Terms and Conditions

1. Overview

Please read these Terms and Conditions (the “Terms”) carefully before using our website https://fincofex.com (“the Website”) operated by Fincofex Limited (“Fincofex”, “us”, “we”, or “our”). These Terms outline the rules and regulations for the use of Your Fincofex account (the “Account”) and its related services (“Fincofex Services”).

These Terms, along with any other fees, terms and conditions that apply to Fincofex Services, including Modulr Account Terms and Conditions (as provided in Schedule 1), form a legal agreement (the “Agreement”) between Fincofex and the Account holder (“you”). Your access to and use of the Website and Fincofex Services is conditioned on your acceptance of and compliance with these Terms. If you disagree with any part of the Terms, you should not use the Website and Fincofex Services.

Depending on the type of services you express desire to use, additional terms and conditions may apply.

2. About Us

Fincofex Limited is an authorised electronic money institution. We are authorised to issue electronic money (“e-money”) by the Financial Conduct Authority under the Electronic Money Regulations 2011 (firm reference number 900882). Our company number is 11246175.

3. Important Information

You hereby acknowledge that you are acting in your professional or business capacity, and that you will not use the Fincofex Services as personal consumer. You solely are responsible for understanding and complying with any and all laws, rules and regulations of your home country and platform jurisdiction that may be applicable to you in connection with your use of the Fincofex Services, including, but not limited to, laws governing payment services, prevention of anti-money laundering or terrorist financing, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency exchange.

4. Fincofex Account

Your Fincofex Account is a 'virtual' account that holds your e-money. It may hold e-money in different currencies at the same time. Please remember that the money in your account is not covered by the Financial Services Compensation Scheme.

4.1. Opening an Account

In order to use the Fincofex Services, you are required to create an Account by registering your details on our Website. You can open an Account only if you are over 18. All information you provide during the registration process or any time thereafter must be accurate and truthful.

When you submit an application to open an Account, the following apply:

  • you promise that you have full authority to accept these Terms and meet the obligations set forth herein; and
  • we, or someone acting for us, will ask for certain information about you, where the amount you are opening the Account with comes from, your authorised persons, as well as any directors, partners, people with significant control over your business or any beneficial owners. You will have to confirm that any authorised person has your authority to act on your behalf and that they have agreed to keep to these Terms.

We will only give you access to your Account once we have all the information we need. You may only open one Account, unless we explicitly approve the opening of additional accounts. You cannot open a new Account if we have previously closed an Account that you held. You also cannot open an Account with Fincofex if you are a charity, government organisation, political organisation or religious organisation.

You cannot open or hold an Account if you carry out any sort of business or activity that relates to the following:

  • escort services;
  • pornography;
  • weapons;
  • trading in precious metals, stones or art;
  • running an auction house;
  • cashback services;
  • chemicals and related products;
  • prescription drugs;
  • alcohol and tobacco;
  • video-game arcades;
  • filesharing and video streaming;
  • trading in cryptocurrency;
  • binary options or gambling;
  • betting;
  • payday loans;
  • consumer credits;
  • debt collection; or
  • trading in prime-bank guarantees, debentures, letters of credit or medium-term notes.

We can refuse to let you open or hold an Account if you carry out any other business or activity that we are not comfortable with. Alternatively, we may apply restrictions, which we will tell you about before we allow you to open the Account.

You must ensure that information recorded on your Account is always accurate and up to date and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to validate the accuracy of your information or to provide documents or other evidence to support this. We may request information from you (including information relating to your transactions and to sent and received payments) or otherwise update inaccurate information you have provided to us and you should provide us with the requested information/documentation within the timeframe reflected in our request.

Please be advised that if you violate these Terms, we are entitled to close, suspend, or limit your access to your Account or our services.

4.2. Account Fees

We will provide Fincofex Services to you at the rates and for the fees described in our Pricing page which is incorporated into this Agreement. We may revise these fees at any time. However, we will provide you with advance notice before revisions become applicable to you, within a period permitted by applicable law.

Fincofex is entitled to apply different rates to its clients depending on their location, risk level, type of business and turnover.

4.3. Using money in Your Account

Fincofex allows you to hold e-money in different currencies in your Account. Once you have e-money in your Account, you can send money to and receive money from other Fincofex and non-Fincofex accounts, as well as use other services provided by Fincofex. The complete list of Fincofex Services available to you can be found on your Fincofex Dashboard and can be amended from time to time.

We add new features and services all the time. We will let you know about these on our Website or through your Fincofex Dashboard.

4.4. Adding Money to Your Account

You can add money to your Account using a debit card or credit card registered with us (we call this your stored card) or by bank transfer. Your stored card must be in your name. When you add money by bank transfer, you must use the details stated in the Fincofex Dashboard. When we receive the money, we will add the equivalent value of e-money in your Account. Make sure you follow our instructions carefully to avoid any delays.

