USING THE ACCOUNT. 7.1. Your Account can receive bank transfers and other payment types as added and notified to you by Us from time to time. Subject to clause 7.3, 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. 7.2. Your Account can also receive internal transfers from other Accounts, which apply immediately. 7.3. An incoming payment will not be credited to your Account if: 7.3.1. the Account has reached the Account Maximum Balance or Account Limits; or 7.3.2. the Account is inactive or blocked or terminated; or 7.3.3. the sender has provided incorrect/invalid Account Details for your Account; or 7.3.4. We suspect the payment to be fraudulent. 7.4. If We are unable to credit your Account for any of the reasons in clause 7.3 then the funds may be sent back to the sender without a prior notification to you. 7.5. Your Account will be configured and operated by the Platform as your Account Manager. You agree that We may take instructions from the Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We have no liability for actions taken by the Platform. If you disagree with any actions taken by the Platform these should be discussed with the Platform. 7.6. Your Account can make payments out to external bank accounts via Faster Payments and other methods as added and notified to you from time to time. 7.7. A Transaction is deemed to be authorised by you, when you or your Account Manager enters the security information on Our Online Portal to confirm a Transaction is authorised, or when it is instructed via Our API with the relevant security credentials. Once the Transaction is confirmed, We cannot revoke the Transaction save for in those circumstances set out in clause 7.11 below. 7.8. The following Transactions may be withdrawn: 7.8.1. any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or 7.8.2. Transactions due to take place on a future date. 7.9. If We refuse to execute a payment order to or to initiate a Transaction, We will, without undue delay and provided We are legally permitted to do so, notify you or your Account Manager of the refusal. If possible, We will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal. 7.10. The Available Balance on your Account will not earn any interest. 7.11. You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. . 7.12. You will be provided with a monthly statement via your Account Manager (using the details We have associated with your Account).
Appears in 2 contracts
Sources: E Wallet Terms and Conditions, Payment Services Agreement
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsAccounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) 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 Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s).
7.6. Your 5.7 Where Cards are made available to you, your Account can make payments out be used to external bank accounts via Faster Payments and other methods as added and notified 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 from time to timevia the Online Portal or Modulr API.
7.75.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device.
5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant.
5.10 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.
5.11 A Transaction is deemed to be authorised by you, :
5.11.1 when you or your Account Manager or Partner Platform enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. Once ;
5.11.2 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 is confirmed, We cannot revoke made using such Virtual Card up to the Transaction save authorisation value specified when creating the request for in those circumstances set out in clause 7.11 below.creation of the Virtual Card;
7.8. The following Transactions may be withdrawn:5.11.3 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;
7.8.1. 5.12 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 is given to cancel no later than close of business on the business day Business Day before the Transaction was due to take place; and/or;
7.8.25.13 If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 apply. Transactions due You agree that once we make this negative balance known to take place 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 a future dateyour 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.
7.9. If We refuse 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to execute recover the negative balance amount from the Merchant.
5.15 Where 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 your Account Manager negative balance arises because of an error on the part of the refusal. If possiblerecipient of the payment or us, We we will provide seek to recover the reasons for negative balance amount from the refusal and where it is possible to provide reasons for person who made the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusalerror.
7.10. 5.16 The Available Balance on your Account will not earn any interest.
7.11. 5.17 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.18 You will be provided with a monthly statement via your Account Manager free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details We we have associated with your Account).
Appears in 2 contracts
Sources: Terms and Conditions, Terms and Conditions
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Associated Service Provider, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerAssociated Service Provider. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Platform in that capacity Associated Service Provider 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 PlatformAssociated Service Provider. If you disagree with any actions taken by the Platform Associated Service Provider these should be discussed with the PlatformAssociated Service Provider.
7.65.6 Where so agreed with us, your Account can be used to fund Virtual Card Transactions. You or your Account Manager or Associated Service Provider can request a Virtual 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.
