NALA Terms of Service for Business

February 2022
1. Who we are and how to contact us
NALA Payments Limited is a company incorporated and licensed under the laws of the United Kingdom, (company number 12792210) with its Registered Office located at International House, 64 Nile Street, London, United Kingdom, N1 7SR (“NALA”)

If you are using our services based in the UK:

Modulr” is Modulr FS Ltd which is regulated as an Electronic Money Institution by the Financial Conduct Authority under firm reference number 900573.

If you are using our services based in [Europe/the EEA]:
Modulr” is Modulr FS Europe Ltd which is regulated as an Electronic Money Institution by the Central Bank of Ireland with institution code C191242

NALA is an agent of Modulr which is regulated under the Electronic Money Regulations 2011 for the issuing of electronic money.

NALA can be contacted via the following means:
2. What NALA’s services do
NALA enables you to use:
Money Transfer services
Relating to money transfer services, NALA allows you to store funds in your mobile wallet and to transmit or receive payments with other NALA customers. You can make payments from the funds you hold in your (i) digital wallet, (ii) your linked bank account, or (iii) your linked debit / credit card. Your bank account, debit or credit card must be registered in the UK or [Europe/EEA] as applicable. You can also receive payments into your account.
Digital Money Account
Relating to your digital wallet, this is a function which stores E-money in a non-interest bearing account maintained by us for you, and which provides such features as we may make available from time to time. These features may include (without limitation) the ability to:
See section 6 below for further information about the status of E-money in your account.
Multi-currency digital wallet
E-money may be held in any currencies which we support from time to time. The E-money held in your digital wallet in different currencies will be shown as separate balances in the NALA app.

Money received in the currencies which we support from time to time will automatically be added to the corresponding currency balance in your digital wallet.

Money received in currencies which we do not support will be added to the currency balance in your digital wallet as follows: in Pounds Sterling (GBP) if you are using our services based in the UK; and in Euros (EUR) if you are using our services based in [Europe/the EEA].

If you receive money in a new currency, i.e. you have never received that currency before, the money will be added to a new currency balance in your digital wallet in Pounds Sterling (GBP) if you are using our services based in the UK, and in Euros (EUR) if you are using our services based in [Europe/the EEA].

You may convert the E-money held in one currency in your digital wallet into other currencies we support from time to time. You may only perform a conversion in respect of funds that you already hold in your account.

When you confirm that you wish to convert the E-money held in your digital wallet into another currency before withdrawing or transferring that money, your separate currency balances will reflect the change immediately. Once a balance is converted in the app, you can transfer or withdraw those funds in the relevant currencies as shown in the app.

When you notify us that you wish to convert the E-money held in your digital wallet into another currency, we will let you know the applicable exchange rate before you make the conversion. We generally use our own exchange rate which is based on the rate that we are able to source from our foreign exchange suppliers from time to time, plus a mark-up. However, for some currencies, we cannot use our own exchange rate as we are required to use a different reference rate as the exchange rate for your currency pair.

When you withdraw or transfer the E-money, the exchange rate in effect at the time you first told us about the intended transfer will apply, as reflected previously in your different currency balances. If the exchange rate changes between the time you tell us you want to convert the currency and the time that money is withdrawn or transferred, we will bear the difference.

Airtime Top Up
Relating to Airtime Top Up, this refers to the service which allows you to credit a mobile phone account with credit which can be used by the mobile phone account holder to make calls, send text or picture messages and use data. It is credited to your own or another recipient’s mobile phone account typically within a few seconds.
3. Registering to use the NALA services
In these terms, when we refer to the “Account Owner” or “you” we are referring to the company, microenterprise or charity entering into these terms and creating an account with NALA (the “Account”). Those individuals who the Account Owner authorises to use the Account on its behalf are the “Account Managers”. The Account Owner and NALA are the parties to these Terms & Conditions. In order to use the application, the Account Owner must be a company, microenterprise or charity registered in the UK, a country in [Europe / the EEA] or another origination country approved by NALA. The individual accepting these terms confirms to us that they are authorised to do so on behalf of the Account Owner. The Account Owner acknowledges and agrees that it will be responsible for the acts and omissions of the Account Managers as if they were the acts and omissions of the Account Owner.
The Account Owner must have a payment account in its name, and be registered with NALA. In order to access the NALA app, the Account Manager(s) must have a cellular device that is compatible with iPhone or Android application software. In order to register, an Account Manager must download the application and provide NALA with information about the Account Owner and Account Manager.. The Account Owner shall and shall procure that the Account Managers shall provide complete and accurate information and/or documentation in connection with the registration process, which may include information needed to verify the Account Owner’s and Account Managers’ identities. The Account Owner shall update this information as may be reasonable or necessary to keep it complete and accurate at all times. We shall use this information as set out in our Privacy Policy which is available here https://www.iwantnala.com/privacy-policy.

