Money4Travel is an integrated online click-and-collect, order processing marketplace for retail foreign currency provided by Essiell to the Exchanger (“Marketplace”) that enables the Exchanger to cost effectively sell travel money online and reduces the requirement for manual handling by the Exchanger in relation to orders by its customers.
The Marketplace provides an online interface which enables the Travellers (defined below) to, choose currency online, obtain current market prices of currency and a guaranteed price, select which bureau (“Bureau”) to collect the currency from and place the order by making payment in advance. Travellers will be able to make payment to the Exchanger via Link FX’s Instant Bank Payment (a form of Open Banking) gateway. In effect, this means that the Marketplace will provide an interface to enable Travellers to pay from their bank for the currency purchased via Money4Travel. Link FX will provide the underlying technology for this payment to take place and will handle the payment for the Exchanger on the basis of the terms set out below. Link FX will provide a named business account to the Exchanger, into which all Traveller payments will be settled on the next business day.
a. Parties: These terms ("Terms") are between Link FX plc ("Link") and the Merchant ("You").
b. Purpose: These Terms govern the provision of payment services by Link, enabling you to offer Open Banking payment solutions to your customers through the Provider’s payment initiation services.
Applicable Law: All relevant laws, regulations, directives, and guidelines applicable to the Services.
Merchant: Exchangers signed up to Money4Travel.
Merchant Agreement: This agreement between Link and you.
Open Banking: a payment method enabling consumers to pay for services by bank transfer.
Provider: NuaPay, a third-party payment initiation service provider.
Service: Payment services provided by Link under these Terms.
User: An end-customer initiating a payment using the Open Banking solution.
Business Account: A business account provided by Link to the Merchant for settlement purposes. Note: The terms governing the provision of the Business Account are set out in a separate agreement.
a. Provision of Services: Link will provide you access to Provider’s Open Banking payment initiation services so that you can offer Open Banking as a payment option to your customers (or Users) at point of sale.
b. Integration: You or your platform providers are responsible for integrating the payment solution into your platform according to the technical instructions provided.
a. Compliance: You must comply with all Applicable Laws, including anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
b. Customer Due Diligence: You are responsible for conducting appropriate due diligence on your Users as required by Applicable Laws.
c. Prohibited Activities: You must not use the Services for unlawful activities.
d. Regulations: where You are a regulated entity you confirm warrant that you are in complete compliance with all regulations that govern your operations.
e. Information Updates: You must promptly inform Link of significant changes to your business activities, ownership, or compliance status.
f. Link’s KYC: In order to provide You with the services, Link will need to obtain sufficient information (know your customer, or “KYC”, data) to onboard You. These Terms are subject to You providing on first demand any and all such KYC data as Link may require in order to satisfy Link’s onboarding criteria.
g. Branding: You shall be obliged to expose Link’s and or Provider’s logotype(s)/ trademark(s) in an appealing and appropriate manner in your business and in accordance with instructions received from time to time.
h. Cooperation: You must take all reasonable steps required by Link in order to ensure the smooth operation of the services.
a. Service Provision: Link will provide the Services with reasonable care and skill, ensuring compliance with Applicable Laws.
b. Settlement of Funds:
i. Business Account: Link will provide you with a Business Account for settlement purposes.
ii. Settlement Process: Settlement of transaction amounts will be made into this Business Account according to the agreed schedule.
iii. Separate Terms: The terms governing the provision and use of the Business Account are outlined in a separate agreement between Link and the Merchant.
c. Support: Link will provide necessary support related to the Services during normal business hours.
a. Fees: You agree to pay fees as determined by Link from time to time. Fees for the Open Banking service are 0.15% of volumes processed.
b. Deductions: Link is entitled to deduct applicable fees or amounts owed before settling funds into the Business Account.
c. Settlement Schedule: Settlements will be made to the Business Account on a T+1 basis, although this cannot be warranted as Link relies on third-party payment networks that are outside of its control.
a. License: Link grants you a non-exclusive, non-transferable license to use Provider's trademarks and branding solely for the Services.
b. Usage Guidelines: You must use Provider’s and Link's trademarks in accordance with branding guidelines communicated to you from time to time or as published on
www.linkfx.co.uk and must not modify them without Link’s prior written consent.
c. Termination of License: Upon termination of these Terms, or otherwise upon any relevant communication from Link, you must cease all use of Link's and Provider's intellectual property.
a. Confidential Information: Both parties agree to keep confidential any proprietary information received from the other party.
b. Permitted Disclosures: Confidential information may be disclosed if required by law or regulatory authority, provided that the disclosing party is notified in advance unless prohibited by law.
a. Compliance with Data Protection Laws: Both parties agree to comply with all applicable data protection legislation, including the UK GDPR and the Data Protection Act 2018.
b. Data Processing: Each party acts as an independent data controller regarding personal data processed under these Terms.
c. User Consent: You must ensure that you have obtained all necessary consents from Users for processing and sharing their personal data with Link and Provider.
a. Limitation of Liability: Neither party shall be liable for indirect, incidental, or consequential damages arising out of or in connection with these Terms.
b. Maximum Liability: Link's total aggregate liability under these Terms shall not exceed the total fees paid by you to Link in the three months preceding the event giving rise to the liability.
c. Provider: no contractual nexus exists between you and the Provider.
d. Indemnification: You agree to indemnify and hold Link harmless from any claims or losses arising out of your breach of these Terms or Applicable Laws.
a. Term: These Terms commence on the date of acceptance and continue until terminated.
b. Termination for Convenience: You may terminate these Terms by providing 90 days' written notice to us. Link may terminate these Terms at any time without notice at its absolute discretion.
c. Termination for Cause: Either party may terminate these Terms immediately if the other party commits a material breach that is not remedied within 15 days of written notice.
d. Effect of Termination: Upon termination, all licenses granted under these Terms shall cease, and any outstanding obligations shall be promptly settled.
a. Communication: All notices must be in writing and sent only via email to each party's nominated email address.
b. Notices to Link: Must be sent to
officemanager@linkfx.co.uk.
c. Notices to Merchant: Must be sent to the email address specified by the Merchant for receiving notices.
a. Governing Law: These Terms are governed by and construed in accordance with the laws of England and Wales.
b. Dispute Resolution: Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the English Courts.
a. Assignment: You may not assign or transfer any of your rights or obligations under these Terms without Link's prior written consent. Link may assign these Terms.
b. Entire Agreement: These Terms constitute the entire agreement concerning the Services and supersede all prior agreements related to this subject matter.
c. Severability: If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
d. Force Majeure: Neither party shall be liable for delays or failures in performance due to events beyond their reasonable control.
