if the Invoice is fully paid prior to the expiry date and time provided by us. If the Invoice sent by email or a URL link is left to expire without payment being made, then the price and expiry date and time can be refreshed by closing the Invoice and re-opening it again after the original expiry date and time would have expired.
        3. The Invoice is considered and marked ‘Complete’ by us if it has been fully paid by the Purchaser prior to the expiry date and time provided by us and received the required number of block confirmations as determined by us, and the payment has been credited to your Account in your chosen settlement currency. You may inform the Purchaser that you have accepted the Invoice as paid prior to it being considered complete by us, for example an Invoice payment that has not been confirmed or credited to your Account in your chosen settlement currency. In such an instance, CoinStep is not liable to you for settling Invoices that are not considered fully paid and Complete.
      10. Underpayments, Overpayments, Expired Payments & Exceptions
        1. Underpayments occur when a Purchaser sends less than the full amount required to mark the Invoice as fully paid. The funds received are exchanged into your chosen settlement currency and credited to your Account and should the Invoice not be settled in full prior to its expiration, the Invoice will be marked as ‘Expired’.
        2. Overpayments occur when an Invoice receives excess funds. The funds are converted into your chosen settlement currency and credited to your Account and the Invoice is marked as ‘Complete’. You will then have the option to make a refund.
        3. Expired payments occur when no payment is made prior to the expiry date and time provided by us. These payments will appear in your account as an ‘Expired’.
        4. Where a payment is received after the expiry date and time provided by us, you agree that we may exchange it into your chosen settlement currency with the price being determined by the sell price available to you at the time of exchange. We recommend that the terms and conditions between you and the Purchaser reflect this.
        5. Payments received after an Invoice has been marked Complete will not be exchanged into your settlement currency.
        6. CoinStep ceases monitoring wallet addresses after a given period of time, and therefore you will need to Contact Us if you are aware that a payment has been made but not applied to your Account.
      11. Refunds
        1. CoinStep is not responsible for your refund policies. We suggest you have a clear refund policy for your customers (including, if applicable, “no refunds are allowed as all sales are final”). For certain industries, a refund policy may not be applicable (e.g. where a service is provided). If refunds are permitted, we recommend you refund the amount of the initial purchase in the currency in which the item was priced. Your refund policies and procedures must comply with all applicable laws and regulations, and with the provisions of this Agreement.
        2. You can decide to issue a partial refund or refund the full amount of the initial purchase. The refund will be made in the same Digital Asset as used to pay the Invoice. If you do not have enough funds in your Account to cover the refund, then you will be required to deposit Digital Assets or Fiat Currency to your Account to cover the refund to the Purchaser.
        3. The price of any required exchange during the refund process will be calculated at the price available to you at that time. Under no circumstances do we guarantee a refund of the Digital Asset at the same price at which the Digital Asset was originally exchanged into your settlement currency.
      12. Checkout Fees
        1. You acknowledge and agree that a transaction fee will be charged for each transaction processed through Checkout, regardless of whether the transaction is settled into a Fiat Currency. Your continued use of the Checkout service after we notify you of any changes in our fees constitutes your acceptance of such change.
      13. Advertising
        1. By using the Checkout service, you agree that we may publish your corporate name, URL, artwork, text, logo, and other publicly available information about your business ("Merchant Content") within CoinStep's promotional materials and/or all marketing channels. A third party may use CoinSteps's publicly-available Merchant Content and tailor the data to create entries for directories or other channels, and the data listed on third party directories or channels will be subject to separate third party terms of use.
        2. You represent and warrant to us that you have the right to provide the Merchant Content to us, and that the use, copying, modification and publication of the Merchant Content by us (a) will not infringe, violate or misappropriate any third party copyright, patent, trade secret or other proprietary rights, (b) will not infringe any rights of publicity or privacy, and (c) will not be defamatory or obscene or otherwise violate any law.
    10. Supported Digital Assets
      1. Services available to Supported Digital Assets may differ for each Digital Asset and/or be based on your Account status and/or usage.
      2. Whilst we will endeavour to notify you in advance, CoinStep reserves the right to change, suspend or cancel any Supported Digital Assets or Services to them without any notice. You acknowledge and agree that buying or depositing a Supported Digital Asset at CoinStep does not guarantee that you will be able to sell or withdraw that Digital Asset at CoinStep.
      3. You acknowledge and agree that unless communicated to you, Supported Digital Assets excludes all other protocols and/or functionality which supplement or interact with the Supported Digital Asset. This exclusion includes but is not limited to: metacoins, coloured coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins or other functionality, such as staking, protocol governance, and/or any smart contract functionality, which may supplement or interact with a Supported Digital Asset (collectively “Supplemental Protocols”). You agree not to use your Account to attempt to receive, request, send, store or engage in any other type of transactions of functionality involving any such Supplemental Protocols. You acknowledge and agree that any attempted transactions in such items will result in loss of the item and that CoinStep has no liability for any losses related to Supplemental Protocols.
      4. You acknowledge and agree that CoinStep will have no duty, responsibility or obligation to you unless expressly notified to you by us with respect to any asset that Supported Digital Assets may become entitled to through airdrop, fork or other similar mechanism.
  5. Fiat Currency Wallet
    1. Where you are not eligible for an EMA, CoinStep will provide you with a Fiat Currency Wallet. Any Fiat Currency held in your Fiat Currency Wallet is (a) exclusively for the purchase of Digital Assets or withdrawal to a bank account held in your name; and (b) will not earn any interest.
    2. For the avoidance of doubt, your Fiat Currency Wallet shall not be used by you as a bank account.
  6. Modulr Products
    1. The following products are provided by Modulr and are available to residents of, or in the case of a legal entity if your country of registration is in, the United Kingdom, Isle of Man, Gibraltar, Guernsey, Jersey or located in the European Economic Area.
    2. A change in your country of residence, or in the case of a legal entity your country of registration, may result in (a) a change of the Modulr entity that you contract with, or (b) termination of your Modulr Products if Modulr are unable to provide them to your country of residence or registration.
    3. E-Money Account (EMA)
      1. An account where electronic money denominated in Fiat Currency is held and safeguarded in your name.
      2. You acknowledge and agree that an instruction to buy Digital Assets from CoinStep is also an instruction from you to transfer the total consideration of the transaction, to include any fees, from your EMA to CoinStep.
      3. A pending transaction, Limit Order, Debit Card authorisation or pre-authorisation will result in the Available Balance of your EMA being reduced by the total consideration of the transaction until the transaction has been executed or cancelled/released.
      4. The crediting of Fiat Currency to your Available Balance may be delayed if the transaction is subject to our internal and/or risk management processes and/or controls.
      5. You can apply to opt out of the Confirmation of Payee service by writing to us.
      6. Please refer to the Modulr Terms for the other terms and conditions of the use of your EMA.
    4. Physical or Virtual Debit Card (Debit Card)
      1. A CoinStep and Modulr co-branded VISA and/or Mastercard physical or virtual debit card that is issued by Modulr and enables you to spend from the Available Balance held in your EMA.
      2. You acknowledge and agree that where you have configured your Account within the Settings area on the Site, so that in the event that there is insufficient Fiat Currency held in your EMA to cover an authorisation or pre-authorisation request received from a Card Scheme (as defined in the Modulr Terms), such a request is also an instruction from you to us to sell sufficient Digital Assets held in your Digital Wallet to cover the shortfall of e-money held in your EMA and our sell fees so that the authorisation or pre-authorisation can be approved, subject to any limits on your Account. You further acknowledge and agree that the sale of the Digital Assets cannot be reversed in the event that a Debit Card pre-authorisation or authorisation is cancelled, released or refunded.
      3. Please refer to the Modulr Terms for the other terms and conditions of the use of your Debit Card.
  7. Funding, payments, withdrawals and refunds
    1. You acknowledge and agree that it may not be possible to fund, make a payment or withdraw to or from your Account in all Supported Digital Assets or Fiat Currency, and that funding your Account with a particular method, Digital Asset or Fiat Currency does not guarantee that you can make payment or withdraw from your Account using the same method, Digital Asset or Fiat Currency.
    2. Third party deposits and payments are not permitted to or from your Fiat Wallet. For the avoidance of doubt you should only deposit from or withdraw to a bank account or debit/credit card registered in your name.
    3. For business accounts, third party deposits and payments are permitted to or from your EMA and/or Digital Asset Wallet. For individual’s accounts, third party deposits and payments are not permitted to or from your EMA and/or Digital Asset Wallet.
    4. Refunds may be made against debit or credit card deposits up to the total value of the original transaction, subject to time restrictions imposed by our card acquirer. You acknowledge that depositing by card does not guarantee you will be able to process a refund to that card.
    5. Funding, making payments or withdrawals to or from your Account may be subject to fees and limits.
    6. CoinStep reserves the right to change, suspend or cancel any available method, Digital Asset or Fiat Currency in which you can fund, make payment or withdraw to or from your Account without any notice.
    7. Please refer to Modulr’s Terms for the terms that govern the use of your Modulr Products.
    8. You acknowledge and agree that CoinStep may use designated third party payment processors to process any Fiat Currency transactions between you and CoinStep.
  8. Limits and Enhanced Due Diligence
    1. Services may be restricted by limits to help us put controls in place to protect you and/or CoinStep against market liquidity, fraud or other financial crimes.
    2. CoinStep will display limits to you on the Site where possible, and you acknowledge that some limits cannot be displayed due to their purpose. Any changes to your limits which can be displayed to you will be notified to you by way of email or by us updating the Site.
    3. You acknowledge and agree to us performing automated and manual screening of transactions, and that we may impose limits on the value, speed and frequency of any transactions on your Account.
    4. If you wish to increase your limits, then please Contact Us.
