Terms and conditions

Please read these terms (the “Terms”) and the privacy policy (“Privacy Policy”) very carefully. These Terms represent a legal agreement between Crezco Limited a company incorporated and registered in England & Wales with company number 11752182 and registered office at 192 Campden Hill Road, London, England, W8 7TH (referred to as “we” or “us” or “our” or “Crezco”) and the entity or sole proprietor on whose behalf a user account is created (“you” and “your), each a “Party” and together the “Parties”, to receive certain payment initiation, payment processing, payment data and/or other relevant payment services provided by us (the “Services”). By accessing or using the Services, you are accepting these Terms and you represent and warrant that you have the right, authority, and capacity to enter into these Terms. If you do not agree with all of the provisions of these Terms, do not access and/or use the Services.

Contact Information

If you wish to contact us in writing, or if these Terms require you to give notice to us in writing, please contact us at:

Address: 192F Campden Hill Road, Notting Hill Gate, London, W8 7TH

Email: help@crezco.com

General Terms

Last updated: 11/02/2026

1. Definitions

1.1. The definitions and rules of interpretation in this clause apply in these Terms:

“Account Information Services” or “AIS” means account information services as set out in paragraph 1(g) of Schedule 1 of the PSRs and defined in Regulation 2 of the PSRs;

“Authorised Users” yourself, your employees, officers, agents, and independent contractors who are authorised to use the Services and the Documentation;

“Confidential Information” means any information which is, or could reasonably be deemed, proprietary or confidential in nature disclosed or made available by one party to the other party including Personal Data and payment information but will not include any information which the recipient can show: a) was at the time of disclosure or has subsequently become public knowledge other than by breach of these Terms; b) is received by the recipient from an independent third party who has a lawful right to disclose the same without restriction; or c) the recipient lawfully possessed at the date of disclosure;

“Crezco API” means the application programming interface by which we connect to the Platform Partner;

“Data Breach” means any accidental, unlawful or unauthorised destruction, loss, alteration, disclosure of, or access to the Personal Data or any unauthorised or unlawful processing of the Personal Data;

“Data Protection Law” means any data protection legislation applicable to our interactions with you or the Services from time to time in force in the United Kingdom including, but not limited to, the Data Protection Act 2018;

“Payment Information” information provided by you in relation to payments, including without limitation payee account names, account numbers, sort codes, amount to be transferred, denominated currency and payment date;

“Payment Initiation Services” or “PIS” means payment initiation services as set out in paragraph 1(h) of Schedule 1 of the PSRs and defined in Regulation 2 of the PSRs;

“PSRs” means the Payment Service Regulations 2017 (SI 2017/752);

“Platform Partner” means third-party platform(s) who, using the Crezco API, embed our Services into their products for Authorised Users;

“Services” the services made available under these Terms, as described in Our Services (clause 3) and Regulatory Services (clause 4);

“Virus” anything or device (including any software, code, file or programme) which may: prevent, impair or otherwise adversely affect the operation of any software, hardware, network or communications service;

2. Your User Account

2.1. Provided you have agreed to the Terms, we may create a user account for you to access our Services. We may be required to ask for certain information from you. All information you provide to us as part of the registration process must be accurate and up to date, and you must promptly notify us of any changes. All information provided is your data. We may, in its sole and absolute discretion, refuse access to the Services or your user account because of inadequacy or incompleteness of information provided (including, without limitation, any inadequacy of any “know your business” information provided) or if we determine that provision of the Services may constitute a breach of applicable law or regulation or adversely affect our reputation. If any data provided for registration or “know your business” purposes change, you must notify us of such change as soon as possible. It is your responsibility to keep us updated of changes to your business or personal information.

2.2. We will not initiate payments if:

we suspect any fraudulent activity related to the payee account; or
we identify patterns on your account that may indicate misconduct; or
there is an indication that you are in breach of any regulation.

2.3. We may restrict or refuse to authorise any use of your account including payments if using the account is causing or could cause a breach of these Terms or if we have reasonable grounds for suspecting that you or a third party has committed or is about to commit a crime or other abuse in connection with the Account.

2.4. You will be liable for all transactions that take place as a result of you acting fraudulently or failing to comply with these Terms with intent or gross negligence.

2.5. It is your responsibility to keep us updated of changes to your business or personal information.

3. Our services

3.1. We offer a number of Services to which you can subscribe, outlined in the Appendices hereto, or as otherwise notified to you.

3.2. We will make any Service you request available to you, subject in all cases to your agreement to and compliance with these Terms and the terms of the applicable Platform Partner.

3.3. Each Service is governed by these Terms and the terms of the Appendix relating to that Service. Appendices will not apply to you unless and until you subscribe to such Service, and you will not be notified of changes to that Appendix unless it applies to you.

