The use of this website and related payments services is subject to the following general terms and conditions and the conditions of our privacy policy. By visiting our website, you acknowledge that you have read, understood and agreed to these terms. We may occasionally update our policies and it is your responsibility to check this page for updates.
These General Terms and Conditions (hereinafter the “General Terms and Conditions”) establish a general basis for the legal relations between Banct Ltd (hereinafter “Banct Ltd”) and their client (hereinafter “Client”). These General Terms and Conditions stipulate the general principles for the business conducted between the Client and Banct Ltd, company registration number 13594229, registered address 6th floor First Central 200 2 Lakeside Drive, Park Royal London NW10 7FQ United Kingdom and email: [email protected] and are part of the Service Agreements concluded between Banct Ltd and the Client.
These General Terms and Conditions shall be applicable in respect of all contractual relations established prior to and continuing on the date of entry into force of the General Terms and Conditions. If the General Terms and Conditions are in conflict with any Service Agreement that can be additionally concluded between Banct Ltd and the Client, the provisions of the Service Agreement shall prevail. The Client confirms that the General Terms and Conditions have been examined and agrees with them and undertakes to follow them at all times.
As part of the registration and before using the payment services of Banct Ltd, the Client must read, agree with and accept these General Terms and Conditions, Banct Ltd’s Privacy Policy and other applicable Service Agreements and other terms applicable to Banct Ltd’s services and products
The headings and subheadings below are for reference only and do not limit the scope of any section. Should the context so require, words in singular have the same meaning in plural, and vice versa. Should there be any contradiction or ambiguity between the English General Terms and Conditions, Service Agreement, Privacy Policy or any other agreement concluded between Banct Ltd and the Client and other language texts of mentioned documents, the English text shall prevail.
The Client reserves the right to request a copy of the General Terms and Conditions or Service Agreement at any time by contacting Banct Ltd using the contact details provided or by visiting the website at Banct.com
Banct Ltd acts as an appointed representative of The Currency Cloud Limited. In such cases, the payment services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).
By agreeing to these Terms and Conditions, the clients also agree to the Terms of Use of Currencycloud.
Money on client accounts are not protected by the Financial Services Compensation Scheme (FSCS). Instead, clients’ money are safeguarded with reputable UK and EU banks.
Working with Banct Ltd, clients will get access to the following services:
Banct Ltd acts as an appointed representative of The Currency Cloud Limited. In such cases, the payment services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).
By agreeing to these Terms and Conditions, the clients also agree to the Terms of Use of Currencycloud.
Money on client accounts are not protected by the Financial Services Compensation Scheme (FSCS). Instead, clients’ money are safeguarded with reputable UK and EU banks.
In addition, other third parties may also provide the Client with their services through Banct Ltd. Banct Ltd does not bear any liability for the services of third parties. Banct Ltd does not act as a broker or intermediary for any services provided by third parties; it merely provides third parties with an opportunity to provide their services via the platform developed and managed by Banct Ltd. Third Party Services may be governed by their own terms and conditions which supplement these terms of service and which the Client accepts in connection with the subscription of the respective service. Some Third Party Services entail the Client entering into a direct agreement with the third party, in which case the Client’s rights and obligations in respect of the Third Party Service are solely specified in such agreements. In case of any conflict between the supplementary terms or third party terms and the conditions and these General Terms and Conditions, the supplementary terms or third party terms and conditions shall prevail.
Under no circumstances, will Banct Ltd be liable to the Client or anyone else for any decision made or action taken in reliance on the information from the Third Party Services.
The orders given by the Client must be unambiguous and executable. The Client shall confirm all Operations performed by using the Client Credentials or in another manner required by Banct Ltd (e.g. by signing a hard copy) and such confirmation shall be deemed as the Client’s consent to the performance of the respective Operation.
The Client submits its orders electronically or in another manner agreed between Banct Ltd and the Client and in the form developed by Banct Ltd (e.g. electronically being logged into the Electronic Channels).
In connection with any Payment Operation, the Client shall provide Banct Ltd with accurate, complete, clear information, Banct Ltd being authorized to act based on the information contained in the Payment Order. Banct Ltd has the right to request documents deemed necessary to ensure compliance with legal requirements and Banct Ltd’s procedures. The Client is responsible for obtaining all necessary authorisations and approvals, as well as for providing Banct Ltd with the documents required for the execution of the Payment Operation, in a timely manner.