5.7 If the Virtual Card Transaction is made in a currency other than the currency Virtual Card is denominated in, the Virtual Card Transaction will be converted to the currency of Virtual Card by the Mastercard Card Scheme at a rate set by Mastercard (see ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇/en-gb/consumers/get-support/convert-currency.html) on the day we receive details of the Virtual Card Transaction. The exchange rate varies throughout the day and is not set by us.
5.8 Your Account can make payments out to external bank accounts via Faster Payments Payments, SEPA and other methods as added and notified to you by the Associated Service Provider from time to time.
7.7. 5.9 A Transaction is deemed to be authorised by you, when you or your Account Manager or Associated Service Provider:
5.9.1 enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. Once ;
5.9.2 when you or your Account Manager or Associated Service Provider 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 is confirmed, We cannot revoke made using such Virtual Card up to the Transaction save authorisation value specified when creating the request for in those circumstances set out in clause 7.11 belowcreation of the Virtual Card;
5.9.3 when you give instructions through a third party (such as the recipient of a Direct Debit Mandate or a Payment Initiation Service Provider).
7.8. 5.10 The following Transactions may be withdrawn:
7.8.1. 5.10.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day Business Day before the Transaction was due to take place; and/or
7.8.2. 5.10.2 Transactions due to take place on a future date.
7.95.11 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 We may at any time cancel or suspend your right to use Virtual Cards where we:
5.13.1 we are concerned about the security of your Virtual Card or access to it;
5.12.2 we know or suspect that that your Virtual Card is being used in an unauthorised or fraudulent manner;
5.12.3 we need to do so in order to comply with the law or otherwise for regulatory or fraud prevention purposes;
5.12.4 the transaction would breach the limits applicable to your Virtual Card;
5.12.5 you break an important part of these Terms and Conditions, or repeatedly break any term in this Agreement and fail to resolve the matter in a timely manner.
5.13 If We we refuse to execute a payment order to or to initiate a Transaction, We we will, without undue delay and provided We we are legally permitted to do so, notify you or your Account Manager the Associated Service Provider of the refusal. If possible, We we will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
7.10. The Available Balance on your Account will not earn any interest.
7.11. You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. .
7.12. You will be provided with a monthly statement via your Account Manager (using the details We have associated with your Account).
Appears in 1 contract
Sources: Client Agreement
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3, 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.paragraph
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account LimitsLimit; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 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 Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s).
7.6. Your 5.7 Where Cards are made available to you, your Account can make payments out be used to external bank accounts via Faster Payments and other methods as added and notified 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 Card Transaction, together with any applicable fees and charges, will be deducted from time to timeyour Account once we receive the authorisation request from the Merchant.
7.75.8 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.
5.9 If you use the Card to make a purchase online you may be asked by the Merchant to use 3DS. Physical Cards are automatically enrolled for use with 3DS. When you use 3DS, you agree that the following shall apply in relation to your use of the Card:
5.9.1 You must provide us with your mobile phone number before you can use 3DS. You must ensure that your mobile phone can receive SMS at the time of your purchase.
5.9.2 When you use 3DS to purchase from a participating Merchant, you will be presented with an electronic receipt and the One-Time Passcode will be sent to your mobile phone.
5.9.3 Without your One-Time Passcode, you will not be able to make purchases from participating Merchants.
5.9.4 If you update your mobile phone number then you must notify us immediately of your new details, to ensure our records are correct.
5.9.5 The One-Time Passcode is valid for the purchase you received it for. You are responsible for the security and confidentiality of your One-Time Passcode and must not share it with anyone else.
5.9.6 You will be responsible for any fees or charges imposed by your mobile phone service provider in connection with your use of 3DS.
5.10 A Transaction is deemed to be authorised by you, :
5.10.1 when you or your Account Manager or Partner Platform enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. Once ;
5.10.2 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 is confirmed, We cannot revoke made using such Virtual Card up to the Transaction save authorisation value specified when creating the request for in those circumstances set out in clause 7.11 belowcreation of the Virtual Card;
5.10.3 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;
5.10.4 when you give instructions through a third party (such as the recipient of a Direct Debit Mandate or a Payment Initiation Service Provider).
