These terms (the "Global Collection Account Terms and Conditions") supplement the General (Account Holder) Terms and the User Terms, which together govern the use of the Tazapay Services. Capitalized terms that are not defined in these Global Collection Account Terms have the same meanings given to them in the General (Account Holder) Terms or the User Terms.
In this Appendix 2, the following words and expressions shall have the following meanings:
"Customer" means an individual or entity transacting with the Account Holder, typically where Account Holder is the Beneficiary and the funds are paid into the Global Collection Account.
"Global Collection Account" or "GCA" refers to the Tazapay Product primarily associated with Pay-Ins, which allows Account Holders to receive payments in different currencies.
"Payment" means a Transaction effects a transfer of money.
"Payment Initiation" means the act of transmitting, submitting or otherwise commencing the process of a transaction, be it by way of a payment instruction, directly or on behalf of a payment service provider or other financial institution, for the purpose of effecting a Payment in relation to the Global Collection Account.
"Settlement Currency" refers to the currency designated by Tazapay (or otherwise agreed in writing between Tazapay and the Account Holder) in which all amounts payable under or in relation to this Agreement are to be calculated, denominated, irrespective of the currency under which any underlying transaction is initiated or recorded in.
"Tazapay Accounts" means Tazapay Global Collection Accounts as described in section 2 (Service Description (Global Collection Account)) below.
Reference to the singular includes a reference to the plural and vice versa. Terms not otherwise defined in this Appendix 2 shall have the same meaning as are found in the General (Account Holder) Terms. Where there are discrepancies between definitions in this Appendix and the General (Account Holder) Terms, the definition in this Appendix shall prevail.
Tazapay's Global Collection Account is a ledger-based collection account issued to or made available to an Account Holder for the purpose of receiving funds, which may be maintained in the name of an Account Holder in one or more jurisdictions. The Tazapay Global Collection Account is capable of receiving payments through the local payment networks in the corresponding jurisdiction and/or through international wire transfers.
Tazapay's GCA facilitates efficient domestic payment methods and complements the Tazapay Payment Gateway integrations offered by Tazapay through the provision of virtual accounts that:
enable the collection of local Payments;
allow quicker settlement of such Transactions compared to traditional methods of settlement including bank transfer;
have multi-currency functionality such that the User may settle, pay out or otherwise transact in various currencies; and
facilitate the provision of comprehensive financial reports for accounting and reconciliation purposes, amongst others.
Account Holder may request the creation of virtual collection accounts in Tazapay's supported markets by submitting a request on the Tazapay Platform. Such virtual collection accounts will allow you to receive funds denominated in one of our supported currencies into your Tazapay Global Collection Account wallet through one or more of our service provider partners via external bank transfers. The payment methods available to you may vary depending on your location.
Tazapay reserves the right to accept or reject any application of a virtual collection account at its sole and absolute discretion if the Account Holder fails to satisfy Tazapay that they have:
met all Compliance and regulatory requirements in the jurisdiction of the virtual collection account, including their KYC, AML/CFT, and Sanctions obligations;
agreed to comply with and be bound by the Acceptable Use Policy, Privacy Policy, User Terms, or other policy as may be mandated by Tazapay.
Tazapay shall, to the extent permitted by Applicable Laws and to the extent practicable for Tazapay, notify the Account Holder of the reason for such refusal.
Account Holder warrants that Tazapay GCA will only be used in connection with lawful purposes and corporate entities. The Account Holder further understands and accepts that Tazapay GCA will be used for the purpose of processing payments for underlying goods and services or for self-transfers. Any use of Tazapay GCA for transactions not mentioned in this section 4 shall be deemed to be outside the scope of this Agreement and constitutes a material breach of this Agreement. Account Holder understands that their use of Tazapay GCA must be bound by and comply with the following terms or policies which govern the use of the Tazapay Services:
General (Account Holder) Terms;
User Terms; and
Privacy Policy.
Using the Tazapay Services to accept a Payment Method or submit a Transaction constitutes that you accept the applicable rights, and obligations as set out in the aforementioned policies, including FX rates, Terms, and taxes.
You understand and acknowledge that your Tazapay GCA is not a Bank Account, but rather a non-cash payment facility. Money in the GCA is not insured by any deposit protection scheme under Applicable Law, including but not limited to the Deposit Insurance Scheme established under the Deposit Insurance and Policy Owners' Protection Schemes Act 2011 of Singapore, and any interest accrued on the money in the Tazapay GCA is not due to you.