Banct Ltd will enable the Client to make Payment Operations only based on the consent of the persons authorized by the Client in this respect, as they are identified in the special forms registered by Banct Ltd, according to the signature policy and transaction limits set for the Client and in force on the date of their performance and expressed in the contractual arrangements, depending on the used Payment Instrument.
The limits of amounts for execution of Payment Operations set by Banct Ltd, the cut-off times, the exchange rate or interest rate used by Banct Ltd shall be subject to change without prior notice and shall be immediately applied and made available in the Electronic Channels.
The forms of orders are available in the Electronic Channels. The Client ensures that its orders are prepared, confirmed and submitted in accordance with the applicable legislation, the General Terms and Conditions of the Service Agreement and other relevant requirements, customs and practices applicable to that order. By submitting an order, the Client unconditionally and irrevocably consents to the Payment Operation to be made under the given order.
If the Client makes an Operation or uses its Payment Account via Third Party Services (e.g. e-wallets), PISP, or AISP, authorisation of Payment Order will be completed and submitted to Banct Ltd in accordance with the conditions regulating the Third Party Services, PISP, or AISP (e.g. by using security credentials and means applicable to the Third Party Services, PISP, or AISP) and any other applicable guidelines and rules established by Banct Ltd.
Payments are processed according to the rules of the national or international payment systems, which mention different execution times depending on the currency, amount, country of the payment’s beneficiary, date and time of presenting the Payment Order. Payment Orders are accepted for processing within the cut-off times set by Banct Ltd and get sent within the deadlines provided by the legislation in force.
Security Guidelines concerning the use of the Payment Instrument will be published by Banct Ltd on Banct Ltd’s Homepage and/or Banct Ltd Electronic Channels. For security purposes, Banct Ltd may demand that different Client Credentials or their combinations be used for different transactions and limits.
The Client must follow the security guidelines published by Banct Ltd from time to time relating to the security protection of its Payment Accounts. Banct Ltd shall not be liable for any loss or damages in case the Client does not follow the security guidelines published by Banct Ltd.
If the Client uses its Payment Account via Third Party Services (e.g. e-wallets) the Client must follow the security guidelines applicable to Third Party Service.
Banct Ltd may record, store, process and transfer personal data in accordance with Banct Ltd’s Privacy Policy. Such data and records are governed and protected by the UK Data Protection Act 2018 and EU Regulation 2016/679 (GDPR). If you have any complaints about personal data handling by Banct Ltd, please contact us at via [email protected] or you may choose to file a complaint with the Information Commissioner’s Office by calling +44 303 123 1113 or filing a report over internet ico.org.uk/concerns.
Banct Ltd will be entitled not to execute a Payment Order if it has a suspicion that it has not been duly authorized by the Client or that the Client’s general security procedures have been infringed and / or the Security Elements of the Payment instrument used were lost / stolen / disclosed to unauthorized persons / inadequately used, Banct Ltd shall initiate any verification action in this respect, subject to the applicable legislation in the field.
Banct Ltd shall block the Services on the request of a third party only in the cases and pursuant to the procedure provided by law. Banct Ltd shall release the Service from blocking on the basis of the resolution of the competent body, or the respective judicial decision which has entered into force.
Banct Ltd shall have the right to block the Service if:
Banct Ltd suspects the Client of money laundering, terrorist financing or other crime or illegal activity (e.g. fraud);
the Client has not submitted data or documents requested by Banct Ltd in due time;
Banct Ltd has become aware of any circumstances which have caused the necessity to examine the legal origin of the Client’s funds or assets;
Banct Ltd will inform the Client regarding the justified refusal of executing a Payment Order and, if possible and not prohibited by the law, the reasons and remedies, Banct Ltd not being responsible for any consequences of not executing a Payment Order due to the conditions mentioned above. Banct Ltd shall not be held liable for any damage arising from the blocking of the Client’s Payment Account.