If you use a stored card or a bank account that is in one currency to add money to your Account in another currency, your bank or card provider may charge a fee.

4.5. Payment Limits

Sometimes we might limit how much you can receive into or pay from your Account, or how much you can withdraw or spend using your Fincofex Card. We might also limit the value of currency exchange you can carry out at any one time or over a period of time. We might be able to increase the limit if you ask us to. These limits can change from time to time.

4.6. Payment Timeframes

We understand that when you make a payment, one of the most important things is that the person the payment is for receives it on time. When their bank will receive the money depends on what time you tell us to make the payment, and the currency you want us to make it in.

4.7. ayment Refusal or Delay

When we refuse to make a payment, we will always try to let you know. If we can, we will use the Fincofex Dashboard to tell you that we have refused to make a payment. If you would like to find out why we refused the payment, and what you can do to solve any problem, please do not hesitate to contact us.

We must refuse to make a payment, or delay a payment, in the following circumstances:

  • if legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks;
  • if you have broken these Terms in a way that we reasonably believe justifies us refusing or delaying your payment;
  • if we believe that processing your instruction would break these Terms (or the Modulr Account Terms and Conditions) or that your instruction does not contain all the information we need to make the payment properly;
  • if the amount is over, or would take you over, any limit that applies to your Account;
  • if there is not enough money available in your Account to make the payment and cover any charge;
  • if you have been declared bankrupt or insolvent, are being wound up, or a similar event is taking place;
  • if, even after doing everything reasonably possible, we will not be able to make the payment on time;
  • if a third party prevents us from making the payment (for example, if Mastercard or Visa do not allow a payment or cash withdrawal using your Fincofex Card);
  • if you owe us money or we intend to exercise our right of set-off;
  • if we have asked you for important information we reasonably need, and you have not given us that information; or
  • if we have suspended your Account.

Fincofex will not be responsible for any losses you suffer as a result of us refusing or delaying a payment.

4.8. Negative Balance and Right of Set-off

You cannot borrow money on your Account (for example, make payments of more than the value of the money in it). If your balance becomes negative (for example, because you do not have enough e-money to cover fees you owe us), you must add money to your Account immediately.

The fees you may have to pay us are listed in our Pricing page. If you owe us fees (other than third-party fees for making or receiving a payment) or any other amount, we will take the amount you owe us from your Account. If you do not have enough money in your Account to pay the fees or other amounts you owe us, we might recover the amount in another way, as explained below.

If you owe us money, we can take the amount you owe us from any amount we are due to pay to you. We call this our right of set-off.

If you owe us money and you do not add money to your Account or repay us within seven days, we can recover the amount by:

  • taking the amount you owe us from your stored card;
  • exercising our right of set-off; or
  • taking other legal steps to recover the money you owe us, such as instructing lawyers or debt collectors.

If we take any (or all) of these steps, we might charge you our reasonable costs. You do not have any right of set-off under this Agreement.

4.9. Security Obligations

You are responsible for keeping your password and Account details safe. You must not disclose your password or Account details to anyone else. If you think that you have lost your password or Account details, that they have been stolen, or that someone has been using your Account without your permission, you must immediately notify us. You will be held responsible for any losses arising from the disclosure of your details, in cases where you have not notified Fincofex.

You must not allow any unauthorised third parties to use your Account without our express written authorisation. Failure to comply with this condition will result in the closure of your Account and will render you liable for any financial losses incurred by Fincofex.

We are entitled to suspend your Account, if we suspect that unauthorised or fraudulent use of your Account has taken place or have other concerns regarding the security of your Account. In this case we will notify you by email of the suspension, giving our reasons for it, unless this would reasonably compromise security measures or would otherwise be unlawful. Where we are able to do so, we will endeavour to notify you in advance of the suspension. If this is not possible, we will notify you immediately afterwards. As soon as practicable after the reasons for suspending your Account cease to exist, we will reactivate your Account or issue you with a new password. Possible exceptions to this are if we consider you to have been a party to the unauthorised use or to have been grossly negligent with the security of your Account.

4.10. Entering the Details of the Person You Want to Pay

When you enter the details of the person you want to pay, make sure the details are correct. If they are not, your payment might be delayed, or you might lose your money if it is sent to the wrong account. Make sure you know the person you are making a payment to. If someone approaches you and asks you to make a payment to them, but you are not sure who they are or what the payment is for, you may be a victim of a scam. If the person you want to pay does not receive the money, we will not be responsible if we processed the payment correctly, but you gave us the wrong details. If you ask us to, we will be happy to try to get your money back, but this might be easier in some countries than others.

