Legal Agreements

The following supplementary terms and conditions are applicable to Revolut for Business customers only:

Modulr Client Terms of Business

Background

You have entered into a General Terms of Service Agreement with Revolut, a company incorporated in England and Wales with company number 08804411 and whose registered office is at 9th Floor, 107 Cheapside, London, United Kingdom, EC2V 6DN (“Partner Platform”) for the provision of various services (referred to as the “Partner Platform Agreement”).

These Client Terms of Business, together with the Modulr Account Terms and Conditions set out the terms on which the Modulr Products are provided and constitute a part of the Agreement between you and Modulr.

By agreeing to the terms of the Agreement, you confirm you wish 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 2 below in accordance with the terms set out in this Agreement.

This Modulr Client Terms of Business are a Supplement to your Agreement with Revolut (as defined in the General Terms of Service) and are applied to you if you have agreed to use the Modulr services.

Definitions

1.1. In these Client Terms of Business, unless otherwise stated below, all definitions shall have the meaning set out in the Modulr Account Terms and Conditions.

“Account” or “Modulr Account” means the electronic account(s) established by Modulr for you that is subject to the Modulr Account Terms and Conditions.

“Authorised User” means the individual or individuals nominated by you to access and use the Modulr Products on your behalf.

“Customer Services” means the contact centre for dealing with Client queries.

“Due Diligence Procedure” means the collection of information about you and your Group Companies (where applicable) to enable the Issuer to identify and verify your identity and relevant Group Companies in compliance with all relevant applicable anti-money laundering and counter terrorist financing laws and regulations.

“Fees” means the amounts payable by you for the purposes of accessing Modulr.

“Group Company” means any of your subsidiaries or holding companies or Modulr (as the context applies).

“Intellectual Property Rights” means all patents, trademarks, service marks, trade names, domain names, business names, copyrights, design rights, moral 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 license to use, any of the foregoing and "Intellectual Property" shall be construed accordingly.

“Issuer” means PrePay Technologies Limited, a company registered in England and Wales with number 04008083, or such other legal entity nominated by Modulr who is authorised by a Regulator to operate the Account.

“Modulr Account Terms and Conditions” means the agreement between you and the Issuer which governs the terms on which you may use the Account.

“Partner Platform” means a third party that is permitted by Modulr and the Issuer to introduce and act on your behalf.

“Partner Platform Agreement” means the agreement between you and the Partner Platform relating to provision by Partner Platform of various services including access to the Account.

“Modulr Products” means, such products that Modulr makes available to you.

“Regulator” means any regulatory or quasi-regulatory body or court or administrative body concerned with the regulation of banking and financial services matters in the relevant countries and for the United Kingdom, without limitation includes the Financial Conduct Authority and the Bank of England.

“Transactions” means any debit, credit or other adjustment to the Account that affects the balance of monies held in it.

“Website” means www.modulrfinance.com

1.2. In these Client Terms of Business:

  1. A reference to a clause is a reference to a clause in these Client Terms; headings are for reference only and shall not affect the interpretation of these Client Terms of Business; the singular shall include the plural and vice versa;

  2. 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;

  3. A reference to a party shall include its personal representatives, successors and permitted assigns;

Reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time. Modulr Products

2.1. Modulr will make available to you such products that are described in this document.

2.2. 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.

2.3. These payment services include BACS Credit, Faster Payment and inter-Account transfers, and other payment services in and out of the Account which may be enabled from time to time.

2.4. Whenever a payment is received in to the Account, the Partner Platform will be notified and immediately transfer the funds out of your Account and make them available in your Partner Platform Account.

2.5. Whenever you instruct a relevant payment out of your Partner Platform Account, Partner Platform will deduct such funds from your Partner Platform Account, transfer an equivalent amount of funds in to your Account and then execute your requested payment from your Account on your behalf.

2.6. The Account is provided by the Issuer to you in accordance with the Modulr Account Terms and Conditions. Modulr Products provided to you under this Agreement are for your sole use.

2.7. You 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 be accessed via the Partner Platform’s app.

2.8. You shall promptly notify Customer Services as soon as you become aware login and security information enabling access to your Modulr Products have been lost, stolen or compromised.

2.9. From time to time Modulr may carry out additional checks on you, including the identity of directors, beneficial owners and the nature of your business in accordance with its Due Diligence Procedure and as required by law. Modulr may contact you or the Partner Platform (as applicable) for such purposes. You agree to provide such information as necessary.