The Client is liable for the Security Elements related to electronic Payment instruments through which he executes Operations, purpose in which it will take all necessary measures to ensure their security, to prevent fraud and/or improper use thereof, as required by this document and in the specific contracts and will not transmit/ disclose them to third parties, except for the authorized Third Party PSPs, who are allowed, under the conditions of the law, to rely on the authentication procedures of Banct Ltd when providing payment services to the Banct Ltd’s Clients, as they are mentioned herein. The consequences of inappropriate use by the Client of any means of communication and data transfer, electronic Payment Operations will be entirely at his own expense and risk.
Banct Ltd advises Clients to take all reasonable measures to keep the Payment instruments, tools and devices used to make payments safe. This includes creating strong passwords, protecting the password and credentials through the use of Password Managers or other secure means of storage, and refrain from sharing the login and authorisation credentials with anyone else. Banct Ltd recommends the use of team members access and permissions available to grant access and issue individual credentials for any other authorised users of the Payment instruments. The Clients must not do anything that would let someone else use a payment tool such as writing the credentials down in an obvious way, giving anyone else access to devices that the credentials are stored on or easily accessible from. Banct Ltd will, from time to time, reach out to the Client with reminders or advice on protecting their account.
The Client has the obligation to notify Banct Ltd immediately if he becomes aware of the loss, theft of own Security Elements, the use without right of his Payment instrument or any other unauthorized use thereof, the registration of unauthorized transactions in their own account. The notification must be sent to contact options made available by Banct Ltd. Until the receipt of the notification by Banct Ltd, the Client is fully liable and will bear any loss and/or damage resulting from an unauthorized Payment Operation as a result of any of the situations mentioned.
As a result of the notification made by the Client and in cases when there are objectively justified reasons related to the security of the Payment instrument or there is a suspicion of unauthorized/ fraudulent use of the Payment instrument, Banct Ltd shall block the Payment instrument and shall not be liable for any losses suffered by the Client as a result of inappropriate use of the instrument until the receipt of the notification from the Client, respectively until the moment of blocking the Payment instrument following the decision from Banct Ltd. The Client will incur the losses related to any unauthorized Payment Operations resulting from the use of a lost or stolen Payment instrument as well as the losses resulting from the unauthorized use of the Payment instrument in case the personalized Security Elements have not been kept secure, until the moment of the notification.
Banct Ltd will notify the Client in case of suspected fraud or real estate fraud or in the event of security threats to a service and/or Payment Instrument, in accordance with its internal procedures, as well as the blocking of the Payment Instrument and its reasons, as soon as possible, unless the disclosure of such information adversely affects the security reasons objectively justified or is prohibited by other relevant legal provisions. According to the legal provisions, Banct Ltd may use any means of communications in order to inform the Client in case of unavailability of any payment service.
Banct Ltd uses the latest online security measures to make sure that the Customer’s personal information and privacy stay safe. This includes but is not limited to the following:
Banct Ltd has the right to establish amount limitations for certain Operations. The Client has the right to request increase of the limitations established by Banct Ltd to the extent and pursuant to the terms and procedures established by Banct Ltd.
Banct Ltd at all times adheres to its Know-Your-Customer (KYC) principles upon the establishment of and during the business relationship with the Client. Under the KYC principles, the Client must be identified, and the appropriateness of transactions must be assessed based on the Client’s principal business and/or prior pattern of transactions. Banct Ltd has the right to request additional information (e.g. documents serving as grounds for the transaction) from the Client to allow it to comply with its anti-money laundering obligations (e.g. information concerning the owners and ultimate beneficiaries of the Client and the Client’s business activity, including data on the contractual partners, turnover, the share of cash and non-cash transactions, frequency of transactions, etc.). The Client agrees to immediately comply with and without any undue delay grant all needed information and documents related to any request for further information that Banct Ltd reasonably requires. If the Client, regardless of the respective request, does not submit to Banct Ltd the documents and relevant information requested by Banct Ltd, the Client shall be deemed to have fundamentally breached the Service Agreement and Banct Ltd may, without following the terms of prior notification, extraordinarily terminate the Service Agreement and any other agreement which serves as a basis for the business relationship.
Banct Ltd shall have the right to receive and the Client shall be obliged to pay for the rendered Service fees, established in the General Terms and Conditions and on the website www.banct.com. The Client shall be obliged to keep a sufficient amount of money on the Payment Account so that Banct Ltd can debit the Payment Account with all service fees and other sums and arrears payable. If Payment Account as a consequence of any action undertaken by the Client has a negative balance, the Client shall immediately without requirement of any notification from the side of Banct Ltd correct such balance, so it would be more or equal to zero. Banct Ltd may send notifications or take any other reasonable actions to recover such negative balance from the Client, including but not limited to employing debt collection services or instituting a legal action. Banct Ltd may charge the Client for reasonable costs incurred subsequently to any measures undertaken in this respect.
