These Business Terms and Conditions (the “Terms”) are between:
Clients are kindly requested to read this Agreement thoroughly and carefully and to contact Cublox if anything is unclear by email at support@cublox.com.
In case Cublox needs to contact the Clients, the contact details provided upon registration will be used. It is the Client’s responsibility to keep details up to date and to inform Cublox as soon as possible if anything changes with regards to details.
By using Cublox’s Services and/or Website, you confirm that you accept and agree to these Terms (including with the documents referred to herein). If you do not agree, please do not use Cublox’s Services.
1. Introduction and Purpose
The Terms set out the general terms and conditions applicable to the relationship between the Client and Cublox; they are supplemented by the pricing which will be agreed on a case-by-case basis.
Any term agreed individually between the Client and Cublox shall prevail over the Terms, unless stated otherwise or contrary to any applicable law.
The Terms govern the way in which Cublox provides Services to its Clients. Clients should read these conditions carefully before accepting them.
This Agreement will be available at all times to the Client at:https://cublox.com/terms.html, as amended, supplemented, restated or replaced from time to time in accordance with the terms and specifically as stated in clause 19.
A signed copy of these Terms can be sent upon request against payment of a fee and shipping costs. The most recent and current version will be updated on Cublox’s Website as mentioned above.
The Terms apply as between Clients and Cublox with respect to the Services provided by Cublox to Clients.
2. Definitions
Applicant: a person or legal entity who is requesting to be onboarded with Cublox and therefore to become a Client. An Applicant shall become a Client upon successful processing of his request.
Client: person or legal entity, being a customer of Cublox, with a Wallet issued by Cublox that enables them to send and/or receive payments.
Cublox’s Website: refers to the all pages of the websites https://cublox.com/ and https://portal.cublox.com/login through which Cublox provides its Services.
FX Transaction: a Payment Transaction to facilitate a currency exchange, and FX Order shall be defined accordingly.
Payment Order: approval from the Client granted in accordance with these Terms unless customised plan and procedures have been agreed between the Client and Cublox, in order to authorise a Payment Transaction.
Payment Transaction: an action involving the wiring, transfer, or withdrawal of funds through a Wallet, regardless of any underlying obligation between the payer and the beneficiary.
Provision: safeguarded amount that may be allocated to the execution of future Payment Transactions, as determined by Cublox.
Services: services provided by Cublox under the present Terms, including but not limited to the provision of Wallets, execution of Payment Transactions and the acquisition of Payment Orders by transfer and FX Transactions.
Terms: the general terms and conditions set out herein as well as the pricing conditions which will be agreed upon on a case-by-case basis.
Wallet: an e-money account opened with Cublox, established for your use and held in your name.
The Wallet will record:
The Wallet also allows for the recording of settlements received into or sent from the safeguarding account, of the amounts mentioned above.
3. Opening a Wallet
The Applicant must comply with the conditions of opening a Wallet, as described below.
The individual making the application, declares and undertakes that they are doing so freely and of their own free will and that the Wallet is to be used exclusively by that individual.
The individual, if making the application on behalf of a legal entity, declares and undertakes that they are fully authorised by the board of directors of that entity to make the application on its behalf.
The Client must use the services provided by Cublox in good faith, solely for legal purposes and in accordance with the provisions of these Terms.
Upon receipt of the required information and documents from the Applicant, Cublox will review the application and reserves its right to request additional information and/or documents as deemed necessary.
Once Cublox considers that all relevant information and documentation has been collected, Cublox will have 7 business days from which to make a decision on the provision of services to an applicant.
3.1 Acceptance/refusal to open a Wallet
Cublox, at its own discretion, with no right or compensation to the client, may reject an application to provide Services to an applicant, for any reason, including but not limited to:
Acceptance and refusals shall be notified to the Applicant by Cublox using the email address provided by the Applicant upon registration.
Refusals shall not result in the payment of damages from Cublox to the Client.
3.2 Suspension/Termination
Cublox, retains the right to suspend or terminate services throughout the duration of the business relationship for any reason, including but not limited to:
Termination and suspension shall be notified to the application by Cublox using the email address provided by the applicant upon registration.