    5. From time to time we may require you to provide us with additional information or documentation, so that we may, amongst other things, establish the source of your wealth and source of funds for any transaction undertaken on your Account (a process known as “Enhanced Due Diligence”). You acknowledge that such requests are necessary so that CoinStep or any Service provider, for example Modulr, may comply with any applicable Anti-Money Laundering or Countering the Financing of Terrorism law, and you agree to comply with such requests in a timely and co-operative manner.
    6. In providing us with any Enhanced Due Diligence documentation or information, you confirm that it is true, accurate and complete, and you have not withheld anything that may influence our, or any Service providers, evaluation of you or any transaction undertaken on your Account. You agree to promptly notify us by email of any change in circumstance that may cause any such information or documentation provided to become void, incomplete or misleading and also undertake to provide any other additional information or documentation required by us and/or applicable law.
    7. We reserve the right to change your limits without notice or refuse or freeze a transaction or your Account whilst we undertake enhanced due diligence checks and processes, and you acknowledge and agree that we do not assume any liability or responsibility in connection with the direct and or indirect consequences and consequential losses caused as a result of such checks and processes.
  9. Security
    1. You are responsible for maintaining the security of any information, electronic device, service or other means of verification used to authenticate your identity to access your Account or use the Services (“Security Details”).
    2. You agree not to (a) share your Security Details; (b) grant anyone access to your Account whether remotely or otherwise; (c) share your electronic device and/or electronic device screen with someone else when you are logged into your Account, even if you think that person works for CoinStep. You agree to notify us immediately if you think someone has or can access your Account, either because one or more of your Security Details has been compromised, or for any other reason.
    3. You are responsible for keeping the electronic device through which you access your Account safe and maintaining adequate security and control of any and all security details that you use to access your Account. This includes all reasonable steps to avoid the loss, theft or misuse of such electronic device and ensuring that such electronic device is both encrypted and password protected.
    4. Any loss or compromise of your electronic device or your Security Details may result in unauthorised access to your Account by third-parties and the loss or theft of an e-money, Digital Assets and/or funds held in your Account and any associated accounts.
    5. You are responsible for installing updates to access your Account or use the Services as soon as they become available.
    6. You are responsible for all transactions initiated through your Account or the Services where the correct Security Details have been used, and we assume no responsibility for any loss that you may sustain due to a breach of your Security Details due to no fault of CoinStep and/or failure to follow or act on any notices or alerts that we may send you.
  10. Authorised Users
    1. Business accounts may designate persons to access the Site and use the Services on their behalf (referred to as “Authorised Users”). You agree to notify CoinStep of any person you wish to designate an Authorised User by correctly setting the person up as an Authorised User through the Site so that the Authorised User has their own Security Details.
    2. Each Authorised User is permitted to access the Site and use the Services in accordance with these Terms of which you agree the Authorised User has read and understood.
    3. You acknowledge and agree that each Authorised User is authorised by you to act on your behalf. CoinStep shall deem any instruction given by an Authorised User as an instruction given by you.
  11. Contact Details and Communications
    1. You are responsible for providing us with true, accurate and complete contact details, and to keep such contact details up to date. You may update your contact details from within the Settings area of your Account or by making a request through our Contact Us page. Your contact details are only considered updated once you have received confirmation from us.
    2. You agree that any communication or notification from you to us will be in British English language and must be made using the email address registered to your Account, so we can correctly identify that it has originated from you. If using the Contact Us page, this can be achieved by providing the email address registered to your Account in the appropriate field provided.
    3. You acknowledge and agree that CoinStep will deliver all communications that we provide in connection with your Account electronically. We will provide these communications to you by posting them on the Site, emailing them to the email address registered to your Account, communicating to you through live chat, and/or through other electronic communication such as text message or mobile push notification, and you agree that such communications will constitute sufficient notice of the subject matter therein.
    4. You understand and agree that if CoinStep sends you an electronic communication but you do not receive it because the email address registered to your Account is incorrect, out-of-date, blocked by your service provider, or you are otherwise unable to receive electronic communications, we will be deemed to have provided the communication to you.
  12. Suspension, termination, and cancellation
    1. You can close your Account at any time for any reason from within the Settings on the Site area of your Account or by submitting a request via our Contact Us page.
    2. CoinStep can close your Account at any time by giving you two months’ written notice.
    3. We may (a) refuse to complete, or place a hold, block, cancel or reverse a transaction that you have authorised (even after funds have debited your Account); (b) suspend, restrict or terminate your access to any or all of the Services; and/or (c) deactivate or cancel your Account with immediate effect for any reason, including but not limited to where:
      a) we consider that you have breached the Terms;
      b) we consider that you have used the Services in a fraudulent manner or for illegal and/or unlawful or improper purposes;
      c) we consider that you have provided us with false or misleading information;
      d) we are required to do so to comply with a court order, law, regulation, regulatory decree or ombudsman’s orders;
      e) use of your Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity;
      f) you take any action that may circumvent limits and/or the controls such as opening multiple Accounts or abusing promotions which we may offer;
      g) we reasonably believe that your use of your Account or the Services is detrimental or harmful to CoinStep in any manner;
      h) we have concerns that a transaction is erroneous or fraudulent, or that the Security of your Account has been compromised;
      i) we suspect money laundering, terrorist financing, or any other financial crime;
      j) you have been declared bankrupt; and/or
      k) your Account is deemed to be dormant and its balance is, or reaches zero in accordance with section ‘Dormant and Inactive Accounts’.
    4. You acknowledge and agree that CoinStep is under no obligation to disclose the details of our limits, controls, risk management and/or security procedures to you or provide notice or explanation of why we have deemed it necessary to take any restrictive actions as listed in this section.
  13. Dormant and Inactive Accounts
    1. If you have not logged into your Account for a period of twenty four (24) consecutive months then your Account will be considered inactive (“Inactive Account”) and shall incur a monthly administration fee (which may be deducted in Fiat Currency or Digital Assets).
    2. If your Account has been closed or deactivated whilst having a remaining balance and you have not re-opened or reactivated it for a period of twelve (12) consecutive months then your Account will be considered as dormant (“Dormant Account”) and shall incur a monthly dormancy fee (which may be deducted in Fiat Currency or Digital Assets).
    3. You hereby agree and authorise the deduction and/or transfer any administration or dormancy fees due to CoinStep from your Account, as permitted by applicable law.
  14. Export Controls & Sanctions
    1. Your use of the Services and Site is subject to international export controls and economic sanction requirements. By sending, receiving, buying, selling or storing Digital Assets through the Site or Services, you agree that you will comply with those requirements. You are not permitted to acquire Digital Assets or use any of the Services through the Site if:
      a) you are in, under the control of, or a national or resident of countries subject to United States embargo, UN sanctions, the European Union or HM Treasury’s financial sanctions regimes (each a “Sanctioned Country”), or if you are a person on the economic sanctions list as published from time to time by applicable authorities (including, but not limited to the Office of Financial Sanctions Implementation (part of HM Treasury), the U.S. Commerce Department’s Denied Persons List, Unverified List, or Entry List, or the EU Financial Sanctions regime) (a “Sanctioned Person”); and/or
      b) you intend to supply any acquired or stored Digital Assets or e-money or Services to a Sanctioned Country (or a national or resident of a sanctioned Country) or Sanctioned Person.
  15. Indemnification
    1. You agree to indemnify us, our affiliates and service providers, and each of our, or their, respective officers, directors, agents, employees and representatives, in respect of any cost (including legal fees and any fines, fees or penalties imposed by any regulatory authority) that have been reasonably incurred in connection with any claims, demands or damages arising out of or related to your breach and/or our enforcement of these Terms, or your violation of any law, rule or regulation, or the rights of any third party.
  16. Liability
    1. You agree that in the event you have a dispute with one or more users of the Services (other than CoinStep), you agree that neither CoinStep, our affiliates and service providers, and each of our, or their, respective officers, directors, agents, employees and representatives, will be liable for any claims, demands and damages (actual and consequential, direct or indirect) of any kind or nature arising out of or in any way connected with such disputes or related to your breach of this Agreement or your violation of any law, rule or regulation, or any rights of any third party.
    2. Our total aggregate liability to you for any individual claim or series of connected claims which you may suffer arising out of, or in connection with, any breach of this Agreement by CoinStep shall be limited to a maximum aggregate value of the combined value of Digital Assets and Fiat Currency in your Account at the time of the relevant breach. When considering a specific claim relating to a specific transaction our total liability to you shall be further limited to the value of the disputed transaction.
    3. In no event shall CoinStep, our affiliates and service providers, and each of our, or their, respective officers, directors, agents, employees and representatives, be liable to you for any of the following types of loss or damage arising under or in connection with this Agreement or otherwise:
      a) any loss or damage whatsoever which does not arise directly as a result of our breach of this Agreement;
      b) any loss of profits or loss of expected revenue or gains, including any loss of anticipated buying and selling profits and/or any actual or hypothetical buying and selling losses, whether direct or indirect, even if we are advised of or knew or should have known of the possibility of the same; and
      c) any loss of, or damage to, reputation or goodwill; any loss of business or opportunity, customers or contracts; any loss or waste of overheads, management or other staff time; or any other loss of revenue or actual or anticipated savings, whether direct or indirect, even if we are advised of or knew or should have known of the possibility of the same; any loss of use of hardware, software or data and/or any corruption of data; including but not limited to any losses or damages arising out of or relating to any inaccuracy, defect or omission of Digital Asset price data; any error or delay in the transmission of such data; and/or any interruption in any such data.
