Zeux Terms and Conditions

 

These Terms and Conditions (the law of England and Wales applies) govern the relationship between you and Zeux Ltd (referred to henceforth as “Zeux”, “us”, “we”, “our”) and by using the mobile application and/or website you consent to them.

  1. Who we are and how to contact us
    • 1.1. These terms and conditions (the “Terms and Conditions”) set out your legal rights and responsibilities, our legal rights and responsibilities and certain key information required by law.
    • 1.2. Zeux (“Zeux”) is a mobile platform and Zeux.com (“Zeux.com”) is a website, both of which are operated by Zeux Ltd, a company registered in England and Wales under company number 11073443, with Registered Office at Berkeley Square, House Berkeley Square, Mayfair, London, United Kingdom, W1J 6BD
    • 1.3. For support enquiries, please contact us by email at support@zeux.com
      Alternatively contact us by mail at:
      Zeux Ltd
      Berkeley Square House, Berkeley Square, Mayfair, London, United Kingdom, W1J 6BD

  2. Our Service
    • 2.1. Zeux arranges the opening of Personal and Business accounts via the services of our partner Zxtech Ltd
    • 2.2. By agreeing to our service, and upon successful verification, Zxtech Ld, an FCA authorised Payment Institution (FRN 940104), a company registered in England and Wales under company number 12495813, with Registered Office at Berkeley Square House, Berkeley Square, London, W1J 6BD may issue you with an e-money account and debit card.
    • 2.3. By accepting these terms and conditions you are agreeing to the Terms and Conditions by Zxtech Ltd(Annex 1.0)
    • 2.4. Account opening and monthly subscription fees apply:
      For more information on Personal accounts and fees please see clause 12.3 and 12.5 of these terms and conditions and Annex 1.
      For more information on Business accounts and fees please see clause 13.3 and 13.5 of these terms and conditions and Annex 1
    • 2.5. This account service will provide you with a consolidated view of your financial and transaction data along with systems to manage your finances in your account.
    • 2.6. By using our service, you confirm that you accept these terms and that you agree to comply with them
    • 2.7. You must be over 18 years old and a resident of the United Kingdom to use our service
    • 2.8. You shall not impersonate any other person or create a false identity in connection with your use of our service
    • 2.9. Only one account can be held in your name or entity name at any time
    • 2.10. You must not use our service for financial crime, tax evasion and illegal activities. If we suspect you have used our service for any of these purposes we have the right to freeze or terminate your account.
    • 2.11. In order to carry out its payment service, Zeux may be required to share KYC information with its banking/payment partners to comply with its AML obligations. By agreeing to our terms and conditions you accept that you may receive confirmation from our partners
    • 2.12. If you do not agree to these terms, you must not use our service

 

  1. There are other terms that may apply to you
    • 3.1. The following additional terms also apply to your use of our service:
      • 3.1.1. Our Privacy Policy, https://www.zeux.com/privacy-policy sets out the terms by which we process any personal data we collect from you, or that you provide to us. By using our service, you consent to such processing of personal data, and you warrant that all data provided to us by you is honest and accurate
      • 3.1.2. Our Cookie Policy, https://www.zeux.com/privacy-policy sets out information about the cookies on our service

  1. We may make changes to these terms
    • 4.1. We amend these terms from time to time. We recommend you review these regularly to ensure you still agree and understand them
    • 4.2. Where required, we shall notify you of any major changes that may affect the service that we provide to you

  1. We may make changes to our service
    • 5.1. Zeux’s website, product and service is constantly being updated, upgraded and may release new features in order to comply with the law and to provide a better service for our customers
    • 5.2. You acknowledge and agree that we may update and change our service offering from time to time

  1. We may suspend or withdraw our service
    • 6.1. We do not guarantee that our service, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our service for business and operational reasons at any time without notice
    • 6.2. Where reasonably possible, we shall notify our customers of any potential interruption to our service

  1. FCA regulated
    • 7.1. Zeux Ltd is authorised and regulated by the Financial Conduct Authority. FRN: 813029
    • 7.2 Zeux is an EMD agent FRN: 902734, of Modulr FS, an FCA authorised Electronic Money Institution (FRN 900573), a company registered in England and Wales under company number 09897957, with Registered Office at 1 Hammersmith Broadway, London, United Kingdom, W6 9DL
    • 7.3. The FCA is the UK regulator of financial services, aiming to protect consumers, and the integrity of the market whilst promoting healthy competition

  1. Cardholder
    • 8.1. The following terms and conditions apply to you as a holder of an issued debit card (“card”, “the card”). By using your card you are accepting responsibility and your agreement to these terms and conditions.
    • 8.2. The card is issued on behalf of Zxtech Ltd by Modulr Finance Limited (Modulr FS), an FCA authorised Electronic Money Institution (FRN 900573), a company registered in England and Wales under company number 09897957, with Registered Office at 1 Hammersmith Broadway, London, United Kingdom, W6 9DL
    • 8.3. By accepting these terms and conditions you are agreeing to the End User Card Terms and Conditions by Modulr FS. (Annex 2.0 and Annex 2.1)
    • 8.4. Use of the Card
      • 8.4.1. The card is a debit card which can be used to pay for goods and services at participating retailers, which accept VISA cards.
      • 8.4.2. To use the card:
        • 8.4.2.1. In-store
          Present your physical card, if you have one, at the time of payment. Use it in full or part payment of your purchase.
        • 8.4.2.2. Online and via Telephone
          Please refer to the card details on the physical card you have received and follow the instructions from the merchant to make payment.
      • 8.4.3. Once due diligence has been completed, verified and approved, your account will be activated and the card shall be ordered and sent to your registered address. Once received, you will need to activate your card by following the instructions within the app. On successful activation you may use your card to make purchases with the corresponding available balance on your account.
      • 8.4.4. You must not make purchases that exceed the balance of funds available on the card (“account balance”). Your account balance will be reduced by the amount of each purchase you make. If any purchase takes you over your available funds or the card limits in force from time to time and set out in condition 12 the transaction may be declined
      • 8.4.5. You can use the card to make purchases in-store, via the internet or over the phone. It is also not a guarantee card, charge card or credit card
      • 8.4.6. You must not use the card for:
        • 8.4.6.1.Transactions for cash back, money orders, or any illegal purposes
      • 8.4.7. We are not responsible for the quality, safety, legality, or any other aspect of any goods or services purchased with the card. We are not liable for the failure of any merchant to honour the card
      • 8.4.8. For Card limits please refer to clause 12 for Personal Accounts and clause 13 for Business Accounts

    • 8.5. Expiry of the card
      • 8.5.1. The card's expiry date is displayed on the card. You must not use the card after its expiry date and you will not be able to reload it
      • 8.5.2. If you have used your card in the period of two weeks before its expiry date we will inform you that we will automatically transfer the outstanding balance to a new card. You must tell us if you do not want your card to be renewed. To do this, contact us by sending an email to support@zeux.com
      • 8.5.3. If you renew your card in the circumstances described in 10.2 this agreement will continue to apply. If you request that your card is not renewed or do not request a replacement, you will not be able to use your card after its expiry date. Any outstanding balance that remains on the card at expiry will remain in your account.

  1. General
    • 9.1. By accepting these terms and conditions, you give permission to Zeux to analyse your transactions, display account balance information and to add/withdraw funds directly on your behalf from your bank account(s)
    • 9.2. We and on behalf of Zxtech may need to verify your identity or for you to provide us with other information from time to time in relation to your account. If you do not wish to share this information with us then we may, at our discretion, suspend or cancel your account
    • 9.3. If you or we terminate your account we will permanently and securely delete all of your personally identifiable information including bank and card details unless we are legally required to store this information by law or regulation. If this applies to your data, we are required to hold this information for at least six years. If you would like to close your account, please send an email to support@zeux.com with the subject line “Closure of account” with your account details and reason for your cancellation. To ensure the cancellation request is genuine we will need to verify your identity
    • 9.4. If we suspect that the request is fraudulent, all details including email address, may be handed to the local enforcement authority for further investigation
    • 9.5. Zeux’s tracking tools notify you of events that occur within your transaction data to help you keep informed, notified, and on top of your finances
    • 9.6. We do not recommend, endorse or provide advice in relation to third party products or services. However, we do make information available on our platform regarding third party products and we do provide links to third party sites where relevant
    • 9.7. Although we make reasonable efforts to update the information on our service, we make no representations, warranties or guarantees, whether express or implied, that the content on our service is accurate, complete or up to date
    • 9.8. Where our service contains links to other sites, services and resources provided by third parties, these links are provided for your information only. We have no control over, and are not responsible for, the provision of those products, services or resources
    • 9.9. If you do choose to register or purchase from third party sites, you will be bound by the terms and conditions of the relevant third party site

  1. Payments
    • 10.1. In order to be able to make payments, you must have enough money in your account. However, there may be some transactions made which will take your account balance below zero and into a negative value. If this does happen, you will receive a notification and be able to view this on your account. You will be unable to make further payments until additional funds have been added making the account balance a positive value
    • 10.2. We may block your payments for any of the following reasons:
      • 10.2.1. Your payment instructions are unclear
      • 10.2.2. We suspect that your account is being used for criminal activity
      • 10.2.3. The recipient of the payment does not have the correct credentials to receive payment
      • 10.2.4. You do not have enough money in your account
    • 10.3. If we block a payment, we will notify you as soon as reasonably possible
  1. Top-Up

    You can add money to your account via the following methods:

    • 11.1. Via Bank Account - you can manually transfer funds using the sort code and account number assigned to your account

  2. Premium Accounts
    These terms and conditions are part of the legal agreement between you and Zeux and will apply once you open a personal Premium account.
    • 12.1. Services included
      - Free physical payment card
      - Send and receive third party UK transfers
      - Receive international transfers
      - Dedicated customer support