The Account Owner shall, and shall procure that the Account Manager(s) shall:
If you want to use NALA for personal use, such use will be subject to separate terms which are available here. Use of the application and our service is subject to our ability to verify the Account Owner’s identity. The Account Owner authorizes NALA to obtain information about it from third parties (including financial institutions, credit reporting agencies and your telephone service provider), although NALA has no obligation to do so. If the Account Owner does not provide accurate and complete information during registration or when requesting a service, we have the right to prohibit use of the service or the application or to stop any requested payment(s). Inaccurate and/or incomplete information provided during registration or when requesting a transfer may cause errors in requested payment(s), or may delay or restrict access to the application or service.

Upon registration for an Account, [you] OR [each Account Manager] must create a password associated with [your/its] contact information. Once security credentials have been enabled, you and your Account Managers will then be prompted to use a security credential each time you attempt to transfer funds.
4. Using the NALA services
If any of the information provided to us by the Account Owner or an Account Manager changes, the Account Owner shall ensure that we are informed as soon as reasonably possible, and that the information provided to us from time to time is complete and accurate. In the event that an attempt is made to log in to the Account from a new device, we will prompt the relevant Account Manager to enter a password to access the Account from a new device.

Before a transaction is complete, we will provide the following information:
By clicking “Submit” the Account Owner verifies that this information is correct and intentional to the best of its knowledge, and authorizes NALA to initiate this transfer on its behalf, including the extraction of funds from the provided method of payment.

If you wish to withdraw consent to complete this transaction at any time prior to submission, pressing “Cancel” will effectively cancel the transaction.The application and service are generally available 24 hours a day, 7 days a week, 365 days a year. Generally, the Beneficiary is paid instantly through the application. Once a transfer has been initiated, we may be unable to stop or change it.
5. Availability of the NALA services
Although the application and service is generally available 24 hours a day, 7 days a week, 365 days a year, there may be times when the service is unavailable. Periods of unavailability may be caused by NALA’s own acts (such as temporary periods when the application and service is taken off-line to make upgrades or improvements), or by events beyond NALA’s control, such as power outages, telecommunications failures, war or civil unrest, natural disasters or other acts of God.
6. E-money in your Account
Any E-money that NALA shows as being "held" in a digital wallet is a record of the cash-equivalent value that the Account Owner is entitled to receive from us. Any E-money in a digital wallet is not a deposit, which means that it is not protected under any deposit protection scheme in the UK or that may exist in any other country. Instead, NALA holds and manages E-money in the UK and [Europe/the EEA] in accordance with the laws, rules and regulations applicable to authorised electronic money issuers in the UK and [Europe/the EEA]. Any E-money in a digital wallet also does not represent a loan arrangement or any other form of credit.
7. Limits on transfers
NALA may from time to time set limits on the value of transfers the Account Owner may send (both individually and over a period of time), as well as the value of transfers any recipient may receive. NALA may delay payment of any individual transfer to allow NALA to determine that it complies with applicable law, regulation or NALA’s policies. NALA has the right, without notice, to refuse to accept or pay any transfer that NALA determines in our sole discretion may violate applicable law, regulation or our policies, including laws, regulations and policies intended to help detect and prevent money-laundering, terrorist financing, fraud, and other abuses of financial services; if we accept a transfer and then determine that it may violate any such law, regulation or policy, we may hold the transfer until such time that the matter is resolved.
8. Fees and charges
NALA will disclose its transaction fees and charges on the transaction confirmation page as detailed in the app  prior to a payment being initiated. NALA's fees and charges may change from time to time, and may depend, among other factors, on the principal amount of the transfer, the type of originating payment account, location, and the location of the Beneficiary. NALA charges a flat fee per transaction based on the transaction volume, as well as a fixed mark-up on the foreign exchange rate for cross border payments. In addition to the fees and charges, NALA will also disclose the foreign exchange rate (that is, the rate at which funds will be converted into the currency to be paid to the Beneficiary) applicable to a transfer before you send it. NALA's foreign exchange rates change day to day, and in some instances intraday.
9. Language and information
The language of any agreement between the parties, including these Terms & Conditions and the Privacy Policy, is English, and all services, instructions and transactions carried out in connection with it will be in English. Upon registering for an Account, the Terms & Conditions will be made available to the Account Owner and Account Managers within the NALA App. Any necessary transmission of information, including information relating to the account, will be provided within the NALA app, from which you can download the relevant information. Updated information will be provided within the NALA app whenever there is a change to existing Terms & Conditions.
10. Preventing fraud
Your account and registration are personal and should not be used by anyone else. Registration with NALA allows the Account Owner’s payment account to be accessed through the application. If an Account Manager suspect(s) any fraud on the Account Owner’s account, or that any registration details or other security credentials have been compromised, they must contact us immediately at support@nala.money.