Termination shall not result in the payment of damages from Cublox to the Client.
In instances where the decision to suspend services were not made in error and were based on legitimate grounds of inquiry and/or procedural adherence, this shall not result in the payment of damages from Cublox to the client.
4. Using cublox’s services
4.1 General rules
As soon as the Wallet has been opened the Applicant automatically becomes a Client and shall be provided with personal login credentials to access their Wallet by the following link https://portal.cublox.com/login or using any other webpage as otherwise advised by Cublox.
It is the Client’s responsibility to take all reasonable steps to retain said login credentials and keep them safe.
An individual applicant undertakes to not share login credentials with any third party. A legal entity applicant undertakes to only share the login credentials with individuals within the legal entity that have been given authority to make payments on its behalf.
Clients shall use their Wallets for lawful and honest purposes and shall not use their Wallets:
4.2 Processing by Cublox
Cublox might ask Clients for additional information and/or documentation before processing a Payment Transaction. Clients will be given 24 hours to answer such requests, further to which Cublox shall send an additional request granting an additional 24 hours to Clients to provide the requested information and/or documentation.
Payment Transactions shall be executed upon receipt of satisfactory information and/or documentation from the Clients.
Failure to answer 48 hours after the first request has been made will result in the Payment Transaction being rejected by Cublox.
Cublox reserves its rights to reject any Payment Transaction further to its review.
Clients acknowledge and agree that Cublox has restricted the use of countries that certain payment rails will be available for. The list may change from time to time and the latest version will be available upon request. Any incoming or outgoing Payment Transaction from or to a country listed as restricted shall be automatically rejected.
In any case, Cublox shall not be held liable by the Client, or any other party connected to it, for any expense, damage, claim, costs, loss, or equivalent resulting from the rejection of the Payment Transaction.
4.3 Inactive Wallets
A Wallet will be deemed to be inactive or dormant if no activity happens during a consecutive period of 90 days. Such inactive Wallets shall be closed by Cublox further to giving the Client 60 days’ notice by email at the address provided by the Client upon registration.
The notice shall inform the Client of the safeguarded amount available and of the method of refund of the said amount. The Client shall be entitled to advise Cublox of an earlier date of closure of the Wallet until the end of the notice period.
5. Processing of payments
All incoming payments will be processed automatically.
In relation to the outgoing Payment Transactions and FX transactions the Clients shall login to their Wallet using the credentials provided by Cublox to initiate and authorise any outgoing Payment Transaction or FX Transactions.
The request for authorization will be prompted by the receipt of a One Time Passcode (“OTP”) issued to the Client’s mobile phone number as provided to Cublox by the Client at the time of submitting their application, or by Cublox’s third-party authentication tool issued to the mobile phone number as provided to Cublox by the Client at the time of submitting their application. The OTP will need to be entered into the payment page to initiate and authorise the Payment Transaction.
The registered mobile phone number can be amended at the Client’s request as applicable, and evidence of the ownership of the replacement mobile number will need to be provided to Cublox.
Payment Transfers shall only be accepted and processed by Cublox, when the Provision of the Wallet is greater than the total transfer amount (fees included). In the event that the Provision is insufficient, the Payment Order will automatically be rejected.
The available Provision corresponds to the safeguarded balance recorded on the Wallet, excluding the blocked Provision and outstanding Payment Transactions.
The Payment Order must include the following information, constituting the Payment Details:
Further information might be required for FPS or SWIFT payments as prompted by Cublox platform when initiating such payments.
Cublox shall not be held liable when the Payment Details included in the Payment Order requests by the Client are incorrect or not up to date.
5.1 Cancellation of a Payment Order
Clients are permitted to cancel any authorised Payment Transaction within a reasonable time from its execution, but Cublox does not guarantee that the cancellation will take effect. Each cancellation shall be individually assessed.
6. Reporting
All Payment Transactions are displayed within the Wallet and the statements are available. The statement is updated in real time.
Clients may use their personal login credentials to consult their Wallet statements on Cublox’s Website by following link https://portal.cublox.com/login or using any other webpage as otherwise advised by Cublox.