    • 12.2. Account Requirements
      • 12.2.1. To open a Premium Account your address details will be verified using geolocation technology. If your proof of address cannot be verified via these means, you will be required to provide alternative evidence of your proof of address. We reserve the right to delay the opening of your Premium account until this requirement has been satisfied.
      • 12.2.2. Minimum Personal account balance at any time £1000
        In order to enjoy the services of the Zeux Premium account, your account must maintain a minimum account balance of £1000 at any time.
        In the event that your account balance falls below the minimum threshold:
        We will send you a notification to remind you within 5 days of occurrence, if the minimum account balance has not been met within 30 days of occurrence, we reserve the right to temporarily freeze your account or reduce the Premium services until funds have been added to reach the minimum account balance requirement
    • 12.3. Fees
      To open a Zeux Premium Account you must adhere to the following:
      Description Fee
      Opening Premium Account Setup Fee (one-time)              £499
      Ongoing Monthly subscription                                               £10

      • 12.3.1. The monthly subscription fee will be deducted every 30 days after the date you open your Zeux Premium Account from your account balance. The membership monthly fee is non-refundable.
      • 12.3.2. It is your responsibility to ensure that there are sufficient funds in your account to pay the monthly subscription fee and to meet the minimum account balance requirements
      • 12.3.3. In the event that there is insufficient balance in your account to pay your monthly subscription fee:
        Premium accounts
        These terms and conditions are part of the legal agreement between you and Zeux and will apply once you open a personal Premium account.
        We will send you a notification to remind you within 5 days. If the fee has not been paid within 21 days of it becoming due, we reserve the right to cancel your subscription

    • 12.4. FX conversion
      Zeux shall confirm the rate of exchange with you at the time of transaction and place the order upon your acceptance.

    • 12.5. International transfer fees
      Fees for International Payment Fee
      Transaction amount less than £10,000  £50
      Transaction amount above £10,000  0.5% of transaction amount


    • 12.6. Card Limits
      The limits outlined below are set for using the card:
      • 12.6.1. ATM
        Single transaction  £500
        Daily  £500
        Rolling 31 day period £20,000
        Rolling 365 period    £100,000
      • 12.6.2. POS
        Single transaction  £50,000
        Daily  £50,000
        Rolling 31 day period £100,000
        Rolling 365 period    £500,000

      • 12.6.2. We and Zxtech Ltd reserve the right to review all customer card transactions and limits. Any card that has been consequently found to have exceeded its limit may:
        - The card may be frozen
        - Be refunded the difference that exceeds their card limit and the card balance shall then be adjusted in accordance
    • 12.7. If found to be suspicious or associated with illegal activity, have their card frozen and account suspended
    • 12.8. Payment received from crypto exchange related entities, we charge 1.5% processing fee of the total amount received for additional time required to complete our compliance due diligence.
  1. Business accounts
    • 13.1. Services included
      Free physical payment card
      Send and receive third party UK transfers
      Receive international transfers
      Dedicated customer support

    • 13.2. Account Requirements
      • 13.2.1. To open a Business Account, you will be required to complete an application which shall be reviewed by our team for verification of you and your business. We reserve the right to delay the opening of a Business Account until this requirement has been satisfied.
      • 13.2.2. Minimum Personal account balance at any time From £1000
        In order to enjoy the services of the Business Account, your account must maintain the minimum account balance at any time.
        In the event that your account balance falls below the minimum threshold:

      We will send you a notification to remind you within 5 days of occurrence

      If the minimum account balance has not been met within 30 days of occurrence, we reserve the right to temporarily freeze your account or reduce the Premium services until funds have been added to reach the minimum account balance requirement.

  • 13.3. Fees
    To open a Business Account, you will be required to pay the following fees:
    Please note, the fees will depend on the nature of your business, these fees shall be confirmed with you after review of your application.
    Description Fee
    Opening Business Account Setup Fee (one-time) From £2000
    Monthly subscription fee (General Business)   £50
    Monthly subscription fee (Other)  From £300

    • 13.3.1. The monthly subscription fee will depend on the nature of the business. The applicable monthly fee shall be confirmed by us after review of your application. In order to open your account, the monthly fee must be confirmed and accepted.
    • 13.3.2. The monthly subscription fee will be deducted every 30 days after the date you open your Zeux Premium Account from your account balance. The membership monthly fee is non-refundable.
      • 13.3.2.1. It is your responsibility to ensure that there are sufficient funds in your account to pay the monthly subscription fee and to meet the minimum account balance requirements.
      • 13.3.2.2. In the event that there is insufficient balance in your account to pay your monthly subscription fee:
    • We will send you a notification to remind you within 5 days
    • If the fee has not been paid within 21 days of it becoming due, we reserve the right to cancel your subscription
  • 13.4. FX conversion
    Zeux shall confirm the rate of exchange with you at the time of transaction and place the order upon your acceptance.  

  • 13.5. International transfer fees
    Fees for International Payment Fee
    Transaction amount less than £10,000  £50
    Transaction amount above £10,000  £0.5% of transaction amount
      

  • 13.6. Additional services
     
    On request, Zeux can assist you with the following additional services:
    • 13.6.1. Registration of a UK company
      Company registration fee: £200
    • 13.6.2. Referral services:
      On request, Zeux can also introduce the following service partners:
      Accountancy services
      Property Management
      Law firms

  • 13.7. Card Limits
    • 13.7.1. The limits outlined below are set for using the card:
      • 13.7.1.1. ATM
        Single transaction  £500
        Daily  £500
        Rolling 31 day period £20,000
        Rolling 365 period    £100,000
      • 13.7.1.2.POS
        Single transaction  £50,000
        Daily  £50,000
        Rolling 31 day period £100,000
        Rolling 365 period    £500,000

    • 13.7.2. We and Zxtech Ltd reserve the right to review all customer card transactions and limits. Any card that has been consequently found to have exceeded its limit may:
      Be refunded the difference that exceeds their card limit and the card balance shall then be adjusted in accordance
      Have their card frozen
    • 13.7.3.If found to be suspicious or associated with illegal activity, have their card frozen and account suspended
  • 13.8. Payment received from crypto exchange related entities, we charge 1% processing fee of the total amount received for additional time required to complete our compliance due diligence.
  1. You must keep your account details safe
    • 14.1. If you choose, or you are provided with, a personal identification number, user identification code, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any other person.
    • 14.2. We have the right to disable any personal identification number, user identification code or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these terms of use.
    • 14.3. If you know or suspect that anyone other than you knows your personal identification number, user identification code or password, or has accessed your account, you must promptly notify us at support@zeux.com
  1. Investment Products, Deals and Services
    • 15.1. Suitability of Products
      • 15.1.1. The products displayed on our platform are not provided by us but by third parties over whom we do not have control.
      • 15.1.2. You should always check the suitability, adequacy and appropriateness of the product that is of interest to you. It is your responsibility to satisfy yourself that you wish to obtain any product before applying for it. If you are in any doubt as to the suitability, adequacy or appropriateness of any product referred to on our platform, we suggest that you seek independent professional advice before you obtain it.
      • 15.1.3. We provide information on a wide range of products and services but there may be other products or services available on the market which are not shown
      • 15.1.4. Please also be aware that once you have identified investments that are of interest to you, we will arrange and introduce you to the investment provider with whom you may then decide to complete the account opening process. If you decide to proceed with an investment product you will do so only with that company and you will not enter into any contract with us. We will not hold client money in respect of any product or service you have engaged with by you when using our platform.
      • 15.1.5. For clarity, we do not not offer any financial advice.
      • 15.1.6. Please be aware that the value of investments can fall as well as rise, and that you may not get back the full amount invested. Your investment is not guaranteed and the price of investments will depend on fluctuations in the financial markets, which are outside our control. Inflation may reduce the value of your investments over time. Past performance is not a guide to future performance.
      • 15.1.7. Capital at risk. Please be aware that the value of investments can fall as well as rise, and that you may not get back the full amount invested. Your investment is not guaranteed and the price of investments will depend on fluctuations in the financial markets, which are outside our control. Inflation may reduce the value of your investments over time. Past performance is not a guide to future performance.
    • 15.2. Third party provider and services
      • 15.2.1. Your acquirement of any products will be subject to the provider's own terms and conditions (which will be different from ours). It is very important before you apply for any product that you carefully read the accompanying terms and conditions, the provider's terms and conditions and any other documentation that applies to the product. You must familiarise yourself with all the details of the product, for example:
        The interest rate, minimum deposit, any early redemption charges, restrictions, exclusions, conditions and obligations which apply to the product;
      • 15.2.2. Any links to third party websites on our platform or in our emails are provided for your interest and convenience only. These websites are owned and operated by third parties over whom we do not have control. We do not endorse, recommend or accept responsibility for such third parties, their products or services, their websites or for any information, opinions or views given or advice provided by such third parties (whether on their websites or otherwise).
      • 15.2.3. We aim to ensure that the material on the platform or website (excluding, if applicable, any user generated content) is accurate. We also try to correct any errors or omissions as soon as we can after being notified of them. However, we are not able to guarantee that the material on the platform is free from errors or omissions at all times. We reserve the right to add, amend, delete, edit, remove or modify any information, content, material or data displayed on the platform, website at any time and without notice.
      • 15.2.4. Nothing on the platform or website is financial, investment or other advice or a recommendation or endorsement by us in respect of any investment product. Information is provided for general information purposes only, should not be relied upon by you and is provided so that you can select the product that you feel is most appropriate to meet your needs.
      • 15.2.5. The information and descriptions of products on the platform may not represent the complete descriptions of all the features and terms and conditions of those products. You must ensure that you carefully read all the features and terms and conditions (including those contained on the provider's Site) of any product before applying for it.
      • 15.2.6. We have categorised the funds depending on the level of risk we believe those funds involve and the process by which we do this and the different levels of risk are explained on the platform. The funds described on the platform will invest in a wide range of investments, including other funds, and the performance of the funds (including any income you may receive) is not guaranteed. The performance of the funds will depend on many factors, including the performance of underlying investments selected by the fund managers. Some funds may involve exposure to investments in emerging markets, smaller companies and/or exposures to different currencies which may involve greater risk to the value of your investment. You should consider fully all information provided by the fund about the risks that particular products may involve.
      • 15.2.7. We are not responsible for, and we accept no liability in connection with, any act, omission, error or default by any investment product or any other third party in the provision of any product or service, or the execution of, or any investment made by you. The provider of the product or service that you wish to purchase should provide you with all required information regarding the product or service as part of the process by which you make a purchase. This will include information on charges and expenses relevant to the product or service and the possible effect of those charges on the value of your investment over time. You should contact them directly should you require any further information about the product or service they offer. You accept that in doing so we have not and will not provide you with any advice or make any recommendation in connection with any product or service on the platform (including as to its suitability, adequacy or appropriateness for you or for any other person). Information on the platform is provided for general information purposes only and is provided to assist you to consider whether the product or service may be appropriate for your needs.
  1. Liability
    • 16.1. If your mobile phone is lost or stolen, email us immediately at support@zeux.com so that we can freeze your card and/or account
    • 16.2. If your card is lost or stolen, immediately login to your app and you may freeze your card or account.
    • 16.3. You can regain access by logging into our app and unfreezing the card or account. Please ensure you are certain it is safe to do so. We will not be held liable for actions performed by you on your account.
    • 16.4. If someone else finds out the PIN or if you think your card, card number or PIN may be misused, you must;
      • 16.4.1. Without undue delay, freeze your card via the app or email support@zeux.com
      • 16.4.2. If you do not have access to the mobile application you can:
        Email us immediately at support@zeux.com so that we can freeze your card
        Regain access by downloading the mobile application on another mobile phone and follow the steps to 'Forgot your PIN?'. Note this will send a security code to the new phone and reassign the account to the new phone number.
    • 16.5. You may not be liable for any use of the card, card number, PIN or mobile application by another person who does not have your permission to use it or if it is lost, stolen or destroyed, unless:
      • 16.5.1. You agreed to that person having your card, card number, PIN or mobile application credentials, or through gross negligence or carelessness, failed to comply with condition 14, in which case you may be liable for any use that occurs before you tell us in accordance with these terms and conditions
      • 16.5.2. You acted fraudulently then, to the extent permitted by law, you may be liable for misuse of the card, card number, PIN or mobile application.
      • 16.5.3. If your card is used without your permission, or is lost, stolen or if you think the card may be misused, we may disclose to local law enforcement authorities any information which we reasonably believe may be relevant.
    • 16.6. We will not be liable for:
      • 16.6.1. Any abnormal or unforeseeable circumstances outside our reasonable control (for example, a failure of computer systems which happens for reasons outside our reasonable control or any industrial action which happens for reasons outside our reasonable control) if this prevents us from providing its usual service
      • 16.6.2. Any delays in transactions, deterioration of functionality, due to the loss of internet or data connections that prevent the mobile application was working as intended
    • 16.7. In the event of termination of payment services,
      • 16.7.1. Zeux Ltd will not have any transactions to complete upon termination of the payment services as the PISP service is a facilitator for the payment to be made. The transaction is performed by the customers’ bank to the merchant's account. Similarly, AISPs, by definition, do not perform transactions, as such there is no transactions to be completed upon termination of payment services
      • 16.7.2. Zeux Ltd will terminate all contracts in line with the agreement in place, following the terminations of the firms’ payment service. It will notify all customers of the closure of the payment service via the mobile application, their email address and mobile phone provided.
      • 16.7.3. In case of errors or disputes about transactions, please contact us at support@zeux.com