In order for NALA to provide the NALA app and services, the Account Owner authorises NALA to:
Where NALA’s analysis of the Account indicates that there is likelihood of fraud, suspicious activity or financially risky behaviour occurring that can be eliminated, reduced or prevented by taking any action permitted (including but not limited to suspending or declining payments), the Account Owner further authorises NALA to implement such action.
11. Liability for incorrect payments
The Account Owner represents and warrants to NALA that all information it and its Account Managers enter into the NALA app or otherwise provide to NALA is true and complete, including information about the Account Owner, Account Managers,  the Payment Account, and the person to whom it is sending money (your “Beneficiary”). When processing a transfer, NALA may rely on such information . The Account Owner acknowledges that any errors in the information, including misidentification of the Beneficiary, incorrect or inconsistent account names and numbers, or misspellings, are its responsibility and that NALA shall have no liability for executing a transfer based upon the inaccurate or incomplete information.

If NALA is unable to complete payment of the transfer to the Beneficiary due to incorrect information provided about the Beneficiary, such as an incorrect telephone number, an incorrect or misspelled name, the wrong bank or bank account or any other misinformation, the Account Owner will be liable for any costs, fees, expenses and losses that NALA incurs in returning the transfer, such as processing costs, losses arising due to exchange rate fluctuations and third party service charges.

Because NALA credits transfers to Beneficiaries immediately, transfers are typically not cancellable or refundable. If the Account Owner believes that a transfer has been sent in error, it must contact us within thirty (30) minutes of the transfer being initiated at support@nala.money and we will attempt to recall the transfer, but we may be unable to do so if the transfer has already been credited to the Beneficiary's account or if the Beneficiary has already withdrawn or moved the funds. If NALA is unable to recall the transfer, NALA will have no liability to the Account Owner. However, if the transfer has not yet been paid, NALA will cancel it and refund the principal amount, together with any associated fees , to the Account Owner.

The Account Owner has a right to dispute errors in your transaction. There is no charge for this service. If the Account Owner or an Account Manager identifies a potential error, the Account Owner must contact us immediately, and in any case within 13 months after the execution of the transaction, and provide its name, contact information, the Beneficiary's name, date of transfer, as well as the reason it believes there has been an error. NALA will determine whether an error occurred and will promptly reply within 15 business days of receipt of the complaint; or, in exceptional circumstances, we will send a holding reply within 15 business days specifying the deadline by which we will provide our final response, being no later than 35 business days from the date of the initial complaint. If NALA was at fault, the Account Owner will be entitled to a refund or to have the payment re-sent free of charge. If no error occurred or NALA was not at fault, NALA will send the Account Owner a written notice including the information that NALA relied on to make that determination.

If NALA has charged the Account for an unauthorised transfer , we will refund the amount of the transfer promptly and at the latest by the end of the business day following the day on which we were notified of or otherwise became aware of the unauthorized transfer. However, in case there are reasonable indications of a fraudulent activity by the Account Owner or Account Manager, our obligation to refund will be suspended, pending further investigation, and such investigation will be undertaken promptly.

NALA shall not be liable to the Account Owner for any loss resulting from NALA's inability to cancel or refund a transfer. If NALA refunds a transfer , the refund may be paid by a credit to the Account.
12. Liability and indemnity
In consideration of our agreement to provide the application and service, the Account Owner agrees to indemnify and hold NALA harmless from and against any and all claims, suits, judgments, executions, liabilities, losses, damages, costs, and expenses - including reasonable attorney's fees - in connection with or arising out of (i) the Account Owner’s use of the application or the service (including use by Account Managers), (ii) the Account Owner’s breach of this Agreement (including breach by Account Managers), or (iii) NALA acting upon the Account Owner’s or an Account Manager’s request for a transfer. The Account Owner will however only be liable up to the maximum amount of GBP 35 (or the equivalent amount) for losses that result from unauthorized payments resulting from the misappropriation or the use of a lost or stolen mobile phone (or other electronic device used to access and use the Service) and/or password. The Account Owner’s liability will not be limited if it and/or its Account Manager(s) acted with fraudulent intent or contributed to the misuse of a mobile phone and/or password intentionally or through grossly negligent conduct. Gross negligence in particular includes but is not limited to cases in which we are not promptly notified about a misuse, loss or theft of a mobile phone and/or password or if you do not keep them safe or disclose them to third parties.

NALA shall not be liable for any breach of our obligations under these Terms & Conditions or for any failure or delay in performance of any obligations under the agreement arising from or attributable to acts, events, omissions or accidents beyond our reasonable control, including, without limitation, where our failure to perform our obligations arise from:
13. When these Terms & Conditions apply and how they change
The Terms & Conditions are effective from the point the Account Owner agrees to these Terms & Conditions. The Terms & Conditions are conducted for an indefinite period and will continue to apply until terminated by either party in accordance with these Terms & Conditions.