4.11. Cancellation of Payments

You can request Fincofex to cancel a payment and we will do our best to cancel the payment, unless it has been already paid. In some cases, cancellation of payment will not be possible or will cost additional fees. In this case, we will inform you about the costs of such cancellation.

Please notice that the fees you pay for Fincofex Services are not refundable, unless these Terms expressly provide otherwise.

4.12. Return of Payments

Sometimes, money you have asked us to transfer to someone is not paid into their account and is returned to us. If we had to carry out a currency exchange when we sent the payment, and can show that we did everything right, when we return the money to you, we will convert it back to the original currency. This means that the amount you receive back into your account might be less than the payment you made (or it could be more). We would not be responsible for any losses that this causes you.

If your payment was sent to a wrong account, was not sent at all or was delayed, you shall contact Fincofex within three months of the mistake. We will exercise our best efforts to return the payment back into your account.

However, Fincofex will not be responsible for the following:

  • any losses other than those that are due to us acting fraudulently or negligently, or deliberately failing to do something; or
  • any losses other than those that are directly caused by our failure, whether or not those losses could reasonably have been expected.

4.13. Blocking of an Account

The safety of your money is extremely important to us. We might prevent you from making payments from your Account or with your Fincofex Card if we are reasonably concerned about its security or that it might be used fraudulently or without your permission. We might also have to block your Account or your Fincofex Card to meet our legal obligations or if we reasonably believe that your activities might violate these Terms or applicable laws.

We will tell you before, or as soon as possible after, we block your Account or Fincofex Card.

4.14. Closing of an Account

Fincofex may close your Account in accordance with the applicable laws and these Terms.

When we close your Account, we will hold back enough money to cover any payments that you approved before your account was closed. You will also still owe us any money that you owed us while your account was open. For six years after your account has closed or your Fincofex Card has expired you will be able to contact our customer services and ask them to send you the money we still hold for you.

5. Fincofex Dashboard

You can manage your account and Fincofex Cards through the Fincofex Dashboard, which only you and the appropriate authorised persons will have access to.

5.1. Delegating Access to Your Account and the Fincofex Dashboard

This Agreement is binding on you, but you can authorise other people (authorised persons) to carry out certain activities on your behalf. You can assign different roles and permissions to your authorised persons using Fincofex Dashboard. You can add or remove authorised person and manage their permissions at any time, as well as to place limits on the amount of any payment and currency exchange that an authorised person can carry out.

5.2. Responsibilities of the Authorised Persons

Any authorised person must be 18 or over. You are also responsible for all their activities. For example, if they lose their Fincofex Card or their security details, it is your responsibility to tell us in line with these Terms, although you may ask them to tell us instead.

We will treat all instructions and actions by authorised persons acting within the limits of their authority as if you had given that instruction or carried out that action yourself.

It is your responsibility to withdraw your authority from, or impose limits on, any authorised person (for example, if they are no longer employed by you).

6. Fincofex Cards (AT THE MOMENT AVAILABLE ONLY FOR PREORDER)

Where these Terms refer to your Fincofex Card this includes all Fincofex Cards we issue to you and your authorised persons. We may refuse to issue a Fincofex Card if you do not have enough money in your Account to pay us to issue or deliver the card.

6.1. Money Withdrawals

When you use your Fincofex Card to make a withdrawal from a cash machine or make a payment (for example, in a shop or restaurant), we will consider the payment to be authorised by you unless you let us know that money has been stolen from your Account.

Fincofex might charge you a fee for making withdrawals. You can read about these fees on our Website.

6.2. Cancelling Your Fincofex Card

If you change your mind and do not want a Fincofex Card anymore, that is not a problem. Just let us know and we will cancel it.

7. Currency Exchange

If you tell us to make a currency exchange, or we need to convert the currency of a payment into or out of your Account or a cash withdrawal made using your Fincofex Card, we will use an exchange rate based on our market rate, which is based on foreign-exchange markets. We will use the rate that applies at the time we carry out the conversion.

Fincofex will not be responsible for the following:

  • if you lose any money as a result of converting currency; or
  • if you are charged any fees or lose any money because you are using your Fincofex Card in another country and you ask the retailer (or the retailer's bank) to make the conversion.

8. Keeping Your Security Details Safe

We do everything we can to keep your money safe. We ask you and all authorised persons to do the same by keeping your (and their) security details and Fincofex Card safe.

Security details include usernames and any passwords that allow access to the Fincofex Dashboard.

You should not keep your security details near your Fincofex Card, and you should disguise or protect them if you write them down or store them. Do not share your security details with anyone.