  2. Your information
    • 17.1. All users who register for our service, we are required to verify their identity (KYC)
    • 17.2. We will verify your identity via our partner LexisNexis RIsk Solutions UK Limited, a company incorporated in England and Wales under registration number 07416642 the registered office of which is 1st Floor 80 Moorbridge Road, Maidenhead, Berkshire, SL6 8BW
      or CompyAdvantage (IVXS UK Limited), a company incorporated in England and Wales under registration number 08964733, the registered office of: LABS House, 15-19 Bloomsbury Way, Holborn, London WC1A 2TH, United Kingdom
    • 17.3. We will search your record at credit reference and fraud prevention agencies. These searches are to check your identity and we do not carry out full credit reference checks or credit scoring for this purpose. We will use an automated decision-making system to assess your application and verify your identity
    • 17.4. If we are unable to verify your identity adequately, we may ask you to provide some documentary evidence to help confirm your identity and address
    • 17.5. Credit reference agencies may check the details you supply against any particulars on any database (public or otherwise) to which they have access. An unrecorded enquiry will be made. An unrecorded enquiry is a search that was not made for lending purposes. It does not affect your credit rating or score when you apply for credit. It is not seen by other lenders. It is included on your credit report so you know the search was made but does not affect your credit rating, or score, when you apply for credit
    • 17.6. If you give us false or inaccurate information and we identify fraud, we will record this with fraud prevention agencies. Law enforcement agencies may access and use this information
    • 17.7. The fraud prevention agencies will share records with other organisations. We and other organisations may access and use the information recorded by fraud prevention agencies overseas
    • 17.8. Please contact us at support@zeux.com if you would like details of those credit reference and fraud prevention agencies. You have a legal right to these details
    • 17.9. You have certain rights to receive a copy of any information we hold about you. Please contact us at support@zeux.com. We may charge you for this service
    • 17.10 Some information held by credit reference and fraud prevention agencies will be disclosed to us and other organisations in order to prevent fraud and money laundering, by checking applications for credit, credit-related or other facilities, to verify your identity
    • 17.11 The information held by these agencies may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 2018
    • 17.12 When you have an agreement with us we may use the following types of information about you:
      • 17.12.1.Information you give us or we already hold about you, including any phone number you call us from, which we may record
      • 17.12.2.Information available about your usage or configuration of your mobile device, including the presence of other applications, unique device-identifying information, and any identifying cellular network, IP, wifi or bluetooth data
      • 17.12.3.Information you give us explicit permission to access from your mobile device, including your contact list, photos, geo-location, data from your cameras or microphones (You may choose not to give permission to share this data, but it may restrict the usage of certain features of the mobile application)
      • 17.12.4.Information from any social network or other online accounts that you choose to share with us
      • 17.12.5.Information we receive when making a decision about your application or agreement, including information we receive from enquiries and searches made in your name with credit reference and fraud prevention agencies
      • 17.12.6.Information (including details of payments and transactions) we may hold about any managed account or policy which you hold with or through us
      • 17.12.7.Information we receive from anyone who is allowed to provide us with information about you
      • 17.12.8.We will process, use, manage, control, release and record information about you to:
        • 17.12.8.1.Search credit reference and fraud prevention agencies’ records (including information from overseas) to manage your account
        • 17.12.8.2.Manage your accounts and policies, and manage any application, agreement or correspondence you may have with us
        • 17.12.8.3.Carry out, monitor, analyse and improve our business
        • 17.12.8.4.Contact you by post, by phone or email about other products and services which we consider may interest you, if you tell us that you to would like to receive marketing communications
        • 17.12.8.5.Prevent fraud, money-laundering, terrorism and other crimes, and keep to any laws or regulations in any country
      • 17.13 We may reveal information about you:
        • 17.13.1.To any person working for us or our partners
        • 17.13.2.To fraud prevention agencies
        • 17.13.3.To any organisation which are responsible for any of our products which you hold
        • 17.13.4.To any payment system under which we issue your card
        • 17.13.5.If a payment is processed through a worldwide payment system, to certain authorities in order to detect and prevent terrorism (including authorities outside the UK)
        • 17.13.6.To any person to whom we transfer any of our rights or obligations under any agreement we may have with you
        • 17.13.7.To anyone you authorise us to give your information we hold about you to
        • 17.13.8.Processing your information, as described above, may involve sending it to other countries outside of the UK. In such circumstances we are responsible for making sure that your information continues to be protected
        • 17.13.9.We will keep information about you for only as long as we need to or is required to meet legal obligations and regulatory requirements

