THESE TERMS & CONDITIONS ARE A LEGALLY BINDING AGREEMENT BETWEEN YOU AND US AND BY USING ANY OF OUR SERVICES DESCRIBED IN THESE TERMS & CONDITIONS, YOU ARE AGREEING TO BE BOUND BY THEM.

 

Ribbon Business Account Terms & Conditions

These Terms & Conditions apply to your Ribbon Business Account. Please read them carefully. You can download a copy of these Terms & Conditions at any time from our website http://www.ribbonglobal.com.

Your Ribbon Business Account is issued by Ribbon PLC, 2 Irish Town, Gibraltar GX11 1AA. Ribbon is authorised by the Gibraltar Financial Services Commission under the Electronic Money Institution permission under Part 7 of the Financial Services Act 2019 (‘FSA 2019’) (registered number 119662) as an e-money issuer. 
 
Ribbon Business Account Agreement form the contractual framework between you and Ribbon.

In these Terms & Conditions:

“You” means the company or sole trader in whose name the Ribbon Business Account is held;

“We”, “us” or “our” means Ribbon PLC.

If you have any questions, you can contact Customer Services by:

Email: customerservices@ribbonglobal.com; or

Mobile App: click on Contact Us in your Ribbon app and send us a message.

1. What is a Ribbon account and card?

A Ribbon Account is a payment account which holds your e-money and can be used to make and receive payments related to your business. 

You can only spend money that you have paid into your account, so before making transfers or using your Ribbon account you need to make sure there are enough funds in your Ribbon account. Funds in the Ribbon Business Account are not bank deposits and do not earn interest.

2. Who can apply for a Ribbon Business Account?

Ribbon Business Accounts are for companies or sole traders that:

• are registered with Gibraltar Companies House (with a valid registration number);
• registered with UK Company House; and
• where relevant, are fully incorporated.

Whilst these Terms & Conditions apply to all entities mentioned in Point 2 above, certain sections may not be applicable to businesses that get covered under the following definition, hereinafter referred to as “SME”:

 

If you are a Company, i.e. a business which either: 

• employs ten or more people; or
• whose annual turnover or balance sheet exceeds €2 million 

3. Who can you delegate access to your Ribbon Business account?

This Agreement is binding on you, but you can authorise different categories of people to carry out activities on your behalf (“Authorised Persons”). All Authorised Persons must be over 18. The categories of Authorised Persons are:

• Account Owner. This is usually the person who initially enters into this Agreement on behalf of your company. This person has full access to the Account. They can add other users and place limits on the payments and exchanges. They can appoint new Authorised Users, but they cannot appoint other Account Owners.
• Authorised Users. This is anyone authorised by the Account Owner to make payments or make currency exchanges. 

It is the responsibility of the Account Owner to withdraw the authority from, or impose limits on, any Authorised Person (for example, if they are no longer employed by you). If the Account Owner leaves the company, an Authorised User can contact our support services in the app to replace that person with another Authorised Person.

You agree that the person who opens your Account accepts:

4. How to apply for the Ribbon Business account?

Presently, Ribbon Business Accounts are offered to be opened on invitation basis only and do not offer debit cards.

Eventually, companies or sole traders will be able to apply for Ribbon Business Accounts by downloading Ribbon app from the Apple Appstore or Google Playstore.

Before we can open an account for you, we will require evidence of your business’ incorporation documents, Board Resolution and Authorised Signatory List, Ownership structure, Director’s register, identity and residential address proofs of your Authorised Persons, Directors and Beneficial Owners. However, we may choose to not open an account should we find in to not fit within our risk profile. Further, we reserve the right to seek additional or periodic information from you as we deem necessary to comply with the legal or regulatory obligations which apply on Ribbon.