    4. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the limitations of this section may not apply to you.
    5. Nothing in this Agreement shall limit our liability or that of our agents for death or personal injury resulting from fraud or fraudulent misrepresentation, gross negligence or deliberate misconduct.
    6. The Services and Site are provided on an "as is" and "as available" basis, with no further promises made by us around availability of the Services. Specifically, we do not give any implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement. We do not make any promises that access to the Site, any of the Services, or any of the materials contained therein, will be continuous, uninterrupted, timely, or error-free.
    7. CoinStep will make reasonable efforts to ensure transactions on your Account are processed in a timely manner but we expressly make no representations, warranties or guarantees regarding the time needed to complete processing which is dependent on many factors some of which are outside of our control. You agree that under no circumstances shall CoinStep be liable for any alleged damages arising from service interruptions, delays in processing transactions, or lack of timely response from our customer support.
    8. Except for the express statements set forth in this Agreement, you hereby acknowledge and agree that you have not relied upon any other statement or understanding, whether written or oral, with respect to your use and access of the Services and Site.
  17. Force Majeure
    1. CoinStep will not be liable for the non-performance or failure to provide any part of the Services occurring as a result of any events that are beyond the reasonable control of CoinStep, 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, loss of third party suppliers, acts of God such as storm or lightning damage, or other causes over which CoinStep has no reasonable control.
  18. Access, site accuracy and content
    1. Access to the Site is made available to you free of charge. We do not guarantee that it, or any content or Services on it, will always be available or uninterrupted. Your access to the Site is permitted on a temporary basis. We can suspend, withdraw, discontinue or change all of any part of the Site without notice.
    2. You are responsible for accessing the Site or Services through the correct URL (https://www.CoinStep.com) or mobile applications that can be downloaded from the Apple App Store or Google Play Store. Links to our mobile applications on those stores can be found on the Site and it is your responsibility for installing updates to the mobile applications as soon as they become available.
    3. We may update the Site from time to time, and may change its content at any time. However, please note that any of the content on the Site may be out of date at any given time, and we’re under no obligation to update it. We do not guarantee that the Site, or any content on it, will be free from errors or omissions. Accordingly, you should verify all information before relying on it, and all decisions based on the information contained on the Site are your sole responsibility and we shall have no liability for such decisions.
    4. We do not guarantee that the Site will be secure or free from bugs or malware. It’s up to you to configure your information technology, computer programmes and platform to access the Site, and you should use your own virus protection software.
    5. Links to third party materials (including without limitation any websites) may be provided as a convenience but are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any such third party materials accessible or linked to from the Site.
    6. We do not provide any type of investment advice. We may provide information concerning types of currencies and Digital Assets, prices, and events that may have influenced prices, all of which should not be considered investment advice. If you require investment advice you should contact a reputable financial advisor. You are solely responsible for how you use the Services and the financial results of your actions.
  19. Feedback, queries or complaints
    1. If you would like to provide any feedback, have any questions or complaints regarding the use of the Services, then please feel free to Contact Us. A member of our customer support team will get back to you at the earliest opportunity during our normal business hours.
    2. We will own exclusive rights, including all intellectual property rights, to any reviews, feedback, suggestions, ideas or other information or materials regarding CoinStep or our Services that you provide to us or any other third-party (“Feedback”). Any Feedback you submit is non-confidential and shall become the sole property of CoinStep. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You waive any rights you may have to the Feedback (including any copyrights or moral rights). Do not send us Feedback if you expect to be paid or want to continue to own or claim rights in them; your idea might be great, but we may have already had the same or a similar idea and we do not want disputes. We can disclose your identity to any third party who is claiming that any content posted by you violates their intellectual property rights, or their right to privacy. We can remove any posting you make on our website if, in our opinion, your post does not comply with CoinStep’s content standards.
  20. Data protection
    1. If you are an individual, you acknowledge that we may process personal data in relation to you or other people that may be financially linked/connected to you. If you are a business, you acknowledge that you may be required to disclose personal data relating to employees, directors, beneficial owners and other individuals related to your business, that we may process.
    2. We will process any personal data in accordance with our Privacy Policy. Accordingly, you represent and warrant that:
      a) your disclosure to us of any personal data relating to individuals other than yourself was or will be made in accordance with all applicable data privacy and data protection laws, and that data is accurate, up to date and relevant when disclosed;
      b) before providing any personal data to us, you acknowledge that you have read and understood our Privacy Policy, and, in the case of personal data relating to an individual other than yourself, have (or will prior to disclosure have) provided the individual with a copy of, or directed the individual to our Privacy Policy (as amended from time to time) and obtained their permission to disclose such personal data to us; and
      c) if from time to time we update our Privacy Policy, you will promptly read it and provide updated copies of it to, or re-direct towards our Privacy Policy, any individual whose personal data you have provided to us.
  21. General
    1. Entire Agreement
      1. This Agreement (including documents referred to herein) constitutes the entire agreement and understanding between you and CoinStep and supersedes any previous agreement between you and CoinStep to the subject matter of this Agreement. If any provision of this Agreement shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such validity of unenforceability shall, as to such jurisdiction, be ineffective to to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such cases, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.
      2. These Terms do not alter the terms or conditions of any other electronic or written agreement you may have with CoinStep for the Services. In the event of any conflict between these Terms and any other agreement you may have with CoinStep, the terms of that other agreement will only be valid if these Terms are specifically identified and declared to be overridden by such other agreement.
    2. Interpretation
      1. In these Terms of Use:
        a) a reference to a section is a reference to a section in these Terms of Use;
        b) headings are provided for convenience only and shall not govern the meaning or interpretation of any provision;
        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; and
        f) a reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.
    3. Language
      1. This Agreement and any communication or notification that you or we are to provide should be in British English language. Any translation of this Agreement or other documents is provided for your convenience only and may not accurately represent the information on the original British English version. In the event of any inconsistency, the British English language version of this Agreement or other documents, communications or notifications shall prevail.
    4. Limited Licence
      1. We grant you a non-exclusive, limited, non-transferable, freely revocable licence, subject to the terms of this Agreement, to access and use the Site, and related content, materials, information (collectively the “Content”) solely for approved purposes as permitted by us from time to time. Any other use of the Site or Content is expressly prohibited and all other right, title, and interest in the Site or Content is exclusively the property of us and our licensors. You agree not to copy, transmit, distribute, sell, licence, reverse engineer, modify, publish, or participate in the transfer of sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part. CoinStep and all logos related to the Services or displayed on the Site are our or our licensors’ trademarks or registered marks. You may not copy, imitate or use them without our prior written consent.
    5. Transfers and Assignment
      1. You acknowledge that nothing in this Agreement permits you to assign or transfer your rights, licences, interests and/or obligations under this Agreement to anyone else.
      2. CoinStep may assign or transfer our rights, licences, interests and/or obligations under this Agreement at any time, including as part of an acquisition, merger, sale or other change of control or other corporate restructuring involving CoinStep. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns. You reserve the right to terminate this Agreement with immediate effect in the event that CoinStep assigns or transfers this Agreement.
    6. Privacy of Others
      1. If you receive information about another person through the use of the Services, you must keep the information confidential and only use it in connection with the Services. You may not disclose or distribute the person's information to a third party or use the information except as reasonably necessary to carry out a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the person's express consent to do so. You may not send unsolicited communications to another person through the Services.
    7. Taxes
      1. You acknowledge that it is your sole responsibility to determine and pay any taxes that may be applicable through your use of the Services to the appropriate tax authorities. If you require tax advice you should contact a reputable tax advisor or accountant.
    8. Security Interests
      1. You may not create security over your Account unless you have obtained our prior written consent.
    9. Enforcement of Our Rights
      1. We may not always strictly enforce our rights under this Agreement. If we do choose not to enforce our rights at any time, this is a temporary measure and we may enforce our rights strictly again at any time.
    10. Survival
      1. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, will continue to be binding and operate after the termination or expiration of this Agreement.
    11. Jurisdiction
      1. This Agreement and the relationship between us shall be governed by the laws of the Isle of Man, subject to any local mandatory law, or rights available to Consumers.
    12. Several Liability
      1. You agree that the liability of each of CoinStep and Modulr under this Agreement is several and not joint, and each of CoinStep and Modulr shall be liable only for their own respective obligations under this Agreement, and any breaches by them of those obligations. This means that each of them is responsible to you for their own breaches of this Agreement, and not for each other’s breaches.