  3. How you may use material on our site or provided in relation to our service
    • 18.1. We are the owner or the licensee of all intellectual property rights in our service, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved
    • 18.2. You may print off one copy, and may download extracts, of any page(s) from our service for your personal use and you may draw the attention of others within your organisation to content posted on our service
    • 18.3. You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text
    • 18.4. Our status (and that of any identified contributors) as the authors of content on our service must always be acknowledged
    • 18.5. You must not use any part of the content on our service for commercial purposes without obtaining a licence to do so from us or our licensors
    • 18.6. If you print off, copy or download any part of our service in breach of these terms of use, your right to use our service will cease immediately and you must, at our option, return or destroy any copies of the materials you have made
    • 18.7. Save as expressly permitted by law, you must not reverse engineer or decompile any aspect of our service, including the technology and code associated with it. You can not impersonate any other person or create a false identity to use the service. Furthermore accessing our service through robots, scrapers or any other type of automation software is strictly prohibited
    • 18.8. In the event that you are found to breach these terms of use and do not comply with our resolution, we will need to inform the local enforcement authority for assistance
  1. Do not rely on information on this service
    • 19.1. The content of our service is provided for general information only and should not be relied upon as advice. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of our service
    • 19.2. Although we make reasonable efforts to update the information of our service, we make no representations, warranties or guarantees, whether express or implied, that the content of our service is accurate, complete or up to date
  1. Our responsibility for loss or damage suffered by you
    • 20.1. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation
    • 20.2. You acknowledge that our service is provided on an “as is” basis and that we are not liable to you for any loss of profit, loss of business or loss of opportunity or for any indirect or consequential losses (even if we or they were advised of the possibility that they might arise). We are not liable for the acts or omissions of any third parties.
  1. We are not responsible for viruses and you must not introduce them
    • 21.1. Although we make best efforts to develop our software we do not guarantee that our service will be secure or free from bugs or viruses
    • 21.2. You are responsible for configuring your information technology, computer programmes and platform to access our service. You should use your own virus protection software
    • 21.3. You must not misuse our service by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to our service, the server on which our service is stored or any server, computer or database connected to our service. You must not attack our service via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will cooperate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our service will cease immediately
  1. Rules about linking to our service
    • 22.1. You may link to any page of our website, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it
    • 22.2. You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists
    • 22.3. You must not establish a link to our service that is not owned by you
    • 22.4. Our service must not be framed on any other service, nor may you create a link to any part of our service at that time
    • 22.5. We reserve the right to withdraw linking permission without notice
    • 22.6. The service in which you are linking from must:
      • 22.6.1. Comply in all respects with the law
      • 22.6.2. Not contain any content that incites hatred against, promotes discrimination of, or disparages an individual or group on the basis of their race or ethnic origin, religion, disability, age, nationality, veteran status, sexual orientation, gender, gender identity or other characteristic that is associated with systemic discrimination or marginalisation
      • 22.6.3. Not contain content that harasses, intimidates or bullies an individual or group of individuals
      • 22.6.4. Not contain content that threatens or advocates for harm on oneself or others
      • 22.6.5. Not contain content that seeks to exploit others
  1. Complaints handling process
    • 23.1. If you would like to make a complaint about our service, you may do so by emailing support@zeux.com
    • 23.2. To ensure this is correctly processed please clearly indicate by putting a prefix of “Complaint:” within the email subject line
    • 23.3. We will acknowledge your complaint by email upon receipt and will subsequently investigate and send an initial response within 72 hours. We have in place a defined process for handling complaints, and we will keep you updated regarding the progress of the complaint at each stage of the process.
    • 23.4. If you are not satisfied with the outcome of your complaint, you can contact the Financial Ombudsman Service by writing to Exchange Tower, London, E14 9SR; calling them on 0800 023 4567 or 0300 123 9123; emailing on complaint.info@financial-ombudsman.org.uk; or through their website www.financial-ombudsman.org.uk
  1. Which country's laws apply to any disputes?
    • 24.1. Please note that these terms of use, their subject matter and their formation, are governed by English law. You and we both agree that the courts of England and Wales will have exclusive jurisdiction except that if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland
    • 24.2. If you are a business, these terms of use, their subject matter and their formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales

 

ANNEX 1.0 - Zxtech Ltd Terms and Conditions



These Terms and Conditions (the law of England and Wales applies) govern the relationship between you and Zxtech Ltd (referred to henceforth as “Zxtech”, “us”, “we”, “our”) and by using the mobile application and/or website you consent to them.

1. Who we are and how to contact us

1.1  These terms and conditions (the “Terms and Conditions”) set out your legal rights and responsibilities, our legal rights and responsibilities and certain key information required by law.
1.2  Zxtech (“Zxtech”) provides payment solutions, a company registered in England and Wales under company number 12495813, with Registered Office at Berkeley Square, House Berkeley Square, Mayfair, London, United Kingdom, W1J 6BD

2. Our Service

2.1  We provide technology and payment solutions to our introduced partners. As an EMD agent of Modulr FS Ltd, we can provide e-money accounts and debit cards.

2.2  By using our service, you confirm that you accept these terms and that you agree to comply with them
2.3  If you do not agree to these terms, you must not use our service
2.4  You must be over 18 years old and a resident of the United Kingdom to use our service
2.5  You shall not impersonate any other person or create a false identity in connection with your use of our service
2.7  You must not use our service for financial crime, tax evasion and illegal activities. If we suspect you have used our service for any of these purposes we have the right to freeze or terminate your account.

3. There are other terms that may apply to you

3.1 The following additional terms also apply to your use of our service:
3.1.1  Our Privacy Policy,https://www.zxtechuk.com/privacy-policy sets out the terms by which we process any personal data we collect from you, or that you provide to us. By using our service, you consent to such processing of personal data, and you warrant that all data provided to us by you is honest and accurate
3.1.2  Our Cookie Policyhttps://www.zxtechuk.com/privacy-policy sets out information about the cookies on our service

4. We may make changes to these terms

4.1  We amend these terms from time to time. It is recommended that every time you wish to use our service, it is your responsibility to check for any amendments to these terms

5. We may make changes to our service

5.1  Zxtech’s product is constantly being updated, upgraded and may release new features in order to comply with the law and to provide a better service for our clients and their customers
5.2  You acknowledge and agree that we may update and change our service offering from time to time

6. We may suspend or withdraw our service

6.1 We do not guarantee that our service, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our service for business and operational reasons at any time without notice

7. FCA regulated

7.1  Zxtech Ltd is authorised and regulated by the Financial Conduct Authority. Zxtech Ltd's FCA reference numbers are 940104.
7.2  The FCA is the UK regulator of financial services, aiming to protect consumers, and the integrity of the market whilst promoting healthy competition

8. Cardholder

8.1. The following terms and conditions apply to any holder of this card (“card”, “the card”). By using your card you are accepting responsibility and your agreement to these terms and conditions.
8.2. The card is issued on behalf of Zxtech Ltd by Modulr Finance Limited (Modulr FS), an FCA authorised Electronic Money Institution (FRN 900573), a company registered in England and Wales under company number 09897957, with Registered Office at 1 Hammersmith Broadway, London, United Kingdom, W6 9DL
By accepting these terms and conditions you are agreeing to the End User Card Terms and Conditions by Modulr FS. (Annex 1.1)

9. Accounts

9.1.  By agreeing to our service, we may issue you with an e-money account via our Partner, Modulr Finance Limited (Modulr FS), an FCA authorised Electronic Money Institution (FRN 900573), a company registered in England and Wales under company number 09897957, with Registered Office at 1 Hammersmith Broadway, London, United Kingdom, W6 9DL on successful verification of your identification
9.2.  This Account will be opened in your legal name that you have provided on registration and we will issue a unique account number to you.
9.3.  You may use this Account to receive bank transfers and can make payments out to external bank accounts.
9.4.  Note: 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. Modulr FS, as a responsible e-money issuer, will ensure that once they have received your funds they are deposited in a safeguarded account, specifically for the purpose of redeeming Transactions made from your Account. In the event that Modulr FS become insolvent, funds that have arrived and been deposited into your account by us are protected against the claims made by creditors.
9.5. By using our service, you authorise us, on your behalf, to access your account(s) held with third party service providers
9.6.  With access, we will be able to analyse your transactions, display account balance information and to add/withdraw funds directly on your behalf from nominated bank account(s)
9.7.  Via Zeux, we may need to verify your identity or for you to provide us with other information from time to time in relation to your account. If you do not wish to share this information with us then we may, at our discretion, suspend or cancel your account
9.8.  If we terminate your account we will permanently and securely delete all of your personally identifiable information including bank and card details, unless we are legally required to store this information by law or regulation. If this applies to your data, we are required to hold this information for at least six years.
9.9.  If we suspect that the request is fraudulent, all details including email address, may be handed to the local enforcement authority for further investigation
9.10.  Although we make reasonable efforts to update the information on our service, we make no representations, warranties or guarantees, whether express or implied, that the content on our service is accurate, complete or up to date
9.11.  If you register for an Account you agree to these terms and conditions and any restrictions and limits set accordingly. 

10. You must keep your account details safe

10.1.  If you choose, or you are provided with, a personal identification number, user identification code, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any other person.
10.2.  We retain the right to disable any personal identification number, user identification code or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion the account has failed to comply with any of the provisions set out in these terms and conditions.

11. Liability

We will not be liable for:
11.1.  Any abnormal or unforeseeable circumstances outside our reasonable control (for example, a failure of computer systems which happens for reasons outside our reasonable control or any industrial action which happens for reasons outside our reasonable control) if this prevents us from providing its usual service
11.2.  Any delays in transactions, deterioration of functionality, due to the loss of internet or data connections that prevent the mobile application was working as intended
11.3.In the event of termination of payment services,
11.3.1.  Zxtech Ltd will not have any transactions to complete upon termination of the payment services as the PISP service is a facilitator for the payment to be made. The transaction is performed by the customers’ bank to the merchant's account.
11.3.2.  Zxtech Ltd will terminate all contracts in line with the agreement in place, following the terminations of the firms’ payment service. It will notify all customers of the closure of the payment service via the mobile application, their email address and mobile phone provided

