fb

General Terms and Conditions for Private Clients in the United Kingdom

Effective from 1 January 2020

These Terms and Conditions govern the payment services and other related services provided by ArcaPay (as defined below) to its clients – natural persons.

1. Definitions

As used in these Terms and Conditions, the following terms shall have the meanings set forth below:

1.1. ArcaPay means a company incorporated in England & Wales, company number 07762021, registered at 35-37 Ludgate Hill, Office 7, London, EC4M 7JN, United Kingdom; authorized by the Financial Conduct Authority under the Payment Service Regulations 2017, firm reference number: 670226;
1.2. Batch Payments means several Payment transactions which are initiated by the Client at the same time;
1.3. Business Day means a day on which both Payer’s and Recipient’s payment service providers (involved in processing the transaction) are open for business;
1.4. Client means a natural person who has accepted the Terms and Conditions and uses the Services provided by ArcaPay;
1.5. Dashboard means a portal available after signing in to the Client’s account where the Payment transaction(s) history and information about other Services is made available;
1.6. IBAN means a unique identifier assigned to the Client following the requirements of international standard ISO 13616-1:2007 Financial services - International bank account number (IBAN) - Part 1: Structure of the IBAN;
1.7. FX Forward Contract means an agreement to purchase or sell a set amount of a currency at a specified price for settlement at a predetermined date in the future;
1.8. OUR Type Payment means a type of Payment where the Client pays ArcaPay’s fees and charges, as well as fees and charges of any other financial institution involved in the Payment transaction;
1.9. Privacy Policy means the privacy policy available at the following link: www.arcapay.com/privacy;
1.10. Recipient means the entity or private person to whom the funds are transferred (payee);
1.11. Payment means the transfer of funds that the Client requests and authorises ArcaPay to make to the Recipient;
1.12. Payments Collection means a service provided by ArcaPay to the Client allowing the redirecting of the funds to the Client’s payment account opened with another payment service provider through ArcaPay;
1.13. Services mean the services provided by ArcaPay to the Client, including, but not limited to, Payment transactions, currency exchange transactions, and FX Forward Contracts, governed by these Terms and Conditions;
1.14. Terms and Conditions mean these Terms and Conditions governing the legal relationship between the Client and the ArcaPay.

 

2. Registration

2.1. To use ArcaPay Services, the Client must first create an online account by registering on www.arcapay.com. As part of the signup process, the Client will be required to accept these Terms and Conditions and the Privacy Policy.

2.2. ArcaPay reserves the right to refuse registration of the Client. ArcaPay shall be under no obligation to reveal the reasons for such refusal. Nonetheless, in no event, such refusal will be based on a discriminatory basis.

2.3. By accepting these Terms and Conditions the Client, amongst other things, confirms that it has the sufficient legal capacity to enter into these Terms and Conditions and is at least 18 years old or older if a higher minimum age limit is prescribed by applicable law.

2.4. The Client undertakes to provide ArcaPay with all information and documents as requested by ArcaPay to comply with legal requirements or internal procedures. In order to comply with applicable regulatory requirements ArcaPay has the right to use third-party compliance tools, check, accumulate and retain publicly available information on the Client and any person related thereto.

2.5. The Client is responsible for the completeness and accuracy of all information provided to ArcaPay at any time. The Client must keep its contact information up to date at all times. The Client undertakes to notify ArcaPay as soon as it becomes aware of any error in any details it has provided.

2.6. ArcaPay may refuse to create duplicate accounts for the same user and reserves the right to close or merge these duplicate accounts without the Client’s approval or notification.

 

3. Payments

3.1. To initiate a new Payment transaction, the Client needs to log into online account on www.arcapay.com and input transaction details:

3.1.1. the amount of funds to be transferred;

3.1.2. the currency in which the funds should be transferred;

3.1.3. the full name of the Recipient;

3.1.4. the Recipient’s country;

3.1.5. the Recipient’s full address;

3.1.6. the Recipient’s payment account country;

3.1.7. the Recipient’s payment account number;

3.1.8. the BIC/SWIFT code of the Recipient’s bank / payment service provider (if requested);

3.1.9. transaction reference (optional);

3.1.10. the Recipient’s email address (optional).