Authorised Users

3.1. Access to the Modulr Products is restricted to individuals that have been designated by you as Authorised Users.

3.2. You must notify Modulr of all individuals you wish to be an Authorised User.

3.3. Each Authorised User is permitted to access and use the Modulr Products in accordance with these Client Terms of Business.

3.4. You will be responsible for training Authorised Users in the appropriate use of Modulr Products.

3.5. You shall ensure Authorised Users:

3.5.1. take all reasonable care to ensure Modulr Product access credentials, including login details to the Website, where applicable, are kept confidential to each Authorised User; and

3.5.2. do not share any information that would enable another party to access the Modulr Products.

3.6. You acknowledge and agree that each Authorised User is authorised by you to act on your behalf. Modulr and the Issuer shall deem any instruction given by an Authorised User is an instruction given by you.

3.7. You 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 Clients accessing Modulr Products via the Partner Platform.

3.8. Where you access 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 you are set out in further detail below.

Accessing Modulr Products Through a Partner Platform

4.1. You agree and authorise the Partner Platform to instruct Modulr to access and use the Modulr Products on your behalf, which shall include but not be limited to making Transactions, viewing and retrieving Transaction data, initiating refunds and closing the Account. You acknowledge and agree that Modulr shall have no liability whatsoever with respect to the performance, availability or quality of the Partner Platform.

4.2. You acknowledge and agree:

4.2.1 you must satisfy that the Partner Platform Agreement grants the Partner Platform all permission necessary to operate the Account on your behalf;

4.2.2 the Partner Platform will be granted full access to operate the your Account as an Authorised User;

4.2.3 you are responsible for monitoring Partner Platform activities on your Account. Any queries relating to such activities will be raised with the Partner Platform directly and settled between you and the Partner Platform;

4.2.4 you have no recourse against Modulr for any act or omission of the Partner Platform with respect to your Account;

4.2.5 you understand you can only access your Account to make Transactions, review Transactions made or otherwise use Modulr Products through the service provided by the Partner Platform; and

4.2.6 you will only use the Account for the purpose set out in the Partner Platform’s General Terms of Service.

4.3. On receipt of notification from the Partner Platform, this Agreement shall terminate. Any funds in your Account will be returned in accordance with the terms of the Modulr Account Terms and Conditions.

4.4. If you have 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’s Customer Services. who shall deal with it in accordance with Modulr’s Complaints Policy, a copy of which available on request from the Partner Platform and on the Website

Customer Services

5.1. You can contact the Partner Platform’s Customer Services if you have any queries about the Modulr Products. Information may be requested from you, including but not limited to, your information so that it can verify your identity and/or the Modulr Products provided to you.

5.2. If you wish to contact the Partner Platform’s Customer Services, you may do so via the in-app chat support system. For more information, please refer to clause 20 of the General Terms of Service between you and the Partner Platform. You may also contact the Partner Platform via the following:

Telephone
+44 (0) 203 322 8352 (automated line for card blocking)
Post
Revolut Ltd, 7 Westferry Circus, The Columbus Building, 4th Floor, London, United Kingdom, E14 4HD

Fees

6.1. Fees shall be paid by the Partner Platform. No further fees shall be payable by you. Term and Termination

7.1. This Agreement shall commence on the date you agree to it by accessing the relevant section of the Partner Platform’s app and accept the terms of the Agreement, and shall continue until terminated by you, the Partner Platform (if acting on your behalf) or Modulr.

7.2 You or the Partner Platform (where applicable) may terminate this Agreement immediately by notifying Customer Services. Please refer to your Agreement with the Partner Platform for any terms relating to your need to maintain your Account.

7.3. Modulr may terminate this Agreement and close your Account(s) by providing the you with at least sixty (60) days’ notice.

7.4. Modulr may terminate this Agreement immediately (at the direction of the Issuer) if, for any reason, you are unable to satisfy the Due Diligence Procedures.

7.5. This Agreement will automatically terminate when all your Accounts are closed (for any reason).

7.6. On termination of this Agreement for any reason, any balance remaining in your Account(s) shall be returned to you in accordance with the Modulr Account Terms and Conditions. You 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 the Issuer such amount equal to the negative balance.

