Introduction

The Terms mentioned herein form the contract between the customers using the Scotran Services. By applying for Scotran Services and accessing the service, the user acknowledges and accepts these Terms of Service (Terms & Conditions). Any conditions relating to the accounts of customer other than these Terms will continue to apply except that in the event of any conflict between these Terms and the account conditions, these Terms will continue to prevail. The Terms and Conditions shall remain valid until it is replaced by another Terms and Conditions or terminated by either party or account is closed, whichever is earlier. These Terms and Conditions, issued on February 27 th 2019, apply to where you ask us to perform and we agree to perform a transaction on your behalf to an account nominated by you. They govern the opening, use and closure of Transaction Service. Together with Our Privacy Policy and Our Anti-Money Laundering Policy, they constitute the legal relationship between the customer and Scotran. For the use of additional services you will have to accept additional Terms and Conditions as advised by Scotran when you are ordering or using such services.

The Terms and Conditions set forth herein shall apply to your access and use of the Transaction Services and all accounts, services, programs, information and products that you may use, open or otherwise access from time to time on or through Scotran Website/ Mobile App or use of our transaction services.

You acknowledge and agree that these terms and conditions form part of a legally binding agreement enforced pursuant to applicable law and neither we nor you may challenge the validity of the agreement between the contracting parties.

If you do not agree with any of the terms and conditions set forth herein, please do not access or otherwise use the transaction service or any information contained in Scotran Website/ Mobile App. By using our transaction services you will be deemed to have agreed to the terms set forth herein.

We may modify these Terms and Conditions at any time and such modification will be effective immediately after posting of the modified agreement on this Website/ Mobile App. You agree to review these Terms and Conditions periodically to ensure you will be aware of any such modifications, and your continued use or access to Scotran Website/ Mobile App and/or the Transaction Service shall be deemed as your acceptance of the modified Agreement.

Definitions

Scotran Pte. Ltd. is a company incorporated in Singapore with Unique Entity Number 201906347E ("Scotran", "we", "us", or "our" as applicable).

“Business day” means the day Scotran is open for business for the purposes of executing payment transactions.

“Cut-off time” means the time in which the payment needs to be received by Scotran.

“Framework contract” means a payment service contract which governs the future execution of single and successive payment transactions”.

“Funding Account” means the account in which you nominate to fund your Electronic Funds Transfer to the Scotran Client Fund Holding Account.

“Booking Reference” means the reference number specific to your payment which Scotran will give you, which will enable both the customer and Scotran to identify your payment.

“Payment instrument” is the set of procedures, agreed between the customer and Scotran, used to initiate the transaction.

“Receiver/Intermediary Bank Fees” - these are fees that the receiving bank or an intermediary may charge their client to receive your payment. We will always send the full payment amount for each transaction. Where both the payer and the payee's Payment Service Provider are located within the same geographical area and fall in same currency we would not normally, expect there to be any deductions. If your payment is in a different geographical area, there might be deduction of fee, please discuss these fees with your beneficiary and your client relationship manager. We cannot, under any circumstances, be liable for any direct or indirect losses that result from Receiver/Intermediary Bank Fees.

“Settlement Date” means the date upon which you must lodge the funds into the nominated Scotran Client Fund Holding Account.

“Transaction Service” means the services provided by the Scotran telephone service and your Scotran online account.

“Scotran Client Fund Holding Account” means our nominated bank account which your account manager will ask you to lodge your funds to.

”User” means the individual or company conducting the payment transaction.

About Us

Our Registered Office is Scotran Pte. Ltd., 16 Raffles Quay, #33-03, Hong Leong Building, Singapore (048581) Singapore. We are incorporated in Singapore as a Stored Value Facility and our Company Registration number is 201906347E. Our regulatory reference number is 201906347E. For further details can be found in our Website/ Mobile App, www.scotran.com.

Access to the Transaction Services are restricted to approved and registered users only.

As mentioned above, by accessing Our Transaction Services, you will be deemed to have accepted the terms and conditions in full.