We may amend the Terms & Conditions from time to time and will provide at least two months’ notice in advance, by providing a link to a copy of the revised Terms & Conditions and the proposed date of entry into force. The Account Owner will be deemed to have accepted the changes to the Terms & Conditions unless it terminates use of the service and the Terms & Conditions before they come into force. If the Account Owner objects to any changes, it has the right to terminate free of charge and with effect at any time until the date the changes would have applied.

A “Micro-enterprise” and a “Charity” shall each have the meaning given to it in the European Union (Payment Services) Regulations 2018 (the “Regulations”).

The following paragraphs only apply to Account Owners that are not Micro-enterprises or Charities: You acknowledge and agree that, to the fullest extent permitted by the provisions of the Regulations, law that would otherwise be applicable to the Terms & Conditions but which can be disapplied, or applied differently, to non-consumers are disapplied, or applied differently, under the Terms & Conditions including without limitation, all provisions set out in Part 6 of the Regulations (Information requirements for Payment Services), namely Regulations 40 to 62, and those provisions capable of being disapplied, or applied differently, in Part 7 of the Regulations (Rights and Obligations in relation to the Provision of Payment Services), namely Regulations 66(1), 67(3), 67(4), 74(1), 75, 77, 79, 80, 83, 91, 92 and 94.

In the event that the Account Owner becomes a Micro-Enterprise or a Charity, the Account Owner shall notify NALA immediately.
14. When these Terms & Conditions terminate and redemption of your E-money
NALA may terminate these Terms & Conditions at any time, on at least two months’ notice to the Account Owner.

You may close your account and terminate the Terms & Conditions at any point in time for any reason by selecting that option within your account.

Any termination of the Terms & Conditions or cessation of services does not relieve any obligation to pay fees or costs accrued prior to the termination. The Account Owner has a right to redeem the E-Money from its digital wallet after termination of the Terms & Conditions, and to transfer the proceeds either to another payment account in its name or to another Beneficiary. If this is done within one year of the date of termination of the Terms & Conditions such redemption will be free of charge via NALA’s standard transfer mechanisms; if it is more than one year after termination of the Terms & Conditions we may apply a fee which will be deducted from the proceeds of the redemption. Six years after termination of the Terms & Conditions, any remaining E-money will become the property of NALA and no longer redeemable.
15. Miscellaneous
Waiver. No failure or delay by a party to exercise any right or remedy provided under these Terms & Conditions or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

Remedies. Except as expressly provided in these Terms & Conditions, the rights and remedies provided under these Terms & Conditions are in addition to, and not exclusive of, any rights or remedies provided by law.

Entire Agreement. Each party acknowledges that (i) these Terms & Conditions contain the whole agreement between the parties relating to the subject matter hereof and supersede all prior agreements, arrangements and understandings between the parties relating to that subject matter; (ii) in entering into these Terms & Conditions, it does not rely on any statement, representation, assurance or warranty (whether it was made negligently or innocently) of any person (whether a party to these Terms & Conditions or not) (“Representation”) other than as expressly set out in this Agreement; and (iii) the only rights and remedies available to it arising out of or in connection with a Representation shall be for breach of contract.

Severance. If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed deleted, but that shall not affect the validity and enforceability of the rest of these Terms & Conditions.

Third party rights. A person who is not a party to these Terms & Conditions shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these Terms & Conditions, but this does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

No partnership or agency. Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture. Each party confirms it is acting on its own behalf and not for the benefit of any other person. In particular, you agree not to use the NALA app or services on behalf of, or as agent of, any other person.
16. Governing law, jurisdiction and complaints
Contracts for the purchase of our services using the website or the NALA app and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) will be governed by English law. Any dispute or claim arising out of or in connection with such contracts or their formation (including non-contractual disputes or claims) will be subject to the exclusive jurisdiction of the courts of England and Wales. The foregoing shall be without prejudice to either party’s statutory rights.

If we are unable to resolve any complaint satisfactorily then the Account Owner may qualify to escalate such complaint to the relevant regulator or other body in its jurisdiction.

In the UK, this is the Financial Ombudsman Service which is an independent body that helps settle complaints between certain customers and firms regulated by the FCA. You can contact the Financial Ombudsman Service by post, addressing your complaint to the Financial Ombudsman Service, Exchange Tower, London E14 9SR, by email to complaint.info@financial-ombudsman.org.uk or by telephone on 0300 123 9 123 or 0800 023 4567. Financial Ombudsman Service’s website is http://www.financial-ombudsman.org.uk. Further information regarding the Financial Ombudsman Service and whether you qualify for this service is available on the Financial Ombudsman Service’s website or can be requested by contacting Square Support. In addition, please note that disputes may be submitted for online resolution to the European Commission Online Dispute Resolution platform.

