Terms of use

1. Who we are

This website and the payment platform behind it are run by Alpha Accord Ltd. ("Alpha Accord", "we", "us"), with its registered office at 15 Wellesley Street West, Suite 201, Toronto, Ontario, M4Y 0G7, Canada.

Alpha Accord Ltd. is registered with FINTRAC as a Money Services Business (N300001250) and supervised by the Bank of Canada as a Payment Service Provider under the RPAA. More detail is on our regulatory information page.

2. These terms

These terms apply when you visit our website or use our platform. They sit alongside the client agreement you sign when you open an account. If the two disagree, the client agreement wins.

By using the platform you accept these terms on behalf of your company. If you do not accept them, do not use it.

3. Who can use the service

• The service is for businesses only. It is not offered to consumers.
• Only people authorised to act for your company may open an account or approve payments.
• You must give us complete and accurate information and keep it up to date.
• You are responsible for everything done under your logins. Keep them secure and tell us at once if you think someone else has access.

4. Payments and quotes

You ask us to send a payment by approving a quote on the platform. A quote shows the amount, the exchange rate, our fee and the expected arrival time. A quote is held for a short time only. After that you will need to ask for a new one.

Once a payment has been approved and released it may not be possible to stop or recall it.

Arrival times are estimates. Banks and payment schemes in other countries set their own cut-off times and can add delays outside our control.

5. Fees and exchange rates

Our fees and the exchange rate applied are shown before you approve each payment. Other banks may also take charges, which we will tell you about where we know of them.

6. Your funds

You fund your payments by sending money to our account with our banking partner, Banking Circle, using the reference we give you. Customer money is held together in pooled accounts. We record each customer's share in our own ledger. You do not get a separate bank account in your own name.

If we receive money we cannot match to a customer, we will hold it separately and may ask you for more information before we credit it.

7. Compliance checks

We are required by law to know who our customers are and to monitor payments. We may ask for documents about your business, its owners and directors, and the reason for a payment. We may delay, refuse or reverse a payment, or close an account, where we need to do so to follow the law, including sanctions rules. We may be required to report information to authorities, and in some cases we may not be allowed to tell you.

8. What you must not do

• Use the service for anything unlawful, or to move money from crime.
• Send payments to or from people or places subject to sanctions.
• Give false or misleading information.
• Try to break, overload or get around the security of the platform.
• Let anyone who is not authorised use your account.

9. Liability and indemnity

Neither of us is liable to the other beyond what is set out in these terms and your client agreement.

You will pay us for proven loss, cost, damage, liability and expense we suffer because you breached these terms or your client agreement, or because of a misrepresentation or a misleading act or omission by you. A serious breach lets the other party end the agreement and claim its proven losses, expenses and interest that applies.

10. Confidentiality

Neither of us will use, copy, change or share the other's confidential information, except where it was already lawfully known to us, was lawfully obtained from another source, has become public without a breach, or was developed independently.

11. Events beyond our control

We are not liable for failures caused by events we cannot reasonably control. These include natural disasters, war, government action, power or communications failures, court orders and strikes.

12. Changes and ending

We may change these terms. We will post the new version here and tell you about important changes in advance. You may stop using the service at any time. Either of us may end the relationship under the terms of your client agreement.

13. Governing law

The law of Canada governs these terms. We will first try to settle any dispute amicably. If we cannot, either of us may take it to the courts of Canada, unless we have agreed otherwise in writing.

14. Contact

Questions about these terms: trade@alphaaccord.org