We grant you a limited license to access the Transaction Service which is in accordance with these terms and any changes made therein will be at the sole discretion of Scotran Pte. Ltd.

Basic Description of the Payment Service

Your Scotran Account allows you to hold, send or receive stored value/payments.

The stored value held on your Scotran Account does not expire except when your account is closed.

The stored value held on your Scotran Account will not earn any interest.

You may hold your stored value in any currency which we support from time to time.

You may withdraw money from your Scotran Account at any time subject to certain conditions.

Upon full receipt and recognition of the funds, Scotran will initiate the transaction process and will execute the payment by the next Cut-off time. The Cut off time is currently 1:00 pm GMT.

A receipt will be generated and will be send to your nominated email address. If you do not receive a receipt or have changed your email address you are required to contact Scotran immediately.

Certain limits may be placed on your Scotran Account depending on your country of residence, verification checks or other legal considerations. Please contact us if you have any question about these limits.

The stored value held on your Account belongs to the person or legal entity which is registered as the Scotran Account holder.

Unless you have our consent in writing, you must not allow anyone to operate your Scotran Account on your behalf.

Your stored value facility in the Scotran Account is issued in accordance with the Singapore Payment Systems (Oversight) Act (Cap. 222A) and the Payment Systems (Oversight) Regulations (Rg.1). For further information on how we look after your money, please visit www.scotran.com. In the event that we become insolvent, you may lose the stored value held in your Scotran Account.

We may provide our Transaction Services to you if you wish to make a payment and/or require an exchange of currency or to purchase goods or services.

You must complete the process of opening an account online and/or through our telephone service, and comply with our mandatory Anti-Money Laundering (AML) requirements and read and accept our Privacy Policy, Terms and Conditions set forth herein (hereafter the “Account Opening Procedure”), in advance of using Our Transaction Service.

You are solely responsible for ensuring that all details you provide are correct. If you do not provide the correct details there will be a delay in activation of the account and/or beneficiary receiving the payment. We will not be liable for any loss or damage caused by error or inaccuracies in your requests. We shall not be liable for any loss, damage, cost or expense suffered by you or any party as a result of any such delay or failure in processing such request.

We may refuse to accept any order or transaction from: Politically Exposed Persons (PEP), PEP Associates or Connected Persons, Charitable Institutions, Trusts, NGOs, Government or State Owned Bodies, Foreign Embassies, Consulates, etc.

All telephone call conversations with our customers are recorded to protect both your and our interests in the event of a dispute.

We may refuse to accept any order or transaction without giving any reason. We will have no liability to you as a result of doing so.

Liability

We, or any other party (whether or not involved in creating, producing, maintaining or delivering our Website/ Mobile App), and any of our officers, directors, employees, shareholders or agents of any of them, exclude all liability and responsibility for any amount or kind of loss or damage that may result to you or a third party. This includes, without limitation, any direct, indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, or other loss or damages, arising from or connected in any way to business interruption. In addition, whether in tort, contract or otherwise in connection with the Transaction Service in any way or in connection with the use, inability to use or the results of use of our Website/ Mobile App or our telephone service, any websites linked to our Website/ Mobile App or the material on such websites, including but not limited to loss or damage due to viruses that may infect your computer equipment, software, data or other property on account of your access to, use of, or browsing our Website/ Mobile App or downloading of any material from our Website/ Mobile App or any websites linked to our Website/ Mobile App.

Nothing in these Terms will exclude or limit our liability for:

Death or personal injury caused by negligence.

Fraud.

Misrepresentation as to a fundamental matter.

Any liability which cannot be excluded or limited under applicable law.

If your use of material on the Transaction Service results in the need for servicing, repair or correction of equipment, software or data, you assume all costs thereof.

We are entitled to assume that all transactions made using your username and password are authorised by you. We will not be liable in any way for any direct, indirect or consequential loss suffered by you as a result thereof:

Any Transaction conducted using your username and password; or

Any suspension, withdrawal or termination of your access to Scotran Transaction Service; or

Interruptions to Scotran Transaction Service.