Intellectual Property

8.1. You acknowledge all Intellectual Property Rights in the Modulr Products are owned by or provided under licence to Modulr. Modulr grants you 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.

8.2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to you.

Force Majeure

9.1. 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.

Assignment Transfer and Subcontracting

10.1. The Modulr Products provided to you are personal to you. You 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.

10.2. You agree 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.

10.3. In the event of any transfer of this Agreement by Modulr to another service provider; if you do not want to transfer to the new provider, you must notify Modulr of your objection in writing to Partner Platform’s Customer Services. On receipt of such notification, Modulr will terminate this Agreement. Any balance remaining in your Account(s) will be returned to you in accordance with the redemption procedure set out in the Modulr Account Terms and Conditions.

Liability

11.1. 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.

11.2. Modulr makes no warranty that access to and use of the Modulr Products will be uninterrupted or error free.

11.3. You acknowledge and agree that Modulr is not liable to you for any loss, liability or damages you suffer 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 wilful misconduct in procuring the implementation of fraud control or purchase restriction measures that Modulr has expressly agreed in writing to procure for you.

11.4. Modulr shall not be liable to you for any loss or damage you may suffer as a result of any act or omission of an Authorised User or an Authorised User’s use or inability to use the Modulr Products.

11.5. You agree 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 you, or an Authorised User, has acted fraudulently, been negligent or has misused a Modulr Product or any of the services provided under this Agreement.

11.6. 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.

Reports

12.1. Modulr may make available certain management or other reporting or business administration functionality via the Website.

12.2. Modulr may from time to time amend, modify, replace or withdraw in whole or in part such reporting it provides without further notice.

Data Privacy

13.1. Modulr will collect and retain personal information about you and each Authorised User to enable Modulr to deliver the Modulr Products, the services linked to it and deal with any enquiries that the you 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, for example, the Issuer who provides the Account, 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 such 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 you.

13.2. Modulr processes personal information in accordance with relevant laws on the protection of personal data.

13.3. If Modulr transfers your 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.

13.4. Further information about how Modulr uses personal information can be found in Modulr’s Privacy Policy via the Website.

Changes to the Agreement

14.1. Modulr may amend or modify this Agreement by giving sixty (60) days’ notice to you unless Modulr is required to make such a change sooner by law. All proposed changes will be posted on the Website and communicated to you by such other means that Modulr agreed with you, for example by email. If you are accessing Modulr Products via a Partner Platform, all notifications will be communicated via such Partner Platform.

14.2. You have no obligation to accept such amendments proposed by Modulr.

14.3. You will be taken to have accepted any change to this Agreement that Modulr notifies to the you unless you tell Modulr otherwise before the relevant change takes effect. In such circumstance, Modulr will treat notice of objection by you as notification that you wish to terminate this Agreement and the use of all Modulr Products immediately. All your Accounts will be closed and any balance remaining in Account will be returned to you in accordance with the redemption procedure set out in the Modulr Agreement Terms and Conditions. In this circumstance you will not be charged a fee for the Account closure and return of any balance.

General

15.1. In these Client Terms of Business, headings are for convenience only and shall not affect the interpretation of these Client Terms of Business.

15.2. 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.

15.3. 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.

15.4. You 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.

15.5. This Agreement is written and available only in English and all correspondence with you shall be in English.

15.6. This Agreement is governed by the laws of England and you agree to the non-exclusive jurisdiction of the English courts.

Acknowledgement

16.1. By agreeing to this Agreement and accessing the relevant section of the Partner Platform’s app to utilise your Account, you agree to the Partner Platform providing all such information to Modulr who (on behalf of the Issuer) may use such information for checking and verifying your identity, and those of your directors, beneficial owners and Authorised Users as required by law.

16.2. You acknowledge that a Full Electoral Roll search may take place on the individuals noted in clause 16.1 above for anti-money laundering purposes.

16.3. You acknowledge that a “soft footprint” search may be placed on the electronic files of the individuals noted in clause 16.1 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.

16.4. You confirm that you have read, understood and accept the terms set out in the documents that form the Agreement between you and Modulr and hereby give your acknowledgement.

Modulr Account Terms & Conditions

Background

Please read these Terms and Conditions carefully before you agree to using a Modulr Account or any of our services. These Modulr Account Terms and Conditions, together with the Modulr Client Terms of Business constitute the entire agreement between Modulr and you.

