Terms & Conditions – Linked Business
This document (“T&Cs”) sets out the terms and conditions on which one or more entities within the Fiat Republic group (“Fiat Republic”, “we”, “us” or “our”) provide access to one or more e-money accounts and related payment services (the “Services”) to you (“Linked Business”).
Please read these Terms and Conditions carefully before you agree to use an Account or any related services provided by Fiat Republic.
Depending on your location and the nature of the Services provided, the relevant Fiat Republic entity may include (but is not limited to):
Fiat Republic Netherlands B.V., a company incorporated in the Netherlands with company number 84625791 and registered office at Strawinskylaan 4117, Room 05-116, 1077 ZX, Amsterdam;
Fiat Republic Financial Services Ltd., a company incorporated in England and Wales with company number 08649018, authorised and regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution (Reference number: 900524), with its registered office at 60 Cannon Street, London, EC4N 6NP; and/or
Fiat Republic Canada Inc., a company incorporated in Canada with company number 1000040920, registered with FINTRAC as a Money Services Business (Registration number: M22599700), with its registered office at 67 Yonge Street, Suite 701, Toronto, Ontario, M5E 1J8.
By accepting these T&Cs, you acknowledge and agree that the Services made available to you are provided by Fiat Republic and are subject to the terms & conditions set out below.
1. Scope of Services
Fiat Republic provides the Linked Business with access to electronic money accounts (“Accounts”) denominated in one or more currencies offered by Fiat Republic, as well as related payment services including fund transfers, issuance/redemption of e-money, and real-time transfers via the internal settlement network (“Eaglenet”).
You confirm that you authorise the Member (a third-party client of Fiat Republic acting on your behalf) to utilise the Services and affirm that you have granted this party a valid Power of Attorney.
Consumers are not eligible for the Services. Only business entities may be onboarded.
2. Acceptance
Fiat Republic reserves the right to accept or reject any Linked Business as a client without providing a reason. You agree to provide information/documents as required by law or internal policy, or requested by authorities.
3. Account Provision and Restrictions
Each Account is an electronic money account, not a bank account. Fiat Republic will issue e-money upon receiving funds and redeem e-money upon instruction to pay out funds.
Some senders/recipients may need to be whitelisted. You are responsible for ensuring accurate payment details. The Account must not be used for illegal purposes or in violation of AML/CTF regulations.
4. Account Nature and Safeguarding
Your funds are safeguarded in segregated accounts with regulated credit institutions. These are not covered by deposit protection schemes like the FSCS or DGS.
Different safeguarding mechanisms apply depending on the Fiat Republic entity.
5. Account Use and Controls
You must ensure accurate references for transactions. Accounts may be subject to limits and checks. Fiat Republic may reject or hold payments for various reasons (e.g., fraud suspicion, regulatory requirements).
6. Payment Processing
Payment instructions received by 4:30pm CET on a Business Day will be processed that day; otherwise, they will be processed the next Business Day. Reversed transactions may be deducted or charged. Fiat Republic is not liable for intermediary bank charges or third-party reversals.
7. Payment Instructions and Responsibilities
You are responsible for providing accurate beneficiary details. Additional information may be requested. You must report unauthorised/incorrect transactions within 13 months of the debit date.
8. Unauthorised Transactions and Liability
You may be entitled to a refund for unauthorised payments unless you acted fraudulently, with gross negligence, or failed to secure your credentials.
Fiat Republic may withhold a refund during investigations. You must cooperate fully.
9. Execution Failures and Errors
If Fiat Republic fails to execute a payment (and the beneficiary’s bank did not receive the funds), they will refund the amount. No liability applies if errors arise from incorrect details provided by you.
10. Account Closure
You may close your Account via Member or directly with Fiat Republic. You should withdraw all funds before closure. If no transfer request is made within 12 months, dormancy fees may apply.
Fiat Republic may also close your Account at any time at their discretion.
11. Interest and Fees
No interest is paid on funds. If negative interest applies, Fiat Republic may charge you and will provide notice. You may close the Account to avoid this or accept the charges.
12. Our Liability
Fiat Republic is not liable for:
Losses due to circumstances beyond their control;
Loss of profits or business;
Amounts exceeding what was wrongly deducted;
Failures caused by other financial institutions.
Liability exclusions also apply to affiliates and contractors.
13. Data Protection
Fiat Republic acts as an independent Data Controller. Personal data is processed to provide Services, fulfil legal obligations, and for AML/CTF compliance.
You consent to necessary data processing and cross-border data transfers. Records are retained for six years. Fiat Republic is not responsible for how Members handle your data once they gain access.
14. Operational Resilience and ICT Management
Fiat Republic complies with operational resilience regulations, including DORA. Third-party ICT providers are subject to oversight. Fiat Republic is not liable for ICT disruptions unless due to gross negligence.
You may be asked to participate in continuity/resilience testing.
15. General Provisions
These T&Cs are governed by the laws of England and Wales. The courts of England have exclusive jurisdiction.
Fiat Republic may update these T&Cs and will notify you of material changes. You may not assign rights under this agreement. Fiat Republic may assign or subcontract its rights.
You must comply with all applicable laws, including AML and sanctions laws.
By agreeing to these T&Cs, the Linked Business acknowledges that they are entering into a direct relationship with Fiat Republic in relation to the provision of e-money and payment services and are bound by the conditions set out herein.