3.2. In the event that the Client provides an incorrect unique identifier or other incorrect transaction details in respect of the Payment transaction, ArcaPay shall not be liable for non-execution, defective or delayed execution of the Payment transaction. Nonetheless, ArcaPay shall cooperate with a Client and assist the Client (to the extent required under applicable legislation) in the recovery of funds involved in the relevant Payment transaction(s).

3.3. The Client is allowed to enter details for a single Payment transaction or for the Batch Payments. The payment order is considered to be made after the transaction details are submitted and confirmed by the Client.

3.4. After completing the details for the Payment transaction(s) and confirming them, the Client will be sent instructions via email on depositing the funds required for the transaction (the instructions via email does not amount to an acceptance that ArcaPay will process the Payment, only a confirmation of receipt of the request for the Payment). The client undertakes to transfer the funds to the account specified by ArcaPay in the instructions related to the particular Payment or Batch Payment. Transfer of funds must be made from a payment account held in the Client’s name.

3.5. ArcaPay will have the right to request the Client additional documents related to the transaction (invoice, purpose of the payment, source of funds etc.). Failure to provide such documents will result in a delay or cancellation of the transaction.

3.6. The Payment transaction may be suspended or cancelled by ArcaPay in any of the following events:

3.6.1. ArcaPay upon additional request to the Client is unable to obtain satisfactory documentation (as considered by ArcaPay) relating to the Payment transaction(s);

3.6.2. the funds to finance the relevant transaction are received by ArcaPay from a payment account not held in the Client’s name;

3.6.3. the funds received from the Client to finance the relevant transaction are insufficient (the amount is less than that specified in the instructions to the Client);

3.6.4. ArcaPay has reason to believe that the transaction is incorrect, unauthorised, forged or otherwise fraudulent;

3.6.5. the Client provides incorrect or incomplete information (as considered by ArcaPay);

3.6.6. other events prescribed by applicable regulations.

3.7. ArcaPay seeks (however cannot guarantee) that the Payment to the Recipient is accompanied by the Client’s details by:

3.7.1. making the Payment in the name of the Client; or

3.7.2. specifying the Client as the original payer; or

3.7.3. specifying the Client name in the payment details (payment purpose); or

3.7.4. in case the Client has provided e-mail address of the Recipient, sending the Recipient an email confirmation on the initiation of the relevant Payment by the Client.

3.8. The list of countries to which ArcaPay can make Payments is available at the following link: https://www.arcapay.com/geographical-coverage. ArcaPay shall be under no obligation to make a Payment to any country which is not specified in the relevant list.

3.9. ArcaPay allows the transfer of funds in different currencies. In such a situation ArcaPay also provides a currency exchange service. The currency exchange rate is shown to the Client in the process of filling in the Payment transaction details.

3.10. DISCLAIMER. In case the requested Payment to the Recipient is in united states dollars (USD), ArcaPay may only guarantee that the funds deposited to the Recipient’s payment account shall be equal to the amount specified in the Payment instructions when the OUR Type Payment is chosen. In other cases, the actual amount deposited to the Recipient’s payment account may be less than that indicated in the Payment’s instructions due deductions made by intermediaries and (or) the Recipient’s payment service provider.

 

4. Timing

4.1. The Client should be aware that banks have fixed cut off times for the receipt and dispatch of electronic payments. ArcaPay is not responsible for and has no liability for any delay in or failure of any transaction which results from late arrival of funds or late receipt of instructions.

4.2. If ArcaPay does not receive the Client’s payment by 2 p.m. GMT on the day when it is initiated, the maximum term for execution of the Payment (see item 5.4) shall be calculated from the following Business Day.

4.3. If either leg of the transaction falls on a day which is not a Business Day, the final payment will be delayed until the first Business Day.

4.4. The maximum term for the execution of the Payment shall be:

4.4.1. one (1) Business Day from the day of receipt of the funds for the relevant transactions(s) in case the Payment is executed wholly within the European Economic Area;

4.4.2. two (2) Business Days from the day of receipt of the funds for the relevant transactions(s) in case the Payment falls outside the scope of 5.4.1 above.

 

5. Cancelations / Refunds

5.1. The Client has the right to cancel orders for Payment transactions up to the time at which payment to the recipient has been initiated by ArcaPay. The Client may exercise this right by sending a written request to [email protected]. The cancelation of the order has to be sent from a contact email linked to the Client’s account.