By confirming that you accept the terms of these Terms and Conditions, or by agreeing to open an Account and/or using our services, you accept these Terms and Conditions. These Modulr Account Terms and Conditions are between you and Prepay Technologies Limited, a company registered in England and Wales with number 04008083 who can be contacted at PO BOX 3883 Swindon SN3 9EA. These are a Supplement to your Agreement with Revolut (as defined in the General Terms of Service) and are applied to you if you agreed to perform payment operations using the Modulr services. The terms used shall have the meaning indicated in paragraph 1. If there is anything you do not understand, please contact Customer Services using the contact details in paragraph 16.

Definitions

Account - The electronic account, also known as Modulr Account.

Account Details – Any details related to your Account, such as but not limited to, Sort Code and Account Number.

Account Information Services – An online service which provides consolidated information on accounts held by you with one or more payment service providers such as banks.

Account Information Services Provider – A third party payment service provider which is authorised by its Regulator to provide Account Information Services with your or Account Manager’s explicit consent and under a separate agreement which you have signed with them.

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 Maximum Balance – The maximum balance you can have on your Account as referred to in paragraph 2.

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 Client Terms of Business and the Client Application Form, which constitute the entire agreement between you and Modulr.

Authorised Third Party Provider – Includes Account Information Service Provider and/or Payment Initiation Service Provider.

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.

CHAPS – A sterling same-day system that is used to settle high value and time-critical payments.

Customer Services - The contact centre for dealing with queries about your Account. Contact details for Customer Services can be found in paragraph 16.

e-money - The electronic money associated with your Account.

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.

Inactive – Means no activity/transactions on the account or if the account is dormant.

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

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 Integration – An Application Programming Interface, and other similar methods, which Modulr makes available to you for the purposes of enabling you to submit instructions to, and receive information from, Modulr in respect of the Account.

Payment Initiation Services – An online service which accesses your Account to initiate the transfer of funds on your behalf.

Payment Initiation Service Provider – A third party payment service provider which is authorised by its Regulator to provide Payment Initiation Services with your or Account Manager’s explicit consent and under a separate agreement which you have signed with them.

Regulator – Means Financial Conduct Authority in the UK or another European financial services regulator.

Self Service Account Management Portal – A mobile App or online portal that allows you to have access to your Account which is provided to you by Modulr.

we, us or our - PrePay Technologies Limited, a company registered in England and Wales with number 04008083 who can be contacted at PO BOX 3883 Swindon SN3 9EA.

Working Day – Our working days are Monday to Friday but does not include bank or public holidays in England.

you, your - The Account Owner.

Account Limits

The following limits shall apply to each Account:

Maximum Balance
£250,000

Account Transaction limits

Payments IN (Faster Payments In, BACS In, CHAPS In, Internal Transfers In)

Daily limit
£250,000
Weekly limits
£500k combined
Payments OUT (Faster Payments Out)

Daily limit
£250,000
Weekly limits
£500k

Scope of This Agreement

3.1 Your Account is an e-money account and the electronic money associated with it is provided by us and will be in pounds sterling. We are regulated by the Financial Conduct Authority for the issuance of electronic money (FRN 900010). Your rights and obligations relating to the use of this Account are subject to these Terms and Conditions between you and us. The Account remains our property but, subject to clause 7.3, the Available Balance shall remain the property of the Account Owner.

3.2 This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.

3.3 You agree that we may communicate with you by e-mail, SMS or via the Self Service Account Management Portal for issuing any notices or information about your Account. It is therefore important that you ensure you keep your e-mail address and mobile phone number updated via the Self Service Account Management Portal or Customer Services and regularly check for any notifications.

3.4 If you or the Account Manager wish to make use of the services provided by an Authorised Third Party Provider on the Account, they may do so provided that the Account Manager have signed up to use Self Service Account Management Portal and the Account is active. We advise that before using an Authorised Third Party Provider, you or the Account Manager ensures that the Authorised Third Party Provider is authorised by a Regulator to provide their services. In the UK, the Financial Conduct Authority’s register available at will tell you or the Account Manager whether a company is authorised. You or the Account Manager must provide explicit consent or share the Self Service Account Management Portal credentials with the Authorised Third Party Provider each time an access to the Account is required for them to provide their services. You or the Account Manager should always consider the implications of sharing Self Service Account Management Portal credentials and any personal information.