3.4. We will use reasonable endeavours to make the Services available 24 hours a day, seven days a week. Downtime may occur during planned maintenance, which we will use reasonable endeavours to carry out during a daily maintenance window of 10.00 pm to 2.00 am UK time, unless the circumstances described in clause 15.1 (Force Majeure) apply.

3.5. Save as otherwise agreed by the Parties in writing, the Services will not include any work to integrate your systems with the Services.

3.6. We will, during the Subscription Term, provide the Services subject to the terms of these Terms.

3.7. We may from time to time make modifications to the Services (including, without limitation, the Software) and deploy updates or upgrades to the Services, provided that the modified and updated services are of a substantially similar functionality to the Services as at the date of these Terms.

3.8. We will use reasonable endeavours to make the Services available 24 hours a day, seven days a week, subject to the following: downtime may occur during planned maintenance, which we will use reasonable endeavours to carry out during a daily maintenance window of 10.00 pm to 2.00 am UK time, unless the circumstances described in clause 15.1 (Force Majeure) apply.

3.9. We may from time to time make modifications to the Services and deploy updates or upgrades to the Services, provided that the modified and updated services are of a substantially similar functionality to the Services as at the date of these Terms.

3.10. We can, as part of the Services, provide you with standard customer support services between 9.00am and 5.00pm Monday to Friday, other than on public holidays in the United Kingdom.

Third Party Providers

We may use a third party provider to assist in providing the Services to you, including the following:

SafeConnect Ltd t/a ‘Yapily’,
TrueLayer Limited,
ClearBank Limited, and / or
The Currency Cloud Limited
Checkout Ltd

(“Third Party Providers”).

Crezco Foreign Exchange Services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Registered Office: 1 Sheldon Square, London, W2 6TT, United Kingdom. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199)

The relevant Third Party Provider’s terms are available at:

https://www.yapily.com/legal/end-user-terms

https://www.currencycloud.com/legal/terms/

Regulatory Status

We are regulated as an Electronic Money Institution by the UK Financial Conduct Authority (“FCA”) with the Firm Reference Number 1027543.

This authorisation allows us to issue electronic money and provide certain payment services in the United Kingdom, including services referred to as Account Information Services (“AIS”) and Payment Initiation Services (“PIS”).

4. Your Obligations

4.1. By entering into these Terms, you agree you will not use the Services for any purpose or in any manner that:

is unlawful, harmful, threatening, defamatory, obscene, malicious, infringing, harassing or offense;
constitutes or facilitates illegal activity, money laundering or terrorism;
is in breach of any applicable international sanctions;
damages or is reasonably likely to damage the Services;
is a denial-of-service attack or a distributed denial-of service attack;
contravenes any applicable usage policy of ours at the relevant time;
compromises any of our security measures;
causes damage or injury to any person or property; or
is detrimental to our reputation.

4.2. Except as may be allowed by any applicable law which is incapable of exclusion by agreement between the Parties and except to the extent expressly permitted under these Terms, you will not:

attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of the Software in any form or media or by any means; or
attempt to de-compile, reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the Software.
access all or any part of the Services in order to build a product or service which competes with the Services; or
use the Services to provide services substantially the same as the Services to third parties; or
subject to license, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Services available to any third party except the Authorised Users, or
attempt to obtain or assist third parties in obtaining access to the Services.

4.3. You will use all reasonable endeavours to prevent any unauthorised access to, or use of, the Services and, in the event of any such unauthorised access or use, will promptly notify us.

5. Our Obligations

5.1. Subject to the restrictions of these Terms, we hereby grant to you non-transferable rights to use the Services. We undertake that the Services will be provided in accordance with applicable laws and regulations, good industry practice, and with reasonable skill and care.

5.2. The undertaking will not apply to the extent of any non-conformance which is caused by use of the Services contrary to our instructions, or modification or alteration of the Services by any person other than us or our duly authorised contractors or agents.

5.3. If the Services do not conform with the foregoing undertaking at clause 6.1, we will, at our expense, use reasonable endeavours to correct any such non-conformance promptly, or provide you with an alternative means of accomplishing the desired performance, provided that such alternative means are substantially similar to the Services.

5.4. Without prejudice to the foregoing, we are not responsible for any delays, delivery failures, or any other loss or damage resulting from the transfer of data over communications networks and facilities, including the internet, to the extent outside of our reasonable control, and you acknowledge that the Services may be subject to limitations, delays and other problems inherent in the use of such communications facilities where outside of our reasonable control.

5.5. We warrant that we have and will maintain all necessary licences, consents, and permissions necessary for the performance of its obligations under these Terms.