Sometimes it's easy to forget to take the steps you and your authorised persons should take to keep your money safe. Here are some tips:

  • make sure you close down the Fincofex Dashboard when you are not using it;
  • do not give access to your Account to anyone who should not have access to it;
  • do not allow your security details to be stored on any device such as a computer or mobile phone;
  • keep your email account and the device you use to access the Fincofex Dashboard secure and do not allow others to use them;
  • change your password or Fincofex Card PIN regularly; and
  • keep your email account and the device you use to access the Dashboard secure and do not allow others to use them.

Immediately contact us if your Fincofex Card is lost or stolen, or if the Card or your security details could be used without your permission.

9. Restrictions on using the Fincofex Dashboard and Fincofex Card

We ask you to act reasonably and responsibly when using the Fincofex Dashboard or Fincofex Card.

The Fincofex Dashboard or Fincofex Card must not be used (directly or indirectly) as follows:

  • for illegal purposes (for example, committing fraud);
  • in a way that we reasonably believe might harm our ability to provide Fincofex services;
  • only to send money to and receive money from a credit card;
  • for any transactions to receive cash (for example, getting cash back), other than making a withdrawal from a cash machine;
  • to control or use a Fincofex account that is not yours;
  • to give a Fincofex Card to any person who is not an authorised person;
  • to allow anyone who is not an authorised person to have access to or use your Account or the Fincofex Dashboard;
  • to abuse, exploit or get around any usage restrictions set by a service provider your Fincofex Card is registered with;
  • to trade in foreign currencies for speculative purposes (that is, to take advantage of any expected rise or fall in the value of a currency) or to take advantage of discrepancies in the foreign exchange market; or
  • to use our services to hold or carry out transactions with clients' money (as defined in the FCA Handbook).

Please also act in a respectful way towards us and our support staff – we are here to help you.

10. Personal Data Protection

To provide services under the Agreement we will need to collect information about you (and any authorised person). Under data protection law, we are what is known as the 'data controller' of your personal information. By entering into the Agreement, you are giving us permission (and the permission of any authorised person) to gather, store and process personal information for the purpose of providing our services to you. This doesn't affect any rights and obligations you or we have under data protection law.

If we collect any personal information from you, we will take all reasonable precautions to keep this information secure. Your personal information will only be used for the purposes of fulfilling our obligations under these Terms and the Agreement and will not be disclosed to third parties except to the extent necessary to provide our services or if we are required to do so by law. Your personal information may be used in connection with any investigation into fraudulent activity or the misuse of an Account. If you would like a copy of any personal information we hold on you, please contact us. You have the right to require us to correct any inaccuracies in the information we hold on you.

You agree that Fincofex reserves the right to access and/or disclose data we collect from you and any third party authorised by you in order to comply with requests from government and/or regulatory authorities. You further acknowledge that Fincofex reserves the right to disclose personal data to third parties (including police, Financial Conduct Authority, etc.) if Fincofex reasonably believes your use of the Fincofex Services has violated these Terms or applicable laws.

You can withdraw your permission by closing your Account, which will end the Agreement between you and us. If you do this, we will stop using your information for the purpose of providing our services, but we may need to keep your information for other legal reasons.

Your Privacy is extremely important to us and we strongly recommend that You read our Privacy Policy in order to understand how we collect, store, use and access Your personal data.

11. Cookies

We employ the use of cookies. By using the Website, You consent to the use of cookies in accordance with our Cookie Policy. Cookies are used in some areas of our site to enable the functionality of this area and ease of use for those people visiting.

12. Intellectual Property Rights

Unless otherwise stated, Fincofex Limited and/or it’s licensors own the intellectual property rights for all Fincofex products (for example, the content of our Website, and our logo and card designs). You may view pages from the Website for your own personal use subject to restrictions set in these Terms.

You must not (without our prior express permission):

  • Use our intellectual property as your own, except to enjoy our products;
  • Republish material from the Website;
  • Sell, rent or sub-license material from the Website;
  • Reproduce, duplicate or copy material from the Website;
  • Reverse-engineer any of our products;
  • Redistribute content from the Website (unless content is specifically made for redistribution).

All rights, titles and interests in and to this Website and any content thereof is the exclusive property of Fincofex and its licensors.

13. Iframes

Without prior approval and express written permission, you may not create frames around the Website or use other techniques that alter in any way the visual presentation or appearance of our Website.

14. Reservation of Rights

We reserve the right at any time and in our sole discretion to request that you remove all links or any particular link to our Website. You agree to immediately remove all links to our Website upon such request. We also reserve the right to amend these Terms and its linking policy at any time. By continuing to link to our Website, you agree to be bound to and abide by these linking Terms.

15. Disclaimer

Whilst Fincofex Limited will try to ensure that our services are of highest standard, we do not warrant that this Website and your Account will be constantly available, or available at all or the information on this Website is complete, true, accurate or non-misleading. We shall not be liable for any disruption or impairment of our services or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.

If you have Fincofex Card and you cannot use it for any reason, we will only be responsible to you for replacing that card.