5.2. If the Client exercises its right to cancel an order after it has confirmed the transaction details, ArcaPay will reimburse any payments which the Client has made. The cancellation charge that covers expenses associated with the reimbursement and currency exchange rate fluctuations may be applied by ArcaPay.

5.3. In case the Payment is rejected by any intermediary or the Recipient’s payment service provider, the Client is provided the following options:

5.3.1. in case the Payment was rejected due to in accurate or insufficient transaction details – make the necessary revisions of the transaction details and repeat the Payment; or

5.3.2. get the refund in the currency in which the Payment should have been received by the Recipient; or

5.3.3. get the refund in the currency in which the Client has deposited the funds to ArcaPay for the relevant Payment.

5.4. In case the Payment was rejected due to the fault of the Client (e.g. submitting incorrect or insufficient transaction details) and the Client chooses an alternative specified in 6.3.2. or 6.3.3., the Payment processing costs (e.g. any fees deducted by correspondent banks), if any, shall be deducted from the refund amount.

5.5. In case the Client chooses alternative specified in 6.3.3 the Client shall additionally bear the risk of fluctuations in currency exchange which has occurred after the initiation of the relevant Payment.

5.6. In case the Client transfers more funds than required for a particular Payment transaction, the payment processing costs shall be deducted from the refund. The refund shall not be made in case the overpaid amount is less than the expected payment processing costs or less than GBP 1 or its equivalent in any other currency.

 

6. FX Froward Contract

6.1. ArcaPay only offers FX Forward Contracts to the Client if: (a) the Client is a not a financial institution; (ii) currencies are settled in full amounts (i.e. deliverable forward contract); and (iii) the contract relates to a specific business related inflow or outflow in a foreign currency (i.e. is not of speculative nature)(an invoice or a signed contract will be required to prove this).

6.2. Depending of the contract duration, ArcaPay will require an initial deposit equal to 5% (contracts up to 6 months in tenor) or 10% (contracts from 6 to 12 months in tenor) the consideration value for the FX Forward Contract to be validated. The deposit will be held by ArcaPay until the end of the contract or until it gets terminated. At the end (execution) of the FX forward Contract, the deposit will be either returned in full or deducted from the payable balance.

6.3. The open positions of the Client will be marked to market. Should the Client’s initial deposit amount with the mark to market adjustment fall below 0.5% of the notional contract amount, the Client will be required within 1 business day to pay an additional margin to bring the total margin ratio to 3%. If no funds are posted within the required timeframe, the position will be closed out automatically.

6.4. The FX forward Contract is expected to be held until its maturity date. With ArcaPay’s written consent, the Client may terminate the contract prior to its maturity date or postpone the maturity date – in such a case the Client agrees to cover any associated costs, which will primarily depend on the currency exchange rate and interest rate fluctuations. The exact charge amount will be provided before confirming the cancellation and deducted from the deposit held.

 

7. Payments Collection

7.1. Payments Collection is a service provided by ArcaPay to the Client allowing the redirecting of the funds to the Client’s payment account opened with another payment service provider through ArcaPay.

7.2. To use the Payments Collection service, the Client is required to specify the details of the Client’s payment account opened with its payment service provided (e.g. bank, electronic money institution) to which the Client’s funds are to be redirected.

7.3. In order for funds to be redirected through ArcaPay, the Client shall be assigned a unique IBAN. The funds received by ArcaPay with the IBAN assigned to the Client shall be automatically transferred to the Client’s payment account (details of which are provided in accordance to clause 8.2. above).

7.4. ArcaPay has the right to reject or suspend incoming payments with IBAN assigned to the Client, given that such incoming payment and / or details associated therewith do not conform the applicable regulatory requirements or internal procedures of ArcaPay.

7.5. The Client undertakes to refund any amounts which were received by it by mistake (e.g. use of incorrect IBAN by a payer).

 

8. Prohibited Use of Services

8.1. The Client undertakes to comply with all applicable laws relating to its use of the Services. The Client cannot use the Services for, or in connection with, any illegal purpose including but not limited to money laundering, fraud or the funding of terrorist activities.

8.2. The Client must not use any of the Services for any speculative purpose, including trying to profit from currency exchange rate fluctuations.

8.3. The Client will be liable to ArcaPay for all direct and indirect losses incurred relating to any prohibited use of Services by the Client and its representatives.