You indemnify and hold us harmless against any and all loss suffered by us, which may result from your misuse of Scotran Transaction Service or breach of these Terms.

Access to the Transaction Service may be suspended temporarily and without notice in the case of system failure, maintenance or repair or for reasons beyond our control and we will incur no liability.

Information, Instructions and Execution of a Payment

We are entitled to verify the identity of the Users as per our Anti-Money Laundering Policy and our Account Opening Procedure. We may defer acting upon any instructions, until we are satisfied as to the matters on which we have sought clarification and verification.

When initiating a transaction you can also agree with us that the execution of the transaction shall start on a specific date. In such cases, point in time of receipt is deemed to be the agreed date.

Where you proceed and instruct us to effect a transaction you shall be obliged to provide sufficient information in order to ensure that the payment transaction is effected properly. We may request the following information:

Names, numbers and particulars of the account holders;

The amount to be transferred and the currency of the transaction;

The reason for making the transaction.

If the details provided by you are incorrect, we will not be liable for non-execution or defective execution of the payment transaction.

The point in time of receipt of a transaction shall be the time when the transaction is received by us. If it is not a business day or if it is a Bank Holiday or a Public Holiday or if it is received after Cut-off time, the transaction shall be deemed to have been received on the following business day.

Immediately after execution of the transaction, we will provide you with the following:

The Transaction Reference enabling you to identify the transaction;

The date of receipt of the transaction;

The details of the charges payable by you;

The exchange rate used and the amount of the transaction after the conversion of the currency;

Additional and further information may be given by us but same may be subject to an additional charge.

The funds received to be credited to an account will be credited by us on the working day on which the funds are received by the Scotran Client Fund Holding Account. When the funds are received after Cut-off time or on a day which is not a business day, the account will be credited on the next working day. The amount credited to the intended recipient of funds will be net of fees, charges and commissions.

Customer and Beneficiary Information

We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction for example, your beneficiary) in order to provide any Services to you. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your Scotran Account with us or in the event of a dispute relating to this Terms and Conditions and activity under your Scotran Account.

Some legal or regulatory authorities may require additional information, either in respect of organization or particular transactions. You agree to supply all such information, which any legal or regulatory authority may require and/or which we may be required to supply at any time in relation to you and/or any request.

If you breach any such laws or regulations you thereby irrevocably agree that we may retain any money or funds transmitted to Scotran pursuant to these Conditions and/or not fulfil any request if we are required to do so by any legal or regulatory authorities and such money shall not bear interest against us.

In addition to requesting documentation from you, we will complete additional checks to verify your identity, these additional checks include but are not limited to credit reference checks, sanctions check, news checks and checks of other available registers. By applying to use Scotran Transaction Services you consent to us using any additional checks we deem appropriate.

Safety of Account Credentials

Never disclose your Scotran Account password or your customer reference number to any third party. Change your password regularly. We will never ask you to provide your password to us or to a third party. Tell us if anyone asks for your password and contact 24x7 Scotran customer support, if you are not sure. Follow recommended practices on passwords. You must never let anyone access your Scotran Account or watch you access it.

If you suspect your Scotran Account, login details, password or other security feature is stolen, lost, used without authorisation or otherwise compromised, you are advised to change your password. We rely on you to regularly check the transaction history of your Scotran Account. Contact 24x7 Scotran customer support immediately in case of any unauthorised, incorrect, or misdirected transaction, or if you suspect that your Scotran Account has been compromised. Any undue delay in notifying us may not only affect the security of your Scotran Account but may result in you being responsible for financial losses.

We may suspend your Scotran Account or otherwise restrict its functionality if we have concerns about:

We will notify you of any suspension or restriction of your Scotran Account and of the reasons for such suspension or restriction as soon as we can, unless notifying you would be unlawful or compromise our reasonable security interests. We will lift the suspension and/or restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

You must make sure that your email account(s) are secure and only accessed by you, as your email address may be used to reset passwords or to communicate with you about the security of your Scotran Account. Let Scotran Support Team know immediately if your email address becomes compromised.