To the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to our Website and the use of this Website and Account (including, without limitation, any warranties implied by law in respect of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill). This Website is provided “as is” without any representations or warranties, express or implied. Fincofex makes no representations or warranties in relation to the Website or the information and materials provided on this Website.

In no event Fincofex Limited will be liable for any damages, including, but not limited to direct or indirect damages arising from or in connection with the use of the Website and your Account. Nothing on this website constitutes, or is meant to constitute, advice of any kind. We shall not be liable for any indirect or consequential losses, including but not limited to loss of income or profit, loss of business and loss of goodwill. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements, or because there were unusual or unexpected events outside our control.

We will not be responsible for losses or costs relating to us failing to make payments into or out of your account if this was because of events beyond our control which we could not have avoided, even if we had taken all reasonable steps to prevent them.

Except when the law states otherwise, we also will not be liable for any loss you suffer as a direct or indirect result of the following:

  • the actions of any authorised person acting in line with these Terms and within any restrictions you have set;
  • you giving us incorrect or incomplete information;
  • any delays in or disruptions to our services;
  • any faults, mistakes or inaccuracies of any kind in our services;
  • information or services provided by third parties; or
  • anything a third party does or fails to do.

Nothing in this disclaimer will:

  • limit or exclude our or your liability for fraud or fraudulent misrepresentation;
  • limit any of our or your liabilities in any way that is not permitted under applicable law; or
  • exclude any of our or your liabilities that may not be excluded under applicable law.

The limitations and exclusions of liability set out in this Section and elsewhere in this disclaimer:

  • are subject to the preceding paragraph; and
  • govern all liabilities arising under the disclaimer or in relation to the subject matter of this disclaimer, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty.

16. Penalty

If you violate this Agreement and expose Fincofex to the risk of any financial loss or reputational risk (for example, if you do not comply with the applicable anti-money laundering and countering financing of terrorism regulations), you shall be liable to Fincofex for an immediately due and payable penalty of £15,000.00, plus 10% from your Account monthly turnover, – per breach, without prejudice to any other rights which we may have by law or under this Agreement, such us the right of Fincofex to demand specific performance of the violated provisions or to seek any injunction and/or damages, as well as to terminate this Agreement.

17. Indemnity

You hereby indemnify and undertake to keep Fincofex Limited indemnified against any losses, damages, costs, liabilities and expenses (including without limitation legal expenses and any amounts paid by Fincofex to a third party in settlement of a claim or dispute on the advice of Fincofex ’s legal advisers) incurred or suffered by Fincofex and arising out of any breach by you of any provision of these Terms, or arising out of any claim that you have breached any provision of these Terms.

You remain liable under these Terms in respect of all charges and other amounts incurred through the use of your Account at any time, irrespective of termination, suspension or closure.

18. Communication

You may contact Fincofex at any time by sending a message through the contact links on our Website or via e-mail at [email protected]. You may also contact us at the phone number listed on our Website.

We will usually communicate with you through the Fincofex Dashboard. This is how we will provide Account information and tell you about any fraud, or suspected fraud, relating to your Account. It is also how we will tell you if there is a security threat to your Account. Make sure you regularly check the Fincofex Dashboard for this information.

You agree that Fincofex may as well provide notice or other information to you by posting it on the Website (including information which is only accessed by you by logging into your Account), emailing it to the email address listed in your Account, mailing it to the street address listed in your Account, calling you by phone, or sending you a “text” message. You must have internet access and an e-mail account to receive communications and information relating to Fincofex Services and you should regularly check your text messages and email account.

You may request a copy of any legally required disclosures (including these Terms) from us and we will provide this to you in a form which allows you to store and reproduce the information (for example, on paper or by e-mail).

You may terminate your consent to receive required disclosures through electronic communications by contacting Fincofex as described above. Fincofex reserves the right to close your Account if you withdraw your consent to receive electronic communications.

We will usually communicate with you in English.

19. Keep Your Details Up to Date

Please keep your details up to date and let us know immediately if any information you have given us changes. If we discover that any of your information is incorrect, we will update it. To meet our legal and regulatory requirements we, or someone acting for us, might sometimes need to ask for more information (for example, if your spending increases). Please provide this information quickly so that there is no disruption to your Account or our services.

20. Term of the Agreement

This Agreement between you and Fincofex Limited becomes effective and legally binding when you create the Account or otherwise start to use Fincofex Services. Once the Agreement has started it will not end until you or we end it.

21. Termination of the Account

21.1. By You

If you wish to terminate your Fincofex Account, you may simply close your Account at any time by letting us know. You will still have to pay any charges you've run up to that point.