12 Your information

12.1.  All users who register for our service via our partner Zeux are required to verify their identity (KYC)
12.2.  This information will be shared with us to allow us to open an account for you
12.3.  For more details on what information is searched please refer to the Zeux Terms and Conditions
12.4.  If you give us false or inaccurate information and we identify fraud, we will record this with fraud prevention agencies. Law enforcement agencies may access and use this information
12.5.  The fraud prevention agencies will share records with other organisations. We and other organisations may access and use the information recorded by fraud prevention agencies overseas
12.6.  Please contact us at support@zeux.com if you would like details of those credit reference and fraud prevention agencies. You have a legal right to these details
12.7.  You have certain rights to receive a copy of any information we hold about you. They may charge you for this service
12.8.  Some information held by credit reference and fraud prevention agencies will be disclosed to us and other organisations in order to prevent fraud and money laundering, by checking applications for credit, credit-related or other facilities, to verify your identity
12.9.  The information held by these agencies may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 2018
12.10.  When you have an agreement with us we may use the following types of information about you:
12.10.1.  Information you give us or we already hold about you, including any phone number you call us from, which we may record
12.10.2.  Information available about your usage or configuration of your mobile device, including the presence of other applications, unique device-identifying information, and any identifying cellular network, IP, wifi or bluetooth data
12.10.3.  Information you give us explicit permission to access from your mobile device, including your contact list, photos, geo-location, data from your cameras or microphones (You may choose not to give permission to share this data, but it may restrict the usage of certain features of the mobile application)
12.10.4.  Information from any social network or other online accounts that you choose to share with us
12.10.5.  Information we receive when making a decision about your application or agreement, including information we receive from enquiries and searches made in your name with credit reference and fraud prevention agencies
12.10.6.  Information (including details of payments and transactions) we may hold about any managed account or policy which you hold with or through us
12.10.7.  Information we receive from anyone who is allowed to provide us with information about you
12.11.  We will process, use, manage, control, release and record information about you to:
12.11.1.  Search credit reference and fraud prevention agencies’ records (including information from overseas) to manage your account
12.11.2.  Manage your accounts and policies, and manage any application, agreement or correspondence you may have with us
12.11.3.  Carry out, monitor, analyse and improve our business
12.11.5.  Prevent fraud, money-laundering, terrorism and other crimes, and keep to any laws or regulations in any country
12.12.  We may reveal information about you:
12.12.1.  To any person working for us or our partners
12.12.2.  To fraud prevention agencies
12.12.3.  To any organisation which are responsible for any of our products which you hold
12.12.4.  To any payment system under which we issue your card
12.12.5.  If a payment is processed through a worldwide payment system, to certain authorities in order to detect and prevent terrorism (including authorities outside the UK)
12.12.6.  To any person to whom we transfer any of our rights or obligations under any agreement we may have with you
12.12.7.  To anyone you authorise us to give your information we hold about you to
12.12.8.  Processing your information, as described above, may involve sending it to other countries outside of the UK. In such circumstances we are responsible for making sure that your information continues to be protected
12.13.  We will keep information about you for only as long as we need to or is required to meet legal obligations

13. How you may use material on our site or provided in relation to our service

13.1.  We are the owner or the licensee of all intellectual property rights in our service, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved
13.2.  Our status (and that of any identified contributors) as the authors of content on our service must always be acknowledged
13.3.  You must not use any part of the materials, content on our service for commercial purposes without obtaining a licence to do so from us or our licensors
13.4.  Save as expressly permitted by law, you must not reverse engineer or decompile any aspect of our service, including the technology and code associated with it. You can not impersonate any other person or create a false identity to use the service. Furthermore accessing our service through robots, scrapers or any other type of automation software is strictly prohibited
13.5.  In the event that you are found to breach these terms of use and do not comply with our resolution, we will need to inform the local enforcement authority for assistance

14. Do not rely on information on this service

14.1.  The content of our service is provided for general information only and should not be relied upon as advice. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of our service
14.2.  Although we make reasonable efforts to update the information of our service, we make no representations, warranties or guarantees, whether express or implied, that the content of our service is accurate, complete or up to date

15. Our responsibility for loss or damage suffered by you

15.1.  We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation
15.2.  You acknowledge that our service is provided on an “as is” basis and that we are not liable to you for any loss of profit, loss of business or loss of opportunity or for any indirect or consequential losses (even if we or they were advised of the possibility that they might arise). We are not liable for the acts or omissions of any third parties.

16. We are not responsible for viruses and you must not introduce them

16.1.  Although we make best efforts to develop our software we do not guarantee that our service will be secure or free from bugs or viruses
16.2.  You are responsible for configuring your information technology, computer programmes and platform to access our service. You should use your own virus protection software
16.3.  You must not misuse our service by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to our service, the server on which our service is stored or any server, computer or database connected to our service. You must not attack our service via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will cooperate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our service will cease immediately

17. Rules about linking to our service

17.1.  You may link to any page of our website, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it
17.2.  You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists
17.3.  You must not establish a link to our service that is not owned by you
17.4.  Our service must not be framed on any other service, nor may you create a link to any part of our service at that time
17.5.  We reserve the right to withdraw linking permission without notice
17.6.  The service in which you are linking from must:
17.6.1.  Comply in all respects with the law
17.6.2.  Not contain any content that incites hatred against, promotes discrimination of, or disparages an individual or group on the basis of their race or ethnic origin, religion, disability, age, nationality, veteran status, sexual orientation, gender, gender identity or other characteristic that is associated with systemic discrimination or marginalisation
17.6.3.  Not contain content that harasses, intimidates or bullies an individual or group of individuals
17.6.4.  Not contain content that threatens or advocates for harm on oneself or others
17.6.5.  Not contain content that seeks to exploit others

18. Complaints handling process

18.1.  We provide our technology solution to our service partner Zeux. Therefore, please speak with their customer service if you have any issues or questions that they may resolve on support@zxtechuk.com
18.2 If you would like to make a complaint specifically about our service, you may do so by emailing info@zxtechuk.com
18.3.  To ensure this is correctly processed please clearly indicate by putting a prefix of “Complaint:” within the email subject line
18.4.  We will acknowledge your complaint by email upon receipt and will subsequently investigate and send an initial response within 72 hours. We have in place a defined process for handling complaints, and we will keep you updated regarding the progress of the complaint at each stage of the process.
18.5.  If you are not satisfied with the outcome of your complaint, you can contact the Financial Ombudsman Service by writing to Exchange Tower, London, E14 9SR; calling them on 0800 023 4567 or 0300 123 9123; emailing on complaint.info@financial-ombudsman.org.uk; or through their website www.financial-ombudsman.org.uk

19. Which country's laws apply to any disputes?

19.1.  Please note that these terms of use, their subject matter and their formation, are governed by English law. You and we both agree that the courts of England and Wales will have exclusive jurisdiction except that if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland
19.2.  If you are a business, these terms of use, their subject matter and their formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales


Annex 2.0

INTRODUCED CLIENT SCHEDULE

MODULR INTRODUCED CLIENT TERMS OF BUSINESS

BACKGROUND

Modulr is a provider of Modulr Products (as described to you by Partner Platform), which includes the provision of an electronic money account for businesses and associated payment services. The electronic money account is provided by Modulr FS. These Introduced Client Terms of Business govern the Modulr Products that Modulr agrees to provide to the Introduced Client.

These Introduced Client Terms of Business ‎(including all the attached Schedules)‎, together with the Modulr Account Terms and Conditions set out the terms on which the Modulr Products are provided and constitute the Agreement between Modulr, Modulr FS and the Introduced Client.

THE PARTIES AGREE AS FOLLOWS:

  1. Interpretation

1.1. In these Introduced Client Terms of Business: (a) a reference to a clause is a reference to a clause in these Introduced Client Terms of Business; (b) headings are for reference only and shall not affect the interpretation of these Introduced Client Terms of Business; (c) the singular shall include the plural and vice versa; (d) a reference to a person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns; (e) a reference to a party shall include its personal representatives, successors and permitted assigns; (f) reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

  1. Modulr Products

2.1. Modulr will make available to the Introduced Client such products that are provided to the Partner Platform and, as described by Partner Platform in the application process.

2.2. The Account and Cards (where applicable) are provided by Modulr FS to the Introduced Client in accordance with the Modulr Account Terms and Conditions. Modulr Products provided to the Introduced Client under this Agreement are for the sole use by the Introduced Client.  

2.3. The Introduced Client can use the Account and Cards (where applicable) to make Transactions on the terms and conditions set out in the Modulr Account Terms and Conditions. A record of all Transactions relating to the Account can viewed on the Website or accessed via the Partner Platform (as applicable). 

2.4. The Introduced Client shall promptly notify Customer Services as soon as it becomes aware login and security information enabling access to its Modulr Products have been lost, stolen or compromised.

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

2.6. The Introduced Client shall comply with all legislation and regulation as it applies to the Introduced Client. Any failure to comply with relevant legislation or regulation shall be considered a material breach of the Agreement and may result in Modulr discontinuing the provision of the Modulr Products as set out in clause 6.4.

2.7. The Introduced Client shall implement as appropriate Modulr’s reasonable security recommendations it notifies to the Introduced Client from time to time.

  1. Authorised Users

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

3.2. The Introduced Client must notify Modulr of all individuals it wishes to be an Authorised User.

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

3.4. The Introduced Client will be responsible for training its Authorised Users in the appropriate use of Modulr Products.

3.5. The Introduced Client shall ensure its 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 Introduced Client’s Account.

3.6. The Introduced Client acknowledges and agrees that each Authorised User is authorised by the Introduced Client to act on its behalf. Modulr shall deem any instruction given by an Authorised User is an instruction given by the Introduced Client.

3.7. The Introduced Client will be responsible for timely notification to Modulr of any revocation of Authorised User access and will be liable for Transactions made, Fees incurred and use of Modulr Products by an Authorised User until Modulr has had one full Business Day to act on any received notice. This clause shall not apply to Introduced Clients accessing Modulr Products via the Partner Platform.  

3.8. Where the Introduced Client accesses Modulr Products through a Partner Platform, such Partner Platform will be considered the Authorised User.  In this instance if additional Authorised Users are required they must be requested by the Partner Platform. The use of a Partner Platform to access the Modulr Products by the Introduced Client are set out in further detail below.

  1. Accessing Modulr Products through a Partner Platform

4.1. In the event the Introduced Client utilizes a Partner Platform to access Modulr Products, the Introduced Client agrees and authorises the Partner Platform to instruct Modulr to access and use the Modulr Products on behalf of the Introduced Client, which shall include but not be limited to making Transactions, viewing and retrieving Transaction data, initiating refunds and closing the Account.

4.2. The Introduced Client acknowledges and agrees that Modulr shall have no liability whatsoever with respect to the performance, availability or quality of any Partner Platform.