3.5 If an Authorised Third Party Provider requests access to the Account to provide their services using the Self Service Account Management Portal credentials, we will assume that you or the Account Manager have given consent to do so. Please note we are obliged to provide access to the Account if it is requested by an Authorised Third Party Provider and can only refuse access in certain circumstances.

3.6 If you or the Account Manager do not wish to use services provided by an Authorised Third Party Provider on the Account, you or the Account Manager can simply refuse to provide consent or refuse to share the Self Service Account Management Portal credentials with an Authorised Third Party Provider.

Opening Your Account

4.1 Your Account will be opened on your behalf by Modulr. You may only hold an Account so long as you remain an approved client of Modulr.

Using The Account

5.1 Your Account can receive Faster Payments, BACS and CHAPS bank transfers from any UK bank account. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Working Days after the payment being instructed, depending on how the payment was sent.

5.2 Your Account can also receive internal transfers from other Modulr Accounts owned or controlled by you, which apply instantly.

5.3 Any incoming payment will not be credited to your Account if:

5.3.1 the Account has reached the Account Maximum Balance or 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 transfer to be fraudulent; or

5.3.5 to do so is prohibited by any law.

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 Faster Payments out to external bank accounts. All Faster Payments will be sent within 2 hours or as otherwise indicated in the service level agreement.

5.6 Your Account will be configured and operated by us. You agree that we may take instructions from Modulr regarding the operation of your Account on your behalf including transferring funds from your Account to your nominated bank account or other external bank accounts.

5.7 The time of receipt of a transaction order is when we receive it. A transaction cannot be stopped after it has been transmitted to us and you or the Account Manager have given consent to us or Modulr to make that transaction.

Authorisation of Payments and Stopping Payments

5.8 It is your responsibility to ensure correct recipient account details and payment amount is provided when making any payment or setting up a payee on your behalf. You are responsible if you give us incorrect instructions or mistakenly instruct us to make the same payment more than once, but we will try to help you get the money back. We may not always be able to do this, but we will follow standard industry processes to try to do so. If we cannot get the money back, you can request the relevant information we have about the transaction to help you reclaim the money. We will provide this information on receiving a written request from you, unless the law prevents us doing so.

5.9 You can authorise us to make a payment from your Account by giving us instructions via a third party, such as through a Payment Initiation Service Provider. We will treat a payment as authorised by you if:

5.9.1 the transaction was authorised from the Self Service Account Management Portal using the required security credentials;

5.9.2 we or Modulr have made a transaction on your Account based on your instructions; or

5.9.3 a Payment Initiation Service Provider has made a payment from your Account.

5.10 We may refuse to execute or process a payment (without prior notice to you) if:

5.10.1 the Account does not have sufficient Available Balance to cover the payment; or

5.10.2 the Account is suspended or closed; or

5.10.3 the Account has reached its Account Limits; or

5.10.4 we need to do so to comply with the rules of the payment system; or

5.10.5 we suspect fraudulent activity on the Account or the payment is unlawful or fraudulent; or

5.10.6 we are concerned about fraud or unauthorised access to the Account by a Payment Initiation Service Provider; or

5.10.7 required to comply with any law.

5.11 If we refuse to process a payment under paragraph 5.10:

5.11.1 we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient.

5.11.2 you can check the Account to ensure there was enough Available Balance and/or that correct recipient details were provided, or can ask us why we have not executed a payment by contacting Customer Services. Unless the law prevents us, we will explain why and we will also tell you what can be done to correct any errors in the payment instruction.

5.11.3 because we or Modulr are concerned under paragraph 5.10.6. Modulr will contact you using the contact details provided by you or by leaving a message on the Self Service Account Management Portal as soon as possible or in advance if possible to explain why we have refused to process the payment, unless we are prohibited by the law or we have security reasons not to do so.

5.12 You may not be able to stop any payments once it has been authorised by us or Modulr on your behalf, you, Account Manager or a Payment Initiation Service Provider.

5.13 The Available Balance on your Account will not earn any interest.

5.14 We may in the future offer you the opportunity to use physical or virtual cards in connection with your Account. These cards would operate under the Mastercard scheme. If we offer such cards to you, we will notify you of any additional terms and charges in accordance with the provisions of this Agreement. You may in your absolute discretion determine that you do not wish to be issued with or use such cards.