Appendix 1 - Modulr Terms for residents or legal entities of the United Kingdom, Isle of Man, Gibraltar, Guernsey or Jersey

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. 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
    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. 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.
    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.
    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.
    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.
    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).
    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.
    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.
    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.
    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
    1. Access to the Modulr Products is restricted to individuals that have been designated by the Introduced Client as Authorised Users.
    2. The Introduced Client must notify Modulr of all individuals it wishes to be an Authorised User.
    3. Each Authorised User is permitted to access and use the Modulr Products in accordance with these Introduced Client Terms of Business.
    4. The Introduced Client will be responsible for training its Authorised Users in the appropriate use of Modulr Products.
    5. The Introduced Client shall ensure its Authorised Users;
      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
      2. do not share any information that would enable another party to access the Introduced Client’s Account.
    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.
    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.
    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
    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.
    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.
    3. The Introduced Client acknowledges and agrees to the following:
      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;
      2. the Platform Partner will be granted full access to operate the Introduced Client’s Account as an Authorised User of the Introduced Client;
      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. the Introduced Client has no recourse against Modulr for any act or omission of the Partner Platform with respect to its Account;
      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
      6. it will only use the Account for the purpose set out in the Partner Platform Agreement.
    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.
    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
    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.
    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.
    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
    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.
    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.
    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.
    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.
    5. This Agreement will automatically terminate when all Accounts of the Introduced Client are closed (for any reason).
    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.‎
    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
    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.
    2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to the Introduced Client.
  8. Force Majeure
    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
    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.
    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.
    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.
    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
    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.
    2. Modulr and Modulr FS makes no warranty that access to and use of the Modulr Products will be uninterrupted or error free.
    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.
    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.
    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.
    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
    1. Modulr may make available certain management or other reporting or business administration functionality via the Website.
    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
    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.
    2. Modulr processes personal information in accordance with relevant laws on the protection of personal data.
    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.
    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
    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.
    2. The Introduced Client has no obligation to accept such amendments proposed by Modulr.
    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
    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.
    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.
    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.
    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.
    5. This Agreement is written and available only in English and all correspondence with the Introduced Client shall be in English.
    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. The terms of Schedule 1 shall apply where Virtual Cards and/or Physical Cards are included within the Modulr Products.
  2. Transactions Disputes and Chargebacks
    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. 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.
    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.
    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
    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.
    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. 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.
    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.
    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.
    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.
    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
    1. Modulr reserves the right to:
      1. cease providing Cards as part of Modulr Products for any reason;
      2. provide Cards issued under a different Card Scheme.

