Crezco's Terms & Conditions

Please read these terms and conditions (the “Terms”) and the privacy policy (“Privacy Policy”) very carefully. The Terms tell you the rules for using the Crezco platform (“Platform”), which refers to both our website https://crezco.com (the “Site”) and the mobile and web application (the “App”).

These Terms set forth the legally binding terms and conditions that govern your use of the Platform. By accessing or using the Platform, you are accepting these Terms and the Privacy Policy (on behalf of yourself or the entity that you represent), and you represent and warrant that you have the right, authority, and capacity to enter into these Terms (on behalf of yourself or the entity that you represent). If you do not agree with all of the provisions of these Terms or the Privacy Policy, do not access and/or use the Platform.

Crezco may make changes to the Terms, the Privacy Policy and/or to the way we operate the Platform and the Service from time to time. Each time you wish to use the Platform, please check the Terms to ensure you understand the terms that apply at that time. If you do not agree to any changes made to them, do not access and/or use the Platform. We recommend that you download a copy of our Terms for future reference.

We are Crezco Limited (referred to as “we” or “us” or “our” or “Crezco”), a company incorporated and registered in England and Wales with company number 117521825 whose registered office is at 192F Campden Hill Road, Notting Hill Gate, W8 7TH.

Crezco is a payments app that enables registered users (“users”, “customers” or “you”) to request money instantly and subsequently send money by way of linking their bank account securely, via Open Banking technology (“Open Banking” information can be found via their website: www.openbanking.org.uk). Consequently, Crezco is regulated by the Financial Conduct Authority (the “FCA”) as Authorised Payment Institution with the Firm Reference Number 925173.

As an Authorised Payment Institution Crezco is both an “account information service provider” (“AISP”) and “payment initiation service provider” (“PISP”) (as such term is defined in the Payment Services Regulations 2017 (“PSRs”)). Services offered by AISPs and PISPs may be referred to as Account Information Services (“AIS”) and Payment Initiation Services (“PIS”). The Crezco platform (“Platform”) refers to both the mobile and web application (the “App”) and the website (the “Site”) and all the information provided within it. The Crezco service (the “Service”) available on our platform, includes both AIS and PIS.

Ownership

Crezco owns all rights, title and interest in the Platform and our proprietary technology, including our software (in source and object forms), algorithms, user interface designs, architecture, and documentation (both printed and electronic), network designs, know-how, and trade secrets, and including any modifications, improvements, and derivative work thereof.

Crezco has the right, at any time, to amend our operating procedures and service level agreements, effective immediately following notification of such amendments to you. These Terms do not transfer from us to you any license or ownership rights in the Platform or our proprietary technology. You may only use the Platform for the receipt and use of the Service and in a manner consistent with these Terms.

The Services

Crezco allows users to safely make bank to bank payments with a similar convenience of contactless payments but without costly card and interchange fees. Crezco also presents users with their financial data to allow them to better manage their banking affairs. Both these initiatives are achieved via taking advantage of the UK’s Open Banking and PSD2 initiatives by acting as an AISP and PISP, as well as API technology and cloud computing. These services are either independently or collectively recognised as the 'Service'.

When you register for an account on the Platform, you permit Crezco to collect information about your account transactions and present this to you through the creation of new or modified content to help you understand and manage your financial data. We do not check the accuracy of that information nor whether it is up to date. Accordingly, we make no warranty that our Service will be uninterrupted, timely or error free; or that the information presented (including any category tags applied by Crezco) will be accurate or reliable. This means that you should not exclusively rely on such information when making decisions about your finances.

We do not offer advice about financial products or investments. If you are not sure whether a product or service is suitable, which you may discover through the Platform, we recommend that you seek advice from a financial advisor. We are independent and support your own decision making. We do not promote any product or sponsored content to you directly in preference of any other service.

We may use sub-contractors to deliver some or all of the Service. We carefully select the sub-contractors that we use and they have agreed to follow our instructions and our data privacy requirements.

Payment Initiation Services

As a Payment Initiation Service Provider (PISP), Crezco provides payment initiation service (PIS) that lets you pay companies or consumers directly from your bank account rather than using your debit or credit card through a third-party such as Visa or Mastercard. Doing this will require you to explicitly consent to the payment by reviewing and confirming the payment details. Crezco will initiate the payment via an API directly with an Account Servicing Payment Service Provider (i.e. any payment service provider (for example, a bank or credit card issuer) that maintains a payment account on your behalf that is accessible online) (“ASPSP”).

The funds will be withdrawn from your ASPSP and then deposited into the recipient account in the same way as if the payment was initiated within your own ecosystem. To initiate a payment via Crezco, you will need to confirm the following payment details: the account from which you wish to pay; the amount of the payment and, if relevant, the exchange rate; the recipient details (name, account details, e.g. BIC, sort code, IBAN); and (where applicable) any fees payable to Crezco.