Checking Account Balance and Transaction History

6.1 You can check the balance and transaction history of your Account at any time via the Self Service Account Management Portal or Modulr Integration.

6.2 You will be provided with a monthly statement using the details we have associated with your Account.

Closing Your Account

7.1 You may close your Account by contacting Customer Services. Please refer to your contract with Modulr for any terms relating to your need to maintain your Account.

7.2 The Account will be closed if Modulr instructs us to close your Account.

7.3 Any Available Balance remaining on the Account after Account closure will be transferred to your nominated bank account via Faster Payments. If for any reason this is not possible, such Available Balance will remain yours for a period of six years from the date of Account closure. Within this period, you may at any time request a refund by contacting Customer Services. You will not have any access to your Account and we will not return any funds remaining on the Account after six years from the date of Account closure and this Agreement will terminate.

Your Liability and Authorizations

8.1 You are responsible for understanding and complying with the Agreement including these Terms and Conditions.

8.2 We may restrict or refuse to authorise any use of your Account if using your Account is causing or could cause a breach of this Agreement 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.

8.3 You or the Account Manager must not:

8.3.1 allow a third party other than us, Modulr and/or an Authorised Account Information Service Provider to use or access your Account.

8.3.2 write down password(s) or any security information related to the Account unless this is done in a way that would make it impossible for anyone else to recognise any of that information,

8.3.3 disclose passwords or any security information related to your Account, 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, or

8.3.4 disclose or make available your Self Service Account Management Portal credentials to a third party unless the third party is an Authorised Account Information Service Provider and you want to use Account Information Services provided by them.

8.4 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 this 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.

8.5 You will be liable for all transactions that we make on your behalf following instructions from Modulr or transactions which a Payment Initiation Service Provider authorises.

8.6 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 Self Service Account Management Portal log in details and Modulr Integration security details, if you or the Account Manager fail to keep the security features of the Account safe.

8.7 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 this Agreement.

8.8 You agree to indemnify and hold harmless, us 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 and/or any breach of this Agreement by you.

Unauthorised and Incorrect Transactions

9.1 If you have a reason to believe that a transaction on your Account was unauthorised by you, the Account Manager, a Payment Initiation Service Provider or us based on Modulr’s instruction 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.

9.2 We will by the end of next Working Day refund the amount including any fees and restore your Account to the position it would have been in if the unauthorised transaction had not taken place.

9.3 We are not obliged to refund the unauthorised sums to you if we have reason to believe you or the Account Manager have acted fraudulently and we may notify the police or any other authority permitted by law. If we don’t provide a refund by the end of the next Working day but subsequently confirm that the transaction was unauthorised, we will refund the sums to you straight away.

9.4 We will have no further liability to you once we have refunded the unauthorised sums 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, including any fees, to your Account.

9.5 You will be liable for all unauthorised transactions made from your Account if you or the Account Manager have deliberately or with gross negligence failed to keep your Account security information safe in accordance with this Agreement or where you have failed to notify us without undue delay on becoming aware that your Account security information has been lost or stolen.

9.6 You will not be liable for unauthorised transactions from your Account after you have told us that your Account security information has been lost or stolen.

9.7 If you tell us that a transaction has been made incorrectly, after we are informed, we will immediately refund your Account with sufficient funds including any charges to restore your Account to the same position as if the incorrect transaction had not been made. However this will not apply if:

9.7.1 you fail to tell us of the incorrect payment without undue delay and in any case within 13 months of the date on which the transaction occurred;

9.7.2 any payment instructions you gave us were incorrect. If so, we will make reasonable efforts to recover your money if the payment has gone missing. If we are unable to recover the funds, you can request the relevant information we have regarding the transaction to help you reclaim the payment amount. For legal reasons, we are obliged to provide this information on receipt of a written request, except where the law prevents us from doing so; or

9.7.3 we can show that the payment was actually received by the intended recipient at the other bank.

9.8 If funds have been paid in to your Account by mistake, we can take the funds back out of your Account and/or put a hold on the money so it cannot be spent.

9.8.1 We don’t have to tell you before we take the money back or put a hold on the money.

9.8.2 If funds go into your Account by mistake, 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.

Variation

10.1 We may change these Terms and Conditions, including limits 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 terminate your Agreement and close your Account. However, in the event you do not cancel during this period then you will be deemed to have accepted them and the changes will apply to you.