Prohibited Use. In relation to the Tazapay GCA, Account Holder must not, and must not permit any User or third party to:
Receive funds on behalf of another Account Holder;
use the Tazapay Dashboard, API, and/or other software or technology provided by Tazapay to facilitate a transaction in a Prohibited Industry, to transact in their individual capacity rather than on behalf of the Account Holder, or in breach of any term of the General (Account Holder) Terms, the User Terms, and these Appendices;
use the Tazapay Dashboard, API, and/or other software or technology provided by Tazapay for any purpose other than facilitating Transactions in accordance with this section 4;
resell, rent, lease, or distribute the Tazapay Dashboard, API, and/or other software or technology provided by Tazapay, except where expressly authorized by Tazapay in writing;
copy, modify, adapt, translate, reverse engineer, decompile, disassemble, or create derivative works of the Tazapay Dashboard, API, and/or other software or technology provided by Tazapay; and
attempt to bypass any security measures in the Tazapay Dashboard, API, and/or other software or technology provided by Tazapay.
Account Holder may make Payment Initiation to send any amount of an Available Balance, whether in whole or in part, ("Transfer Instruction") to an Account Holder's Bank Account or a Beneficiary, subject to any other applicable terms of the General (Account Holder) Terms and/or other appendices, provided that such Transfer Instruction would not result in a negative Available Balance after deducting all Fees and any other amounts due and owing to Tazapay. Notwithstanding the foregoing, Tazapay may elect to send the Available Balance to the Account Holder Bank Account or a Beneficiary at the Instruction of the Account Holder before Tazapay has received cleared and unconditional funds.
If Tazapay has sent such a Transfer Instruction to the Account Holder Bank Account or a Beneficiary, but Tazapay does not receive cleared and unconditional funds in full for whatever reason, the Account Holder shall reimburse Tazapay immediately upon demand.
Any overpaid amount represents a debt due and payable to Tazapay immediately on demand. The Account Holder acknowledges and agrees that Tazapay's execution of an Instruction will fully satisfy Tazapay's obligation and/or liability to pay out the Available Balance to the Account Holder and shall constitute good receipt by the Account Holder of such net Available Balance.
Acceptance. Payment is only accepted once funds received into the GCA are confirmed to be cleared and unconditional.
Tazapay's Rights. Tazapay may defer or withhold the payment of any Net Settlement Amount if the Available Balance is lower than the applicable minimum threshold (as may be notified to the Account Holder from time to time). Where necessary, Tazapay may also convert any incoming transaction received by the Tazapay GCA into the primary account currency. Any such conversion shall be effected at the exchange rate determined by Tazapay, and may be subject to the applicable FX conversion fees and charges as notified to the Account Holder from time to time. Tazapay may also cancel, reverse, demand, refund or cause any Net Settlement Amount to be unavailable for pay out to the Account Holder and/or make corresponding adjustments to any entry on the Tazapay Platform if:
Tazapay needs to correct any error or omission;
Tazapay reasonably believes that the Available Balance is associated with activities that violates this Agreement, Tazapay's internal policies or Applicable Laws;
Tazapay has not received the cleared and unconditional funds; or
Tazapay has reasonable grounds to do so for any other legitimate reason.
Notification. In the event of any failure to settle of the Tazapay Services, Tazapay agrees to notify Merchant in line with section 23 (Communications and Notices) of the General (Account Holder) Terms.
Where the Account Holder uses Tazapay GCA and has not enabled Tazapay Payouts, Tazapay GCA supports aggregated settlement of all Payments which are due to be settled to one Account Holder across User Accounts. Such aggregated settlement shall be net of any applicable Transaction fees, FX fluctuations, and Reserves. The settlement of these Payments shall occur automatically unless otherwise agreed.
Where the Account Holder is a E-money Account Holder, such aggregated settlement of Payments is not supported.
Tazapay will notify Account Holder of when aggregated settlement has been effected, and timelines for such a notification will be provided to the Account Holder.
FX fluctuations may apply where the Settlement Currency differs from the currency of the Payment Initiation.
Account Holder agrees to bear liability for any and all costs associated with the settlement, including but not limited to, Transaction fees, FX fluctuations, Reserves, and any other charges incurred in connection with the settlement process.
Account Holder accepts full responsibility for ensuring the Instructions provided by a Customer relating to a given Transaction are accurate and carried out, relayed, transmitted, or otherwise processed expediently and correctly by the Account Holder. Tazapay will not be held liable for any losses arising as a result of delayed, incomplete, mistaken, inaccurate, or otherwise erroneously carried out Transactions.