Clients shall have access to their Wallet statements displaying all incoming and outgoing Payment Transactions regarding their own Wallet.
Cublox will keep all records and documents relating to the Payment Transactions carried out on an electronic archiving medium:
7. Contract duration and date of effect
These Terms come into effect for an indefinite period of time and as soon as the Client has accepted it.
Acceptance happens as soon as the Client has been onboarded and started using the Services. Any use of the Services implies acceptance of the Terms.
Clients being individuals acting mainly as well as wholly outside their trade, business, craft, or profession when using the Wallets are classified as Consumers and benefit from the protections attached to it in accordance with the Consumer Rights Act 2015, as amended from time to time. Clients being legal entities and individuals acting on a professional capacity are excluded from the definition of Consumers.
Consumers benefit from a cooling-off period of fourteen (14) calendar days starting from the day of acceptance of this Agreement, to withdraw from this Agreement.
All withdrawals shall be free of charge, fees, penalty, or any other payment due by Consumers Clients to Cublox. The right to withdraw can be exercised without providing any justification to Cublox.
A notice of withdrawal shall be made by email to Cublox by the Client at the following address: support@cublox.com. Any notice sent to the email address above shall be deemed to have been duly given on the date of transmission.
For the avoidance of doubt, it is noted that the Services to be provided by Cublox under this Agreement shall not start until the end of the cool-off period or express request received from the Consumers Clients.
The Client expressly acknowledges and accepts that any Payment Order sent to Cublox prior to the expiration of the cooling-off period, constitutes an express request of opting out the cooling-off period and therefore terminating the said period and any right and protection attached.
Further to such request to provide Services sent by the Client to Cublox, the Client shall not be entitled to any right of withdrawal during the remaining days of the cooling-off period.
Absent any request of withdrawal during the cooling-off period, this Agreement shall continue and be governed by the provisions set out in the present Agreement until terminated by the Client or Cublox contrary to clause 18 below.
8. Fees
In return for providing the Client with Remittance Services, Cublox shall receive remuneration, the amount and conditions of which will be agreed on a case by case basis.
Cublox shall deduct its charges and transfer fees prior to each payment being sent to the recipient or being credited to the Client’s Wallet.
Any agreement in the form of a fee letter or similar regarding the fees accepted between Cublox and the Client is binding.
9. Security
9.1 Notification obligation
It is the Client's duty to immediately inform Cublox of any suspected fraudulent access or use of their Wallet or of any event that is likely to result in such a use, including but not limited to: loss, accidental disclosure or hacking of their Wallet login details or a non-authorised transaction.
Any notice or information sent by email to support@cublox.com shall be deemed to have been duly given on the date of the transmission.
Cublox requires two factor authentications to be completed upon logging into the Wallet and executing transactions on the Wallet.
9.2 Prevention
Cublox shall use all reasonable effort to prevent any fraudulent use of the Wallets. Cublox requires two factor authentications to be completed upon logging into the Wallet and executing transactions on the Wallet. This is designed to prevent any illegitimate Wallet access.
9.3 Disruption to Payment Services
Cublox shall endeavour to provide a reliable, and continuous service. However, Cublox does not guarantee such continuous, uninterrupted access to the Services and shall not be held liable for any delay, total or partial inaccessibility or other inconvenience related to the Services if such disruptions were caused by factors beyond Cublox’s reasonable control.
Clients are hereby informed that Cublox may occasionally interrupt access to all or part of the Services in order to carry out repairs, maintenance, or improvements, in the event of a suspected hacking attempt, embezzlement or any other security risk, upon request or instructions from competent, qualified individuals or authorities.
Cublox shall not be liable for consequential, direct, indirect, or special losses, damages, or equivalent whether directly or indirectly caused by the interruption of the Services.
As soon as the Services will be restored, Cublox shall use all reasonable efforts to process all pending Transactions as quickly as possible.