If you are based in Europe, The European Financial Dispute Resolution Network (FIN-NET) website can help you find the right organisation to get in touch with.
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 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 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 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.‎
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;
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 – 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 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 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.
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 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 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 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.
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
2.1
Limits may apply to the balance on your Account at any time, the  maximum value of an individual payment Transaction, maximum Virtual Transaction value per  Card‎, the maximum aggregate value of all payment Transactions made from your Account or Cards in a particular time period e.g. during any one Business Day and the maximum number of payment Transactions made from your Account over a particular timeframe.  ‎ Your Cards may also have certain Card Transaction types disabled, such as cash withdrawals at an ATM.‎
2.2 The limits and restrictions that apply to your Account and Card‎ will be communicated to you during the Account set-up process and/or before the Card is issued to you (as applicable).  These limits may also change over time based on your Account and/or Card‎ usage; any such change will be communicated to you.  You can check the limits at any time by contacting Customer Services. You should not make a payment Transaction request which exceeds such.
2.3 From time to time a Card Transaction may be authorised which exceeds the limit or restriction applicable to your Account or ‎Card, for example when it is used in an offline environment for example but not limited to payments for or on transport (purchases ‎on a train, aeroplane, underground  or toll  payments). In such circumstance, a negative balance on your Account may occur.  In this ‎case the process in paragraphs 5.12 to 5.14 inclusive will apply.‎
‎2.4 Certain Merchants may require verification that the funds held on your Account will cover the Card Transaction amount and will ‎place a “pre-authorisation” on your Card. This amount will be unavailable to you until the Card Transaction is completed or released ‎by the Merchant. The pre-authorisation allows the Merchant up to 30 days to claim and settle any funds owed to them from the ‎Card. Examples include but are not limited to hotels and rental cars. If there are insufficient funds available on your Account, Modulr ‎must still make this settlement, which may result in a negative balance on your Account. In this case the process in paragraphs 5.12 ‎to 5.14 inclusive will apply.‎
2.5 To manage our risk, particularly with respect to money laundering, fraud or security concerns, we also apply internal controls, including limits, to certain types of payment. We change these as necessary but for security purposes, we do not disclose them.
3. SCOPE OF THESE TERMS AND CONDITIONS
3.1
Your Account is an electronic money account and the electronic money and any Card associated with it is issued to you by us. We are regulated by the Financial Conduct Authority for the issuance of electronic money (FRN 900573). Your rights and obligations relating to the use of this Account are subject to these Terms and Conditions between you and us.
3.2 The types of Transactions enabled for your Account are set out in the Introduced Client Application Form or as subsequently ‎enabled by us. The terms of these Modulr Account Terms and Conditions applicable to specific Transactions or payment types (for example, ‎Cards) apply only to the extent that such Transactions or payment types are enabled for your Account.‎
3.3 This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
3.4 You agree that we or the Partner Platform may communicate with you by e-mail or telephone for issuing any notices or information about your Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated.
3.5 You can request a copy of these Terms and Conditions at any time by contacting Customer Services.
4. OPENING YOUR ACCOUNT
4.1
Your Account will be opened on your behalf by the Partner Platform.  You may only hold an Account so long as you remain an approved client of the Partner Platform that provided you with your account details.
5. USING THE ACCOUNT
5.1
Your Account can receive bank transfers and other payment types as added and notified to you by Modulr from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
5.2 Your Account can also receive internal transfers from other Accounts owned or controlled by the Partner Platform, which apply instantly.
5.3 An incoming payment will not be credited to your Account if:
5.3.1 the Account has reached the Account Limits; or
5.3.2 the Account is inactive or blocked or terminated; or
5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
5.3.4 we suspect the payment to be fraudulent.
5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA and other methods as added and notified to you by the Partner Platform from time to time.
5.6 Your Account will be configured and operated by the Partner Platform.  You agree that Modulr and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf.  We and Modulr have no liability for actions taken by the Partner Platform.  If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the ‎Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or ‎Card(s).‎
5.7  Where Cards are made available to you, , your Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be ‎issued to you via the Online ‎Portal or Modulr API. The value of the Virtual Card Transaction, together with any applicable fees and ‎charges, will be deducted from ‎your Account once we receive the authorisation request from the Merchant.‎
‎5.8‎ If the Card Transaction is made in a currency other than the currency the Card is denominated in, the  ‎Card ‎Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the ‎Card Transaction. The exchange rate varies throughout the day and is not set by us.‎ ‎‎You can check the relevant Card Scheme rate as follows.‎
Mastercard Card Scheme rate at: https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html;‎