When you tell us you want to close your account, we will give you the opportunity to withdraw the money we hold for you. If you want to us to send you money in a different currency than the currency we are holding for you, we will convert the currency using the rate that applies at the time, and take our usual fee, before sending the money to you.

The provisions of these Terms relating to ownership provisions, warranty disclaimers, indemnity and limitations of liability shall survive termination of your Account and these Terms.

21.2. By Us

We may close your Account and terminate the Agreement with you at any time by giving you two months’ prior notice, or immediately if you break these Terms.

However, we are entitled to close or suspend your Account immediately, and end your access to Fincofex Services, in exceptional circumstances. Exceptional circumstances include the following:

  • if we have good reason to suspect that you are behaving fraudulently;
  • if you have not given us (or someone acting on our behalf) any information we need, or we have good reason to believe that information you have provided is incorrect or not true;
  • if you have broken these Terms in a serious or persistent way (for example, if we discover that you are carrying out a business activity that you are not allowed to carry out while you have a Fincofex Account);
  • we have asked you to repay money you owe us, and you have not done so within a reasonable time;
  • we have good reason to believe that your use of the Fincofex Services could damage our reputation or goodwill;
  • there has been a change in the beneficial ownership of more than 50% of the issued share capital of your business or a change in a person who holds legal power to manage your business;
  • we have good reason to believe that you have disposed of significant business assets;
  • we have good reason to believe that your use of the Fincofex Services is harmful to us or our software, systems or hardware;
  • you are a sole trader and you die, or you are a partner in a business and the partnership ends;
  • there has been an important change in the type of business activities you carry out;
  • you violate any provision of the Modulr Account Terms and Conditions (Schedule 1);
  • you have been declared bankrupt or insolvent, are being wound up, or a similar event is taking place; or
  • we have to do so under any law, regulation, court order or instructions of an ombudsman.

We may also close your account for other reasons. Closing your Fincofex Account and ending your Agreement with us may also end any other agreements you have with us or through us with third parties. Please contact us for more information.

22. How to Make a Complaint

We always do our best, but we realise that things sometimes go wrong. If you have a complaint, please do not hesitate to contact us, and we will try to put things right.

If you would just like to speak to someone about an issue that is concerning you, please contact us through the Fincofex Dashboard or by writing to our email indicated in Contact Us page.

When making a complaint please provide us with the following information:

  • your name;
  • the phone number and email address associated with your account;
  • when the problem arose; and
  • how you would like us to put the matter right.

We will look into your complaint and respond to you by email. We will communicate with you in English, unless we tell you otherwise.

23. Assignment of Rights

Only you and we have any rights under the agreement. You may not transfer or assign any of your rights or obligations under these terms and conditions.

We can transfer or assign all of our rights and obligations under these terms and conditions to any third party without your permission.

24. No Waiver

If you have broken the agreement between you and us and we do not enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.

25. Governing Law

These Terms shall be governed and construed in accordance with the laws of England and Wales, without regard to their conflict of law provisions.

Our failure to enforce any right or provision of these Terms will not be considered a waiver of those rights. If any provision of these Terms is held to be invalid or unenforceable by a court, the remaining provisions of these Terms will remain in effect. These Terms constitute the entire agreement between You and us regarding Your use of our Website.

26. Dispute Resolution

Any legal action between you and us will be decided in the courts of England and Wales.

27. Different Languages

If these Terms are translated into another language, the translation is for reference only and the English version will apply.

28. Changes

We reserve the right, at our sole discretion, to modify or replace these Terms at any time. If we add a new product or service that does not change the terms and conditions of your Account, we may add the product or service immediately and let you know before you use the product or service.

Otherwise, we will give you two months' notice before we make any change. We will assume you are happy with the change unless you tell us that you want to close your Account before the change is made. By continuing to access or use our Website after those changes have been made, you agree to be bound by the revised Terms.

Schedule 1
MODULR ACCOUNT TERMS AND CONDITIONS

Your Agreement with Modulr is made up of three parts included in this document:

  • Part A – the Introduced Client Application Form.
  • Part B – the Introduced Client Terms of Business, which details the standard terms governing the relationship between the Introduced Client and Modulr.
  • Part C – the Modulr Account Terms and Conditions, which details the standard terms and conditions which govern the use of the Modulr Account/s.