4.3. The Introduced Client acknowledges and agrees to the following:

4.3.1. it must satisfy itself that its Platform Partner Agreement grants the Partner Platform all permission necessary to operate the Account on the Introduced Client’s behalf;

4.3.2. the Platform Partner will be granted full access to operate the Introduced Client’s Account as an Authorised User of the Introduced Client;

4.3.3. it is responsible for monitoring Partner Platform activities on its Account.  Any queries relating to such activities will be raised with the Partner Platform directly and settled between Partner Platform and the Introduced Client;

4.3.4. the Introduced Client has no recourse against Modulr for any act or omission of the Partner Platform with respect to its Account;

4.3.5. the Introduced Client understands it can only access its Account to make Transactions, review Transactions made or otherwise use Modulr Products through the service provided by the Partner Platform; and

4.3.6. it will only use the Account for the purpose set out in the Partner Platform Agreement.  

4.4. On receipt of notification by Modulr from the Partner Platform that it wishes to terminate this Agreement, this Agreement shall terminate.  Any funds in the Introduced Client’s Account will be returned in accordance with the terms of the Modulr Account Terms and Conditions.

4.5. If the Introduced Client has any complaint or concern relating to the Account or other Modulr Products, such complaint or concern shall be raised directly to the Partner Platform, who shall deal with it in accordance with Modulr’s Complaints Policy, a copy of which is available on request from the Partner Platform and on the Website.

  1. Customer Services

5.1. The Introduced Client can contact Customer Services if it has any queries about the Modulr Products. Information may be requested from the Introduced Client, including but not limited to, its Authorised Users, Cardholders or Transaction information so that it can verify the identity of an Authorised User, the Cardholder and/or the Modulr Products provided to such Introduced Client.

5.2. Any information shared by the Introduced Client will be kept strictly confidential.  Where such information is provided in connection to a service provided by a third party, for example, the Account, then the Introduced Client’s information will only be used in accordance with instructions of such third party and only for the purpose of providing Customer Services to the Introduced Client on behalf of such third party.

5.3. As part of Modulr’s commitment to providing a quality customer service, its managers periodically monitor telephone communications between its employees and Introduced Clients to ensure that Modulr’s high quality service standards are maintained. The Introduced Client consents to such monitoring and recording of telephone communications and agrees to make its Authorised Users aware of such practice.  

 

  1. FEES

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

 

  1. Term and Termination

7.1. This Agreement shall commence on the date the Introduced Client receives confirmation from Modulr or the Partner Platform (where applicable) of its successful application for Modulr Products and shall continue until terminated by the Introduced Client, Partner Platform (if acting on behalf of the Introduced Client) or Modulr.

7.2. The Introduced Client or the Partner Platform (where applicable) may terminate this Agreement immediately by notifying Customer Services in writing by post or email.

7.3. Modulr may terminate this Agreement and close the Introduced Client’s Account(s) by providing the Introduced Client with at least two months’ notice. 

7.4. Modulr may suspend or terminate this Agreement immediately if, for any reason, the Introduced Client (i) is unable to satisfy the Due Diligence Procedures,. (ii) for breach of this Agreement, (iii) has provided false, incomplete or misleading information, (iv) has engaged in fraudulent, money laundering, terrorism financing or other illegal activity or we have reasonable suspicions in respect of same or (v) we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority.  Modulr shall notify you as soon as possible, unless prohibited by law, of such suspension or termination of the Agreement. 

7.5. This Agreement will automatically terminate when all Accounts of the Introduced Client are closed (for any reason).

7.6. Modulr may terminate or suspend this Agreement in whole or in part immediately by giving written ‎notice to the Introduced Client if Modulr ceases to provide Cards pursuant to the provisions of Schedule 1.‎

7.7. On termination of this Agreement for any reason, any balance remaining in the Introduced Client’s Account(s) shall be returned to the Introduced Client in accordance with the Modulr Account Terms and Conditions.  The Introduced Client shall pay immediately all outstanding Fees due (where applicable) under this Agreement and in the event of a negative balance in an Account, shall reimburse Modulr FS such amount equal to the negative balance.

  1. Intellectual Property

8.1. The Introduced Client acknowledges all Intellectual Property Rights in the Modulr Products are owned by or provided under licence to Modulr.  Modulr grants the Introduced Client a non-exclusive, royalty-free licence for the duration of this Agreement to access and use the Modulr Products only for the purpose contemplated by this Agreement.

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

  1. Force Majeure

9.1. Modulr and/or Modulr FS will not be liable for the non-performance or failure to provide any  part of the Modulr Products occurring as a result of any events that are beyond the reasonable control of Modulr, for example, but not limited to, fire, telecommunications or internet failure, utility failure, power failure, equipment failure, employment strife, riot, war, terrorist attack, non-performance of  third party suppliers, acts of God such as storm or lightning damage, or other causes over which Modulr and/or Modulr FS has no reasonable control.

  1. Assignment Transfer and Subcontracting

10.1. The Modulr Products provided to the Introduced Client are personal to the Introduced Client.  The Introduced Client may not novate, assign or otherwise transfer this Agreement, any interest or right under this Agreement (in whole or in part) without the prior written consent of Modulr. 

10.2. The Introduced Client agrees Modulr may, in its sole discretion, assign, or transfer some or all of its rights and obligations or delegate any duty of performance set out in the documents forming this Agreement. Modulr may subcontract any of its obligations under this Agreement.

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

10.4. It is acknowledged by the Introduced Client that Modulr enters into this Agreement on its own behalf and as agent for and on behalf of Modulr FS with respect only to clauses 10 and 14 of these Introduced Client Terms of Business.

  1. Liability

11.1. Nothing in this Agreement will operate to limit either party or its agent’s liability with respect to fraud or for death or personal injury resulting from negligence, in either case whether committed by that party or its employees, agents or subcontractors.

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

11.3. The Introduced Client acknowledges and agrees that Modulr and/or Modulr FS are not liable to the Introduced Client for any loss, liability or damages the Introduced Client suffers which result from, are related to, or in any way are connected with any fraud control, restriction measures or other measures implemented from time to time including as require, unless such loss, liability or damage is a direct result of Modulr and/or Modulr FS’s fraud, gross negligence or willful misconduct in procuring the implementation of fraud control or purchase restriction measures that Modulr has expressly agreed in writing to procure for the Introduced Client.

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

11.5. The Introduced Client agrees to indemnify Modulr and Modulr FS against any and all actions, claims, costs, damages, demands, expenses, liabilities, losses and proceedings Modulr and/or Modulr FS directly or indirectly incurs or which are brought against Modulr if the Introduced Client, or an Authorised User, or a Cardholder has acted fraudulently, been negligent or has misused a Modulr Product or any of the services provided under this Agreement.

11.6. Modulr and/or Modulr FS shall not be responsible in any way for any interest or claims of any third parties in respect of the Modulr Products, except as required by law or regulation.

  1. 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.

  1. Data Privacy

13.1. Modulr will collect and retain personal information about the Introduced Client and each Authorised User and Cardholder to enable Modulr to deliver the Modulr Products, the services linked to it and deal with any enquiries that the Introduced Client may have about it. Modulr is the data controller of the personal information gathered by Modulr for such purpose. If Modulr uses a third party to provide a part of the Modulr Product then that provider will be the owner and controller of the personal information they require to collect in order to operate the relevant service. The use of personal information by third-party service providers will be set out in their service terms and conditions of use. Modulr will, at such third-party provider’s direction, process personal data on its behalf, for example, to enable Modulr to provide Customer Services to the Introduced Client.

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

13.3. If Modulr transfers the Introduced Client’s information to a third party in a country outside of the European Economic Area Modulr will ensure that the third party agrees to apply the same levels of protection that Modulr is legally obliged to have in place when Modulr processes personal data.

13.4. Further information about how Modulr uses personal information can be found in Modulr’s Privacy Policy; please contact Customer Services for a copy of this.

  1. Changes to the Agreement

14.1. Modulr may amend or modify this Agreement by giving no less than two (2) months’ notice to the Introduced Client unless Modulr is required to make such a change sooner by law. All proposed changes will be posted on the Website and communicated to the Introduced Client by such other means that Modulr agreed with the Introduced Client, for example by email.  If the Introduced Client is accessing Modulr Products via a Partner Platform, all notifications will be communicated via such Partner Platform. 

14.2. The Introduced Client has no obligation to accept such amendments proposed by Modulr.

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

  1. General

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

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. The Introduced Client shall remain responsible for complying with this Agreement until its Account(s) are closed (for whatever reason) and all sums due under this Agreement have been paid in full.

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

15.6. This Agreement is governed by the laws of England and the Introduced Client agrees to the non-exclusive jurisdiction of the English courts.

 

Annex 2.1

Schedule 1: Card Obligations

  1. Introduction

1.1. The terms of Schedule 1 shall apply where Virtual Cards and/or Physical Cards are included within the Modulr Products.

  1. ‎Transactions Disputes and Chargebacks

2.1. For the purposes of these Introduced Client Terms of Business, a “Chargeback” means a refund of a Card Transaction after the Introduced Client (or Modulr FS on its behalf) successfully disputes the Card Transaction as permitted by the Card Scheme rules.

2.2. The Introduced Client shall provide Modulr all relevant information in relation to Virtual Card Transaction as may be required by Modulr to resolve the dispute in accordance with applicable law and, where applicable, to raise a Chargeback in accordance with Card Scheme rules.

2.3. The Introduced Client agrees that Card Scheme’s decision on the validity of the Chargeback is final and binding and that in the event a Chargeback is not successful or is subsequently reversed the Introduced Client will be liable for the amount of the disputed Card Transaction.

2.4. Modulr shall at its discretion not refund a Chargeback to the Introduced Client until the relevant challenge periods have passed under the relevant Card Scheme rules unless it is required to do so under relevant law or regulation. 