 

9. Fees & Charges

9.1. The standard Payment fees for ArcaPay’s Services are set out in the Fee Table below. Applicable fee(s) will always be displayed on ArcaPay’s website before confirming a new transaction.

Service

Fee

Payment with currency exchange

No fee

Payment without currency exchange (same currency transfer)

Local payout: GBP 3 / EUR 3 / USD 3 SWIFT payout: GBP 9 / EUR 9 / USD 9

OUR type payment

GBP 20 / EUR 20 / USD 20

 

9.2. By way of derogation from the rules specified in Section 15 Changes to the Terms and Conditions, the applicable fees and charges may be changed and become effective immediately from time to time without a prior notice to the Client; however, any such changes will not apply to Payment transactions which are initiated prior to such change has taken effect and the Client will be asked to accept the changes before any new Payment instructions are made.

 

10. Privacy Policy

10.1. By agreeing to these Terms and Conditions, the Client acknowledge and consent to ArcaPay Privacy Policy.

10.2. ArcaPay is regulated under the Data Protection Act 2018 and the General Data Protection Regulation (EU) 2016/679 (GDPR) for the processing of information relating to individuals and businesses.

 

11. Security

11.1. It is the Client’s responsibility to keep safe any password or any other means of authentication that may be used for access to the Client’s account. Additional products or services the Client uses may have additional security requirements and the Client shall have an obligation to familiarise with those as notified.

11.2. ArcaPay allows the Client to opt for using a two-factor authentication method, which requires additional step in the login process.

 

12. Intellectual Property

12.1. The ArcaPay website and the Service, the content, and all intellectual property relating to them and contained in them (including but not limited to copyrights, patents, database rights, trademarks and service marks) are owned by ArcaPay, its affiliates, or third parties. All rights, title and interest in and to the ArcaPay website and the Service shall remain our property and/or the property of such other third parties.

12.2. The ArcaPay website and the Services may be used only for the purposes permitted by these Terms and Conditions or described on the website.

 

13. Limitations of Liability

13.1. ArcaPay shall not be liable to the Client for any delay or non-performance of its obligations arising from any cause or causes beyond its control, including but not limited to the following: Act of God, government act, war, fire, flood, explosion, failure of computer equipment, banking system failures, communications systems failure or industrial action by a third party.

13.2. ArcaPay may suspend the operation of the Services in whole or in part if, in its absolute discretion, ArcaPay considers it appropriate to do so. If the Service is interrupted for any reason, ArcaPay will take reasonable care to minimize the duration of any interruption.

13.3. ArcaPay shall have no liability in respect of damage which under English law is considered to be “consequential loss”, or “indirect loss”, including but not limited to: loss of revenue, loss of goodwill, loss of data, loss of business or other contractual opportunity, loss of production, or any other economic loss. The liability of ArcaPay shall at all times be limited to GBP 500 or equivalent in another currency.

13.4. ArcaPay may accept orders at the weekend, or other times when the spot foreign exchange markets are closed. Prices quoted will be based on the last trading price prior to the market closing, and in the unusual event that the price has moved significantly when the market opens, ArcaPay will be entitled to treat such Payment transaction void.

13.5. Neither these Terms and Conditions nor any transaction carried out under them shall confer contractual or other rights on, or be enforceable against ArcaPay by, any party other than the Client.

 

14. Notice and Communications

14.1. The Client agrees and consents to electronic receipt of all communications that ArcaPay provides in connection with the Services. ArcaPay will provide communications to the Client by making them available on the Dashboard page or by emailing them to the Client at the primary email address listed in the Client’s account.

14.2. It is the responsibility of the Client to regularly review the Dashboard page, the ArcaPay’s website and the Client’s primary email address and open and review communications that ArcaPay delivers through those means. The Client is obligated to review all notices and Dashboard, and to promptly report any questions, apparent errors, or unauthorized transactions. Failure to contact ArcaPay in a timely manner may result in loss of funds or important rights.

14.3. Any time during the period of validity of these Terms and Conditions the Client may request ArcaPay to provide it with a copy of the Terms and Conditions. The copy of these Terms and Conditions is also available once logged on ArcaPay’s website.