Cublox shall not, under any circumstances, be held liable for indirect damages, such as commercial harm, loss of customers, commercial disruption, loss of profit or damage to brand image suffered by a Client or third party, that may have resulted from the Services it provides. Any action brought against a Client by a third party will be treated as indirect damage and therefore will not entitle the former to compensation.
Unless otherwise stipulated in this Agreement or mandatory laws, and without causing prejudice to other grounds for excluding or limiting responsibility defined by this contract, Cublox shall not, under any circumstances, be held responsible for any damage caused by a force majeure event or event beyond its control.
10. Protection of customer funds
In compliance with the Payment Services Directive 2 (“PSD 2”) Cublox will forward all payments to the safeguarding account the moment funds are received. In cases where Cublox is processing payments through other EMIs that cannot safeguard funds, the process of getting the money from a credit institution to the EMI and back again could be time consuming.
Cublox speeds up this process by depositing money with the credit institution directly, and topping up and debiting the segregated client account as required to ensure that the money in the segregated client account matches the amount of “relevant funds”.
Cublox’s safeguarding policy and details of the ring-fencing mechanism of the said accounts shall be provided by Cublox to Clients upon request.
Clients’ funds are safeguarded and protected against any claims from creditors of Cublox, including enforcement and insolvency proceedings.
When you send settlement funds to us for a FX Transaction, full ownership and title to these funds will transfer to us and they will be considered our funds rather than e-money. Once the FX Order is executed, we will credit the exchanged currency to your Wallet, at which point the funds will be considered e-money and will be subject to safeguarding until we are instructed by you to process an onward payment.
Settlement funds held by us for an FX Transaction is not e-money and is not safeguarded as client money. In the event of our insolvency, you will rank as a general creditor of ours in relation to such funds paid to us.
11. Confidentiality
The Client shall respect the strictest confidentiality regarding all technical, commercial, or other information to which he may become privy to through the receipt of the Services.
Each of Cublox and the Client, agrees that it will keep confidential and not disclose, whether directly or indirectly, any confidential information belonging to the other.
Unless otherwise required under applicable laws this duty of confidentiality will remain in effect for the duration of the Client's subscription to the Payment Service and for five (5) years following the termination of this Agreement.
This duty of confidentiality does not apply to information that:
12. Collection and processing of personal data
Cublox’s Privacy Policy is available at https://cublox.com/privacy-policy.html.
Any personal information that Clients provide to us will be dealt with in line with Cublox’s Privacy Policy which explains what information is collected from Clients, how and why Cublox collects, stores, uses and shares such information.
The Privacy Policy also provide for Client’s rights in relation to their personal information as well as information on how to contact Cublox and supervisory authorities in case of query or complaint about the use of their personal information.
This clause shall have effect as if it incorporates the provisions of the Privacy Policy which Clients acknowledge and accept.
13. Probative value
All information saved in Cublox's computer databases regarding Payment Orders and Payment Transactions / FX Transactions have, until proven otherwise, the same probative value as a hand-signed paper copy, both in terms of their content and the date and time they were produced and/or received. These unalterable, secure, and reliable traces are embedded and saved within Cublox's computer systems.
Documents held by Cublox that replicate this information, as well as copies or reproductions of documents produced by Cublox, have the same probative value as the originals, unless proven otherwise.
14. Fraud prevention
Cublox takes fraud very seriously and will always endeavour to mitigate the risk of fraud to the best of its capabilities.
Clients are made aware that criminals are experts at impersonating people, organisations, and various authorities, including the police. This could be done online, via email or through telephone calls. Cublox would like to highlight some of the ways Clients can avoid becoming victims of fraud.
If you are a micro-enterprise and have been the victim of a push payment scam (“APP Scam”) through a payment initiated by you from your Wallet to a third party, you may be able submit a reimbursement claim to Cublox.
Please refer to https://cublox.com/app.html for information regarding eligibility criteria, circumstances when a claim may not be approved and how to submit an APP Scam claim to Cublox.
14.1 What Cublox will do to protect Clients
Checks on Payment Transactions/ FX Transactions is part of Cublox’s fraud prevention measures.