7.8. The following Transactions may be withdrawn:
7.8.1. 5.11 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice is given to cancel no later than close of business on the business day Business Day before the Transaction was due to take place; and/or
7.8.2. Transactions due to take place on a future date.
7.95.12 Cancelling a Direct Debit Mandate or recurring Card Transactions 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.
5.13 If We refuse to execute for any reason whatsoever, a payment order to or to initiate 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 will, without undue delay and provided We are legally permitted to do so, notify you or your Account Manager may charge the amount of the refusalnegative balance against any funds on your Account, including any subsequently loaded funds. If possibleUntil we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We will provide may also report the reasons for the refusal and where it is possible negative balance to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusalcredit reference agencies.
7.10. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant.
5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error.
5.16 The Available Balance on your Account will not earn any interest.
7.11. 5.17 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.18 You will be provided with a monthly statement via your Account Manager by the Partner Platform or us (using the details We we have associated with your Account).
Appears in 1 contract
Sources: Introduced Client Agreement
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity 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.
7.65.6 Where so agreed with us, your Account can be used to fund Virtual Card Transactions. You or your Account Manager or Partner Platform can request a Virtual 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.
5.7 If the Virtual Card Transaction is made in a currency other than the currency Virtual Card is denominated in, the Virtual Card Transaction will be converted to the currency of Virtual Card by the Mastercard Card Scheme at a rate set by Mastercard (see ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇/en-gb/consumers/get-support/convert-currency.html) on the day we receive details of the Virtual Card Transaction. The exchange rate varies throughout the day and is not set by us.
5.8 Your Account can make payments out to external bank accounts via Faster Payments Payments, SEPA and other methods as added and notified to you by the Partner Platform from time to time.
7.7. 5.9 A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform:
5.9.1 enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. Once ;
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 is confirmed, We cannot revoke made using such Virtual Card up to the Transaction save authorisation value specified when creating the request for in those circumstances set out in clause 7.11 belowcreation of the Virtual Card;
5.9.3 when you give instructions through a third party (such as the recipient of a Direct Debit Mandate or a Payment Initiation Service Provider).
7.8. 5.10 The following Transactions may be withdrawn:
7.8.1. 5.10.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day Business Day before the Transaction was due to take place; and/or
7.8.2. 5.10.2 Transactions due to take place on a future date.
7.95.11 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 We may at any time cancel or suspend your right to use Virtual Cards where we:
5.13.1 we are concerned about the security of your Virtual Card or access to it;
5.12.2 we know or suspect that that your Virtual Card is being used in an unauthorised or fraudulent manner;
5.12.3 we need to do so in order to comply with the law or otherwise for regulatory or fraud prevention purposes;
5.12.4 the transaction would breach the limits applicable to your Virtual Card;
5.12.5 you break an important part of these Terms and Conditions, or repeatedly break any term in this Agreement and fail to resolve the matter in a timely manner.
5.13 If We we refuse to execute a payment order to or to initiate a Transaction, We we will, without undue delay and provided We we are legally permitted to do so, notify you or your Account Manager the Partner Platform of the refusal. If possible, We we will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
7.10. The Available Balance on your Account will not earn any interest.
7.11. You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. .
7.12. You will be provided with a monthly statement via your Account Manager (using the details We have associated with your Account).
Appears in 1 contract
Sources: Introduced Client Agreement
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us Modulr from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We Modulr and we may take instructions from the Partner Platform in that capacity 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.
7.6. 5.6 Your Account can make payments out to external bank accounts via Faster Payments (once enabled) and other methods as added and notified to you by the Partner Platform from time to time.
7.7. 5.7 A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. Once the Transaction is confirmed, We we cannot revoke the Transaction save for in those circumstances set out in clause 7.11 paragraph 5.8 below.
7.8. 5.8 The following Transactions may be withdrawn:
7.8.1. 5.8.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or
7.8.2. 5.8.2 Transactions due to take place on a future date.