10.3 There are some situations where we can make changes to this Agreement and we do not have to tell you in advance. These are changes you probably expect because of the nature of the product or service, or that you won’t mind about because they are favourable to you. We do not have to tell you personally in advance when any of the following happen:

10.3.1 If the change is in your favour, if we reduce your charges, if we make this Agreement fairer to you, or if we introduce a new service or feature from which you can benefit.

10.3.2 We make a change because a change in law or regulation says that we have to by a particular date, and there isn’t time to give you notice.

10.4 If any part of these Terms and Conditions are inconsistent with any regulatory requirements then we will not rely on that part but treat it as if it did actually reflect the relevant regulatory 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.

Termination or Suspension

11.1 We can terminate this Agreement at any time:

11.1.1 if we give you four months’ notice and transfer any Available Balance at the time to your nominated bank account without a charge, or

11.1.2 with immediate effect if you or the Account Manager have breached these Terms and Conditions, or 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.

11.2 We can suspend, block 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 incorrect; or

11.2.2 we suspect or to prevent suspected unauthorised or fraudulent use of your Account; or

11.2.3 you have reached your Account Limit; or

11.2.4 we believe that this is necessary for security reasons; or

11.2.5 any legal obligations require us to do so; or

11.2.6 you have breached these Terms and Conditions.

11.3 In the event that we do suspend, block 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).

Our Liability

12.1 Our liability in connection with this Agreement (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 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;

12.1.2 we shall not be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;

12.1.3 we shall not be liable for any incorrect amounts transferred into your Account or deducted from your Account due to incorrect instructions provided by Modulr or by any actions taken by Modulr;

12.1.4 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;

12.1.5 in all other circumstances of our default, our liability will be limited to transferring any Available Balance to your nominated bank account.

12.2 Nothing in this Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.

12.3 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.

12.4 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this Agreement.

12.5 In the event of suspected or actual fraud or security threat to your Account, we will use SMS, telephone, post, email or another secure procedure to contact you. We may ask you to verify your identity or identity of the Account Manager for security purposes.

Your Information

13.1 You may provide us with your Information from time to time in connection with your Account. Some Information will be necessary for us to provide you with the Account and services under this Agreement. You must update any changes to your Information by contacting Customer Services.

13.2 We and our affiliates are committed to maintaining your Information in accordance with the requirements of the Data Protection Act 1998 and will take all reasonable steps to ensure that your Information is kept secure against unauthorised access, loss, disclosure or destruction. Except as required by law, or in accordance with this Agreement, your Information will not be passed to anyone without your permission. We can at any time request evidence of identity and additional Information from you and may use an ID verification agency or credit reference agency (whose names and addresses will be provided to you on request) both prior to and following issue of your Account for this purpose and who will add details to your record of our request for a search.

13.3 You agree that we can use your Information in connection with your Account, to enable us to review, develop and improve our products and services. This may involve providing your Information to our partners, affiliates, agents, distributors and suppliers to process transactions and for their statistical research and analytical purposes. We may also disclose your Information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity.

13.4 You may contact us at any time to request us to stop such use or further disclosure to other companies for such use.

13.5 You have a right to inspect the Information we hold about you.

13.6 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.

13.7 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.

13.8 You consent to us in using your information to provide payment services to you. If you withdraw this consent, we will stop providing payment services but may still use your data or information where we have lawful grounds to do so, for example because we need to retain records for regulatory purposes.

Compliants 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 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 http://www.financial-ombudsman.org.uk.

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 your 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 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.

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 creditors.

Contacting Customer Services

16.1 Customer Services are provided by Modulr. Customer Services can be contacted by email via support@modulrfinance.com

Saxo Payments Terms & Conditions

Revolut uses Saxo Payments A/S, company registration no. 32338895, Philip Heymans Allé 15, 2900 Hellerup, Denmark, as payment and FX provider for Business Accounts. Saxo Payments is a payment institution authorised and regulated by the Danish Financial Supervisory Authority. By agreeing to Revolut’s Business Terms of Service you also agree to be bound by Saxo Payments A/S’s Business Terms, Privacy Policy and the Code of Conduct which are available on the following link: https://www.saxopayments.com/businessterms.

United Kingdom