5. Is your money in Ribbon protected?

The money in your account is held at a segregated safeguarding account with an authorised bank in the UK. The money in your Ribbon account is not covered under a deposit guarantee scheme or Financial Services Compensation Scheme, however it is safeguarded instead. Safeguarding helps protect you if we were to become insolvent. Should it happen, Ribbon customers would be paid out their e-money balances from our safeguarding bank account held with an authorised bank. This process would be handled by an insolvency practitioner, not by us. However, safeguarding regulations make sure that once any costs related to an insolvency are paid out you will be paid from our client money accounts before anyone else

6. How will Ribbon communicate with you?

We will usually communicate with you through the Ribbon app. We may also communicate with you through telephone calls, sending text message or email at the contact details provided by you.

7. How do you add funds to the Ribbon Business Account?

You may pay into your Ribbon Business Account by transferring funds from a bank account or any other method notified to you from time to time. The time taken to credit funds to your account will depend on the method of deposit used. You cannot pay into your account by a balance transfer from a credit card. 

As soon as we receive the funds that you have paid in, they will be on your account and ready to use. There may be occasions when we delay the funds reaching your account for up to three working days, this may happen when we need to confirm the transaction with the sending bank.

Where an overpayment has been made to your account in error, we reserve the right to debit the account with the excess amount to correct the payment transaction.

8. What transactions can you make?

You can make the following transactions from your Ribbon account:

• • Faster Payment to a UK bank account you can send a faster payment to another person or business using their sort code and account number, you can check if a sort code accepts faster payments at http://www.fasterpayments.org.uk/consumers/sort-code-checker. You should make sure that the sort code and account number are correct before you submit the transaction. Faster payments can be sent on the day you authorise the transaction, for a date in the future that you specify or as a regular payment at the dates and frequency you choose. Same day faster payments will ordinarily be available at the receiving account within two hours of being submitted, however in some cases it can take up to 24 hours (or more for reasons which may include the payment being subject to additional security checks). 
  • International money transfers you can send an international payment to another person or business within an accepted country. We require full details of the payee account and beneficiary bank. As the time cut-off for international remittances differ from country to country therefore we recommend to refer to the individual currency cut-off timings displayed on our website. Your payment instruction will be acted on the earliest possible payment date unless you have requested a specific future date. 
  • Please Note:
    • A transaction is authorised by you when you access your Ribbon account through a secured access and submit a faster payment or transfer request. You must ensure that you input the correct bank account details for any payment you request from your account.
    • You may, in addition, be required to enter a one-time passcode or other security information including biometric information, if available and you opt for this type of identification, to authorise a transaction or make account amendments. One-time passcodes will be sent to the mobile phone number registered to your Business Account.
    • As soon as a transaction is authorised we will deduct the value of your transaction from the available balance on your a A full breakdown of each transaction, including charges, will be available to view on your Ribbon Business Account.
    • You may also be charged a foreign exchange Fee as set out in the Ribbon Business Account Fees Schedule.

9. Can you cancel a transaction?

Generally, authorisation for a transaction may not be withdrawn by you. However, you may be able to withdraw your authorisation where you have authorised a transaction which will take place on a future date. However, where a specific date is agreed, you may not revoke a payment order after the end of the business day preceding the agreed date. 

You can cancel a standing order mandate at any time by contacting us and you can manage cancellations on the mobile app. 

We may charge you an Administration Fee if a transaction is revoked by you under this paragraph

10. How will the multi-currency account work?

The base currency of your account is GBP, however your Ribbon account allows you to hold funds in several foreign currency wallets. You can add money to your multi-currency wallets by transferring funds between wallets or you can directly fund your GBP, EUR, USD and CAD wallets from external sources by using the respective account details for each wallet.

If you initiate a payment from the Ribbon app in a foreign currency (non-GBP) then the corresponding currency will be debited, subject to sufficient funds being available to cover the full transaction amount. Ribbon will be unable to complete your payment if insufficient funds are held in the applicable currency wallet. 

