These terms and conditions (the "Payout Terms") govern the use of the Payout Service (as defined in section 2 below), provided by the applicable Tazapay Entity. By using the Payout Service, you, as a Customer or Account Holder, agree to be bound by these Terms. Capitalized terms that are not defined in these Payout Terms have the same meanings given to them in the General (Account Holder) Terms or the User Terms, as context may require.
In this Appendix 3, the following words and expressions shall have the following meanings:
"Account" means any arrangement or register held in the name of Account Holders or Users registered with Tazapay or their Customers, and may be held either with or externally to Tazapay, such as a Bank Account or a Virtual Account.
"BIC" means Bank Identification Code.
"E-money" means any electronically stored currency, that —
is denominated in any currency, or pegged by its issuer to any currency;
has been paid for in advance to enable the making of payment transactions through the use of a payment account;
is accepted by a person other than its issuer; and
represents a claim on its issuer,
but does not include any deposit accepted from any person in.
"Net Payout Amount" means the total value of the following: the amount requested on the Payout Transaction, minus any fees, FX fluctuations, and other charges which may be incurred on the Payout Transaction.
"Payout" means an outbound Transaction initiated from a given Wallet.
"Payout Agreement" refers to this contract between the Parties concerning the provision and/or use of the Tazapay Payouts.
"Payout Request" means a communication made by Account Holder, its Affiliates, its Customers, or other third party, requesting for the Account Holder to send funds, assets, or credits from an account, wallet, or financial arrangement, in the form specified by this Agreement.
"SWIFT" refers to the Society for Worldwide Interbank Financial Telecommunications.
"Tazapay Wallet" means the Wallet issued by Tazapay to an Account Holder, through which Account Holder may perform Payouts in connection with the Tazapay Services.
"Transaction Limit" refers to a minimum or maximum threshold governing the parameters for the execution of a Transaction.
"Wallet" means a digital service which is intended for quick payouts and is capable of storing the payment information of multiple payment methods, such as credit or debit card details.
"Withdrawal" means the process by which the User or Account Holder initiates a Payout Request to their own account.
Reference to the singular includes a reference to the plural and vice versa. Terms not otherwise defined in this Appendix 3 shall have the same meaning as is found in the General (Account Holder) Terms or User Terms. Where there are discrepancies between definitions in this Appendix and the General (Account Holder) Terms, the definition in this Appendix shall prevail.
The Tazapay Wallet allows Account Holders to execute Payouts by supporting various payment methods, including local bank transfers and SWIFT wire transfers and same day settlement globally (the "Payout Service"). When Tazapay makes a Payout to a Beneficiary on Account Holder's behalf, it does not create any direct relationship between Tazapay and the Beneficiary.
For Payouts requiring currency conversion, Tazapay will automatically convert funds from the Account Holder's balance into the recipient's local currency at the prevailing exchange rate as determined by Tazapay.
The Tazapay Payout dashboard also supports features such as role-based access controls, real-time transaction tracking, and detailed payout summaries.
The Tazapay Wallet is a non-cash payment facility that enables the Account Holder to store value for the purpose of making payments and transfers as permitted by the General (Account Holder) Terms and this Appendix 3.
Account Holder understands and accepts that the Tazapay Wallet is not and should not be treated as a bank account, checking account, savings account, or other account in which money stored would normally be treated as a deposit.
No interest, dividends, or other earnings will accrue or be payable on any amount stored in the Tazapay Wallet. Funds associated with a Tazapay Wallet do not constitute deposits and are not insured or guaranteed by any governmental authority or deposit protection scheme.
Account Holder's sole and exclusive right with respect to any stored value is a contractual claim against Tazapay, subject to the General (Account Holder) Terms and this Appendix 3, Account Holder has no ownership interest in, or other rights to, any underlying funds held by Tazapay or its partners.
Account Holder understands and agrees that it is their responsibility to ensure that there are sufficient funds such that any and all Payouts, fees, charges, and FX fluctuations are deductible from their Tazapay Wallet.