Schedule 2 – PIS Terms and Conditions

  1. INTRODUCTION
    1. The terms of Schedule 4 shall apply where the PIS is included within the Modulr Products provided to you.
    2. These PIS Terms and Conditions, alongside the Modulr Account Terms and Conditions form the agreement between Modulr FS and you and sets out the terms that apply to your use of PIS as defined below.
    3. We are authorised by the Financial Conduct Authority (FRN 900573) for the issuance of electronic money and providing payment services, including payment initiation services.
    4. Unless expressly stated in this Schedule 4, the definitions contained in this Agreement shall apply to this Schedule 4.
  2. DEFINITIONS
    Account Servicing Payment Service Provider or ASPSP – the third party payment service provider, such as a bank, with whom you or the End User holds an online payment account (Source Account) which we will access when you use PIS;
    End User – means your customer who wishes to purchase your goods and/or services using PIS, and who holds a Source Account;
    Information – in relation to PIS, means any information related to you, and any personal information related to the End User;
    Payment Initiation – means either (i) a payment order initiated at your request from your Source Account to your Modulr Account ; or (ii) a payment order initiated at the request of an End User from their Source Account to your Account;
    Payment Initiation Service or PIS – means a service to initiate a payment from a Source Account, as more particularly described in clause 3.
    Source Account – a payment account accessible online which you or an End User holds with an ASPSP;
    Standing Order – a regular, recurring Payment Initiation as instructed by an End User.
  3. OUR SERVICES
    1. You can only use PIS if you have an Account. You can continue to use PIS as long as you continue to hold an Account.
    2. You will be able to use our API to:
      1. add funds to your Modulr Account from a Source Account;
      2. allow an End User to initiate a payment from a Source Account to your Account; and
      3. allow an End User to set up a Standing Order from their Source Account to your Account.
    3. When using PIS to add funds to your Modulr Account, we will provide you with a redirection URL which will redirect you to your ASPSP, where you can log in using you ASPSP credentials and consent to the Payment Initiation from your Source Account.
    4. For End Users, we will provide you with a redirection URL to provide to the End User to redirect them to their ASPSP, where they can log in using their ASPSP credentials and consent to the Payment Initiation from their Source Account.
    5. We are not responsible for the services or provided by the ASPSP. The services provided in relation to the Source Account are subject to a separate agreement between you and your ASPSP, or the End User and their ASPSP.
  4. END USERS
    1. You will only allow End Users to request Payment Initiations and Standing Orders in accordance with these PIS Terms and Conditions and the End User Terms and Conditions (contained at Annex 1 to this Schedule 4).
    2. You will ensure that End Users have read and accepted the End User Terms and Conditions prior to the End User using PIS.
    3. You will keep a record of each End User’s confirmation given in accordance with clause 4.2 above and shall promptly make such records available to Modulr on request.
    4. You acknowledge that an End User may revoke their consent to process Payment Initiations or Standing Orders at any time, and Modulr shall not be liable to you for failing to provide the Information requested by you.
    5. We will not be able to revoke a transfer from a Source Account once it has been confirmed by an End User.
    6. Once an End User requests us to initiate a payment from a Source Account, Modulr will make the following information available to you and you must provide it immediately to the End User:
      1. a confirmation that the payment has been successfully initiated with the End User’s ASPSP;
      2. a reference to identify the payment transaction and any information transferred with the payment order; and
      3. the amount of payment.
    7. Where applicable, you will comply with Modulr’s PIS Customer Requirement Guidelines as provided to you by Partner Platform and as may be amended from time to time.
  5. ACCOUNT TOP UP
    1. You may use PIS to make a payment initiation for the purpose of adding funds to your Modulr Account.
    2. When you request us to initiate a payment from your Source Account, Modulr will make the following information available to you:
      1. a confirmation that the payment has been successfully initiated with your ASPSP;
      2. a reference to identify the payment transaction and any information transferred with the payment order; and
      3. the amount of payment.
  6. SECURITY
    1. You must not allow another person to use security information necessary to use PIS;
    2. We can restrict or suspend your ability to use PIS, including refusing to initiate the payment from a Source Account, if we are concerned about the security of your access to the Online Portal or the API, using PIS is causing or could cause a breach of these Terms and Conditions or if we have reasonable grounds for suspecting that you or a third party has committed or is about to commit a crime or other abuse in connection with your use of our API or Online Portal.
    3. If we restrict or suspend your use of PIS or refuse to initiate the payment from a Source Account, we will, without undue delay and provided we are legally permitted to do so, notify you. If possible, we will provide the reasons for this and where it is possible will provide reasons for the restriction or suspension and where those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the restriction or suspension. Where we need to contact you, we will use the contact details associated with your Account, such as email, or telephone. You should inform us without delay if your contact details change.
  7. DISPUTES AND INCORRECT TRANSACTIONS
    1. If you or the End User have a reason to believe that a payment from a Source Account initiated by us was unauthorised or was made incorrectly, , the owner of the Source Account (i.e. you or the End User, as the context allows) should contact their ASPSP to resolve their query and we will cooperate with the ASPSP’s investigation in to such payment. Where we believe that the incorrect payment was due to our error in respect of the part of the Payment Initiation we were responsible for, we will refund the incorrectly initiated payment back to the original Source Account.
    2. You will be liable for all payments initiated through our API or Online Portal if you have acted fraudulently or with gross negligence (for example failed to keep your security information such as but not limited to the Online Portal log in details and API security details or Source Account credentials safe).
  8. YOUR LIABILITY
    1. You are responsible for understanding and complying with these PIS Terms and Conditions.
    2. 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 (including any loss arising from action taken by a Regulator) taken to enforce these PIS Terms and Conditions and/or any breach of these PIS Terms and Conditions by you, including in respect of any non-compliance with clauses 4.2 and 4.3 of these PIS Terms and Conditions.
  9. OUR LIABILITY
    1. In addition to our liability set out in the Modulr Account Terms and Conditions (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise), where a Payment Initiation is incorrectly made from a Source Account due to our default, our liability shall be limited as appropriate (i) to refund to you an equivalent amount to which was incorrectly deducted from your Source Account; or (ii) to refund to the End User of an equivalent amount to that which was incorrectly deducted from their Source Account.
  10. TERMINATION
    1. These PIS Terms and Conditions will apply each time you use PIS in relation to your Account.
    2. We can terminate your access to PIS at any time if we give you two months’ notice.
    3. We can terminate your access to PIS at any time with immediate effect (and until your default has been remedied or these Terms and Conditions terminated) without any prior notice to you if:
      1. we discover any of the Information that we hold for you is incorrect; or
      2. if we have reason to believe that you or a third party has committed or is about to commit a crime or other abuse (including fraud) in connection with your use of PIS; or
      3. you have breached these Terms and Conditions.

ANNEX 1 TO SCHEDULE 2 –
End User PIS Terms and Conditions

Important information you need to know

These End User PIS Terms and Conditions (“Terms and Conditions”) form the agreement between Modulr FS and you and sets out the terms that apply to your use of PIS as defined below.

Please read these Terms and Conditions carefully before you agree to use PIS provided by us.

By using PIS, you accept the terms of these Terms and Conditions. If there is anything you do not understand, please contact Customer Services using the contact details set out below. You can also request a copy of these Terms and Conditions at any time by contacting Customer Services.