Please note that transaction limits apply to the following currencies: 

• INR 1,500,000 per day to any particular beneficiary
• IDR 350,000,000
• MYR 100,000
• PHP 1,300,000

11. Under which circumstances will Ribbon not be liable for FX loss incurred by you?

• Any decision to make a transaction is your decision and we will not be liable for any loss or opportunity loss if exchange rates move before or after you transact
• We will have no liability for any losses that may be sustained by you as a result of a cancelled, refunded or unexecuted transaction.
• It is your responsibility to ensure that accurate, complete and correct payment instructions for the beneficiary of a payment (including payments to yourself) are provided to us through Ribbon app. If you provide incorrect beneficiary details and a FX transaction fails, we will not be liable for any currency conversion loss you incur. We reserve the right to charge you a fee for our efforts to help recover those funds
• Ribbon will only be responsible towards you for any loss incurred by you on account of our negligence, wilful default, fraud or breach of this agreement. However, in no circumstances will we be liable for any indirect, unforeseeable, or incidental losses incurred by you

12. Things you can’t buy with your Ribbon account?

You must not use your Ribbon account for illegal purposes. Additionally refer to the non-permitted industries list provided in Annexure B. Please note that this list is subject to change from time to time.

13. What information is accessible on your Ribbon account?

You can check your account by accessing it securely through our mobile app. Your statement will show:

• the amount of the transaction shown in the currency in which the transaction was paid or debited to the account
• the exchange rate used in the payment transaction (where applicable); and
• the date the transaction is authorised or posted on to the account.

This information is accessible at all times in your Ribbon account, is available free of charge, and can be stored and reproduced as necessary.

14. Does the Ribbon account offer overdraft?

No, you can only spend the money that is paid into your account. 

If, for any reason, any transaction is completed when there are insufficient funds in your account then you will have to reimburse the shortfall to us, unless it is due to an error by the retailer with whom you made the transaction. 

We may collect this shortfall from the funds you may hold with us in other currency wallets or which you subsequently pay into your account. 

15. How will Ribbon handle payment disputes arising from Business Account customers (excluding SME customers)?

You should contact us without undue delay and in any event within 13 months of becoming aware of a payment which was sent to a wrong account, not sent at all, delayed or stolen from your Ribbon Business Account.  Where you have taken all reasonable steps to keep safe personalised security information, not disclosed your security information to anyone else and not acted fraudulently, we will: 

1. refund the amount of the unauthorised payment to you; and 
2. restore the debited payment account to the state it would have been in had the unauthorised payment not taken place. 

Beyond this, we will have no further liability to you. Where payee details provided by you are incorrect, we are not liable for non-execution or defective execution of the payment transaction, but we will make reasonable efforts to recover the funds involved in the payment transaction and notify you of the outcome. 
You may be entitled to claim a refund in relation to transactions where:

• the transaction was not authorised under these Terms and Conditions;
• we are responsible for a transaction which we fail to execute or incorrectly execute. In these circumstances, we will refund to you the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. We will also refund to you: (a) any direct charges for which you are responsible; and (b) any interest which you must pay, as a consequence of the non-execution or defective execution of the payment transaction.

If you are a SME customer, we must notify us of a payment dispute without any undue delay and we would make reasonable efforts to recover funds for you, however your rights to claim a refund are restricted.

 

16. What about security?

You must keep your Ribbon app security credentials safe and not let anyone else know or use them. All activities under a Ribbon account shall be deemed as activities carried out by an Authorised Person. You are solely responsible for maintaining the confidentiality of your account passcode, and you accept responsibility for all activity that occurs under your Ribbon Business Account. You must keep your security information secret at all times; never disclose your PIN or security information to anyone. Security information includes your login and password details used to access your account or any other website where your account details are stored. We also recommend that you check the balance on your account regularly on the mobile app. 

17. What if your Ribbon account details are compromised?

If you suspect that someone else has found out your PIN or security information or accessed your account without your permission, you must tell us without undue delay by contacting us or logging onto your account through the mobile app and notifying us.

18. Will Ribbon ever block a transaction without asking you?

We may refuse to pay a transaction, honour a Standing Order:

• if we are concerned about security of your account or we suspect your account is being used in an unauthorised or fraudulent manner;
• if sufficient funds are not paid into your account at the time of a transaction to cover the amount of the transaction and any applicable fees;
• if there is negative balance on your account;
• if we have reasonable grounds to believe that you are not using the account in accordance with these Terms & Conditions;
• if we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently); or
• because of errors, failures (whether mechanical or otherwise) or refusal to process a transaction by merchants, payment processors or payment schemes such as Faster Payments or CHAPS.