VISA Card Scheme rate at: https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html.‎
5.9 A Transaction is deemed to be authorised by you:
5.9.1 when you or your Account Manager or Partner Platform enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials;
5.9.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall ‎be deemed to have ‎‎authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value ‎specified ‎when creating the request for creation of the Virtual Card;‎
‎5.9.3‎ when you or the Cardholder (i) enter a PIN or provide any other security credentials;‎ (ii) sign a sales voucher;‎ (iii) provide the ‎Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) ‎insert the Physical Card into a card device or an ATM;‎
5.9.4 when you give instructions through a third party (such as the recipient of a Direct Debit Mandate or a ‎Payment Initiation ‎Service Provider)‎.‎
Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.10 below.
5.10 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business Day before the Transaction was due to take place;
5.11 Cancelling a Direct Debit Mandate with us will not cancel ‎the agreement with the organisation you are paying. It is your responsibility to tell the organisation collecting ‎the payment about the changes to your instructions.‎
‎5.12 If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on ‎your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in ‎sections 5.13 and 5.14 apply. You agree that once we make this negative balance known to you, we will charge you the amount of ‎negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds on your ‎Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your ‎Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agencies.‎
‎5.13 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will ‎seek to recover the negative balance amount from the Merchant.‎
‎5.14 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover ‎the negative balance amount from the person who made the error.‎
5.15 The Available Balance on your Account will not earn any interest.
5.16 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details.
5.17 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).
6. THIRD PARTY ACCESS
6.1
You can instruct a TPP to access information on your Account or initiate certain Transactions from your Account provided such TPP has identified itself to us and it has acted in accordance with the relevant regulatory requirements. We will treat any instruction from an TPP as if it was from you or an Account Manager.
6.2 We may deny a TPP access to your Account if we are concerned about unauthorised or fraudulent access by that TPP. setting out the reason for such denial.   Before doing so, we will tell you that we intend to deny access and give our reasons for doing so, unless it is not reasonably practicable, in which case we will immediately inform you afterwards. In either case, we will tell you in the manner in which we consider most appropriate in the circumstances. We will not tell you if doing so would compromise our security measures or would otherwise be unlawful.
6.3 If you have provided consent to a TPP to access the data in your Account to enable them to provide account information services to you or initiate Transactions on your behalf, you consent to us sharing your information with the TPP as is reasonably required for them to provide their services to you.  You must let us know if you withdraw this permission and we recommend you let the TPP know.  On notification from you, we will not provide such TPP access to your Account or the data in it.
7. CLOSING YOUR ACCOUNT
7.1
You may close your Account by contacting Customer Services.  Please refer to your contract with the Partner Platform for any terms relating to your need to maintain your Account.
7.2 The Account will be closed if the Partner Platform instructs us to close your Account (in which case the Partner Platform will inform you of this instruction).
7.3  On termination of the Agreement for any reason, these Terms and Conditions will automatically terminate, and your Account will ‎be closed and any Cards issued to you will be cancelled.
7.4 Any Available Balance remaining on the Account after Account closure will be transferred to your nominated bank account via yuiiiiiiiiiii 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
8.1
You are responsible for understanding and complying with the Agreement including these Terms and Conditions.
8.2 We may at any time suspend, restrict or refuse to authorise any use of your Account and/or Cards (including cancelling Card(s)) or refuse to process your instructions or authorise any particular Transaction where:
‎8.2.1‎ we are concerned about the security of or access to your Account and/or your Card;‎
‎8.2.2 we know or suspect that that your Account and/or Card is being used in an unauthorised or fraudulent manner;‎
‎8.2.3 we need to do so in order to comply with the law or otherwise for regulatory or crime prevention purposes;‎
‎8.2.4 the Transaction would breach the limits applicable to your Account and/or Card;
8.2.5 you, the Account Manager or the Cardholder breach an important part of these Terms and Conditions, or repeatedly breach any term in this Agreement and ‎fail to resolve the matter in a timely manner.‎
8.3 If we cancel, suspend or restrict your Account and/or Card(s), or otherwise refuse to execute a payment order to or to initiate a Transaction, we will, without undue delay and provided we are legally permitted to do so, notify you or the Partner Platform of the refusal, suspension or cancellation (as applicable).  If possible, we will provide the reasons for the refusal to execute the Transaction and/or suspending the use of your Account and/or Card and where those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
8.4 You or the Account Manager or the Cardholder must not:
8.4.1 allow another person to use security information related to the Account and/or Cards,
8.4.2 write down password(s) or any security information unless this is done in a way that would make it impossible for anyone else to recognise any of that information, or
8.4.3 disclose passwords or any security information, or otherwise make them available to any other person, whether verbally or by entering them in a way that allows them to be observed by others.