6. Subscription Fees and Payment

6.1. By agreeing to these Terms, you agree to pay applicable fees relating to your use of our Services.

6.2. We do not control and are not responsible for fees imposed by the Platform Partner. Each Platform Partner should disclose to you the fees they charge to use our Services.

7. Your Data

7.1. You will own all right, title and interest in and to all of your Personal Data and will have sole responsibility for the legality, reliability, integrity, accuracy and quality of your Personal Data.

7.2. For the purposes of these Terms, "Personal Data", "data controller", "data processor", “data subject” and "process" will have the meaning given by the Data Protection Law.

7.3. The Parties agree and acknowledge that we will be a data processor in respect of your Personal Data.

7.4. We will process your Personal Data in compliance with all applicable laws including but not limited to the Data Protection Law.

7.5. We will process your Personal Data only to the extent, and in such a manner, as is necessary for these Terms and in accordance with your written instructions from time to time and will not process your Personal Data for any other purpose. Where we are required by law to process your Personal Data, we will promptly inform you of such legal requirement prior to carrying out the processing, unless we are prohibited from doing so by law.

7.6. We will ensure that we implement appropriate technical and organisational measures to protect against unauthorised or unlawful processing of your Personal Data and against accidental loss or destruction of, or damage to, your Personal Data, appropriate to the harm that might result from the unauthorised or unlawful processing or accidental loss, destruction or damage and the nature of the data to be protected, having regard to the state of technological development and the cost of implementing any measures (those measures may include, where appropriate, pseudonymising and encrypting your Personal Data, ensuring confidentiality, integrity, availability and resilience of its systems and services, ensuring that availability of and access to your Personal Data can be restored in a timely manner after an incident, and regularly assessing and evaluating the effectiveness of the technical and organisational measures adopted by it.

7.7. We will ensure that all personnel who have access to and/or process your Personal Data have undertaken training in the laws relating to handling Personal Data and are obliged to keep your Personal Data confidential.

7.8. We will promptly notify you if we receive any complaint, notice or communication which relates to the processing of your Personal Data, or any request from a data subject for access to that person’s personal data. we will provide you with full cooperation and assistance in relation to any such complaint, notice communication, or request and will not disclose any of your Personal Data to any data subject or to a third party other than at the request of you, or as provided for in these Terms.

7.9. We will promptly notify you if we become aware of any unauthorised or unlawful processing, loss of, damage to, disclosure of, access to or destruction of your Personal Data (“Data Breach”) and provide you with full co-operation, information and assistance in respect of any Data Breach, at our own expense.

7.10. We will promptly comply with any request requiring you to amend, transfer, return or delete your Personal Data, unless otherwise required by law.

7.11. We reserve the right to maintain your Personal Data as is required by applicable law or regulation after any end of term or termination.

7.12. We will be entitled to monitor your usage for the purposes of performing and monitoring compliance with these Terms, and also to generate aggregated information about the usage of the Services which we may use to improve the Services and for other business purposes; for a detailed overview of how we, collect, use and store your data please refer to our Privacy Policy.

8. Our Liability

8.1. We will be liable to you for unauthorised payments or our mistakes. In case of an unauthorised payment or mistake due to our manifest error, we will at your request immediately refund the payment amount including all fees, if any, deduced by us. This will not apply if:

you have acted fraudulently, in which case we will not refund you in any circumstances; or
if you do not notify us within twenty-four hours of security issues on your user account (e.g. loss of your password); you remain liable for losses incurred between the occurrence of the security issue and your notice to us; or
if you don’t let us know about the unauthorised or incorrectly completed transaction within 13 months from the date of the payment transaction.

8.2. Regarding Authorised Push Payment (APP) Fraud, we will be liable to you where you are a sole-trader, micro-enterprise or charity and have been a victim of APP fraud, and are eligible for reimbursement under the Payment Systems Regulator's rules

8.3. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is, on the balance of probabilities, likely that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your account sign up process.

8.4. We are not liable for any contravention of a requirement imposed on us by or under Part 7 of the PSRs 2017 where the contravention is due to:

abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary; or
our obligations under other provisions of EU or national law.

8.5. The responsibility for monitoring and verifying the accuracy of Payment Information belongs solely to you. We will have no liability as a result of any Payment duly processed out in accordance with the Payment Information provided.

9. Changes to these Terms

9.1. To the extent permitted by law, and where the Customer is not a consumer, a micro-enterprise, or a charity with an annual income of £1 million or less, the parties agree that the information requirements and provisions contained in Regulations 40 to 62 of the PSRs 2017 will not apply to this agreement.

9.2. For the avoidance of doubt, this exclusion does not apply to any Customer who is a consumer, a micro-enterprise (as defined in Commission Recommendation 2003/361/EC), or a qualifying charity. In such cases, those regulatory protections will continue to apply.