7.9. 5.9 If We we refuse to execute a payment order to or to initiate a Transaction, We we will, without undue delay and provided We we are legally permitted to do so, notify you or your Account Manager the Partner Platform of the refusal. If possible, We we will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
7.10. 5.10 The Available Balance on your Account will not earn any interest.
7.11. 5.11 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.12 You will be provided with a monthly statement via your Account Manager by the Partner Platform or us (using the details We we have associated with your Account).
Appears in 1 contract
Sources: Card Agreement
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity 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). You are responsible for all actions of the Account Manager in relation to the Account.
7.6. 5.6 Your Account can make payments out to external bank accounts via SEPA, Faster Payments and other methods as added and notified to you by the Partner Platform from time to time.
7.7. 5.7 A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform:
5.7.1 enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials;
5.7.2 when you give instructions through a third party (such as the recipient of a Payment Initiation Service Provider). Once the Transaction is confirmed, We we cannot revoke the Transaction save for in those circumstances set out in clause 7.11 paragraph 5.8 below.
7.8. The following Transactions may be withdrawn:
7.8.1. 5.8 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 is given to cancel no later than close of business on the business day Business Day before the Transaction was due to take place; and/or
7.8.2. Transactions due to take place on a future date.
7.9. 5.9 If We refuse to execute for any reason whatsoever, a payment order to or to initiate 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 section 5.10 applies. 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 willmay charge the amount of the negative balance against any funds on your Account, without undue delay and provided We including any subsequently loaded funds. Until we are legally permitted to do soreimbursed this negative balance amount, notify you or we may arrange for your Account Manager to be suspended. We may also report the negative balance to credit reference agencies.
5.10 Where a negative balance arises because of an error on the part of the refusal. If possiblerecipient of the payment or us, We we will provide seek to recover the reasons for negative balance amount from the refusal and where it is possible to provide reasons for person who made the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusalerror.
7.10. 5.11 The Available Balance on your Account will not earn any interest.
7.11. 5.12 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.13 You will be provided with a monthly statement via your Account Manager free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details We we have associated with your Account).
Appears in 1 contract
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of paymentspayments and issuance of Virtual Cards, on your behalfbehalf and all in accordance with the terms of your agreement with the Partner Platform. We Modulr have no liability for actions taken by the Partner Platform. If you disagree with believe any actions action taken by the Partner Platform these should be discussed is not in accordance with the agreement you have in place with it, then you should contact Partner Platform.
7.6. 5.6 Your Account can make payments out to external bank accounts via Faster Payments and other methods as added and notified to you by the Partner Platform from time to time.
7.75.7 Your Account can be used to fund Virtual Card Transactions. You can request a Virtual Card to be issued to you via the Online Portal or 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 Virtual Card Transaction is made in a currency other than the currency Virtual Card is denominated in, the Virtual Card Transaction will be converted to the currency of Virtual Card by the Mastercard Card Scheme at a rate set by Mastercard (see ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇/en-gb/consumers/get-support/convert-currency.html) on the day we receive details of the Virtual Card Transaction. The exchange rate varies throughout the day and is not set by us.
5.9 A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. When you submit a request for a creation of a Virtual Card via the Online Portal or API, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified by you when you request the creation of the Virtual Card. Once the Transaction is confirmed, We we cannot revoke the Transaction save for in those circumstances set out in clause 7.11 paragraph 5.8 below.
7.8. 5.10 The following Transactions may be withdrawn:
7.8.1. 5.10.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or
7.8.2. 5.10.2 Transactions due to take place on a future date.