The Price List in force at any given time is available via Banct Ltd’s Electronic Channels. Banct Ltd may unilaterally amend the Price List at any time. The Client shall be notified of the amendment. The amendment enters into force on the date set out in the notice.
The Client has the right to terminate the business relationship with 30 calendar from the receipt of the notice to Banct Ltd.
Banct Ltd has the right to terminate the business relationship for convenience at any time by giving one (1) month notice to the Client
Banct Ltd has the right to terminate the business relationship and this agreement with immediate effect (without disclosing the reason) in the event that:
1. Banct Ltd suspects the Client of money laundering or terrorist financing;
2. the Client has submitted incorrect, misleading or insufficient data or documents to Banct Ltd or refuses to submit the requested data or documents in due time;
3. Banct Ltd suspects the Client of using Services in any restricted or prohibited activities or other illegal activities;
4. the Client has intentionally or due to gross negligence failed to perform its obligation arising from the General Terms and Conditions;
5. Banct Ltd is requested or directed to do so by any competent court, governmental authority, public agency or law enforcement agency;
6. the Client has not used the Payment Account (i.e. given the orders to use the funds for payment transaction) in 60 consecutive calendar days.
Read more details on our website www.banct.com
In connection with the use of the Electronic Channels or the Services, or in the course of the Client’s interactions with Banct Ltd, the following activities are restricted at all times:
causing a disproportionate number of claims that have been closed in favour of the claimant regarding the Client’s activities;
using the Services in connection with illegal products or services and/or stolen goods including digital and virtual goods;
transactions with sanctioned counterparties;
any activity or omission that violates any law, statute, ordinance, regulation or good faith
any activity or omission that violates the terms and conditions established by Banct Ltd.
Banct Ltd reserves the right to change, suspend or discontinue any aspect of the Services at any time, including, but not limited to hours of operation or availability, Third Party Services, or any feature, without any notice and not subject to any liability. Where it is possible Banct Ltd shall notify Client in a timely manner regarding such change, suspension or discontinuance of any aspect of Services.
The Services of Banct Ltd are provided on an “as is”, “as available” basis and without any representation or warranty, whether express, implied or statutory. Banct Ltd does not warrant that the Services will be uninterrupted or error free (except where required by law).
Banct Ltd does not exclude or limit any liability where it would be unlawful to do so, it includes instances of death or personal injury caused by negligence, fraud and/or misrepresentation.
Banct Ltd is responsible for loss or damage that Client suffers that is a foreseeable result of Banct Ltd breaking these General Terms and Conditions. Banct Ltd shall bear no liability and shall not be liable for any loss or damage that is not foreseeable. The foreseeable loss or damage as understood under these General Terms and Conditions is any loss or damage that was obvious to occur consequently to actions or gross negligence.
Banct Ltd cannot be held liable for inability to deliver or for delay as a result of things which are outside of Banct Ltd’s control.
Banct Ltd shall not be held liable for any interruption to the provision of Services which occurred subsequently to Banct Ltd following with its legal obligations.
If the Client uses Services for any commercial or business purpose Banct Ltd shall not be liable towards the Client for any loss of profit, loss of anticipated savings, loss of reputation, loss of business, business interruption, or loss of business opportunity.
In case of an unauthorised payment or mistake due to Banct Ltd’s error, Banct Ltd shall at the request of the Client immediately refund the payment amount including all fees deducted by Banct Ltd. This shall not apply to the situations where:
It is the responsibility of the Client to regularly monitor its Payment Account and to inform Banct Ltd of any unauthorised transactions, inconsistencies or concerns.
Banct Ltd assumes no responsibility for the content of any third party websites which can be linked to and from Banct Ltd’s web page and/or any loss or damage that may arise from their use.
Banct Ltd shall not be liable for any loss or damage caused by any malware, virus, or other technological attacks or harmful material that may infect the Client’s computer equipment, computer programs, phone, other portable electronic devices, data or other proprietary material related to the use of Services.