9.3. To the extent not covered by the exclusions set out in clause 10.1 above, or to the extent voluntarily provided (but with no commitment or obligation to continue providing), we will notify you of changes to these Terms as follows:

If it is a material change to these Terms and would have a detrimental effect on you, or is a change to the specific information required under Schedule 4 of the PSRs, you will be notified, and your express opt-in requested; changes will be effective immediately upon such consent being provided;
If it is a material change, which does not have any detrimental impact on you and is not a change to the specific information required under Schedule 4 of the PSRs, you will be notified of the change and you will be deemed to have accepted any change to these terms and conditions by your continued use of the Services at the end of the given notice period.
if it is a non-material change which does not have any detrimental impact on you (for example correcting a typo, changing the order but not the content of the terms, or amending administrative details) these terms will be updated and no express notice will be provided to you; you will be deemed to have accepted any change to these terms and conditions by your continued use of the Services.

9.4. Notice under clause 10.3 above will only apply to the terms set out in the Appendices if you have subscribed to the specific Service to which such Appendix relates. If we update an Appendix and you are not a subscriber to that Service you will not receive an update.

10. Complaints

10.1. If you have a complaint or query about these Terms or the Services, you should contact us by either: a) notice delivered by hand or by courier to our registered office; or b) deliver by way of email to complaints@crezco.com, or via any of the contact methods notified to you from time to time.

10.2 Upon receipt of your complaint you will be issued with a unique complaint reference number within 1 business day confirming that the complaint is being considered and advising the complaint management timelines; we aim to resolve all complaints within 15 working days through the issuing of a Final Response Letter (FRL). In exceptional circumstances where we unable to issue a final response within 15 business days of receipt of the complaint we will notify you of an extended timeline by the 15th business day, and issue a final response within 35 business days of the original complaint submission date Once your complaint has been closed, all eligible complainants will be issued with Financial Ombudsman (FOS) referral rights and contact details for doing so will be included in your FRL.

11. Term and Termination

11.1. This Agreement will commence on the date your user account is created and will continue until you, we or the Platform Partner close the account. If we choose to close your user account, you will be given written notification.

11.2. The Platform Partner may choose to close your user account if they no longer use the Crezco API or if your contract with that Platform Partner terminates.

11.3. You, we and the Platform Partner, may terminate these Terms with immediate effect if the other party commits a material and/or repeated breach of any other term of these Terms.

11.4. On termination of this agreement you will immediately cease all use of the Services. Any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination, including the right to claim damages in respect of any breach of these Terms which existed at or before the date of termination will not be affected or prejudiced.

12. Confidentiality

12.1. Each party will take all reasonable steps to ensure that the other’s Confidential Information to which it has access is not disclosed or distributed by its employees or agents in violation of the terms of these Terms.

12.2. Each party may disclose Confidential Information to the extent such Confidential Information is required to be disclosed by law, by any governmental or other regulatory authority (including, without limitation, the FCA) or by a court or other authority of competent jurisdiction, provided that, to the extent it is legally permitted to do so, it gives the other party as much notice of such disclosure as reasonably possible.

12.3. No party will make, or permit any person to make, any public announcement concerning these Terms without the prior written consent of the other parties (such consent not to be unreasonably withheld or delayed), except as required by law, any governmental or regulatory authority (including, without limitation, any relevant securities exchange), any court or other authority of competent jurisdiction.

13. General

13.1. Neither party will have liability to the other party under these Terms if it is prevented from or delayed in performing its obligations under these Terms, or from carrying on its business, by acts, events, omissions or accidents beyond its reasonable control, provided that the non-affected party is notified of such an event and its expected duration.

13.2. Except as expressly provided in these Terms, the rights and remedies provided under these Terms are in addition to, and not exclusive of, any rights or remedies provided by law.

13.3. If any provision (or part of a provision) of these Terms is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable, or illegal, the other provisions will remain in force. Or, if any invalid, unenforceable or illegal provision would be valid, enforceable, or legal if some part of it were deleted, the provision will apply with whatever modification is necessary to give effect to the commercial intention of the parties.

13.4. This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations, and understandings between them, whether written or oral, relating to its subject matter.

13.5. Each Party acknowledges that in entering into these Terms it does not rely on, and will have no remedies in respect of, any statement, representation, assurance, or warranty (whether made innocently or negligently) that is not set out in these Terms.

13.6. This Agreement will be governed by and interpreted in accordance with the laws of England & Wales. You agree to the jurisdiction of the courts in England & Wales over any claim, dispute or matter arising out of, under or in connection with these Terms (and any non-contractual obligations arising out of or in connection with them and any claim or dispute in relation to their formation).