Never use any functionality that allows login details or passwords to be stored by the computer or browser you are using or to be cached or otherwise recorded.

Additionally Scotran products or services you use may have additional security requirements and you must familiarise yourself with those as notified to you.

Liability for Payment Transactions

You are solely responsible for ensuring that all details you provide are correct. If you do not provide the correct details there will be a delay in the beneficiary receiving payment. We will do everything that we reasonably can to rectify any errors, but we will not be liable for any loss or damage caused by error or inaccuracies in your requests. We shall not be liable for any loss, damage, cost or expense suffered by you or any party as a result of any such delay or failure in processing such request. We shall inform you on the next working day as to the reason/s why the payment transaction was not executed. We shall proceed to effect the payment transaction once the missing information is provided by you, or when the impediment preventing execution is removed. The date of receipt shall be the date when we can actually process the payment transaction.

Upon you becoming aware of any unauthorized or incorrectly executed payment transaction, you must notify us of any unauthorized or defective payment transactions without delay. Where we establish that the payment transaction was unauthorized or erroneously effected by Us, We shall proceed to refund to you, the amount of the unauthorized or erroneous payment transaction plus any charges thereon.

We will not be liable in instances of non-execution of payment transaction due to abnormal and unforeseeable circumstances beyond our control or where we are bound by other legal obligations covered by the domestic or any other Jurisdictional Legislation.

Pricing

You must pay the fees in connection with the use of our Services. We will not process your transaction until we have received the fees from you. We will let you know the exact amount payable by you when you set up your order. You can see our fee structure on the Pricing page. You agree that we are authorised to deduct our fees, any applicable reversal amounts, and/or any amounts you owe us from your Scotran Account. If you don’t have enough money in your Scotran Account to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.

Currency Conversion

You can convert the money held in one currency in your Scotran Account into other currencies that we support from time to time. You can only perform a conversion in respect of funds that you already hold in your Scotran Account.

Information Security

We do not guarantee that our Website/ Mobile App will be free from bugs or viruses. You are responsible for configuring your information technology, computer programmes and platform in order to access our services. You should use your own virus protection software. You must not misuse our services by introducing viruses, Trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website/ Mobile App, or our servers, computers or databases. You must not attack our Website/ Mobile App via a denial-of-service attack or a distributed denial-of-service attack. By breaching this provision, you may be guilty of a criminal offence under the Computer Misuse and Cybersecurity Act. We will report any such breach to the relevant government authorities, public agencies, and/or law enforcement agencies and co-operate with such authorities/agencies by disclosing your identity to them. In the event of such a breach, your right to use our Services will cease immediately.

Communication and Complaints

Scotran usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your Scotran Account profile. You are required to check for incoming messages regularly and frequently. Emails may contain links to further communication on our Website/ Mobile App.

In addition to communicating via email, we may contact you via letter or telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS.

Where legislation requires us to provide information to you on a durable medium, we will either send you an email or send you a notification pointing you to information on our Website/ Mobile App in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you. If you need a copy of the current Agreement or any other relevant document, please contact Scotran Customer Support. You may contact us via email, letter or telephone by using the details specified in the Contact Us section of our Website/ Mobile App.

This Agreement is made in English language. Documents or communications in any other languages are for your convenience and only the English language versions of them are official.

Complaints

If you have any complaints about us or our Services, you may contact us in accordance with our “customer complaints” section in the Website/ Mobile App.

Foreign Exchange Rates

The facilities offered on Scotran Transaction Service include real time instantly tradable rates. Without limiting the foregoing, "real-time" rates viewed on Scotran Website/ Mobile App regarding our Transaction Service, particularly in times of high volumes of trading and market volatility, may not be reflective of the current price of the currency. Due to the automation of this service, errors in quoted rates may occur on limited occasions under some circumstances. In such cases We may in our sole discretion decline to complete transactions based on such erroneous rates and will notify you as soon as possible after we determine not to complete any such transactions requested under your username and password. In all such cases we will justify such actions.