8.4 You must take all reasonable steps to keep your Account and password(s) and any other security-related details safe at all times.  If you visit a website or receive a message that asks for your password, other than the Modulr website, this should be reported to us.  If you are in doubt whether a website is genuine, you should contact Customer Services.  If you have any indication that your Account, password or other security information has been compromised, you must immediately change your password and notify us as soon as possible.
8.5 You will be liable for all Transactions that take place as a result of you, the Account Manager or the Cardholder acting fraudulently or failing to comply with these Terms and Conditions with intent or gross negligence. Any such Transactions and any fees and charges relating to such Transactions will be deducted from the Available Balance on your Account.
8.6 You will be liable for all Transactions that the Partner Platform, any other Account Manager makes on your behalf or the Cardholder makes as per this Agreement, along with those made by a TPP authorised by you to initiate a Transaction.
8.7 You will be liable for all unauthorised Transactions that arise from the use of lost or stolen Physical Cards, the Account or Card security information such as but not limited to the Online Portal log in details and API security details, Card number and CVV if you, the Account Manager, or the Cardholder fail to keep the security features of the Account and/or Cards safe.
8.8 It is your responsibility to keep us updated of changes to your Information, including e-mail address and mobile numbers. Failure to do so may result in us being unable to contact you regarding your Account or to let you know about changes to these Terms and Conditions.
8.9 If you request to recall a Transaction due to an error or mistake caused other than by Modulr, we reserve the right to charge you (i) a handling fee of £25 per recall and (ii) any fee payable by Modulr to a third-party bank or institution for handling the recall.
8.10 You agree to indemnify and hold harmless, us, Modulr and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this Agreement, including these Terms and Conditions and/or any breach of these Terms and Conditions by you.
9. DISPUTES AND INCORRECT TRANSACTIONS
9.1 If you (or an Account Manager or Cardholder) have a reason to believe that (i) a Transaction on your Account was unauthorised or was made incorrectly, (ii) a Physical Card is lost or stolen; or (iii) someone else (other than TPP) knows the security credentials or otherwise has ‎unauthorised access to your Account and/or Card,‎ you must inform us immediately by contacting Customer Services. After you notify us, we will replace a lost, stolen or misappropriated Physical Card and/or security credentials, as appropriate.‎
‎9.2 We will investigate your claim for a refund of unauthorised or incorrectly executed Transactions, provided at all times that you ‎have notified us without undue delay of becoming aware of such incorrectly executed or ‎unauthorised Transaction and in any case  ‎within the timeframes required by the Card Scheme rules if the incorrect Transaction relates to a Card ‎Transaction and for ‎all other Transactions within 13 months of the date of the relevant Transaction‎. We will not be liable for any unauthorised or incorrectly executed Transactions notified to us after this ‎period.‎
9.3 If you dispute a Transaction:
9.3.1 subject to 9.3.2 and 9.3.3 we will immediately refund the amount to your Account to the position it would have been in if the unauthorised Transaction had not taken place. We will have no further liability to you. If we subsequently discover that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the Transaction.
9.3.2 if there are reasonable grounds for thinking that you may not be entitled to a refund (based on the evidence available to us at the time you report the unauthorised Transaction), we may investigate before giving you a refund and we will provide you with our supporting evidence if we believe you are not entitled to the refund;
9.3.3 if the Transaction was initiated through a TPP, it is for the TPP to prove that, the Transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the TPP’s payment initiation service; and
‎9.3.4‎ if we make an error on a Transaction made to someone else through the Direct Debit ‎scheme, we will refund you in ‎accordance with the Direct Debit Guarantee‎.
9.4. If an incorrect Transaction is paid into your Account that should not have, we will, where possible, immediately send the funds back to the bank acting for the person from whose account the Transaction was made. In such circumstance you agree to return the funds to us and provide such assistance that we require in recovering the amount from you.   If we cannot recover the funds, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.
9.5 You will be liable for all Transactions made from your Account if you (or the Account Manager or the Cardholder) have acted fraudulently or have failed with gross negligence:
9.5.1‎ to keep the security credentials used to access or use your Account and/or Card safe and secure or otherwise failed to ‎comply with these ‎Terms and Conditions in relation to the safety of your Account and/or Card; or‎
‎9.5.2‎ failed to notify us in accordance with 9.1 above‎.
9.6 You may be entitled to a refund where a Transaction from your account which was initiated by payee provided that:
9.6.1 the authorisation did not specify the exact amount;
9.6.2 the amount of Transaction exceeded the amount you could reasonably have expected (taking into your previous spending pattern and other relevant circumstances). We may ask you to provide such information as is reasonably necessary for us to determine if this is correct; and
9.6.3 you asked for a refund within 8 weeks of the date the Transaction was debited to your Account.
In such circumstances we will refund you within 10 Business Days of receiving your claim for a refund or, where applicable, within 10 Business Days of receiving any further information we requested - or we will provide you with reasons for refusing the refund.
9.7 If you want a refund for a Transaction made using the Direct Debit scheme, the Direct Debit Guarantee will apply instead of the terms in 9.6 above.
10. VARIATION
10.1
We may change these Terms and Conditions by providing you with at least two months’ prior notice by e-mail (provided you have supplied us with an up-to-date e-mail address).
10.2 If you do not agree with the changes to the Terms and Conditions, you may at any time within the two months’ notice period notify us and these Terms and Conditions will be terminated and your Account closed. If you do not notify us to the contrary during this period then you will be deemed to have accepted the change and it will apply to you when it comes into force.