  1. Cardholders of Physical Cards

3.1. Where Physical Cards are made available to the Introduced Client as part of Modulr Products, Introduced Client will be able to designate individuals as Cardholders permitted to use Physical Cards.  

3.2. The Introduced Client must notify Modulr of all individuals it wishes to be Cardholders and shall not permit any other person to use Physical Cards.

3.3. The Introduced Client shall be responsible for ensuring that each Cardholder is informed of the Modulr Account Terms and Conditions as they apply to Physical Cards and the Introduced Client shall ensure that the Cardholder complies with them.

3.4. The Introduced Client shall ensure its Cardholders take all reasonable care to keep any security credentials relating to the use of Physical Cards, such as PIN or any access or similar codes, where applicable, confidential and in accordance with the Modulr Account Terms and Conditions.

3.5. The Introduced Client acknowledges and agrees that each Cardholder is authorised by the Introduced Client to act on its behalf. Modulr shall deem any instruction given by a Cardholder with respect to Physical Card Transaction as an instruction given by the Introduced Client and the Introduced Client shall be responsible for all actions and the use of Physical Cards by any Cardholder.

3.6. In the event of any changes to this Agreement and/or Modulr Account Terms and Conditions, or if the Introduced Client’s Account and/or Physical Card is suspended, cancelled or terminated, it is the Introduced Client’s responsibility to communicate any such changes and/or any information regarding the suspension, cancellation or termination to each Cardholder.

  1. Withdrawal of Cards; Change of Card Scheme

4.1. Modulr reserves the right to:

4.1.1.  cease providing Cards as part of Modulr Products for any reason;

4.1.2. provide Cards issued under a different Card Scheme.

  1. Replacement Cards and Cash

5.1 Please refer to Annex 1.2 for more details.

 

Annex 2.2

Additional Terms and Conditions for Card Schemes cards issued by Modulr FS Ltd

  1. General/Card Issuance

These Terms and Conditions (“Agreement”) apply to you (“Cardholder”, “you”, “your”) as the holder of the personal, non-transferable Card Schemes branded, physical card (the “Card”) issued by Modulr FS Ltd. (“Issuer”, “we”, “us”, “our”) an FCA authorised Electronic Money Institution (FRN 900573), a company registered in England and Wales under company number 09897957, with Registered Office at 1 Hammersmith Broadway, London, United Kingdom, W6 9DL issuer of electronic money (“e-money”).

The Cardholder shall be deemed to accept the Agreement by using the Card. The Card shall remain the property of the Issuer and will be delivered by the Issuer or, on behalf of the Issuer, by a third party. The Cardholder is liable for paying all the applicable fees arising from using the Card under this Agreement. The Card charges and fee table (”Table”) is set out below.

If you have requested a physical payment card, the Card will be sent to you by post. You must keep it in a safe place and protect it against unauthorised access or use by third parties. You will be required to activate your card by following the instructions received with your card. The Agreement, excluding Section 5, will terminate on the expiry date printed on the Card (“Expiry Date”) unless the card is auto-renewed. In this instance the T&C’s will remain valid unless the Card is cancelled. The Cardholder shall inform the Card Distributor immediately and in writing of any changes to its personal data or address.

  1. Validity/Spending Limit

The Card shall remain valid until the Expiry Date. If you receive a physical payment card, you must sign the Card as soon as you receive it. If the Card is replaced, the balance of the old Card shall be transferred to the new Card, after the deduction of any applicable fees, as indicated in the Table below. Any available funds on the Card do not earn any interest.  We have the right to review and change the loading and spending limits on the Card at any time and will notify you accordingly.

  1. Use of Card

The Card can only be used up to the amount of the funds available in your account. Should the amount nevertheless be exceeded, you shall repay the excess amount immediately and in full to us. It is your responsibility to ensure that there are sufficient funds on the account to cover any spend, allowing for any foreign exchange fees and other applicable fees and charges under the Agreement. In order to start using the Card, you may be required to activate it as instructed on the card carrier.
You may purchase goods and services from affiliated merchants, by giving the Card details to the merchant over the Internet or telephone or using (for physical cards) the PIN or for lower amounts by using a contactless facility if your card displays the contactless identifier, (programme/merchant dependent). Depending on your card programme you may or may not use the Card for cash back facilities offered by some merchants. You should memorise and destroy the PIN-holder when you receive it. If you need to write the PIN down for future reference, you must never keep it with the Card nor disclose it to anyone, not even us. If you have not protected your PIN and your Card is used without your knowledge using the correct PIN, this may be classed as negligence for the purposes of Section 6.

We will be entitled to assume that a transaction has been authorised by You where (i) the magnetic strip on the Card was swiped by the retailer or the Card was inserted into a chip & PIN device; (ii) the PIN was entered or a sales slip was signed; (iii) relevant information was supplied to the merchant [or a payment initiation service provider] that allows them to process the transaction, for example, providing the retailer with the 3-digit security code on the back of the Card in the case of an internet or other non face-to-face transaction; or (iv) the Card is tapped against a Contactless-enabled reader and accepted by such reader.

Should your Card Scheme or programme allow, you may also withdraw (with your physical card) cash advances from authorised banks worldwide, use your card for cash back (programme/merchant dependent), or with the Card and the PIN, you may also make cash withdrawals from automatic teller machines (ATMs). The amount in cash that may be withdrawn shall be set by us in each individual case, irrespective of the Card spending limit. We may charge a fee for withdrawals of cash as indicated in the Table. [Some ATMs may charge an additional fee, which is not included in the Table, however, will apply on top of the fees set out in the Table below.]

As instructed by the merchant, by signing the appropriate voucher when using the Card, by using the PIN or the contactless facility, or by giving the Card details to the merchant over the Internet or telephone, you acknowledge the correctness of the amount and authorise the transaction. Once you have authorised a transaction, the transaction cannot be stopped or revoked. You may in certain circumstances be entitled to a refund in accordance with the Agreement.

On receipt of notification of your authorisation of a transaction and the transaction payment order from the merchant and/or authorised bank, normally we will deduct the value of the transaction, plus any applicable fees and charges, from the available funds in your account. We will execute the transaction by crediting the account of the merchant’s bank (or other payment service provider) by the end of the next business day following the notification. If the notification is received on a non-business day or after 4:30 pm on a business day, it will be deemed received on the next business day.

We reserve the right not to honour any transactions which do not comply with the Agreement. We are not liable if, for any reason, the affiliated merchants or authorised banks do not accept the Card, or accept it only partly, nor are we liable in the case of late delivery of, or failure to deliver, goods or services. In the event of disputes or complaints of any kind concerning goods or services, or the exercise of any right in this connection, you should contact the affiliated merchant and/or authorised bank. In particular, you shall not be released from your obligation to pay us the amounts shown on the e-statement in case of any disputes that may arise. The Card is an e-money product and as such it is not covered by the Financial Services Compensation Scheme. You may only use the Card for lawful transactions.

  1. Processing of Transactions/Transaction Statement

All card transactions are displayed within the mobile application. Each transaction will state the date, time and transactional amount. For card usage conducted in other currencies (other than the currency of the Card), you shall accept the exchange rate used by Card Scheme. .You may consult information on the applicable exchange rate after such change on the website of Visa Europe using the following link (http://www.visaeurope.com/en/cardholders/exchange_rates.aspx), or a link to which it refers. Changes in the exchange rate more favourable for you, are applied without prior notification

  1. Redemption

Upon the expiry of the Card and termination of the Agreement, you may redeem all of the available funds on the Card free of charge, however, if you terminate the Agreement and make a redemption request before the Expiry Date, you will be charged a redemption fee in accordance with section 15. If you request redemption of the entire remaining balance, we will assume that it is your intention to terminate the Agreement and will cancel the Card.

We will deduct any redemption fee payable to us from the available funds on the Card and will normally issue a cheque made payable to you (posted to the address we have on record for you), or make an electronic transfer to a bank account that you nominate for the amount of the remaining available funds on the Card following the deduction of the redemption fee. We will not complete your redemption request if we believe you have provided false information, we are concerned about the security of a transaction, if the Card is not in good standing, or if there are insufficient available funds to cover the redemption fee.

If for any reason you have some available funds left following the termination of the Agreement, you may redeem them in full up to 6 years following the termination. As long as there are available funds, we will charge you an administrative fee for maintaining the funds in accordance with section 9 and a redemption fee if you request redemption more than one year after the termination.
We will only redeem funds to a European Economic Area bank account under your name and only after you demonstrate, to our satisfaction, that you are the holder of the account.

  1. Loss of the Card/Transaction Refunds

As soon as you become aware of any loss, theft, misappropriation or unauthorised use of the Card, PIN or other security details, you must notify Zeux as soon as possible by emailing support@zeux.com with the subject line “Unauthorised/Lost/Stolen card” and incident details. To deal with your incident, securely and effectively, you will be required to verify your identity.  In the event of theft you must also report the theft to the police.

 In the event a Physical Card is lost or stolen, we shall also immediately notify Modulr Customer Services. Modulr will replace the lost or stolen Physical Card in accordance with the Modulr Account Terms and Conditions.

For certain Card types, Modulr can provide a Cardholder with an emergency replacement of a lost or stolen Physical Card (“Emergency Card Replacement”). The Cardholder must inform us and we will contact Modulr on the Cardholders behalf, and Modulr shall provide Cardholder with a temporary Emergency Card Replacement in accordance with the rules set out by the Card Scheme, either by courier (at a cost to Partner Platform) or for pick up at a location designated by Modulr (“Emergency Service Location”) during Modulr’s normal business hours.