PART A: MODULR INTRODUCED CLIENT APPLICATION FORM

1. BACKGROUND

  1. The Introduced Client (“you”) has entered into an agreement with Fincofex Limited, a company registered in England and Wales under company number 11246175, whose registered office is at 40 Bank Street, Level 18, London, Canary Wharf, England, E14 5NR, (“Partner Platform”) for the provision of various services (referred to as the “Partner Platform Agreement”). Under the terms of the Partner Platform Agreement the Introduced Client wishes to open an Account with Modulr (defined below) to be used for the purpose and in accordance with the terms set out in the Partner Platform Agreement.
  2. By accepting Fincofex Terms and Conditions, the Introduced Client confirms its wishes to enter into an agreement with Modulr Finance Limited, a company registered in England and Wales under company number 09897957, whose registered office is at 1 Hammersmith Broadway, London, W6 9DL (“Modulr”) for purposes of using the Modulr Products described in clause 3 below in accordance with the terms set out in this Agreement.
  3. The Modulr Accounts issued under this Agreement are provided to the Introduced Client by Modulr FS Limited, a company registered in England and Wales under company number 09897919, whose registered office is at 1 Hammersmith Broadway, London, W6 9DL and who is regulated by the Financial Conduct Authority for issuance of electronic money under FRN 900573 (“Modulr FS”).

2. DOCUMENTS FORMING THE AGREEMENT

  1. This Introduced Client Application Form, together with the Introduced Client Terms of Business and the Modulr Account Terms and Conditions constitute the entire agreement between Modulr and the Introduced Client (collectively referred to as the "parties" and individually a "party") (together the “Agreement”).
  2. The parties agree that to the extent there is any inconsistency between the terms in the documents that comprise the Agreement:
    1. The Introduced Client Application Form shall be the primary source used to determine any disputes between the parties in respect of services to be provided by Modulr and any Fees payable under this Agreement and shall prevail over the Introduced Client Terms of Business and the Modulr Account Terms and Conditions and any Schedule;
    2. Subject to 2.2(a) above, in the case of any inconsistency between the Introduced Client Terms of Business and the Modulr Account Terms and Conditions then the Modulr Account Terms and Conditions shall prevail over the Introduced Client Terms of Business.
  3. Unless expressly stated otherwise in this Introduced Client Application Form, the definitions and rules of interpretation contained in the Modulr Account Terms and Conditions apply to this Introduced Client Application Form and the Introduced Client Terms of Business.

3. MODULR PRODUCTS

  1. Modulr Products are made up of the Account and related payment services which enable funds to be sent to the Account and paid out from the Account.
  2. These payment services include receipts via Bacs, plus receipts and outgoing payments via Faster Payments and inter-Account transfers, and other payment services in and out of the Account which may be enabled from time to time.
  3. The Account allows operation including the making of Transactions in accordance with the Modulr Account Terms and Conditions.
  4. The Modulr Products also consist of the Application Programming Interface (API) used by the Partner Platform on the Introduced Client’s behalf to create and administer the Accounts plus the beneficiaries and payment rules applied to them.
  5. The Modulr Products also consist of the Online Portal which can be used for the management of Accounts. The Partner Platform will provide access to this if appropriate based on your relationship with them.

4. CUSTOMER SERVICES DETAILS

Telephone: +44 7387-872488

Post: 40 Bank Street, Level 18, London, Canary Wharf, England, E14 5NR

Email: [email protected]

5. Fees

  1. Fees shall be paid by the Partner Platform. No further fees payable by the Introduced Client.

6. ACKNOWLEDGEMENT

  1. By agreeing with Fincofex Terms and Conditions, the Introduced Client agrees to Partner Platform providing all such information to Modulr (who on behalf of Modulr FS) for checking and verifying the identity of the Introduced Client, its directors, beneficial owners and Authorised Users as required by law.
  2. The Introduced Client acknowledges that a Full Electoral Roll search may take place on the individuals noted in clause 6.1 above for anti-money laundering purposes.
  3. The Introduced Client acknowledges that a “soft footprint” search may be placed on the electronic files of the individuals noted in clause 6.1 above by the Credit Reference Agencies and their personal details may be accessed by third parties for the specific purpose of anti-money laundering, identity verification and fraud prevention.
  4. The Introduced Client confirms that it has read, understood and accepts the terms set out in the documents that form the Agreement between the Introduced Client, Modulr and Modulr FS and hereby gives its acknowledgement.
  5. By accepting the Fincofex Terms and Conditions, the Introduced Client agrees to be bound by the terms comprising the Agreement.

PART B: MODULR INTRODUCED CLIENT TERMS OF BUSINESS

BACKGROUND

Modulr is a provider of Modulr Products (as described in the Introduced Client Application Form), which includes the provision of an electronic account for businesses. These Introduced Client Terms of Business govern the Modulr Products that Modulr agrees to provide to the Introduced Client (“you”).