Negative balances will not be allowed on the Tazapay Wallet. In the event that a Net Payout Amount exceeds the Available Balance, Tazapay may block the Payout from being executed until the Account Holder tops up the account and the pre-funding minimum is met.
Account Holder understands and accepts that Payouts are only executed if the Available Balance is more than or equal to the Net Payout Amount designated in the Payout Instructions.
Form and details. Payout Requests must be submitted strictly in the permitted form (accompanied by full Beneficiary details and any other details as requested by Tazapay via the Tazapay Dashboard or otherwise) and through permitted avenues (the Tazapay Dashboard and API) in order to be processed by Tazapay.
Compliance. Account Holder acknowledges and agrees that a Payout is subject to Sanctions and Compliance checks and approvals and may become subject to a Reversal even after settlement or termination of this Agreement, or may be held, delayed, invalidated and/or returned for any other reason at our absolute discretion. Any Net Payout Amounts are subject to any such events, following which, you must pay to us:
the full amount of the original Payout;
any fines, levies and charges incurred by us in this respect; and
any other costs.
Account Holder agrees to be responsible for the accuracy of Instructions and Beneficiary details. Tazapay will not be liable for funds lost due to clerical errors such as typographical mistakes in the account number, SWIFT, or BIC codes.
Invalid instructions from the Beneficiary may potentially incur additional processing fees. Any such fees shall be borne by the Account Holder, and Tazapay may deduct or set off such amounts against the Account Holder's Available Balance or any amounts otherwise payable by Tazapay to the Account Holder.
In the event that Account Holder makes an erroneous transfer of money to a third party through the Tazapay Services on its own accord or as a result of incomplete, inaccurate, or outdated (resulting from Account Holder error), Tazapay will not be liable for the recovery of such funds.
In the event that a Transaction or Payout occurs as a result of Tazapay's Error, Account Holders will make reasonable efforts to recover funds paid out.
Tazapay may, at its sole discretion, refuse to execute a Payout Instruction, satisfy a Payout Request, or process a Withdrawal if it reasonably determines that the execution of such a Payout would result in:
a breach of this Agreement or any term in the General (Account Holder) Terms, User Terms, Privacy Policy, or Acceptable Use Policy;
any unauthorized or invalid Transaction;
significant risk of Tazapay breaching its Compliance, Sanctions, or other regulatory obligations under the Applicable Laws;
a business or activity that may be unlawful, fraudulent, enables or facilitates (or may enable or facilitate) illegal or prohibited transactions, may be harmful to a third party, or otherwise presents an unacceptable risk to Tazapay;
any other consequence which Tazapay deems could expose Tazapay, its Affiliates, or a third party to risks unacceptable to Tazapay.
In accordance with section 7.6 of the General (Account Holder) Terms, the Account Holder must respond to RFIs with respect to any Payout Transaction, and provide Tazapay with all relevant underlying documentation concerning source of funds, source of wealth, and any other information as requested by Tazapay from time to time.
Payout Transactions may only be initiated by the Account Holder, unless prior written approval is obtained from Tazapay by the Account Holder. Where "on-behalf-of" Payouts are enabled for the Account Holder, the Account Holder must at all times provide accurate information including all requested details of the ultimate remitter.
Payouts are subject to Account Holder fulfilling their obligations as stated above in section 4 (Pre-funding of Wallet and Sufficient Balances) of this Appendix 3 and will only be executed after any and all necessary Compliance checks have been performed and satisfied.
Payouts conducted in a settlement currency different from the currency stated in the invoice shall be executed at a rate determined by Tazapay, in accordance with section 10 (Foreign Exchange) of the General (Account Holder) Terms. Tazapay shall not be liable for any resulting FX slippage causing the Net Payout Amount to differ from what may have been requested for by the Account Holder or Beneficiary.