10.3 If any part of these Terms and Conditions are inconsistent with any legal requirements then we will not rely on that part but treat it as if it did actually reflect the relevant legal requirement. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical.
11. TERMINATION OR SUSPENSION
11.1 We can terminate your Account at any time if we give you two months’ notice and transfer any Available Balance at the time to your nominated bank account without a charge.
11.2 We can suspend or terminate your Account at any time with immediate effect (and until your default has been remedied or the Agreement terminated) without any prior notice to you if:
11.2.1 we discover any of the Information that we hold for you is false, misleading or materially incorrect; or
11.2.2 if you, the Account Manager, the Cardholder or a third party has engaged in fraudulent activity, money laundering, terrorism, terrorism financing or other illegal activity in connection with your Account or we have reasonable suspicions in respect of the same; or
11.2.3 if you have reached your Account Limit;
11.2.4 you or the Account Manager have breached these Terms and Conditions; or
11.2.5 we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority.
11.3 In the event that we do suspend or terminate your Account then if we are able to do so, we will tell you in advance otherwise we will let you know immediately afterwards (to the extent the we are permitted by law).
12. OUR LIABILITY
12.1 Our liability and the liability of our agents in connection with this these Terms and Conditions (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:
12.1.1 Neither we, nor our agents shall be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds;
12.1.2 Neither we, nor our agents shall be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
12.1.3 where sums are incorrectly deducted from your Available Balance due to our default, our liability and that of our agents shall be limited to payment to you of an equivalent amount to that which was incorrectly deducted from your Available Balance;
12.1.4 in all other circumstances of our default, our liability and that of our agents jointly will be limited to transferring any Available Balance to your nominated bank account.
12.2 In circumstances where sums are incorrectly deducted from your Available Balance due to our fault, if we require your support to enable us to recover the incorrect deduction, you agree to provide us and our agents with all assistance that we reasonably require.
12.3 Nothing in these Terms and Conditions shall exclude or limit our liability or that of our agents for death or personal injury resulting from our negligence or fraud.
12.4 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
12.5 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with these Terms and Conditions.
13. YOUR INFORMATION
13.1 Some personal data will be necessary for us to provide you with the Account and services under this Agreement. Modulr FS is a Data Controller and shall only use your personal data for this purpose. Please see the Privacy Policy (please contact Customer Services for details of where to access this) for full details on the personal data that we and Modulr Finance Ltd hold, how we will use it and how we will keep it safe. Modulr will at all times comply with Data Protection Laws.
13.2 We will retain details of individual transactions for six years from the date on which the particular transaction was completed. We will maintain all other records for six years from which we have ceased to provide you with any product or service
13.3 You must update any changes to your Information by contacting Customer Services.
13.4 If we discover that the Information we hold about you is incorrect, we may have to suspend or cancel your Account until we can establish the correct Information, in order to protect us both.
13.5 If you or the Account Manager allow or give consent to an Authorised Third Party Provider to access your Account to provide their services, you should know that we have no control over how an Authorised Third Party Provider will use your information nor will we be liable for any loss of information after an Authorised Third Party Provider have access to your information.
14. COMPLAINTS PROCEDURE
14.1 Complaints regarding any element of the service provided by us can be sent to Customer Services.
14.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will automatically be posted or emailed to you.
14.3 In most cases we will provide a full response by email to your complaint within fifteen Business Days after the date we receive your complaint.  In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five Business Days of the date we received your complaint.
14.4 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.
15.GENERAL
15.1 Any delay or failure to exercise any right or remedy under these Terms and Conditions by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.
15.2 If any provision of these Terms and Conditions is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
15.3 You may not assign or transfer any of your rights and/or benefits under these Terms and Conditions and you shall be the sole party to the contract between us. You will remain liable until the Account issued to you is terminated. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under these Terms and Conditions.
15.4 Save for Modulr, who acts on our behalf, no third party who is not a party to these Terms and Conditions has a right to enforce any of the provisions in these Terms and Conditions and the Contracts (Rights of Third Parties) Act 1999 shall not apply.
15.5 These Terms and Conditions contain the information set out in Schedule 4 of the Payment Service Regulations 2017 and you can obtain a copy of this Agreement at any time by contacting Customer Services.
15.6 These Terms and Conditions are governed by English law and you agree to the exclusive jurisdiction of the courts of England and Wales.
15.7 The Financial Services Compensation Scheme is not applicable for this Account. No other compensation schemes exist to cover losses claimed in connection with your Account. As a responsible e-money issuer, we will ensure that once we have received your funds they are deposited in a 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
16.1 Customer Services are provided by the Partner Platform. The details are available in your Introduced Client Application Form.