APPENDIX 1

DOMESTIC ACCOUNTS PAYABLE SERVICES

The following Appendix 1 will only apply to you if you have specifically elected to use the Domestic Accounts Payable product. If applicable to you, this Appendix will serve to vary or supplement the User Terms explicitly, as applicable and only as set out below:

Service

We may provide you with access to our domestic payment service. This service specifically refers to our Payment Initiation Services (PIS) that allow you to transfer funds directly to your suppliers to make quick and simple bill payments. This refers to domestic PIS only.

We may use a third-party provider to assist in providing the Services to you.

When you make a payment through our Payment Initiation Services (PIS), you will give us secure access via Open Banking to send payments direct from your nominated bank account to your payee’s bank account directly.

To initiate the transaction, you will submit your transfer instructions (including the amount, date of payment, and a payment reference where relevant) directly through us and/or the relevant Third-Party Provider. Where appropriate, we will share the details of the payee bank account as provided by you with the relevant Third-Party Provider and you are responsible for ensuring these details are accurate. We will not debit your payment account before receipt of a valid payment order.

We will provide confirmation of a completed authorisation to you via your chosen Platform Provider.

Safeguarding

We do not hold your funds, either directly or through a third-party at any time during the workflow of our Domestic Accounts Payable product. We simply pass the payment instruction to your bank, and the funds are then sent directly from your bank to the person you wish to pay. As a result, safeguarding rules do not apply to this product.

Charges & Fees

You agree to pay the applicable fees for our Services, as notified to you by our Platform Partner.

Amendments

To the extent that this Appendix is updated or modified in any way, those changes will be notified only to those users to whom it applies, and we will either request your specific consent, or give you at least 2 months to consider the changes and choose to opt-out before they are implemented.

APPENDIX 2

MANAGED PAYMENTS (DOMESTIC ACCOUNTS PAYABLE WALLET) SERVICES

The following Appendix 2 will only apply to you if you have specifically elected to use the Managed Payments (Domestic Accounts Payable Wallet) product. If applicable to you, this Appendix will serve to vary the User Terms explicitly, and only as set out below:

Service

We may provide you with access to our domestic payment wallet service known as Managed Payments. This service allows you to make quick and simple bulk payments to your payees via an e-money account.

This service allows you to acquire electronic money issued by ClearBank. You can then instruct us to use this electronic money to send payments to the payee you have instructed. You must maintain a sufficient balance in your e-money account before a scheduled payment. The payment instruction will be sent by us to facilitate onward payment to your intended payee’s bank account using the balance of your e-money account

In providing this service, we will:

Receive the funds you credit to your e-money account;
Hold the funds until you instruct us otherwise;
and Transfer them onward to your nominated payee in line with your instructions

Payments are funded through Open Banking using Payment Initiation Services (PIS) from your nominated bank account into the e-money account, which is held in your name with a UK credit institution. When you first use this service, we will explain what funding the transit account means for you.

To make a payment, you must provide:

Payee details
Transaction amount
Payment reference
Payment date
Any other required details during the payment process
Confirmation to proceed

Compliance and execution

You consent to us including your full name (and any other required details) in the payment record to meet anti-money laundering obligations.

For same-day payments, we will forward instructions on the date we receive them. Payments will be made at the earliest possible date unless you set a future date. You may cancel future-dated instructions before execution.

We are not liable for any loss in circumstances where erroneous duplicate payment instructions are sent to us by you.

Once the onward payment is executed to your payee’s bank account, we will confirm this via your Platform Partner.

Electronic Money Services

Where ClearBank are issuing electronic money to you, the following terms will apply:

Our Regulatory Status

We are authorised and regulated by the Financial Conduct Authority (“FCA”) as an Electronic Money Institution under the Electronic Money Regulations 2011 (FCA register number: [1027543]). This authorisation allows us to issue electronic money and provide certain payment services in the United Kingdom.

Issuing Electronic Money

When you send money to us for use with the Services, we will issue you with an equivalent amount of electronic money (“e-money”). Your e-money is stored electronically in your account with ClearBank and can be used to make payments through the Services.

E-money is not a deposit, does not earn interest, and is not protected by the Financial Services Compensation Scheme.

Safeguarding Your Money

We are legally required to protect the money you send to us in exchange for e-money. We do this by placing your money into a dedicated safeguarding account with a regulated bank or by using an equivalent protection method permitted by law.

This safeguarding ensures that, in the unlikely event we become insolvent, your money is protected and will be returned to you before any of our other creditors are paid. Please see the specific safeguarding provisions below.

Redemption of E-Money

You may request to redeem all or part of your e-money at any time. Redemption will always be made at its face value (one pound sterling for each unit of e-money).