In case of non-authorisation of a particular transaction or if a transaction was incorrectly carried out, in order to get a refund you must contact us as soon as you notice the problem by calling the number in the back of your Card. We will as soon as practicable, (and no later than close of business on the business day after the day the refund was requested) refund any transaction deemed to be unauthorised and any associated transaction fees and charges payable under the Agreement subject to the rest of this section 6. If the refund request is received on a non-business day or after 4:00 pm on a business day, we will make the refund at the beginning of the next business day.

If it is determined that the card was compromised due to negligence on Your part or that You acted in a fraudulent manner a full investigation will take place before any refund can be made. If we are liable for an incorrectly executed transaction, we will refund without undue delay the transaction and any associated transaction fees and charges payable under the Agreement. Depending on the circumstances, we may require you to complete a dispute declaration form. If it is determined that the card was compromised due to negligence on your part, or the outcome of an investigation determines that you have acted in a fraudulent manner, a refund will not be applicable. We may conduct an investigation either before or after any refund has been determined or made. We will let you know as soon as possible the outcome of any such investigation. If a transaction initiated by a merchant (for example, this happens when you use the Card in a shop) has been incorrectly executed and we receive proof from the merchant’s payment service provider that we are liable for the incorrectly executed transaction, we will refund as appropriate and immediately the transaction and any associated transaction fees and charges payable under this Agreement. We are not liable for any incorrectly executed transactions if we can show that the payment was actually received by the merchant’s payment service provider, in which case they will be liable.

We execute transactions in accordance with the transaction detail received. Where the detail was provided to us by you and it was incorrect, we will not be liable for incorrectly executing the transaction, but we will make reasonable efforts to recover the funds involved. In such a case we may charge you a reasonable fee to cover our administration costs, of which we will notify you in advance.

If you receive a late payment from another payment service provider (e.g. a refund from a retailer’s bank) via us, we will credit the Card with the relevant amount of any associated fees and charges so that you will not be at a loss.

We will limit your liability to £35 for any losses incurred in respect of unauthorised transactions subject to the following:
    (i) You will be liable for all losses incurred in respect of an unauthorised transaction if you have acted fraudulently, or have intentionally or with gross negligence failed to: (a) look after and use the Card in accordance with the Agreement; or (b) notify us of the problem in accordance with this section 6.
    (ii) Except where you have acted fraudulently, you will not be liable for any losses: (a) incurred in respect of an unauthorised transaction which arise after your notification to us; (b) arising where you have used the Card in a distance contract, for example, for an online purchase; (c) arising where the loss, theft or misappropriation of the Card was not detectable by you before the unauthorised transaction took place; (d) where we have failed to provide you with the appropriate means of notification; (e) arising where we are required by law (anticipated to apply from 14 September 2019) to apply Strong Customer Authentication but fail to do so. We are required to provide Strong Customer Authentication when you access online account, either directly or through an account information service provider (“AISP”), when you initiate an electronic transaction, directly [or when you initiate a remote electronic transaction through a payment initiation service provider (“PISP”)], or when you carry out any action through a remote channel which may imply a risk of payment fraud or other abuses. Where “Strong Customer Authentication” means authentication based on the use of two or more elements that are independent, in that the breach of one element does not compromise the reliability of any other element, and designed in such a way as to protect the confidentiality of the authentication data, with the elements falling into two or more of the following categories: (a) something known only by You (“knowledge”), (b) something held only by You (“possession”); (c) something inherent to You (“inherence”); it is used to make transactions more secure.

If our investigations show that any disputed transaction was authorised by you or you may have acted fraudulently or with gross negligence, we may reverse any refund made and you will be liable for all losses we suffer in connection with the transaction including but not limited to the cost of any investigation carried out by us in relation to the transaction. We will give you reasonable notice of any reverse refund.
In certain circumstances we may refuse to complete a transaction that you have authorised. These circumstances include:

  • if we have reasonable concerns about the security of the Card or suspect the Card is being used in a fraudulent or unauthorised manner;
  • if there are insufficient funds available to cover the transaction and all associated fees at the time that we receive notification of the transaction, or if there is an outstanding shortfall on the balance of the Card;
  • if we have reasonable grounds to believe you are acting in breach of the Agreement;
  • if there are errors, failures (mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions, or
  • if we are required to do so by law.

Unless it would be unlawful for us to do so, where we refuse to complete a transaction, we will notify you as soon as reasonably practicable that it has been refused and the reasons for the refusal, together, where relevant, with the procedure for correcting any factual errors that led to the refusal. Where the refusal is reasonably justified, we may charge you Refusal Fee when we notify you that your payment request has been refused.

You may also claim a refund for a transaction that you authorised provided that your authorisation did not specify the exact amount when you consented to the transaction, and the amount of the transaction exceeded the amount that you could reasonably have expected it to be taking into account your previous spending pattern on the Card, the Agreement and the relevant circumstances.

Such a refund must be requested from us within 8 weeks of the amount being deducted from the Card. We may require you to provide us with evidence to substantiate your claim. Any refund or justification for refusing a refund will be provided within 10 business days of receiving your refund request or, where applicable, within 10 business days of receiving any further evidence requested by us. Any refund shall be equal to the amount of the transaction. Any such refund will not be subject to any fee

  1. Blocking of the Card

We may block the Card, in which case you will not be able to use it for any transactions, if we have reasonable concerns about the security of the Card or suspect the Card is being used in a fraudulent or unauthorised manner. We will notify you on our behalf of any such blocking in advance, or immediately after if this is not possible, and of the reasons for the suspension unless to do so would compromise reasonable security measures or otherwise be unlawful. We will unblock the Card and, where appropriate, issue a new Card, PIN and other security features free of charge as soon as practicable once the reasons for the suspension cease to exist.

  1. Data Protection

Modulr FS Ltd is the data controller and shall process your personal data as permitted under the Data Protection Act 2018 and in accordance with their Privacy Policy.

To comply with applicable Know-Your-Client-rules and Anti-Money Laundering Regulations, the Bank, the Issuer, the Card Distributor and/or any other business partner (the Partner ) who will introduce the Cardholder to the Card Distributor and the Issuer, shall be entitled to carry out all necessary verifications regarding the Cardholders identity. The above mentioned Partner and the Card Distributor may use a recognised agency for this verification purposes (details of the agency used will be provided to you on request). In this respect, the Cardholder’s personal data will be transferred to the Card Distributor and the Issuer and will be processed also outside the United Kingdom.

  1. Communication

Except where provided otherwise in the Agreement, you shall send any information, communications or notifications using the information in section 15. Correspondence received after 5 pm or on a non-business day will be treated as having been received on the following business day. You require access to the Internet in order to manage the Card. We will send any information, communications or notifications to your e-mail address registered with us. Any changes to your address, e-mail, telephone number or other personal data we hold about you must be notified by you immediately and in writing in accordance with this section 10.

The Agreement and all communications will be in English. You may request a copy of the Agreement free of charge at any time during the contractual relationship. If we need to contact you in the event of suspected or actual fraud or security threats, we will first send you an SMS  or email prompting you to contact our customer services team using the contact information we have been supplied with..

  1. Changes to the Agreement/Termination

We reserve the right to amend the Agreement for any reason by giving you a two-month notice, such notice being communicated via e-mail. You will be deemed to have accepted the changes if you raise no objection prior to the expiry of the notice. If you do not wish to accept the changes, you may terminate the Agreement immediately and without charge at any time prior to the expiry of the notice, but in any case the Agreement will automatically terminate at the end of the notice period if you do not accept the changes. At all other times you may terminate the Agreement at any time by giving a one-month notice in writing to us at support@zeux.com and in accordance with section 10.

  1. Governing Law and Jurisdiction

The Agreement, and your relationship with us under the Agreement, will be governed by the law of England and Wales. The parties agree to submit to the jurisdiction of the courts of England and Wales to resolve any legal matter arising from the Agreement. However, if you are resident in Scotland, you may use the courts of Scotland, and, if you are resident in Northern Ireland, you may use the courts of Northern Ireland.

  1. Complaints

In case you would like to make a complaint, please contact us using the contact details in section 14 so we can resolve the issue. We will promptly send you a complaint acknowledgement and a copy of our Complaints Procedure. You may also request a copy of our Complaints Procedure at any time. Details of our Complaints Procedure can also be found on our website. You agree to cooperate with us and provide the necessary information for us to investigate and resolve the complaint as quickly as possible.

We will endeavour to handle your complaint fairly and quickly, however, if you are not satisfied with the outcome, you may contact the Financial Ombudsman Service at Exchange Tower, London E14 9SR; telephone: 0800 023 4567 or 0300 123 9 123; website: http://www.financial-ombudsman.org.uk; and e-mail: complaint.info@financial-ombudsman.org.uk.

 

  1. Balance Enquiries

Please refer to the Zeux mobile app for your latest balance otherwise, email support@zeux.com

  1. Contact Details

You may contact Zeux for any questions related to your card at support@zeux.com

  1. Third Party Payment Service Providers

This section 15 applies when you use the services of an AISP [or a PISP]. In order for us to allow connection to a Third Party Payment Service Provider you will be required to verify and agree to give permission for them access to your account via a Third Party AISP [or a PISP]. We may deny an AISP [or PISP] access to the online account connected to the Card for reasonably justified and duly evidenced reasons relating to unauthorised or fraudulent access to the online account by that AISP [or PISP, including the unauthorised or fraudulent initiation of a transaction]. If we do deny access in this way, we will notify you of the denial and the reason for the denial in advance if possible, or immediately after the denial of access, unless to do so would compromise reasonably justified security reasons or is unlawful. We will allow AISP [or PISP] access to the online account once the reasons for denying access no longer apply.

  1. Fees

Activity 

Fees 

Payment by card in the UK

£0

Payment by card abroad (outside of the UK)

£0

ATM withdrawals in the UK

£0

ATM withdrawals abroad (outside of the UK)

£0

*Note: some fees may be charged by ATM operators.

 

Redemption Fee 

Upon request