Cublox may take whatever action is considered appropriate to meet any obligations, either in the UK or elsewhere in the world relating to the prevention of fraud, crime, money laundering or terrorist activity and the provision of financial and other services to persons who may be subject to sanctions.
This may include, but is not limited to, investigating and intercepting Payment Transactions to / from Wallets and investigating the intended payer or payee or source of funds. Checks to identify and verify identities of Clients and connected persons, as well as screening for financial and embargoes or other sanctions are also part of Cublox’s fraud prevention process.
Carrying out the verifications mentioned above may delay the processing of payment instructions or the receipt of cleared funds, but where practicable and permitted, Clients shall be advised of the reasons for any delay and shall be kept updated.
Cublox may decline to process a Payment Transaction/ FX Transaction where it is reasonably believed that such Payment Transaction is unlawful.
In circumstances where a payment is made and Cublox, the paying Payment Service Provider or our banking partners know or suspect that a Transaction was made fraudulently or as a result of fraud, Cublox may:
Without prejudice to the generality of clause 15, Cublox shall not be responsible to the Clients or any third party for any loss, expense, costs, damage or other liability suffered as a result of any delay to or rejection of the processing of a Payment Transaction / FX Transaction further to Cublox’s fraud prevention measures set out above, or as a result of the payment back of any money known or suspected to have been paid through an Wallet fraudulently or as a result of a fraud.
14.2 What Clients can do to protect themselves
Cublox advises its Clients to:
15. Liability
The extent of Cublox’s liability under or in connection with these Terms (regardless of whether such liability arises in tort, contract or in any other way and whether or not caused by negligence or misrepresentation) shall be set out in this clause 15.
15.1 Limitation of liability
Subject to sub clause 15.2, Cublox shall not be held liable for any consequential, indirect or special losses, nor for any of the following (whether direct or indirect) loss of profit, use of data that is not protected under data protection regulations as explained under the terms of the Privacy Policy, production, contract, opportunity, savings, discounts or rebate (whether actual or anticipated), or of goodwill and other harm to reputation.
Except as expressly stated in these Terms and subject to subclause 15.2, all warranties and conditions whether express or implied by statute, common law or otherwise are excluded to the extent permitted by law.
15.2 Liability
Notwithstanding any other provision of these Terms, Cublox’s liability shall not be limited in any way in respect of death or personal injury caused by negligence; fraud or fraudulent misrepresentation; any other losses which cannot be excluded or limited by applicable law.
16. Risk warning
16.1 General
Any and all of the Services, software, confidential information and any other technology or materials provided by Cublox to the Clients are provided “as is” and without warranty of any kind. Except as otherwise expressly stated in section 15, Cublox does not warrant or represent that its Services will be uninterrupted, fit for a particular purpose, error-free, reliable, or secure at all times, despite using reasonable efforts to provide secured Services.
Clients acknowledge that there are risks inherent in internet connectivity that could result in the loss of personal data, confidential information, and property.
Clients accept to use the Services at their own risks and without holding Cublox responsible for any damage resulting thereby.
Cublox does not provide any investment, trading, financial, tax, legal or any other kind of advice and disclaim all responsibility resulting from a loss occurring further to any kind of investment incurred by Clients.
Cublox shall never be a deemed to be a third party to any investment, brokerage, or other payment agreement made between the Clients and their beneficiaries.
No information whether oral or written obtained from Cublox or through the use of the Remittance Services shall create any warranty or representation.
17. Termination of the framework agreement
17.1 Notice of termination
The client may automatically terminate this Agreement, which will result in the closure of their Wallets, by sending a notification by email to the following email address: support@cublox.com with a month's notice.
Cublox may decide to terminate these Terms and close the Wallet as a result, by sending a notification by email to the Wallet Holder's email address with a two months’ notice.
In the event of a modification to applicable regulations and their interpretation by the relevant regulatory authority that may affect the ability of Cublox or its authorised representatives to carry out Payment Transactions, these Terms will automatically be terminated without notice.
17.2 Gross negligence
In the event of gross negligence by either Cublox or the Client, these Terms may be terminated with immediate effect by written notification sent by email from the prevailing party.