These Introduced Client Terms of Business, together with the Introduced Client Application Form and 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; (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 described in the Introduced Client Application Form.
  2. The Account is 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.
  3. The Introduced Client can use the Account 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).
  4. 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.
  5. 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.
  6. 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.
  7. 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 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 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 or Transaction information so that it can verify the identity of an Authorised User 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. Fee Payment
  1. The Introduced Client agrees to pay the Fees as set out in the Introduced Client Application Form.
7. 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 terminate this Agreement immediately if, for any reason, the Introduced Client is unable to satisfy the Due Diligence Procedures.
  5. This Agreement will automatically terminate when all Accounts of the Introduced Client are closed (for any reason).
  6. 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.
8. 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.
9. 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 lightening damage, or other causes over which Modulr has no reasonable control.
10. 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.
11. 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 or restriction measures implemented from time to time, 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 an Authorised User’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, 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.
12. 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.
13. Data Privacy
  1. Modulr will collect and retain personal information about the Introduced Client and each Authorised User 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.
14. Changes to the Agreement
  1. Modulr may amend or modify this Agreement by giving sixty (60) days’ 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.
15. 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 agree to the non-exclusive jurisdiction of the English courts.

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

The Modulr Account Terms and Conditions

Please read these Terms and Conditions carefully before you agree to use an Account or any related services provided by or through us.

These Terms and Conditions, together with the Introduced Client Terms of Business and the Introduced Client Application Form 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 in the Introduced Client Application Form.

1. DEFINITIONS

Account – The electronic 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 Limits – Maximum limits you can have in relation to your Account, 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 and the Introduced Client Application Form, 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 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.

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.

Commencement Date – the date set out in the Introduced Client Application Form.

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 found in the Introduced Client Application Form.

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;

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 – those fees payable by the Introduced Client and set out in the Introduced Client Application Form.

Information – Means any information related to the organisation, and any personal information related to Account Manager.

Intellectual Property Rights – all patents, 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 Application Form – The application form identifying the parties, Modulr Products to be provided and commercial terms that forms part of the Agreement between an Introduced Client and Modulr.

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.

Modulr – Modulr Finance Ltd, a company registered in England and Wales with number 09897957 and whose registered office is at 1 Hammersmith Broadway, London, W6 9DL. 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 referred to in the Introduced Client Application Form.

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 PlatformFincofex Limited, a private limited company 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.

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.

Transaction – any debit, credit or other adjustment to an Account that affects the balance of monies held in it.

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 1 Hammersmith Broadway, London, W6 9DL 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.

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 LIMITS

  1. Limits may apply to the maximum value of an individual payment Transaction, the maximum aggregate value of all payment Transactions made from your Account 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. ‎
  2. The limits that apply to your Account will be communicated to you during the Account set-up process. These limits may also change over time based on your Account usage; any such change will be communicated to you. You can check the limits at any time by contacting Customer Services. Any payment Transaction request which exceeds such limits will be rejected.
  3. 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 e-money account and the electronic money 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. This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
  3. 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.
  4. 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 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.
  6. Your Account can make payments out to external bank accounts via Faster Payments and other methods as added and notified to you by the Partner Platform from time to time.
  7. A Transaction is deemed to be authorised by you, 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. Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.8 below.
  8. The following Transactions may be withdrawn:
    1. any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or
    2. Transactions due to take place on a future date.
  9. If we 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. If possible, we will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
  10. The Available Balance on your Account will not earn any interest.
  11. 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.
  12. You will be provided with a monthly statement 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. Any Available Balance remaining on the Account after Account closure will be transferred to your nominated bank account via Faster Payments 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 restrict or refuse to authorise any use of your Account if using your Account 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 Account.
  3. You or the Account Manager must not:
    1. allow another person to use security information related to the Account,
    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.
  4. You will be liable for all Transactions that take place as a result of you or the Account Manager 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.
  5. You will be liable for all Transactions that the Partner Platform or any other Account Manager makes on your behalf as per this Agreement, along with those made by a TPP authorised by you to initiate a Transaction.
  6. You will be liable for all unauthorised Transactions that arise from the use of lost or stolen Account security information such as but not limited to the Online Portal log in details and API security details, if you or the Account Manager fail to keep the security features of the Account 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 have a reason to believe that a Transaction on your Account was unauthorised or was made incorrectly, you must inform us immediately by contacting Customer Services, but in any event within 13 months of the date of the relevant Transaction.
  2. If you dispute a Transaction:
    1. subject to 9.2.2 and 9.2.3 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.
  3. 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.
  4. You will be liable for all Transactions made from your Account if you have acted fraudulently.

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, 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 materially incorrect; or
    2. if we have reason to believe that you, the Account Manager or a third party has committed or is about to commit a crime or other abuse (including fraud) in connection with your Account; or
    3. if you have reached your Account Limit; or
    4. you or the Account Manager have breached these Terms and Conditions.
  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 the 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 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.
  2. You must update any changes to your Information by contacting Customer Services.
  3. 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.
  4. 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 Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

15. GENERAL

  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 secure account, specifically for the purpose of redeeming Transactions made from your Account. In the event that we or Modulr 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 are available in your Introduced Client Application Form.