Risks & Cancellation Policy

You agree to use Scotran Transaction Service at your own risk. We recommend that you seek prior independent financial advice and consider carefully whether entering into specific foreign exchange transactions is appropriate in terms of your experience, financial objectives, needs and circumstances. The foreign exchange transactions undertaken by you, using Scotran Transaction Service, are pursuant to an individual contract made between you and Scotran, and is not transferable, negotiable or assignable to or with any third party. There are risks associated with utilising Scotran Transaction Service including, but not limited to, the failure of hardware, software, and internet connections.

Intellectual Property Rights

While you are using our Services, you may use the Scotran properties only for your personal use and solely as necessary in relation to those Services.

Scotran Properties includes any software, data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by Scotran or our affiliates to you for download from our Website/ Mobile App.

You may not, and may not attempt to, directly or indirectly:

Transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service or the Scotran properties to any person or entity;

Remove, obscure, or alter any notice of any of our trade marks, or other "intellectual property" appearing on or contained within the Services or on any Scotran Properties;

Modify, copy, tamper with or otherwise create derivative works of any software included in the Scotran properties; or

Reverse engineer, disassemble, or decompile the Scotran properties or the Services or apply any other process or procedure to derive the source code of any software included in the Scotran properties or as part of the Services.

Other Terms

This Terms and Conditions is between you and Scotran Pte. Ltd. No other person shall have any rights to enforce any of its terms.

This Terms and Conditions constitutes the entire agreement between you and Scotran, and supersedes all previous agreements, promises, arrangements and understandings between us relating to its subject matter.

Each provision in this Terms and Conditions operates separately. If any court of competent jurisdiction decides that any of them are invalid or unenforceable, such invalidity or unenforceability shall not affect the remaining provisions of this Terms and conditions, all of which will remain in full force and effect.

If we delay or fail to exercise any right or remedy provided by law or under this Terms and Conditions, this will not prevent us from exercising such right or remedy against you at a later date.

Suspension or Termination of Scotran Services

We may at any time suspend or terminate your Scotran Account without notice if:

We may suspend your Scotran Account at any time if:

Scotran Mobile App

On termination of this Terms and Conditions for any reason, all rights granted to you in connection with the Scotran Mobile App shall cease, you must immediately delete or remove the App from your devices.

Account Closure

You may close your Scotran Account at any time. You may end this Terms and Conditions and close your Scotran Account at any time by contacting our Customer Support.

You should withdraw your money within a reasonable time. At the time of closure, if you still have money in your Scotran Account, you must withdraw your money within a reasonable period of time.

You agree that Scotran Account is subject to withdrawal limits.

If your withdrawal request exceeds the current limit, we may decline your request and require you provide additional documents to us so that we could carry out additional checks before allowing the money to be withdrawn.

After a reasonable period of time, you will no longer have access to your Scotran Account, but you can still withdraw your money by contacting Customer Support.

You have the right to do this for a period of 1 year from the date your Scotran Account is closed.

You must not close your Scotran Account to avoid an investigation.

If you attempt to close your Scotran Account during an investigation, we may hold your money until the investigation is fully completed in order to protect our or a third party’s interest.

You are responsible for your Scotran Account after closure. You agree that you will continue to be responsible for all legal and other obligations related to your Scotran Account even after it is closed.

Right to Make Changes

Scotran may change this Terms and Conditions at any time by posting a revised version on this page. The revised version will be effective immediately once it is posted. Please check back frequently to see if there are any updates or changes to this Terms and Conditions, as it is legally binding on you. If you do not agree to the revised terms in this Terms and Conditions, you should terminate your Scotran Account and discontinue your use of our Services.

Disclaimer

This Terms and Conditions, and any dispute or claim arising out of or in connection with it and/or your Scotran Account, or its subject matter or formation (including non-contractual disputes or claims) shall be governed by Singapore law. Any dispute between you and us in connection with your Scotran Account and/or this Agreement may be brought in the courts of Singapore. The legal costs of both parties would be borne by the party in dispute.