Gross negligence by the Client is understood to mean: communication of false information; engaging in illegal activity, contravening standards of public decency; money laundering or financing of terrorism; threats to agents of Cublox; defaulted payment; failure to comply with an obligation of this contact; excessive debt or, for legal entities, the nomination of a special mediator and insolvency administrator to initiate rehabilitation or liquidation proceedings.
Gross negligence by Cublox is understood to mean: communication of fraudulent representation; failure to comply with an obligation of the Terms; the nomination of a special mediator and insolvency administrator to initiate rehabilitation or liquidation proceedings.
17.3 Consequence of termination
Clients may no longer send Payment Orders/ FX Orders after the Termination Notice has been issued. Wallets may be maintained for a period of 15 months for the purpose of dealing with possible subsequent disputes and complaints. Payment Transactions / FX Transactions initiated before the Termination Notice has been issued will not be affected by the termination request and shall be fulfilled as far as possible under the Terms.
Termination of these Terms will result in the permanent closure of the Wallet. The closure of a Wallet will not give rise to any compensation, regardless of any possible damage caused by said closure.
Any Client whose Wallet has been closed by Cublox, shall not be authorised, unless explicitly authorised by the latter, to open another Wallet. Any Wallet opened in violation of this provision may be immediately closed by Cublox, without notice.
18. Modification of the Terms
Any amendment to the Terms shall be communicated by email to Clients at the time of the amendment and no later than seven (7) days before the date proposed for its entry into force.
If the Clients fail to communicate an objection to Cublox by the end of these seven (7) days deadline, the former is deemed to have accepted said amendments. If the Clients reject the proposed amendment, they may freely terminate the Terms, by written request, before said amendment comes into effect. Such termination shall come into force 1 month after the notification is sent to Cublox as per sub clause 17.1.
19. General information
Should administrative formalities be necessary to comply with the Terms, Cublox and the Client shall provide each other with mutual assistance to regulate such formalities.
If one of the non-substantive stipulations of these Terms is rendered null and void with regard to an effective rule of law, it will be deemed as not written, but will not invalidate the rest of these Terms.
20. Governing law and jurisdiction; redress
These Terms and all matters arising from or connected with these Terms are governed by English law.
The courts of England have exclusive jurisdiction to settle any dispute arising from or connected with these Terms and (including a dispute regarding their existence, validity or termination or relating to any non-contractual or other obligation arising out of or in connection with them) or the consequences of their nullity.
Clients may also be eligible for redress for any dispute and matter arising out of or in connection with these Terms through the dispute resolution mechanism provided by the Financial Ombudsman Service (please see clause 21 below for further details).
21. Help, information, and complaints
If you have any queries or require a copy of these Terms (or any document comprised in them), please contact Cublox by email at support@cublox.com.
Cublox will not accept complaints pertaining to relations between Clients or between a Client and a third party. This article of the Terms only covers complaints pertaining to the lack of or poor execution of Services carried out by Cublox.
If you do experience a problem, we will always seek to resolve this as quickly and efficiently as possible. However, if you are unhappy and would like to make a complaint, please refer to our Complaints Policy which can be found on our website at: https://cublox.com/complaints-policy.html. The Complaints Policy contains details of our internal process for dealing with complaints promptly and fairly.
We will then investigate the matter and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for our internal use; we may submit an anonymised summary of complaints made to us during a particular period of time to our regulator.
If you are not happy with our final response or, where you are eligible to refer your complaint to the Financial Ombudsman Service, if we have not concluded our investigation in accordance with the timescales required by law, you may be able to refer your complaint to The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, or online at https://www.financial-ombudsman.org.uk/make-complaint or by email or phone at complaint.info@financial-ombudsman.org.uk or +44 800 023 4567.
Cublox Ltd. (company number: 11185551) is an authorised Electronic Money Institution (EMI) incorporated in the UK and regulated by the Financial Conduct Authority under licence reference number 900905. Registration number with the Information Commissioner’s Office (ICO) in the UK is ZB298556. Company’s address: 24 King William Street, London, England, EC4R 9AT.
Copyright © 2024 Cublox Limited, All rights reserved.