The Client is liable for breaking these General Terms and Conditions and/or applicable laws and/or regulations. In case of loss or claims or damages or costs and expenses arising out of its breach of these General Terms and Conditions, any applicable law or regulation and/or use of Services, the Client agrees to compensate Banct Ltd and hold Banct Ltd harmless.
Without prejudice to other limitations of liability in these General Terms and Conditions, any applicable law or regulation and/or use of Services, if Banct Ltd is liable for non-performance or defective execution of a Payment Transaction, it will refund to the Client the amount of that transaction without delay, or immediately credits the corresponding amount in the Beneficiary Client’s account, as the case may be.
If the Client identifies an unauthorized or incorrectly executed Payment Operation, he will notify Banct Ltd in order to correct it, as soon as possible, but not later than 3 (three) months from the date of debiting the respective Payment Operation.
Banct Ltd is liable only in case of gross negligence or intentional infringement of its obligations and only within the limit of the effective direct loss suffered by the Client as a result of failing to perform the Payment Operation.
Any Section, Clause and/or provision of these General Terms and Conditions operates separately. If any Section, Clause and/or provision in any way contravenes the law of any country, state or province, or the laws of any sovereignty or government in which these General Terms and Conditions are in effect shall, in such country, state or province, or sovereignty or government, as the case may be, to the extent of such contravention of law, be deemed severable and shall not affect any other Section, Clause and/or provision herein or the validity hereof. If any court or relevant authority decides that any Section, Clause and/or provision is in such contravention, the remaining Clauses, Sections, and/or paragraphs will remain in full force and effect while affording intended rights and/or obligations.
Account Information Service Provider (AISP): third party service provider which collects customer and account data for analysis and aggregation purposes, by means of Open API.
Payment Account: a Payment Account opened by Banct Ltd for the Client on the basis of the Payment Account Agreement for executing a payment transaction.
Payment Account Agreement: an agreement for the use of the Payment Account.
Client: a natural or legal person who uses, has used or has expressed his, her or its wish to use the Services of Banct Ltd.
Services: a service rendered by Banct Ltd to a Client (incl. any payment service, Payment Account and Payment instrument).
Service Agreement: the agreement regulating the terms and conditions applicable to a certain Service.
Third Party Services: third party services made available to Client through the Banct Ltd Electronic Channels.
Electronic Channels: electronic channels developed and managed by Banct Ltd or its subsidiaries which allow the Client to make Operations or manage its Payment Account (e.g. website, mobile application, another digital interface and/or electronic channels)
Client Credentials: the username and the password chosen by the Client or other credentials granted for the Client by Banct Ltd or a third person.
‘Payment instrument’ means any personalised device and/ or set of procedures agreed between the Client and Banct Ltd and used to initiate a Payment Order;
Payment Operation: action initiated by the payer/ beneficiary of the payment, in order to deposit, transfer or withdraw funds, independent of any subsequent obligation between the Payer and the Beneficiary;
Payment Order: instruction given by the payer/ beneficiary to the requesting the execution of a Payment Operation;
Price List: valid price list or pricing page established by Banct Ltd
Banct Ltd’s Homepage: Banct Ltd’s website available at Banct Ltd.com
Security Elements represent personalised features provided by Banct Ltd the users of Payment instruments with remote access of internet-banking for the purposes of authentication, consisting in information and/or devices (such as, but not limited to codes, passwords, PIN code/ Security Code/ OTP);
Personal API Key: is a code calling an Open API to identify the Client.
Payment Initiation Service Provider (PISP): third party service provider which offers transaction initiation services by means of Open API.
Operation: the use of the assets on the Payment Account (e.g. drafting, confirming and submitting payment orders), the use of functions, concluding any agreement, granting any authorisation, exchanging information and documents, establishing limits and Restrictions and using any other services or functions of, or made available by Banct Ltd or a third party.
Open API: the access to the application programming interface which allows Client to submit orders or view transaction history with the help of Personal API Key.
Restriction: the restriction on the use of the Services based on specific parameters (device, connection, location, time, amount limitation or other).
Banct Trading Platform Ltd designs and operates the Banct Trading Platform website and app. Banct Trading Platform is not a bank.
124 City Road, London, England, EC1V 2NX , United Kingdom.