It is your responsibility to ensure that the recipient of the payment (and any details in relation to that recipient) is correct before you confirm the payment order. You may not be able to recover a payment to an incorrect recipient. Your confirmation of the payment order will be taken as consent for Crezco to send the payment order to your bank or ASPSP. Crezco will redirect you to your bank or ASPSP to review and confirm the payment order which will have been prepopulated by Crezco. If you have set up future dated or repeat transactions then these transactions may be cancelled through your bank or ASPSP. You will be able to view a record of the payments that you have made using Crezco's payment initiation services within the Platform on a real-time basis.

Account Information Services

As an Account Information Service Provider (AISP), Crezco also provides Account Information Services (AIS) thereby letting you see all your account information from certain banks, building societies and other payment providers (collectively known as ASPSPs) in one place online or in a mobile app. As an AISP, we need your explicit consent to provide you with these services. Crezco will always tell you what data we need, why we need it, and we will ask you for explicit consent. Crezco will then redirect you to your ASPSP who will detail the request and ask you to confirm your permission. Once you’ve given permission, the ASPSP will share that data with Crezco on your behalf. Crezco does this to offer valuable insights to our customers, making sense of data to provide better, more automated and personalised experiences and offerings.

Suspension of Access

We are entitled to suspend your access to the Platform and/or otherwise restrict functionality if you are in breach of these Terms. In all such cases we will, to the extent permitted under Applicable Law, provide you with reasonable notice in advance of taking these steps. However, we may suspend your access to the Platform and/or otherwise restrict functionality without notice if you are using the Service in a manner that could cause us legal liability or disrupt other users’ ability to access and use the Service. Any suspension or restriction shall continue for such a period as we shall reasonably determine to be necessary.

Equipment

You must provide and/or obtain any equipment or telecommunications lines and links that may be necessary for you to use the Platform, and you acknowledge that certain software and equipment used by you may not be capable of supporting certain features of the Platform. You should also ensure any device used to connect with the Platform contains adequate anti-virus protection and appropriate firewall protections to prevent unauthorised access and use. Crezco reserves the right to upgrade the functionality of the Service from time to time. This may require you to update, at your own cost, the functionality of other compatible software in order to ensure compatibility with the Platform. For the avoidance of doubt, we are not responsible for providing you with any equipment or telecommunications lines and links that may be necessary for you to use the Platform.

Incorrect or Unauthorised Payments

It is your responsibility to inform us as soon as possible by emailing support@crezco.com about any errors, unauthorised transactions and/or misappropriated or unauthorised use of your Crezco account. If an unauthorised payment transaction was initiated, you may be entitled to a refund of the incorrect or unauthorised payment from your ASPSP (i.e. your bank or credit card issuer) provided that you notify them without delay. You should be aware that your bank or ASPSP may contact you directly (and not via Crezco) if there is an issue with a payment order submitted through Crezco, for whatever reason (e.g. there are insufficient funds or an issue with your authorisation). You may need to resolve such matters directly with your bank or ASPSP.

Confidential Information

Each party (both you and us) agrees that it (i) will neither use in any way, for its own account or the account of any third party, except as expressly permitted by, or required to enable it to perform its obligations under these Terms, nor disclose to any third party (except as required by Applicable Law or to that party’s advisors as reasonably necessary, provided in all cases that such third party recipients are bound by confidentiality undertakings at least as strict as those set out herein), any of the other party’s Confidential Information, and (ii) will take reasonable precautions to protect the confidentiality of such information, which precautions shall be at least as stringent as those it takes to protect its own Confidential Information. In addition, each party may reveal the other party’s Confidential Information to its agents, representatives and employees who have a “need to know” such information in connection with these Terms, who are informed of the confidential nature of such Confidential Information, and who shall agree in writing to act in accordance with the terms and conditions of this section. Each party agrees that the obligations under this section will survive any expiration or termination of these Terms.

For the purpose of these Terms and this paragraph, Confidential Information means information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the transactions processed hereunder, business, customers, products, affairs and finances of either party hereto and trade secrets including, without limitation, technical data and know-how relating to the business of either party or any of its suppliers, customers, agents, distributors, shareholders, management or business contacts.

Identity

By accessing or using the Platform, you represent and warrant that you have the right, authority, and capacity to enter into these Terms (on behalf of yourself or the entity that you represent). You further confirm you are over 18 years of age, that you can enter into a legally binding contract with us and all the information you have provided to us and/or the ASPSP (where applicable) is accurate and correct and you are the person whose details you have provided.

Customer Due Diligence

We may conduct searches through an identity-referencing agency and through other sources of information and use scoring methods both to allow us to provide you with the Service and to assess our risks in doing so, including credit standing and compliance with all KYC/CDD requirements. A record of this process will be kept and may be used by Crezco, or a group company belonging to Crezco, to similarly provide you with services and to assess our risks in doing so. Information may also be passed to other organisations or persons to prevent fraud. Additionally, information may be passed to governmental, regulatory or judicial organisations to prevent fraud or financial crime where we consider it appropriate.