7.9. If 5.11 We refuse may at any time cancel or suspend your right to execute a payment use Virtual Cards where:
5.11.1 we are concerned about the security of your Virtual Card or access to it;
5.11.2 we know or suspect that that your Virtual Card is being used in an unauthorised or fraudulent manner;
5.11.3 we need to do so in order to comply with the law or otherwise for regulatory or fraud prevention purposes;
5.11.4 the Virtual Card Transaction would breach the limits applicable to initiate your Virtual Card and/or Account;
5.11.5 you break an important part of these Terms and Conditions, or repeatedly break any term in this Agreement and fail to resolve the matter in a Transaction, We will, without undue delay and provided We are legally permitted to do so, notify you or your Account Manager of the refusal. If possible, We will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusaltimely manner.
7.10. 5.12 The Available Balance on your Account will not earn any interest.
7.11. 5.13 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.14 You will be provided with a monthly statement via your Account Manager by the Partner Platform or us (using the details We we have associated with your Account).
5.15 For Virtual Card Transactions where you do not know the exact amount of the Transaction at the time you authorise it, we will not block funds on your Available Balance unless you authorise the exact amount to be blocked.
Appears in 1 contract
Sources: Modulr Provider Terms
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us Modulr from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We Modulr and we may take instructions from the Partner Platform in that capacity 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.
7.6. 5.6 Your Account can make payments out to external bank accounts via Faster Payments and other methods as added and notified to you by the Partner Platform from time to time.
7.7. 5.7 A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. Once the Transaction is confirmed, We we cannot revoke the Transaction save for in those circumstances set out in clause 7.11 paragraph 5.8 below.
7.8. 5.8 The following Transactions may be withdrawn:
7.8.1. 5.8.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or
7.8.2. 5.8.2 Transactions due to take place on a future date.
7.9. 5.9 If We we refuse to execute a payment order to or to initiate a Transaction, We we will, without undue delay and provided We we are legally permitted to do so, notify you or your Account Manager the Partner Platform of the refusal. If possible, We we will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
7.10. 5.10 The Available Balance on your Account will not earn any interest.
7.11. 5.11 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.12 You will be provided with a monthly statement via your Account Manager by the Partner Platform or us (using the details We we have associated with your Account).
Appears in 1 contract
Sources: Account and Cardholder Agreement
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of paymentspayments and issuance of Virtual Cards, on your behalfbehalf and all in accordance with the terms of your agreement with the Partner Platform. We Modulr have no liability for actions taken by the Partner Platform. If you disagree with believe any actions action taken by the Partner Platform these should be discussed is not in accordance with the agreement you have in place with it, then you should contact Partner Platform.
7.6. 5.6 Your Account can make payments out to external bank accounts via Faster Payments and other methods as added and notified and
5.7 Your Account can be used to fund Virtual Card Transactions. You can request a Virtual Card to be issued to you via the Online Portal or API. The value of the Virtual Card Transaction, together with any applicable fees and charges, will be deducted from time to timeyour Account once we receive the authorisation request from the Merchant.
7.75.8 If the Virtual Card Transaction is made in a currency other than the currency Virtual Card is denominated in, the Virtual Card Transaction will be converted to the currency of Virtual Card by the Mastercard Card Scheme at a rate set by Mastercard (see ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇/en-gb/consumers/get-support/convert-currency.html) on the day we receive details of the Virtual Card Transaction. The exchange rate varies throughout the day and is not set by us.
5.9 A Transaction is deemed to be authorised by you, when you or your Account Manager or Partner Platform enters the security information on Our the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via Our the Modulr API with the relevant security credentials. When you submit a request for a creation of a Virtual Card via the Online Portal or API, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified by you when you request the creation of the Virtual Card. Once the Transaction is confirmed, We we cannot revoke the Transaction save for in those circumstances set out in clause 7.11 paragraph 5.8 below.
7.8. 5.10 The following Transactions may be withdrawn:
7.8.1. 5.10.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or
7.8.2. 5.10.2 Transactions due to take place on a future date.