  1. DEFINITIONS
    Account Servicing Payment Service Provider or ASPSP – the third party payment service provider, such as a bank, with whom you hold an online payment account (Source Account) which we will access when you use our Service.
    Customer Services - the contact centre for dealing with queries about our Services, who can be contacted at [email protected] or 0303 313 0060.
    Data Protection Laws – the following, to the extent they are applicable to a party: 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.
    Information – means any personal information related to you
    Merchant - the entity legally responsible for the Modulr Account, from whom you are purchasing goods or services.
    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 - the electronic account provided by us to the Merchant.
    Payment Initiation Service or PIS – means a service to initiate a payment at your request from a Source Account held by you, as more particularly described in clause 3.1.
    Source Account – a payment account accessible online which you hold with an ASPSP;
    Standing Order - a regular, recurring Payment Initiation as instructed by you.
    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.
    you, your - the payee who wishes to use PIS to send funds to a Merchant’s Modulr Account.
  2. SCOPE OF THESE TERMS AND CONDITIONS
    1. These Terms and Conditions apply to your use of PIS. We are authorised by the Financial Conduct Authority (FRN 900573) for the issuance of electronic money and providing payment services, including payment initiation services. Your rights and obligations relating to the use of PIS are subject to these Terms and Conditions between you and us.
    2. These Terms and Conditions are written and available only in English and we undertake to communicate with you in English regarding any aspect of your use of PIS.
  3. OUR SERVICES
    1. You will be able to initiate a payment from your Source Account to the Merchant’s Modulr Account, or set up a Standing Order. You will need to select the linked Source Account and the amount when you ask us to initiate the payment.
    2. We may use internet providers, web browsers and other third parties to access your Source Account held with the ASPSP, so that we can transmit the information relating to your Source Account or initiate the payment.
    3. The services provided to you in relation to your Source Account are subject to a separate agreement between you and the ASPSP. We are not responsible for the services or provided to you by the ASPSP.
  4. OUR SERVICES
    1. Each time you use our PIS, you are giving us your explicit consent to initiate the payment from your Source Account to the Modulr Account for the amount you select at the time of your request.
    2. You will need to provide the same identifying information that you use when logging into to access your Source Account online with your ASPSP, such as your user name, password and/or other security information (such as answers to challenge questions or one-time-passcodes) (“Security Credentials”). You will need to provide your Security Credentials to:
      1. link the Source Account; and
      2. authorise a payment from your Source Account you have asked us to initiate.
    3. We will not be able to revoke a transfer from your Source Account once you have confirmed it.
    4. Once you request us to initiate a payment from your Source Account, the Merchant will provide:
      1. a confirmation that the payment has been successfully initiated with your ASPSP;
      2. a reference to identify the payment transaction and any information transferred with the payment order; and
      3. the amount of payment.
  5. STANDING ORDERS
    1. You will be able to set up a Standing Order to make regular, recurring Payment Initiations to the Merchant’s Modulr Account. When setting up a Standing Order, you are giving us explicit consent to initiate a regular, recurring Payment Initiations from your Source Account to the Modulr Account for the amount you select at the time of your request.
    2. You must provide the following information to allow us to set up the Standing Order: the date of the first Payment Initiation, the amount of the Standing Order, and if the Standing Order is not open-ended, the date of the final Payment Initiation.
    3. If you wish to amend or cancel a Standing Order, you must contact your ASPSP. Modulr is not able to amend or cancel Standing Orders and accepts no liability for Standing Orders which have been incorrectly amended or cancelled.
  6. FEES
    We will not charge you any fees for using PIS.
  7. SECURITY
    1. You must not:
      1. allow another person to use security information necessary to use PIS;
      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
      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.
    2. We can restrict or suspend your ability to use PIS, including refusing to initiate the payment from your Source Account, if we are concerned that using PIS is causing or could cause a breach of these Terms and Conditions or if we have reasonable grounds for suspecting that you or a third party has committed or is about to commit a crime or other abuse in connection with your use of our PIS.
    3. If we refuse to initiate the payment from your Source Account, we will, without undue delay and provided we are legally permitted to do so, notify you, via the Merchant. If possible, we will provide the reasons for this and where it is possible will provide reasons for the restriction or suspension and where those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the restriction or suspension.
  8. DISPUTES AND INCORRECT TRANSACTIONS
    1. If you have a reason to believe that a payment from your Source Account initiated using our PIS was unauthorised or was made incorrectly, you can contact your ASPSP to resolve your query and we will cooperate with the ASPSP’s investigation in to such payment. Where we believe that the incorrect payment was due to our error in respect of the part of the initiated payment we were responsible for, we will refund the incorrectly initiated payment back to the original Source Account.
    2. You will be liable for all payments initiated through our PIS if you have acted fraudulently or with gross negligence (for example failed to keep your security information or Source Account Security Credentials safe).
    3. In circumstances where payment is initiated from your Source Account by us is disputed by you or your ASPSP, if we require your support to enable us to establish the cause of the incorrectly initiated payment, you agree to provide us with all assistance that we reasonably require.
  9. YOUR LIABILITY
    1. You are responsible for understanding and complying with these Terms and Conditions.
    2. It is your responsibility to keep the Merchant 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 our PIS or to let you know about changes to these Terms and Conditions.
    3. 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 these Terms and Conditions and/or any breach of these Terms and Conditions by you.
  10. OUR LIABILITY
    1. Our liability 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:
      1. we shall not be liable for any default resulting directly or indirectly from any cause beyond our control;
      2. we shall not be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
      3. where payment is incorrectly initiated from your Source Account due to our default, our liability shall be limited to refund to you of an equivalent amount to that which was incorrectly deducted from your Source Account.
    2. Nothing in these Terms and Conditions shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.
    3. To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
    4. 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.
  11. VARIATION
    1. Each time you use our PIS you will be bound by the Terms of Service in force at that time.
    2. From time to time, we may update these Terms and Conditions. If we do this then we will provide an updated copy to Merchants and you will be bound by those new terms the next time you use our PIS. If you do not agree to those changes you should not use our PIS.
    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.
  12. TERMINATION OR SUSPENSION
    1. We may at any time terminate or withhold your access to all or any part of our PIS at any time, effective immediately:
      1. if you have breached any provision of these Terms and Conditions (or have acted in a manner which clearly shows that you do not intend to, or are unable to comply with the provisions of these Terms and Conditions); or
      2. if we, in our sole discretion, believe we are required to do so by law (for example, where the provision of the PIS to you is, or becomes, unlawful).
  13. YOUR INFORMATION
    1. You may provide us with your Information from time to time in connection with your use of PIS. Some Information, especially the Account Information, will be necessary for us to provide you with the PIS under these Terms and Conditions.
    2. We and our affiliates are committed to maintaining your Information in accordance with the requirements of the Data Protection Laws. You acknowledge and agree that any Information provided by you or a third party on your behalf to us shall be used, kept and may be disclosed to third parties in accordance with our Privacy Policy which is available on our website. We will take all reasonable steps to ensure that your Information is kept secure against unauthorised access, loss, disclosure or destruction. Except as required by law, or in accordance with these Terms and Conditions, your Information will not be passed to anyone without your permission.
    3. You explicitly consent to us accessing, processing and retaining any Information you provide to us for the purposes of providing payment services to you. This does not affect any rights and obligations you or we have under Data Protection Laws. You agree that we can use your Information in connection with the PIS, to enable us to review, develop and improve our products and services. This may involve providing your Information to our partners, affiliates, agents, distributors and suppliers to process transactions and for their statistical research and analytical purposes. We may also disclose your Information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity. You may withdraw your consent at any time. If you do this, we will stop providing our PIS to you and stop using your Information to provide payment services to you. We may continue to process your Information for other purposes, for example where we are required by law to do so.
    4. If we discover that the Information we hold about you is incorrect, we may have to suspend or cancel your access to the PIS until we can establish the correct Information, in order to protect us both.
  14. COMPLAINTS PROCEDURE
    1. Complaints regarding any element of the PIS provided by us can be sent to Customer Services.
    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.
    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 days of the date we received your complaint.
    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).
  15. GENERAL
    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.
    2. If any provision of these Terms and Conditions is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
    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. 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.
    4. Save for Modulr, who act 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.
    5. These Terms and Conditions are governed by English law and you agree to the exclusive jurisdiction of the courts of England and Wales.

Schedule 3: Confirmation of Payee

For the purposes of this Schedule, the following definitions shall apply:

“CoP Operating Guide” means the operating guide published by Pay.UK in force at the time of this Agreement and as updated from time to time;
“CoP Rules” means the rules contained in the Confirmation of Payee Rulebook published by Pay.UK in force at the time of this Agreement and as updated from time to time;
“Data Privacy Notice” means the Modulr privacy policy available online at https://www.modulrfinance.com/privacy-policy, as updated from time to time; and
“Modulr CoP Developer Guide” means the documentation relating to CoP made available to Partner Platform in the Modulr Developer Centre, as updated from time to time.
  1. Introduction
    1. These CoP Terms and Conditions shall apply where Confirmation of Payee (“CoP”) is included within the Modulr Products provided to you.
    2. These CoP Terms and Conditions, alongside the Modulr Account Terms and Conditions form the agreement between Modulr FS and you and sets out the terms that apply to your use of CoP as defined below.
  2. Compliance with Confirmation of Payee Rules
    1. Where applicable, you will comply with all CoP Rules as they apply to CoP.
    2. The Introduced Client shall be responsible for ensuring that any authorised user who uses CoP complies with these terms and conditions and Modulr Account Terms and Conditions.
  3. Confirmation of Payee
    1. CoP allows the account details of a payee to be checked with their payment service provider before a payment is instructed and made by the sender.
      Outbound requests – Checking a payee’s details before making a payment
    2. Modulr FS enables access to the Application Programming Interface (API) used by Modulr FS to send requests to the payee’s payment service provider in order to check that the details entered match the details of the person or business to be paid.
    3. When setting up a new payee for a payment (eg. Faster Payment), you must provide:
      1. the payee’s full name, account number and sort code; and
      2. the type of account that will be paid (eg. either Business or Personal).
    4. Modulr FS will then send a request to the receiving payment service provider to check these details and provide the Partner Platform with a result within the API in line with the CoP Rules and Modulr CoP Developer Guide. These results include but are not limited to:
      1. the account name is a match;
      2. the account name is a close match; and
      3. the account name is not a match.
    5. Partner Platform will then display results to you in accordance with the CoP Rules and the Modulr CoP Developer Guide, as agreed with Modulr FS.
    6. It is acknowledged that, notwithstanding any results returned pursuant to clauses 3.4 and 3.5 above:
      1. the decision as to whether to proceed to payment or not remains with you. For the avoidance of doubt, if a payment is made by you and the money is ultimately sent to an incorrect account, Modulr FS may not be able to get the money back; and
      2. Modulr FS will not be liable for any subsequent properly authorised and executed payment.
      Inbound requests – Receiving a payment
    7. Modulr FS intends to enable checks made by other participants of CoP against accounts held with it and respond to such requests from a payer’s payment service provider in order to check that the details provided match that of the intended payee.
    8. The use of this service, when available, will be subject to FAQs and the Data Privacy Notice.

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.