We will transfer the redeemed amount to the bank account or other payment method you nominate, provided it is in your name and acceptable to us. We will not charge you for redemption, except where permitted by law.

Use of Third-Party Providers

Some of our Services continue to be provided by third-party providers. This means that, in certain circumstances, you may be issued e-money or payment services through a third party instead of directly by us. Where that is the case, the relevant third party’s terms will apply. We will always make it clear within the Services when a third-party provider is involved.

Complaints

If you are unhappy with the services we have provided, please contact us at complaints@crezco.com. We will aim to resolve your complaint quickly and fairly in line with section 11.2

If you are not satisfied with our response, you may be entitled to refer your complaint to the Financial Ombudsman Service (www.financial-ombudsman.org.uk).

Safeguarding

Your funds will be transferred from your bank (following user authentication) to a segregated customer account in your name held with a UK credit institution.

Our safeguarding provider will always comply with the safeguarding rules set out in the Electronic Money Regulations 2011. Electronic money accounts are not bank accounts and your funds are not protected under the UK Financial Services Compensation Scheme (FSCS), however our safeguarding requirements mean the funds are placed in a separate account from our working capital and other funds, and ensures they are not aggregated with any other money, or used for any purpose other than the specific payment instructions you send through us. If the provider becomes insolvent, these funds will be protected.

Charges & Fees

You agree to pay the applicable fees for our Services, as notified to you by our Platform Partner.

Amendments

APPENDIX 3

INTERNATIONAL PAYMENT SERVICES

The following Appendix 3 will only apply to you if you have specifically elected to use the International Payment Services product. If applicable to you, this Appendix will serve to vary the User Terms explicitly, and only as set out below:

Service

We may provide you with International Payment Services including quoting and execution of foreign exchange contracts to sell and buy currency. This service allows you to make payments in a different currency.

This service allows you to acquire electronic money issued by CurrencyCloud, and to then instruct us to use this electronic money to send payments to the payee you have instructed. You must maintain a sufficient balance in your e-money account before a scheduled payment. The payment instruction will be sent by us to facilitate onward payment to your intended payee’s bank account using the balance of your e-money account

In providing this service, we will:

Receive the funds you credit to your E-Money Account;
Hold the funds until you instruct us other; and
Transfer them onward to your nominated payee in line with your instructions

Payments are funded through Open Banking using Payment Initiation Services (PIS) from your Nominated Bank Account into the E-Money Account, which is held in your name with a UK credit institution. When you first use this service, we will explain what funding the transit account means for you.

To make a payment, you must provide:

Payee details
Transaction amount
Payer currency
Payee currency
Payer bank account country
Payee bank account country
Payment reference
Payment date
Any other required details during the payment process
Confirmation to proceed

Compliance and execution

You consent to us including your full name (and any other required details) in the payment record to meet anti-money laundering obligations.

For same-day international payments, we will forward instructions on the date we receive them. If your payment instruction is received after the cut-off time of the chosen end-currency, or on a day that is not a business day, your payment instruction will be deemed to have been received on the next business day.

The cut-off times for each currency are made available publiclyhere.

Payments will be made at the earliest possible date.

For future-dated payments, payments will be made on the date you set. You may cancel future-dated instructions before execution.

We are not liable for any loss in circumstances where erroneous duplicate payment instructions are sent to us by you.

Once the onward payment is executed to your payee’s bank account, we will confirm this via your Platform Partner.

Exclusions

We will not provide you with any advice in connection with the International Payment Services, such as, whether to proceed or not to proceed with a Contract and in respect of timing. We may provide market information but this will not constitute investment advice.

Upon request, we may provide you or an Authorised Person with an exchange rate quote. This quote is given on an indicative basis only and we are not legally bound to perform a proposed exchange contract in accordance with this quote.

Please note we are not a currency trading platform, accordingly, you should not use our Services for this purpose. If we detect that you are using our Services for this purpose, we may, at our option, suspend the delivery of the Services.

Electronic Money Services

Where CurrencyCloud are issuing electronic money to you, the following terms will apply:

For cross-border and currency exchange transactions Payment and e-money services (Non MIFID related products) are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Registered Office: 1 Sheldon Square, London, W2 6TT, United Kingdom. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199)”

Our Regulatory Status

We are authorised and regulated by the Financial Conduct Authority (“FCA”) as an Electronic Money Institution under the Electronic Money Regulations 2011 (FCA register number: [1027543900199]). This authorisation allows us to issue electronic money and provide certain payment services in the United Kingdom.

Issuing Electronic Money

When you send money to us for use with the Services, CurrencyCloud will issue you with an equivalent amount of electronic money (“e-money”). Your e-money is stored electronically in your account with us and can be used to make payments through the Services.

