9. Payments - Local and Cross-Border Transfers In and Out

9.1  Subject to your assigned Payment Rails, you may instruct us to make and receive payments locally and cross-border in the Supported Currencies available to you.

9.2  Instructions. Payment Requests must be submitted through the Platform (or other channels we agree) and must include all information we require, including complete and accurate beneficiary details (such as IBAN, account number, sort code, SWIFT/BIC and any purpose-of-payment information required by law or by the Correspondent Banks). You are responsible for the accuracy of beneficiary details; a payment executed in accordance with the unique identifiers you provide is deemed correctly executed, even if the details you supplied were wrong. If you have given us incorrect instructions, we may reasonably assist you to try to recover the funds but do not guarantee success, and we may charge for recovery efforts as set out in the Fee Schedule.

9.3  Authorisation and revocation. A payment is authorised when you or an Authorised User submits a Payment Request using your Security Credentials or otherwise in accordance with procedures agreed with us. Once submitted, a Payment Request cannot be revoked, except that a Payment Request for a future-dated payment may be cancelled up to the cut-off time on the Business Day before the scheduled execution date.

9.4  Cut-off times and execution. Payment Requests received after the applicable cut-off time, or on a non-Business Day, are treated as received on the next Business Day. We will begin executing an accepted Payment Request promptly; however, execution and completion times vary by currency, Payment Rail, destination and the compliance processes of the Correspondent Banks, and any timeframes we quote are indicative only. We cannot control how long the payee’s payment provider takes to credit funds to the payee.

9.5  Refusal and limits. We will only execute payments if you have sufficient funds in your Account for the payment amount plus applicable fees and charges. We may refuse or delay a Payment Request where limits apply, where we require further information, or in the circumstances described in Sections 7.9 and 14, and we are not required to notify you of our reasons where prohibited by Applicable Laws.

9.6  Incoming payments. We may hold, review, return or reject incoming payments, including where the payment fails our compliance checks, the sender information is incomplete, or a Correspondent Bank requires it.

9.7  Finality. Once a payment has been executed, settlement and payout to the payee are final and irrevocable, except as otherwise provided in these Terms or under Applicable Laws.

9.8  Unauthorised payments. You must check your transaction records regularly and notify us without undue delay, and in any event no later than three (3) months after the debit date, of any suspected or actual unauthorised payment or incorrectly executed payment. Where we are satisfied that a payment was not authorised by you, you notified us within that period, and neither you nor any Authorised User acted fraudulently, recklessly or with gross negligence (including failure to keep Security Credentials secure or to notify us of their loss, theft or compromise), we will refund the amount of the unauthorised payment and restore your Account to the position it would have been in had the payment not occurred. We will have no liability for unauthorised payments notified outside that period, for losses arising before you notify us of compromised Security Credentials, or in any circumstances where you or an Authorised User acted fraudulently. Where we provide you with fraud warnings in relation to a payment, we may take your response (or lack of response) into account in assessing liability.

9.9  Recalls, returns and errors. We may debit your Account to correct manifest errors, to return funds credited by mistake or fraud, or to honour recall requests under applicable scheme rules. If your Account has insufficient funds, you must reimburse us on demand.

9.10  We may suspend, delay or decline any payment (in or out) without liability where we reasonably consider it necessary for compliance with the AML/CFT Legislation, sanctions, fraud prevention, a Correspondent Bank requirement, or a court or regulatory order, and we may be prohibited by law from telling you why.

9.11  Currency conversions. If you wish to fund a payment in a Supported Currency different from the currency in which the payment will be made, we will perform the conversion as an FX Conversion in accordance with Section 10.

10. Foreign Exchange Services - Spot FX Conversions

10.1  Where we have approved you for foreign exchange services, we may enter into spot FX Conversions with you. We do not offer FX forwards, options, contracts for difference, margin trading or any other derivative products, and we do not provide any speculative currency trading service. We may refuse any request for an FX Conversion at our discretion, including where you have insufficient funds, have breached these Terms, or owe us amounts that are due.

10.2  Rates and Quotes. Indicative exchange rates shown on the Platform are for information only, may change rapidly with market fluctuations, and are not binding on us. If we accept your request for an FX Conversion, we will provide a Quote setting out the final exchange rate and settlement details. Once you accept a Quote, the FX Conversion is binding and cannot be cancelled or amended except with our agreement. Our rates include a margin or spread over the wholesale rates available to us, as described in the Fee Schedule.

10.3  Our role. We act as principal, not as your agent, in relation to FX Conversions. We do not provide investment advice or personal recommendations, we owe you no fiduciary duty in respect of the FX services to the extent permitted by Applicable Laws, and you are responsible for obtaining any legal, accounting, financial or tax advice you require.

10.4  Purpose. The FX service is provided to enable you to convert Supported Currencies in connection with payments and your ordinary treasury requirements. If we reasonably believe you are using the FX service for speculative trading purposes, we may refuse requests or withdraw the FX service.

10.5  Settlement. You must ensure sufficient cleared funds are available for settlement of each FX Conversion. We may require cleared funds or an advance payment before executing any FX Conversion.

10.6  Failure to settle. If you fail to settle an FX Conversion, breach these Terms, or the Agreement terminates while FX Conversions are unsettled, we may cancel or unwind any unsettled FX Conversions at prevailing market rates, set off and net amounts owed between us into a single net sum, and you are liable for any resulting loss, cost or market movement we incur.

10.7  Manifest error. Manifest pricing errors (including rates quoted as a result of a systems failure or market data error) are not binding on us, and we may cancel or amend transactions executed at manifestly erroneous rates.

10.8  Exchange rates fluctuate continuously and are outside our control. Historical rates and rate alerts do not constitute a commitment to deal at those rates.