14.4. Contact details of ArcaPay:

 

Registered office: 35-37 Ludgate Hill, Office 7, London, EC4M 7JN, United Kingdom

E-mail address: [email protected]

Telephone number: +44 333 090 7685

 

15. Complaints

15.1. ArcaPay values all customers and takes its obligations seriously. In accordance with ArcaPay complaints procedure, any complaint the Client makes relating to the Services must be made in writing by emailing to [email protected]. ArcaPay will send the Client a written acknowledgment and contact the Client further should any additional information be required. ArcaPay will investigate the Client’s complaint and use reasonable endeavours to come back to the Client with the results within 7 working days after receipt of your complaint.

15.2. If the Client is not satisfied with the way ArcaPay has dealt with the complaint, it has a right to refer the complaint to the Financial Ombudsman Service (South Quay Plaza, 183 Marsh Wall, London E14 9SR, email: [email protected]). If the Client resides in a European Union country, it may choose to contact its local supervisory authority of financial institutions, which will then liaise with relevant institutions in the United Kingdom.

 

16. Changes to the Terms and Conditions

16.1. These Terms and Conditions may change from time to time (e.g. to comply with changes in the law or regulatory requirements or due to changes in market conditions). The changes to the Terms and Conditions may be made by ArcaPay unilaterally. The Client does not have the right to change the Terms and Conditions unilaterally.

16.2. Any changes made to the Terms and Conditions will become effective 2 (two) months from the date they are first notified to the Client. If the Client notifies that the changes to the Terms and Conditions are not acceptable, such notification shall be deemed to be a notice of termination of the Terms and Conditions, and the Terms and Conditions will be terminated on the date the relevant changes are to take effect.

16.3. Where an amendment to the Terms and Conditions is required by law or relates to the addition of a new service, extra functionality to the existing Services, a reduction in the cost of the Services or any other change which neither reduces the Client’s rights nor increases the Client’s responsibilities, the amendment may be made without prior notice to the Client and shall be effective immediately.

 

17. Validity of the Contract and its Termination

17.1. The Terms and Conditions are concluded for an indefinite period of time.

17.2. The Client may terminate these Terms and Conditions on 1 (one) month’s written notice. The Terms and Conditions are considered to be terminated by the Client also in case the Client does not agree to the changes to the Terms and Conditions as specified in clause 17.2 above.

17.3. ArcaPay may terminate these Terms and Conditions on 2 (two) months written notice. ArcaPay has the right to terminate the Terms and Conditions with immediate effect if ArcaPay reasonably believes or becomes aware that: (a) the Client has become or is likely to become insolvent, (b) the Client is in breach of the Terms and Conditions, (c) the Client uses Services in connection with fraudulent, illegal or otherwise prohibited activity, or the Client permits third party to do so.

17.4. In case the Client does not use any services of ArcaPay for a period longer than 1 (one) calendar year, the business relationship is considered terminated and ArcaPay shall have the right to deactivate the Client account. In case ArcaPay accepts any instructions for services from the Client after the 1 (one) year period has passed, the business relationship shall be considered to be automatically renewed.

 

18. Governing Law and Language

18.1. These Terms and Conditions shall be governed and construed in accordance with English Law and the parties hereto agree that any dispute pursuant to these Terms and Conditions shall be determined by the English Courts unless mutually agreed otherwise by the Client and ArcaPay.

18.2. All communications between the Client and ArcaPay shall be made in the English language.

18.3. The client hereby acknowledges and agrees that the English language version of these Terms and Conditions is the applicable version for all languages. Any other language version we may provide is for guidance purposes only. Any dispute or claim arising out of or in connection with the present Terms and Conditions or their subject matter or formation (including non-contractual disputes or claims) will be considered in relation to the English version only.

 

19. Disclaimer

19.1. The information, material, advices, suggestions, illustrations, notifications, and circulars displayed here are collectively called "the contents" on this website. ArcaPay assumes no responsibility for any mistakes, omissions, inaccuracies, typographical errors, etc. in the contents, nor does it make any warranty or representation regarding any content provided through this website. Any action taken on the basis of the said contents will be at the Client’s risk and responsibility. ArcaPay reserves its right to alter any part of the said contents, at its sole discretion, any time, as and when required. The contents of this website shall not be displayed or printed in any form, either in part or in whole, without the prior written approval of ArcaPay.

19.2. Any external links to third-party websites on the website are provided as a convenience to the Client. These sites are not controlled by ArcaPay in any way and ArcaPay is not responsible for the accuracy, completeness, legality or any other aspect of these other sites including any content provided on them. The Client may access such websites at its own risk.