7.9. If 5.11 We refuse may at any time cancel or suspend your right to execute a payment use Virtual Cards where:
5.11.1 we are concerned about the security of your Virtual Card or access to it;
5.11.2 we know or suspect that that your Virtual Card is being used in an unauthorised or fraudulent manner;
5.11.3 we need to do so in order to comply with the law or otherwise for regulatory or fraud prevention purposes;
5.11.4 the Virtual Card Transaction would breach the limits applicable to initiate your Virtual Card and/or Account;
5.11.5 you break an important part of these Terms and Conditions, or repeatedly break any term in this Agreement and fail to resolve the matter in a Transaction, We will, without undue delay and provided We are legally permitted to do so, notify you or your Account Manager of the refusal. If possible, We will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusaltimely manner.
7.10. 5.12 The Available Balance on your Account will not earn any interest.
7.11. 5.13 You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time. 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.
7.12. 5.14 You will be provided with a monthly statement via your Account Manager by the Partner Platform or us (using the details We we have associated with your Account).
5.15 For Virtual Card Transactions where you do not know the exact amount of the Transaction at the time you authorise it, we
Appears in 1 contract
Sources: Modulr Client Application Form
USING THE ACCOUNT. 7.1. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Us ▇▇▇▇▇▇ from time to time. Subject to clause 7.3paragraph 5.3, We we will credit your Account when We we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
7.2. 5.2 Your Account can also receive internal transfers from other AccountsModulr Accounts owned or controlled by the Partner Platform, which apply immediatelyinstantly.
7.3. 5.3 An incoming payment will not be credited to your Account if:
7.3.1. 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
7.3.2. 5.3.2 the Account is inactive or blocked or terminated; or
7.3.3. 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
7.3.4. We 5.3.4 we suspect the payment to be fraudulent.
7.4. 5.4 If We we are unable to credit your Account for any of the reasons in clause 7.3 paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
7.5. 5.5 Your Account will be configured and operated by the Platform as your Account ManagerPartner Platform. You agree that We ▇▇▇▇▇▇ and we may take instructions from the Partner Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s).
7.6. 5.6 Your Account can make payments out to external bank accounts via SEPA Transfer, Faster Payments, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. With regard to SEPA Transfers, Modulr will automatically process inbound and outbound SEPA payments via SEPA Instant Credit Transfers where possible. In the event Modulr is unable to process such payments via SEPA Instant Credit Transfers, the payments will default to being made via SEPA Credit Transfers.
7.7. A Transaction is deemed 5.7 Where Cards are made available to be authorised by you, when you or , your Account Manager enters the security information on Our Online Portal can be used to confirm a Transaction is authorised, or when it is instructed via Our API with the relevant security credentials. Once the Transaction is confirmed, We cannot revoke the Transaction save for in those circumstances set out in clause 7.11 below.
7.8. The following Transactions may be withdrawn:
7.8.1. any Transaction which is agreed to take place on a date later than the date you authorised it, provided that notice is given no later than close of business on the business day before the Transaction was due to take place; and/or
7.8.2. Transactions due to take place on a future date.
7.9. If We refuse to execute a payment order to or to initiate a Transaction, We will, without undue delay and provided We are legally permitted to do so, notify you or your Account Manager of the refusal. If possible, We will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
7.10. The Available Balance on your Account will not earn any interest.
7.11fund Card Transactions. You or your Account Manager (as or Partner Platform can request a Virtual Card or a Physical Card to be issued to you via the case Online Portal or Modulr API.
5.8 Where a Virtual Card or Physical Card is issued to you, you may be) be able to register and/or store the details of the Card within third party apps and/or devices and to use those third party apps/devices to initiate payments with your Card. When you first register your Card within a third party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third party app/device.
5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant.
5.10 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 balance and Transaction history relevant Card Scheme rate as follows.
5.11 If you use the Card to make a purchase online you may be asked by the Merchant to use 3DS. Physical Cards are automatically enrolled for use with 3DS. When you use 3DS, you agree that the following shall apply in relation to your use of the Card:
5.11.1 You must provide us with your mobile phone number before you can use 3DS. You must ensure that your mobile phone can receive SMS at the time of your Account at any time. purchase.
7.12. You will be provided with a monthly statement via your Account Manager (using the details We have associated with your Account).
Appears in 1 contract