E-money is not a deposit, does not earn interest, and is not protected by the Financial Services Compensation Scheme.

Safeguarding Your Money

When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called CurrencyCloud. In line with regulatory requirements, CurrencyCloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of CurrencyCloud’s, or our, insolvency. CurrencyCloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

Redemption of E-Money

You may request to redeem all or part of your e-money at any time. Redemption will always be made at its face value (one pound sterling for each unit of e-money).

Use of Third-Party Providers

Complaints

If you are unhappy with the services we have provided, please contact us at complaints@crezco.com. We will aim to resolve your complaint quickly and fairly in line with section 11.2.

If you are not satisfied with our response, you may be entitled to refer your complaint to the Financial Ombudsman Service (www.financial-ombudsman.org.uk).

We are your first port of call for any queries or concerns, including complaints. We will handle these complaints in line with our complaints process. We work with CurrencyCloud, who ultimately provides you with regulated payments and e-money services. CurrencyCloud has certain obligations as a regulated financial services institution, including around complaints. We keep them informed of the complaints we receive from you regarding the regulated payments and e-money services they ultimately provide to you. They oversee how we handle complaints to ensure we do this to the standard required under the regulations. However, if for any reason your complaint regarding your payments and e-money services has not been acknowledged or dealt with by us, or if you have concerns about the way it has been handled, CurrencyCloud’s complaints information can be found here.

Safeguarding

Your funds will be transferred from your bank (following user authentication) to a segregated customer account in your name held with a UK credit institution.

Charges & Fees

You agree to pay the applicable fees for our Services, as notified to you by our Platform Partner.

Amendments

APPENDIX 4

DIRECT USERS

Definitions

“Platform” means both our Site and the Services offered via our web application;

“Pricing Page” means the online page found on the Site that includes notification of charges and fees associated with our Services;

“Site” means our website found at https://www.crezco.com and its contents, including its connected websites and microsites, in each case, as amended by us from time to time.

Service

You may access our Services directly through our Site. To the extent that you access our Services directly, the terms of and amendments set out in this clause 14 will apply. This clause 14 does not apply to any Services accessed through a Platform Partner.

All references to a Platform Partner will be disapplied and, therefore certain clauses will be amended or deleted as follows:

Clause 3.2 will be amended as follows: We will make any Service you request available to you, subject in all cases to your agreement to and compliance with these Terms
Clause 7.2 will be disapplied in its entirety
Clause 12.1 will be amended as follows: This Agreement will commence on the date your user account is created and will continue until you close the account. If we choose to close your user account, you will be given written notification.
Clause 12.2 will be disapplied in its entirety
Clause 12.3 will be amended as follows: You may terminate these Terms with immediate effect if the other party commits a material and/or repeated breach of any other term of these Terms.

The “Charges and Fees” in Appendices 1 to 3 will be disapplied and the following term will be deemed to apply to each of Appendices 1 to 3:

Charges and Fees: Our standard fees are set out in our Pricing Page and will apply to your use of the Services. We may update or amend the pricing plan from time to time but will provide 30 days’ advance notice.

APPENDIX 5

PAY BY CARD

The following Appendix 5 will only apply to you if you have specifically elected to use the Pay By Card product. If applicable to you, this Appendix will serve to vary the User Terms explicitly, and only as set out below:

Definitions

“Chargeback” refers to a demand for a return of money to the payer, following fraud or disputed transaction, from a card payment or other payment method offering such a service;

Service

We may provide you with Pay by Card service, which allows you to make single & bulk payments to your payees with your issued payment card, via an e-money account.

This service allows you to acquire electronic money issued by ClearBank, and to then instruct us to use this electronic money to send payments to the payee you have instructed. The payment instruction will be sent by us to facilitate onward payment to your intended payee’s bank account through your e-money account.

In providing this service, we will:

Receive the funds you credit to your e-money account;
Transfer them onward to your nominated payee in line with your instructions

Payments are funded through your chosen card payment into the e-money account, which is held in your name with a UK credit institution and referred to as a ‘transit account’. When you first use this service, we will explain what funding the transit account means for you.

To make a payment, you must provide:

Payee details
Transaction amount
Payment reference
Payment date
Payment card information
Any other required details during the payment process
Confirmation to proceed

Compliance and execution

You consent to us including your full name (and any other required details) in the payment record to meet anti-money laundering obligations.

You are fully responsible for ensuring that the details of your payment instruction, Payee details & Payee Bank account details are accurate, complete and correct.

We are not liable for any loss in circumstances where erroneous duplicate payment instructions are sent to us by you, or if you provide us with inaccurate details of your payment instruction, Payee details or Payee bank account details.