  1. 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.
  2. ACCOUNT & CARD LIMITS
    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. 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.
    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.‎
    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.‎
    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.
  3. SCOPE OF THESE TERMS AND CONDITIONS
    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.
    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. This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
    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.
    5. You can request a copy of these Terms and Conditions at any time by contacting Customer Services.
  4. OPENING YOUR ACCOUNT
    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.
  5. USING THE ACCOUNT
    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.
    2. Your Account can also receive internal transfers from other Accounts owned or controlled by the Partner Platform, which apply instantly.
    3. An incoming payment will not be credited to your Account if:
      1. the Account has reached the Account Limits; or
      2. the Account is inactive or blocked or terminated; or
      3. the sender has provided incorrect/invalid Account Details for your Account; or
      4. we suspect the payment to be fraudulent.
    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. 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.
    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).‎
    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.‎
    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.‎
    9. A Transaction is deemed to be authorised by you:
      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;
      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;‎
      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;‎
      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.
    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;
    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.‎
    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.‎
    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.‎
    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.‎
    15. The Available Balance on your Account will not earn any interest.
    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.
    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).
  6. THIRD PARTY ACCESS
    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.
    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.
    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.
  7. CLOSING YOUR ACCOUNT
    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.
    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).
    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.
    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.
  8. YOUR LIABILITY AND AUTHORISATIONS
    1. You are responsible for understanding and complying with the Agreement including these Terms and Conditions.
    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:
      1. we are concerned about the security of or access to your Account and/or your Card;‎
      2. we know or suspect that that your Account and/or Card is being used in an unauthorised or fraudulent manner;‎
      3. we need to do so in order to comply with the law or otherwise for regulatory or crime prevention purposes;‎
      4. the Transaction would breach the limits applicable to your Account and/or Card;
      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.‎
    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.
    4. You or the Account Manager or the Cardholder must not:
      1. allow another person to use security information related to the Account and/or Cards,
      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
      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.
    5. 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.
    6. 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.
    7. 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. 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.
    9. 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.
    10. 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.
    11. 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
    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.‎
    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.‎
    3. If you dispute a Transaction:
      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.
      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;
      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
      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.
    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.
    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:
      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
      2. failed to notify us in accordance with 9.1 above‎.
    6. You may be entitled to a refund where a Transaction from your account which was initiated by payee provided that:
      1. the authorisation did not specify the exact amount;
      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
      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.
    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
    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).
    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.
    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
    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.
    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:
      1. we discover any of the Information that we hold for you is false, misleading or materially incorrect; or
      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
      3. if you have reached your Account Limit;
      4. you or the Account Manager have breached these Terms and Conditions; or
      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.
    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
    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:
      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;
      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;
      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;
      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.
    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.
    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.
    4. To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
    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
    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.
    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
    3. You must update any changes to your Information by contacting Customer Services.
    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.
    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
    1. Complaints regarding any element of the service provided by us can be sent to Customer Services.
    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.
    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.
    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 ). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.
  15. GENERAL
    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.
    2. If any provision of these Terms and Conditions is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
    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.
    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.
    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.
    6. These Terms and Conditions are governed by English law and you agree to the exclusive jurisdiction of the courts of England and Wales.
    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
    1. Customer Services are provided by the Partner Platform. The details shall be provided by the Partner Platform.

Appendix 2 - Modulr Terms for residents or legal entities of the European Economic Area

MFBV INTRODUCED CLIENT SCHEDULE

INTRODUCED CLIENT TERMS OF BUSINESS

BACKGROUND

Modulr Finance B.V. (“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. 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 the Modulr Account Terms and Conditions set out the terms on which the Modulr Products are provided and constitute the Agreement between Modulr and the Introduced Client.

THE PARTIES AGREE AS FOLLOWS:

  1. Interpretation
    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
    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. 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.
    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.
    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.
    5. The Account and Cards (where applicable) are provided by Modulr 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.
    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).
    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.
    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.
    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.
    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
    1. Access to the Modulr Products is restricted to individuals that have been designated by the Introduced Client as Authorised Users.
    2. The Introduced Client must notify Modulr of all individuals it wishes to be an Authorised User.
    3. Each Authorised User is permitted to access and use the Modulr Products in accordance with these Introduced Client Terms of Business.
    4. The Introduced Client will be responsible for training its Authorised Users in the appropriate use of Modulr Products.
    5. The Introduced Client shall ensure its Authorised Users;
      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
      2. do not share any information that would enable another party to access the Introduced Client’s Modulr Account.
    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.
    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 two full Business Days to act on any received notice. This clause shall not apply to Introduced Clients accessing Modulr Products via the Partner Platform.
    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
    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.
    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.
    3. The Introduced Client acknowledges and agrees to the following:
      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;
      2. the Platform Partner will be granted full access to operate the Introduced Client’s Account as an Authorised User of the Introduced Client;
      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. the Introduced Client has no recourse against Modulr for any act or omission of the Partner Platform with respect to its Account;
      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
      6. it will only use the Account for the purpose set out in the Partner Platform Agreement.
    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.
    5. If the Introduced Client has any complaint or concern relating to the Modulr 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
    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.
    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.
    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
    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.
    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.
    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.
    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.
    5. This Agreement will automatically terminate when all Accounts of the Introduced Client are closed (for any reason).
    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.‎
    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 such amount equal to the negative balance.
  7. Intellectual Property
    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.
    2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to the Introduced Client.
  8. Force Majeure
    1. Modulr 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 lightning damage, or other causes over which Modulr has no reasonable control.
  9. Assignment Transfer and Subcontracting
    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.
    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.
    3. In the event of any transfer of this Agreement by Modulr to another service provider, Modulr will notify the Introduced Client no later than two months before the proposed transfer; 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 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.
  10. Liability
    1. Nothing in this Agreement will operate to limit either party’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.
    2. Modulr makes no warranty that access to and use of the Modulr Products will be uninterrupted or error free.
    3. The Introduced Client acknowledges and agrees that Modulr is 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 required for compliance with legal and regulatory requirements, unless such loss, liability or damage is a direct result of Modulr’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.
    4. Modulr 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 use or Cardholder’s use or inability to use of the Modulr Products.
    5. The Introduced Client agrees to indemnify Modulr against any and all actions, claims, costs, damages, demands, expenses, liabilities, losses and proceedings Modulr 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.
    6. Modulr 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
    1. Modulr may make available certain management or other reporting or business administration functionality via the Website.
    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
    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.
    2. Modulr processes personal information in accordance with relevant laws on the protection of personal data.
    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.
    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
    1. Modulr may amend or modify this Agreement by giving two 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.
    2. The Introduced Client has no obligation to accept such amendments proposed by Modulr.
    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 circumstances, 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 such circumstances, the Introduced Client will not be charged a fee for the Account closure and return of any balance.
  14. General
    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.
    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.
    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.
    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.
    5. This Agreement is written and available only in English and all correspondence with the Introduced Client shall be in English.
    6. This Agreement is governed by the laws of Ireland and the Introduced Client agrees that any disputes hereunder (including non-contractual disputes) shall be under the exclusive jurisdiction of the Irish courts.

Schedule 1: Card Obligations

  1. Introduction
    1. The terms of Schedule 1 shall apply where Virtual Cards and/or Physical Cards are included within the Modulr Products.
  2. Transactions Disputes and Chargebacks
    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. 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.
    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.
    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
    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.
    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. 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.
    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.
    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.
    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.
    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
    1. Modulr reserves the right to:
      1. cease providing Cards as part of Modulr Products for any reason;
      2. provide Cards issued under a different Card Scheme.

The Modulr Account Terms and Conditions; Important information you need to know

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 accepting 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.