Fees

Crezco provides the Service to you free of charge. We do not charge any fees for making or receiving payments. However, your ASPSP (i.e. any payment service provider (for example, a bank or credit card issuer) that maintains a payment account on your behalf that is accessible online) may sometimes take their fees from the payment you’re sending or receiving. This could mean that you or the person you are paying receives less than expected.

For example, you could only receive £90 from someone who has sent you £100 because the other person’s bank has charged a £10 fee. This might happen if: i) the bank of the person you are sending a payment to or receiving a payment from is within the EEA, and the payment is in a currency that is not the currency of an EEA member state; or ii) you make a payment to or receive a payment from someone whose bank is outside the EEA.

To be clear, Crezco will not charge you any fees ourselves for making or receiving payments, but we reserve the right to create enterprise partnerships and independent contracts which can supersede this clause and allow Crezco to charge fees to cover the added development and integration work by Crezco.

Indemnification

You agree to indemnify Crezco (and its officers, employees, and agents), including costs and attorneys’ fees, from any claim or demand made by any third party due to or arising out of (a) your use of the Platform, (b) your violation of these Terms, or (c) your violation of applicable laws or regulations. Crezco reserves the right, at your expense, to assume the exclusive defence and control of any matter for which you are required to indemnify us, and you agree to cooperate with our defence of these claims. You agree not to settle any matter without the prior written our consent. We will use reasonable efforts to notify you of any such claim, action or proceeding upon becoming aware of it.

Disclaimers

The Platform is provided on an “as-is” and “as available” basis, and, to the extent permitted by applicable law, Crezco (and our suppliers) expressly disclaim any and all warranties and conditions of any kind, whether express, implied, or statutory, including all warranties or conditions of merchantability, fitness for a particular purpose, title, quiet enjoyment, accuracy, or non-infringement. We (and our suppliers) make no warranty that the Platform will meet your requirements, will be available on an uninterrupted, timely, secure, or error-free basis, or will be accurate, reliable, free of viruses or other harmful code, complete, legal, or safe.

Limitation on Liability

To the maximum extent permitted by law, in no event shall Crezco (or our suppliers) be liable to you or any third party for any lost profits, lost data, costs of procurement of substitute products, or any indirect, consequential, exemplary, incidental, special or punitive damages arising from or relating to these Terms or your use of, or inability to use, the Platform, even if Crezco has been advised of the possibility of such damages. Access to, and use of, the Platform is at your own discretion and risk, and you will be solely responsible for any damage to your device or computer system, or loss of data resulting therefrom

To the maximum extent permitted by law, our liability to you for any damages arising from or related to these Terms (for any cause whatsoever and regardless of the form of the action), will at all times be limited to a maximum of fifty pounds sterling (GBP 50). The existence of more than one claim will not enlarge this limit. You agree that our suppliers will have no liability of any kind arising from or relating to these Terms.

Force Majeure

We are not responsible for delays or deficiencies in functionality or performance that we reasonably cannot anticipate or that in otherwise are caused by circumstances outside our reasonable control (force majeure), including but not limited to events such as fire, flooding, explosion, riot, acts of war, hurricane, sabotage, acts of terrorism, vandalism, accidents, epidemic disease, government or governmental authority action, court injunction, strike or other similar events that may arise despite Crezco’s reasonable effort to prevent, avoid, delay or mitigate effects of such events.

Term and Termination

Subject to this section, these Terms will remain in full force and effect while you use the Platform. We may suspend or terminate your rights to use the Platform at any time for any reason at our sole discretion, including for any use of the Platform in violation of these Terms. Upon termination of your rights under these Terms, your account and right to access and use the Platform will terminate immediately. You understand that any termination of your account may involve deletion of your data associated with your account from our live databases. Crezco will not have any liability whatsoever to you for any termination of your rights under these Terms. 

Complaints

If you have a complaint about Crezco, the Platform and/or the Service, please use the contact details below so we can investigate the circumstances for you. We will aim to deal quickly and fairly with any complaints. We may, however, direct you to your ASPSP (i.e. your bank or credit card issuer) if your complaint relates to the services provided under their Account Terms or involves an unauthorized transaction.

If your complaint relates to Crezco, the Platform and/or the Service, and we do not resolve it, you may be able to refer it to the UK Financial Ombudsman Service. You can contact the UK Financial Ombudsman by telephone on: from inside the UK: 0300 123 9123 or 0800 023 4567; from other countries: +44 20 7964 0500 on Monday to Friday, 8am to 8pm and on Saturday 9am to 1pm; by post at The Financial Ombudsman Service, Exchange Tower, London E14 9SR; or by email: complaint.info@financial-ombudsman.org.uk. The UK Financial Ombudsman Service is also available in a number of different languages and if you need it you will be put in touch with a translator when you contact the UK Financial Ombudsman Service. 

Crezco is not responsible for any complaints or disputes about purchases made using Crezco's payment initiation services. You should settle these with the person from whom you bought the goods or services. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased using the Crezco payment initiation services. Remember that once you have used a Crezco payment initiation service to make a purchase Crezco cannot cancel or stop that payment transaction.

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: support@crezco.com

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