Multicurrency Swift Service

The following definitions shall apply to this service and where they are referred to in the Terms. All other capitalised terms shall have the same meaning as set out in the Terms.

MCCY Cut-Off TimesAs set out in clause 2;
Qualifying Areameans the areas of the UK and the EEA;
Qualifying Area Transactionmeans a transaction (a) where the PSPs of both the payer and the payee are located within the Qualifying Area; and (b) which is in Euro and executed under a payment scheme which operates across the Qualifying Area;
Supported Currenciesmeans the currencies set out in the Order Form;

1. Multicurrency Services

1.1. You may send and receive payments in Supported Currencies into and from your MCCY Account. Please note that the Multicurrency SWIFT service does not support Qualifying Area Transactions, as these Euro-denominated transactions must be processed via SEPA. Any valid instructions submitted to us for supported transactions will constitute an instruction, and the resulting transfers will constitute a Payment Transaction for the purposes of this service.

1.2. We will use reasonable endeavours to process any Transactions by the end of the Business Day on which they are initiated, and in any event no later than the end of the following Business Day. This processing schedule is expressly subject to:

1.2.1. the MCCY Cut-Off Times as set out in Clause 2 and which may be updated and with effect immediately as requested by our correspondent banking partners; and/or

1.2.2. our completion of any security checks, compliance screenings, or validation procedures, the duration of which may delay processing beyond the standard timeframes

1.3. Subject to any immediate change in services imposed by our correspondent banking partners, payment instructions received outside of the MCCY Cut-Off Times, we will store the Qualifying Transaction instruction and will use reasonable endeavour to process payments as soon as reasonably possible after the beginning of the next available MCCY Cut-Off Time for the applicable currency and otherwise no later than the end of the Business Day following receipt of the instruction.

1.4. Subject to paragraph 1.5, you cannot cancel or amend a payment once it has been initiated. You can however request that the payment be recalled or repaired at any time after it has settled. We will use reasonable endeavours to trace, recover or repair the payment on your behalf; however, we do not guarantee recovery of the payment. We may charge you for any such trace or recovery request or as otherwise notified by us to you, as well as any third-party charges in undertaking the trace or recovery request.

1.5. For any payment instruction received outside of the MCCY Cut-Off Times, you may cancel such payment provided the cancellation request is received by us at least one hour before the payment is processed by us.

1.6. We will automatically reject any incoming payment sent to a Payment Account, which does not match the receiving currency of that Payment Account.

1.7. You are responsible for any tax, reporting and originating and beneficiary jurisdiction compliance obligations applicable to you in relation to your use of this service.

2. Cut-Off times and General SLA

2.1. For the purposes of this service the following Cut-Off Times shall apply:

CurrencyCurrency CodeMulticurrency Payment Cut off time
Swiss FrancCHF07:00 – 11:00 on Business Days
Czech KorunaCZK07:00 – 8:30 on Business Days
Danish KroneDKK07:00 – 11:00 on Business Days
EuroEUR07:00 – 14:30 on Business Days
British PoundsGBPN/A
Hungarian ForintHUF07:00 – 09:30 on Business Days
Norwegian KroneNOK07:00 – 11:00 on Business Days
Polish ZlotyPLN07:00 – 09:30 on Business Days
Romanian LeuRON07:00 – 08:30 on Business Days
Swedish KronaSEK07:00 – 11:00 on Business Days
United States DollarUSD07:00 – 17:00 on Business Days
Canadian DollarCAD07:00 – 17:00 on Business Days

2.2. References to times of the day are expressed in the time zone of London, United Kingdom. For the avoidance of doubt this means Greenwich Mean Time (GMT) or British Summer Time (BST) as applicable) in the 24-hour clock format.

3. Warranties

3.1. In addition to Clause 12 of these Terms, you acknowledge and agree that:

3.1.1. you will only use the MCCY service for your own business and/or treasury purposes and not on behalf of your end Customers within the Qualifying Area;

3.1.2. You agree to comply with the requirements set out in clause 4 when using the MCCY Services, including complying with the prohibitions on dealing in certain transactions and with certain entities; and promptly notify us if there are material changes to the commercial activities related to your use of the MCCY services.

4. MCCY Requirements

4.1. In order to utilise the MCCY service, you will at all times comply with the following provisions:

4.1.1. You will at all times provide complete responses to our relationship managers or compliance teams within the time frames set by us;

4.1.2. You will not establish relationships with prohibited entities, that are:

4.1.2.1. involved in illegal/unlawful activities;

4.1.2.2. shell banks, offshore banks, or banks operating solely under an offshore license;

4.1.2.3. involved in the pornography or cannabis industries, even if legal;

4.1.2.4. anonymous accounts or accounts in fictitious names;

4.1.2.5. entities or individuals sanctioned by the UN, EU, UK, or US sanctions regimes;

4.1.2.6. engaging in activities requiring a license without obtaining such license; and/or

4.1.2.7. with material business activities or customer bases in sanctioned countries or territories.

4.1.3. You will not use the MCCY service to initiate transactions with prohibited characteristics such as:

4.1.3.1. Payments related to illegal/unlawful activities;

4.1.3.2. Payments sanctioned by applicable laws and regulations;

4.1.3.3. Payments lacking transparency regarding the originator and beneficiary;

4.1.3.4. Payments involving virtual currency administrators, miners, exchanges, or cryptoasset-related flows;

4.1.3.5. Payments involving arms and munitions dealers, pornography, cannabis supply chain, or gambling industries;

4.1.3.6. Payments related to Russian-origin oil or petroleum products; and/or

4.1.3.7. Payments involving third-party payment processors or money transmitters without AML and sanctions programs.

4.1.4. You agree to inform us immediately of any activity listed in clause 4.1.3, including payments involving high-risk industries, products, or services, such as precious metals dealers, general trading companies, tour and travel companies, charities, used motor vehicle dealers, auctions, penny stocks, private bank clients, tax-related transactions, embassies, economic citizenship programs, and others. Consent must be obtained by Clear Junction before processing such payments.

4.1.5. This service is not for use to process payments on behalf of branches or subsidiaries which are domiciled outside the UK.

4.2. You acknowledge that failure to comply with clause 4, constitutes to a material breach of the Terms and in such events we may:

4.2.1. Issue a warning;

4.2.2. Issue a cease and desist letter demanding the immediate cessation of certain activities;

4.2.3. Suspend or terminate access to all or part of the MCCY services;

4.2.4. Terminate all or part of the applicable Terms;

4.2.5. Initiate legal proceedings for reimbursement of costs resulting from the breach; and/or

4.2.6. Take any other action deemed appropriate by us or our correspondent banking partners.

5. General Provisions

5.1. If it comes to our attention that a payment has been credited to your Payment Account by mistake or in error, or if a payment is recalled by a financial institution that made the payment in error, you will be required to pay back to us the amount of that mistaken or erroneous payment in accordance with our reasonable instruction.

5.2. All intermediary and correspondent bank fees associated with incoming SWIFT transfers shall be borne by the Client and will be invoiced separately, as applicable.

5.3. All intermediary and correspondent bank fees associated with outgoing SWIFT transfers shall be borne by the recipient of the transaction.

5.4. Notwithstanding any other provision of these Terms, we reserve the right to change the Multicurrency Payment Cut-Off Times at any time and for any reason with immediate effect upon providing you with written notice of such change.

5.5. Without prejudice to our other rights under these Terms or at law, and in addition to our other termination rights under these Terms, we may immediately terminate your access to the MCCY Service by providing written notice to you should we consider it necessary or appropriate to do so, including where instructed to do so by an indirect TPP.