We’ve updated our terms and conditions in order to give our clients the most accurate and efficient service. Below is a list of all the changes we have made. You can also find all of our terms and conditions per country on this landing page.
All
We have restated our Terms to make them more robust for Corporate client. This includes moving the Payables Schedule within the body of the agreement.
Definitions
Some new definitions to adapt to new Terms including Banking Day which is used instead of Business Day in certain places.
Fee Schedule
Decision to EURO-ise the Fee Schedule and put it on a link rather than on the terms.The Fee Schedule contains a more comprehensive list of the Exceptional Items with explainers for each, and does not contain static same currency or low value FX charges because these are now dynamic in accordance with our offering rail granularity.
Global Account Availability
We have broadened the number of countries where we offer full Global Account availability. In some cases (Mexico, Philippines) we cannot hold funds for more than 1 day.We have provided a table separate to the Terms which explains how long we can hold funds in each region.We will automatically issue Global Accounts for clients where we can hold funds for at least 60 days.
Allowance for Subsidiaries
We have included wording that permits a client add subsidiaries and affiliates to make it easier for large corporates to allow group companies to receive the services. Note this is not available in every territory.
Dual Authorisation
Clarification that even where dual authorisation is set up, it is not applicable to the processing of bookings by telephone.
Right to Access the Global Account
We’ve removed the statement that states that we will never access your Global Account and instead state that we may access it to collect fees that are due to us.
Clarity on the right to fund GA from third parties
We are permitting funding from 3rd parties as long as you have been pre-approved for this funding. Customers can still use the Receivables Service for formal collection activity by TM, but this gives customers the discretion to share their Global Account details with trusted 3rd parties.
Clarity on funding by ACH
We have set out in more detail the risk associated with ACH funding where there is a chargeback from your account.
Payment Rails
We now offer customers the option to select which payment rail we use to complete the transaction. There may be cost implications to whichever rail is selected and as such we no longer carry standard costs for same currency and low value FX payments. The actual costs associated with each payment rail and the options available are only shared when the transaction is booked.
Use of Global Account to hold returned funds
Sometimes funds get returned from the Beneficiary Bank. To date we have had to return these to a client’s bank account which may cause a bad client experience and potential FX losses. We are now creating a global account in the beneficiary currency where we will hold the funds for you, pending new instruction. Note that these may not be available in every situation.
Right to auto-convert
Where there is a mismatch between the currency you require us to fund in and the currency of the beneficiary account, we reserve our right to convert this for you into the correct currency.
Clarity on the Types of Users
We are differentiating Web Users from authorised Users which have been screened and added formally.Web users have less functionality but transactions entered by all Users are treated by Transfermate as authorised by the Customer.
More robust section on Data Protection
Section 11 now sets out that Transfermate is a data processor and some clients (such as corporates) may have data subjects. We continue to commit to adhering to our privacy policy but this section provides additional rights for our customers.
Restatement of Liability
In Section 13 we are setting out firmer protection for Customers around liability. We state that Transfermate has an obligation to make sure the funds get to the Beneficiary and this is not subject to any limitation on liability. There is also further clarity on when each party is responsible for other losses and issues and a wider class of liability for Transfermate.
Insurance
We are stating the types of insurance cover we have in response to questions from customers.
Clearer statement of Intellectual Property Rights
Confirmation that we own the IP associated with the service but that you retain certain IP which we use to deliver the Services to you.
Robust Confidentiality Clause
This has been rewritten to protect Customer information.
Announcements
We have made provision for a mutual right to use names or logos which can be revoked by either party.
Termination Section Updated
Broader and clearer rights for either Transfermate or Customer to exit (or in the case of TransferMate, suspend) the Services.
Redress and Complaints
This is now included on a link rather than set out each process in the Terms.
Receivable Product Terms
We have revised the use of the global account for receivables customers as where available, it will be an essential part of starting to use Transfermate to collect funds on your behalf. We have also restated how we manage unallocated funds from Payers, using the Global Account.
Removing Security Guidelines and adding as a stand alone page to the Transfermate website
This will allow us include updates to the Security Guidelines without changing the Terms.