Once the onward payment is executed to your payee’s bank account, we will confirm this via your Platform Partner.

By submitting your payment, you agree that the goods and services provided by your payee in exchange for the payment have already been rendered to your satisfaction.

You hereby forfeit any future claims regarding insufficient or unexpected quality or untimely delivery of the goods and services provided, including the services rendered by Crezco in exchange for your payment of fees.

If you use a payment card to make payment through the Pay by Card service, you confirm that your payee does not otherwise accept card payments for the good or service being paid for.

Payment Processing

Certain credit card networks do not support certain types of transactions. We may not be able to support the type of transaction you wish to make.

We may impose limits on the size, frequency, and timing of payments sent through the Pay by Card service, on a per transaction, or a cumulative basis, and change those limits at any time.

Electronic Money Services

Where ClearBank are issuing electronic money to you, the following terms will apply:

Our Regulatory Status

We are authorised and regulated by the Financial Conduct Authority (“FCA”) as an Authorised Payment Institution(FCA register number: [10275433]).

ClearBank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 754568).

Issuing Electronic Money

When you send money to us for use with the Services, ClearBank will issue you with an equivalent amount of electronic money (“e-money”). Your e-money is stored electronically in your account with us and can be used to make payments through the Services.

E-money is not a deposit, does not earn interest, and is not protected by the Financial Services Compensation Scheme.

Safeguarding Your Money

Redemption of E-Money

You may request to redeem all or part of your e-money at any time. Redemption will always be made at its face value (one pound sterling for each unit of e-money).

Use of Third-Party Providers

Complaints

If you are unhappy with the services we have provided, please contact us at complaints@crezco.com. We will aim to resolve your complaint quickly and fairly in line with 11.2.

If you are not satisfied with our response, you may be entitled to refer your complaint to the Financial Ombudsman Service (www.financial-ombudsman.org.uk).

Safeguarding

Your funds will be transferred from your bank (following user authentication) to a segregated customer account in your name held with a UK credit institution.

Charges & Fees

You agree to pay the applicable fees for our Services, as notified to you by our Platform Partner.

Chargebacks & Satisfactory Goods and/or Services

If electronic money is issued to your E-Money Account via a payment method with Chargeback rights (for example, a credit card), you agree to exercise those rights only if we have breached these terms.

By utilizing our Pay by Card service, you acknowledge and agree that you have received your vendor’s goods and/or services and that these goods and/or services are as described.

You hereby forfeit any future claims regarding insufficient or unexpected quality or untimely delivery of the goods and services provided, including those services rendered by Crezco in exchange for your payment of fees.

You agree to not reverse, chargeback, or dispute payments made using our Pay By Card service for reasons related to the goods and/or services provided by the supplier.

You agree to not reverse, chargeback, or dispute payments for reasons outside our control, such as disputes with your payee or insufficient funds in your E-Money Account.

If we need to investigate or act on a Chargeback you raise, we may charge you for our costs and deduct these from your E-Money Account balance. All fees are non-refundable in relation to Chargebacks.

Terms and conditions

Contact Information

General Terms

1. Definitions

2. Your User Account

3. Our services

Third Party Providers

Regulatory Status

4. Your Obligations

5. Our Obligations

6. Subscription Fees and Payment

7. Your Data

8. Our Liability

9. Changes to these Terms

10. Complaints

11. Term and Termination

12. Confidentiality

13. General

APPENDIX 1

DOMESTIC ACCOUNTS PAYABLE SERVICES

Service

Safeguarding

Charges & Fees

Amendments

APPENDIX 2

MANAGED PAYMENTS (DOMESTIC ACCOUNTS PAYABLE WALLET) SERVICES

Service

Compliance and execution

Electronic Money Services

Our Regulatory Status

Issuing Electronic Money

Safeguarding Your Money

Redemption of E-Money

Use of Third-Party Providers

Complaints

Safeguarding

Charges & Fees

Amendments

APPENDIX 3

INTERNATIONAL PAYMENT SERVICES

Service

Compliance and execution

Exclusions

Electronic Money Services

Our Regulatory Status

Issuing Electronic Money

Safeguarding Your Money

Redemption of E-Money

Use of Third-Party Providers

Complaints

Safeguarding

Charges & Fees

Amendments

APPENDIX 4

DIRECT USERS

Definitions

Service

APPENDIX 5

PAY BY CARD

Definitions

Service

Compliance and execution

Payment Processing

Electronic Money Services

Our Regulatory Status

Issuing Electronic Money

Safeguarding Your Money

Redemption of E-Money

Use of Third-Party Providers

Complaints

Safeguarding

Charges & Fees

Chargebacks & Satisfactory Goods and/or Services

Amendments

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