Funding Account means those accounts from which TransferMate receives funds beneficially owned by the Customer;

 

Global Account means a unique virtual collection account opened by TransferMate, on the instructions of Partner for the benefit of the Customer, which offers the ability to receive, hold, convert and pay out across multiple currencies.

Group means a Party’s subsidiaries, ultimate holding company and its subsidiaries, as defined in Section 1159 of Companies Act 2006 (UK). 

Nominated Account means the account into which transfers are made from the Global Account by Partner under Customer’s authorization, and may include an account in Customers own name, an account in a third party’s name or an account held by the Partner.

Payment Transaction refers to the instruction issued by Partner to TransferMate on behalf of Customer to manage the Funds Flow between the Global Account and the Nominated Account (or elsewhere where permitted), and may include the booking of an FX rate.

Partner means ASIMIT REMITTANCE LTD with whom Customer has entered a contractual relationship to allow Partner act as authorised agent of Customer.

Party means one of TransferMate as the service provider, and Customer as service recipient;

Receivables Transaction means the process by which Customer ultimately receive funds from a third party payer in accordance with instructions provided by Partner on Customer’s behalf, whether into a Global Account or direct to Customer’s external bank account.

TransferMate means TransferMate Limited, a company incorporated and registered in Ireland with company registration number 477669 and whose registered office is at IDA Business & Technology Park, Ring Road, Kilkenny, Ireland.

TransferMate Services means the regulated financial services for collecting, storing and transferring out payments (the “Funds Flow”) ultimately due to the Customer’s using the platform and money movement rails of TransferMate’s Group, done under the direction of the Partner. 

2.1. Customer consents to Partner using TransferMate’s Group as (i) subcontractor, and (ii) Subprocessor of personal data, for the performance of the Services and always acting under instructions from Partner, and acknowledges that by accepting these Terms, Customer is receiving the TransferMate Services from TransferMate shall have the right to rely on other entities within the TransferMate Group to deliver the TransferMate Services, noting TransferMate retains ultimate responsibility for same.

2.2. Customer agrees that Partner shall advise Customer of all the activities that Partner shall undertake in respect of Customer’s funds with TransferMate, including the fact that a Global Account shall be opened in the name of the Customer into which or from which funds belonging to the Customer may be received, paid out and managed by the Partner.

2.3. Customer understands that full Terms and Conditions regarding the TransferMate Services are maintained by TransferMate at https://www.transfermate.com/legal/terms-and-conditions, but that Partner has assumed the responsibility of complying with these terms and engaging with TransferMate for the provision of Payment Transactions in the Customer’s name. Customer acknowledges that it has been afforded an opportunity to review these terms and determine if its appointment of Partner as its authorised agent to engage with TransferMate on its behalf (and accept contractual terms in its name) is appropriate.

2.4. Customer hereby appoints Partner (and its personnel) additional access and rights over the Global Account and the Transfermate Services equivalent to the rights granted to any Customer, and understand that Partner shall have full rights to manage the Funds Flow in Customer’s name . In the event that Customer wishes to revoke the authorisation granted to Partner personnel, Customer is required to inform TransferMate of this immediately.