Notwithstanding Tazapay's best endeavours to process Payouts within commercially reasonable periods, Payouts may nevertheless be subject to external delays caused by third parties which Tazapay may contract with and rely on in the provision of the Tazapay Services, including banks, networks, and regulatory authorities;
Tazapay shall not be liable for delays to the processing of Payouts where:
the Account Holder is at, or after deducting the Net Payout Amount, would be below the minimum pre-funding limit;
if there is a request for information or Compliance-related hold from the Beneficiary's downstream partners;
if there are technical issues with the Beneficiary's downstream partners;
if Tazapay receives incorrect or incomplete Payout instruction information from the Account Holder that prevents successful processing; or
if the Beneficiary's bank refuses, fails, or places a hold on a Payout due to compliance screening, anti-money-laundering, sanctions, fraud-prevention, or transaction-velocity controls, or otherwise imposes a temporary regulatory or risk-management hold.
Tazapay shall not be liable for delays to Payouts caused by third parties, Force Majeure events, Technical Breakdowns, or other unforeseen disruptions to the Tazapay Services.
Tazapay may refuse to act upon a Payout instruction or delay executing the instruction if Account Holder is the subject of an Insolvency Event, if it would cause a negative balance in Account Holder's Tazapay Account, or if Tazapay believes that there is a risk Account Holder will not meet its liabilities under this Agreement.
If a Payout fails or is returned to the Account Holder's Account, Tazapay will credit the Net Payout Amount back to the Wallet.
Tazapay may, at its sole discretion, reverse a Payout if:
the provider of a given Payment Method invalidates the Payout;
the Payout was made in error for any reason;
Account Holder was not authorized to initiate the Payout;
Account Holder receives funds related to activities that violate this Agreement, Law or Financial Provider Terms; or
a provider of a given Payment Method requires Tazapay to do so under the applicable Financial Provider Terms.
Account Holder may make a Withdrawal, i.e. transfer an amount equal to or less than the Available Balance in its Tazapay Wallet to its own Account, at par value. Account Holder may submit a Withdrawal request at any time through the Tazapay Services.
The completion of a Withdrawal is subject to successful clearance of Compliance checks.
The Account Holder is solely responsible for:
maintaining Compliance with all Applicable Laws as is defined in section 2 (Definitions and Interpretation) of the General (Account Holder) Terms;
ensuring that their Tazapay Wallet has sufficient funds;
providing accurate Instructions, including ensuring that Beneficiary information is up to date; and
maintaining compliance with section 4 (Pre-funding of Wallets and Sufficient Balances) above;
The Account Holder warrants that Tazapay Wallet and Payouts service will only be used in connection with lawful purposes and corporate entities. Account Holder understands that their use of the Tazapay Wallet 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.
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, including FX slippage. You waive your right to make any claims against the Company related to such erroneous transfer of money,
Without limitation to section 18 (Liability) of the General (Account Holder) Terms, Tazapay shall not be liable for delays or losses caused by any counterparty or third-party, including any Beneficiary, Customer, Account Holder, Service Provider, technology, website, platform, or network which the Tazapay Services rely upon.
Tazapay shall not be liable for delays to the processing of Payouts in the following scenarios:
where the Beneficiary has reached their pre-funding limits as specified in section 4 (Prefunding of Wallet and Sufficient Balances) above;
if there is a request for information or compliance hold from the Beneficiary Financial Institution's downstream partners;
if there are technical issues with the Beneficiary's downstream partners;
if Tazapay receives incorrect or incomplete Payout instruction information from the Account Holder that prevents successful processing; or
if the Beneficiary's bank refuses, fails, or places a hold on a Payout due to compliance screening, anti-money-laundering, sanctions, fraud-prevention, or transaction-velocity controls, or otherwise imposes a temporary regulatory or risk-management hold.
Tazapay shall be responsible for initiating Payouts for the full value of the corresponding amount, However, Tazapay does not guarantee that the beneficiary will receive the full amount, as deductions, fees, or charges may be applied by the beneficiary's bank, intermediary banks and/or other financial institutions.