  1. DEFINITIONS
    3DS - means the EMV 3DS service offered by us for you or a Cardholder to use when you or a Cardholder make a purchase or place an order on the internet with your Card.
    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 Central Bank of Ireland 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 Limits – 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 Modulr 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 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 Republic of Ireland.
    Card – means a Virtual Card or a Physical Card.‎
    Cardholder - means the individual authorised to use the Physical or Virtual 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.
    Data Protection Laws – means all laws relating to the processing of Personal Data, privacy and security, including, without limitation, the EU Data Protection Directive 95/46/EC, the Data Protection Acts, 1988 to 2018 (as may be amended from time to time), the European Communities (Electronic Communications Networks and Services) (Privacy and Electronic Communications) Regulations 2011 (S.I. No 336 of 2011) and the General Data Protection Regulations (EU) 2016/679 ("GDPR") together with equivalent legislation of any other applicable jurisdiction, delegated legislation of other national data protection legislation, and all other applicable law, regulations and approved codes of conduct, certifications, seals or marks in any relevant jurisdiction relating to the processing of personal data including the opinions, guidance, advice, directions, orders and codes of practice issued or approved by a supervisory authority or the European Data Protection Board;
    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 GBP payments in the which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
    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, internet designations including 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 Account Terms and Conditions - This agreement, between Modulr 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 described by the Partner Platform in the application process.
    One-Time Passcode – means the six-digit passcode sent to your mobile phone number by us, via SMS.
    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 and can be used for the management of accounts.
    Payment Initiation Service Provider – means a third party payment service provider authorised by or registered with by the Central Bank of Ireland 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 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 Introduced Client 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 Central Bank of Ireland, located at New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3 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 Republic of Ireland.
    SEPA – Single Euro Payments Area scheme, which allows payments to be made in euros within the EEA. ‎
    SEPA Instant Payments - electronic retail payment solutions available 24/7/365 and resulting in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the payee's account with confirmation to the payer (within seconds of payment initiation).
    SEPA Credit Transfer (SEPA SCT) - a non-urgent euro payment debiting a euro account and crediting another euro account in the SEPA zone.
    Transaction – any debit, credit or other adjustment to an Account that affects the balance of monies held in it, including a Card Transaction.
    TPP (Third Party Provider) – means an Account Information Service Provider or a Payment Initiation Service Provider.
    we, us, our or Modulr - Modulr FS Europe Ltd, a company registered in Ireland with number 638002and whose registered office is at 6th Floor, 2 Grand Canal Square, Dublin 2 and who is regulated by the Central Bank of Ireland for issuance of electronic money.
    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.
  2. ACCOUNT & CARD LIMITS
    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. 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.
    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.‎
    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 5.12 ‎to 5.14 inclusive will apply.‎
    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.
  3. SCOPE OF THESE TERMS AND CONDITIONS
    1. Your Account is an electronic money account (and therefore is not a traditional bank account) and the electronic money and any Card associated with it is issued to you by us. We are regulated by the Central Bank of Ireland for the issuance of electronic money. Your rights and obligations relating to the use of this Account are subject to these Terms and Conditions between you and us.
    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. This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
    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.
    5. You can request a copy of these Terms and Conditions at any time by contacting Customer Services.
    6. By accepting these Terms and Conditions, you acknowledge that the Irish Deposit Guarantee Scheme or other government sponsored insurance does not apply to funds held in the Account.
  4. OPENING YOUR ACCOUNT
    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.
  5. USING THE ACCOUNT
    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.
    2. Your Account can also receive internal transfers from other Modulr Accounts owned or controlled by the Partner Platform, which apply instantly.
    3. An incoming payment will not be credited to your Account if:
      1. the Account has reached the Account Maximum Balance or Account Limits; or
      2. the Account is inactive or blocked or terminated; or
      3. the sender has provided incorrect/invalid Account Details for your Account; or
      4. we suspect the payment to be fraudulent.
    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. 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).‎
    6. Your Account can make payments out to external bank accounts via SEPA, Faster Payments and other methods as added and notified to you by the Partner Platform from time to time.
    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.‎
    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.‎
    9. If you use the Card to make a purchase online you may be asked by the Merchant to use 3DS. Physical Cards are automatically enrolled for use with 3DS. When you use 3DS, you agree that the following shall apply in relation to your use of the Card:
      1. You must provide us with your mobile phone number before you can use 3DS. You must ensure that your mobile phone can receive SMS at the time of your purchase.
      2. When you use 3DS to purchase from a participating Merchant, you will be presented with an electronic receipt and the One-Time Passcode will be sent to your mobile phone.
      3. Without your One-Time Passcode, you will not be able to make purchases from participating Merchants.
      4. If you update your mobile phone number then you must notify us immediately of your new details, to ensure our records are correct.
      5. The One-Time Passcode is valid for the purchase you received it for. You are responsible for the security and confidentiality of your One-Time Passcode and must not share it with anyone else.
      6. You will be responsible for any fees or charges imposed by your mobile phone service provider in connection with your use of 3DS.
    10. A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform:
      1. 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;
      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;‎
      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;‎
      4. when you give instructions through a third party (such as the recipient of a ‎Payment Initiation ‎Service Provider)‎.‎
        Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.8 below.
    11. 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.
    12. Cancelling a recurring Card Transaction 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.‎
    13. 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 5.14 and 5.15 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.‎
    14. 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.‎
    15. 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.‎
    16. The Available Balance on your Account will not earn any interest.
    17. 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.
    18. 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).
  6. THIRD PARTY ACCESS
    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.
    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.
    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.
  7. CLOSING YOUR ACCOUNT
    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.
    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).
    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.
    4. Any Available Balance remaining on the Account after Account closure will be transferred to your nominated bank account via SEPA based on instructions to us from the Partner Platform. If for any reason this is not possible, such Available Balance will remain yours and you may at any time request a refund by contacting Customer Services. You will not have any access to your Account from the date of Account closure and this Agreement will terminate.
  8. YOUR LIABILITY AND AUTHORISATIONS
    1. You are responsible for understanding and complying with the Agreement including these Terms and Conditions.
    2. We may at any time suspend, restrict or refuse to authorise any use of your Account, Cards (including cancelling Card(s)) or refuse to process your instructions or authorise any particular Transaction where:
      1. we are concerned about the security of or access to your Account and/or your Card;‎
      2. we know or suspect that that your Account and/or Card is being used in an unauthorised or fraudulent manner;‎
      3. we need to do so in order to comply with the law or otherwise for regulatory or crime prevention purposes;‎
      4. the Transaction would breach the limits applicable to your Account and/or Card;
      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.‎
    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.
    4. You, the Account Manager or Cardholder must not:
      1. allow another person to use security information related to the Account and/or Cards,
      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
      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.
    5. 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.
    6. In the event that a Transaction was not authorised by you, your Account Manager, a Cardholder or by a TPP on your behalf, we will refund the amount of the Transaction to the you immediately and in any event not later than the end of the Business Day immediately following notification of the unauthorised Transaction and your maximum liability in respect of the Transaction will be €50.
      1. 8.6 will not apply and you will bear all losses and liability for:
      2. all Transactions that take place as a result of you or the Account Manager or 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.
      3. all Transactions that the Partner Platform or any other Account Manager or Cardholder makes on your behalf as per this Agreement, along with those made by a TPP authorised by you to initiate a Transaction.
      4. 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, API security details, Card number and CVV, if you, the Account Manager or Cardholder fail to keep the security features of the Account and/or Cards safe.
    7. 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. 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.
    9. 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
    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.‎
    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.‎
    3. If you dispute a Transaction:
      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;
      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; and
      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.
    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.
    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:
      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
      2. failed to notify us in accordance with 9.1 above‎.
    6. You may be entitled to a refund where a Transaction from your account which was initiated by payee provided that:
      1. the authorisation did not specify the exact amount;
      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
      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.
  10. VARIATION
    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).
    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 free of charge. 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.
    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
    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, or
    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:
      1. we discover any of the Information that we hold for you is false, misleading or materially incorrect; or
      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 same; or
      3. if you have reached your Account Limit; or
      4. you or the Account Manager have breached these Terms and Conditions; or
      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.
    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
    1. Our liability 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:
      1. We shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds;
      2. We shall not be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
      3. where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount to that which was incorrectly deducted from your Available Balance;
      4. in all other circumstances of our default, our liability will be limited to transferring any Available Balance to your nominated bank account.
    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 with all assistance that we reasonably require.
    3. Nothing in these Terms and Conditions shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.
    4. To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
    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
    1. Some personal data will be necessary for us to provide you with the Account and services under this Agreement. Modulr 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 hold, how we will use it and how we will keep it safe. Modulr will at all times comply with Data Protection Laws.
    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.
    3. You must update any changes to your Information by contacting Customer Services.
    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.
    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
    1. Complaints regarding any element of the service provided by us can be sent to Customer Services.
    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.
    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 days of the date we received your complaint.
    4. If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29 (phone (01) 567 7000). Details of the service offered by the Financial Services and Pensions Ombudsman are available at www.fspo.ie.
  15. GENERAL
    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.
    2. If any provision of these Terms and Conditions is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
    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.
    4. 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.
    5. These Terms and Conditions contain the information set out in Part 3 of the European Union (Payment Services) Regulations 2018 (the PSRs) and you can obtain a copy of this Agreement at any time by contacting Customer Services.
    6. These Terms and Conditions are governed by Irish law and you agree to the exclusive jurisdiction of the courts of Ireland.
    7. This Account is not covered by a compensation scheme. As a responsible e-money issuer, we will ensure that once we have received your funds they are deposited in a secure account, specifically for the purpose of redeeming Transactions made from your Account and will be safeguarded in accordance with our obligations under the European Communities (Electronic Money) Regulations 2011. In the event that we become insolvent funds that you have loaded which have arrived with and been deposited by us are protected against the claims made by our creditors.
  16. CONTACTING CUSTOMER SERVICES
    1. Customer Services are provided by the Partner Platform. The details shall be provided by Partner Platform.

Last updated: 23rd March 2023