If we refuse a transaction, we will tell you why immediately, if we can, unless it would be unlawful for us to do so. You may correct any information we hold which may have caused us to refuse a transaction by contacting Customer Services.

19. Can Ribbon cancel your account?

We may cancel your Ribbon account and this agreement by giving you at least two months’ notice unless you are a SME, in which case we may terminate your Ribbon account by giving you 30 days’ notice. Reasons for cancellation may include:

• if this agreement expires;
• if you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner;
• if you act in a manner that is threatening or abusive to our staff, or any of our representatives; or
• if you fail to pay fees or charges that you have incurred or fail to pay back any negative balance on your account.

We may also cancel or put a freeze on your account immediately if we:

• suspect fraudulent use of your account;
• you've broken the terms of your Ribbon Business Account in a serious or persistent way (for example, enabling people who are not Authorised Persons to access our services via the Ribbon app);
• there's been a material change in the beneficial ownership or management of your business which does not fit into Ribbon’s risk appetite;
• we have good reason to believe that you've disposed of significant business assets;
• you are a sole trader and you die or you are a partner in a business and the partnership ends; 
• we have to do so under any law, regulation, court order or instructions of an ombudsman; 
• have any other security concerns;
• find you to be not providing the additional information/documents raised by Ribbon;
• have a reason to believe that you continuing to use Ribbon Account could damage our reputation or goodwill;
• find your account profile or usage to not fit into Ribbon’s risk appetite; 
• have a reason to believe that the information you have provided to us at the time of account opening or subsequently is incorrect, incomplete or not true; 
• need to do so to comply with the law, regulation, court order or ombudsman order; or 
• We may also deny access to your account where we consider it to be at risk of money laundering or terrorism financing, fraud or other criminal activity. Should we need to take these we may not be able to share the exact reasons for closing your account, as it may be restricted by law.
  
  In these circumstances, you must tell us what you want us to do with any unused funds. You must do this within 3 months of the date we tell you that your account is cancelled.

20. How to clear the balance in Ribbon account?

You can clear the balance on your Ribbon account through spending, or transfers to other bank accounts in British Pounds Sterling. 

21. How to raise a complaint?

If you are unhappy in any way with your Ribbon account or the way it is managed, you can contact us at complaints@ribbonglobal.com so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. 

If we are unable to resolve your complaint to your satisfaction you may have the right to refer your compliant to the Financial Services Commission at: Payment Services Team, Financial Services Commission, PO Box 940, Suite 3 Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar or email psdcomplaints@fsc.gi.

22. What is your responsibility if any of your account related details change?

You must inform us or update your details on the Ribbon mobile app as soon as possible, if there is a change in beneficial ownership or management of your business. If we contact you in relation to your account we will use the most recent contact details you have provided to us. Any email or text message sent to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your Authorised Person details have changed and you have not told us.  

23. How do we manage your personal information or information of any Authorised Person?

We are the controller of your personal data which we will use in order to open, administer and run your account and provide payment services to you. You hereby consent to us accessing, processing, and retaining any information you provide to us, for the purposes of providing payment services to you or otherwise to fulfil this agreement. We may transfer your personal data, including details of your transactions to our partners or service providers to process, monitor, and analyze our relevant business. If we transfer your information to third parties outside of the UK or Gibraltar, we will take steps to ensure that the third party agrees to apply the same levels of protection that apply in the UK. For further information about how we will process your personal data, please view our Privacy Policy

24. Will these Terms & Conditions ever change?

We may change these Terms & Conditions at any time. In case of a material change which may have an adverse effect on your account, we will notify you by e-mail or other agreed means at least two months before the change is due to happen unless you are a SME, in which case we may make material changes to your Ribbon account by giving you 30 days’ notice. We will assume that you agree with the change. If you do not agree with the change you must tell us before the change happens and we will cancel your account immediately. If you cancel your account in this way then we will return any balance on the account to you and you will not be charged a Redemption Fee. 

An up-to-date version of the account Terms & Conditions, as well as any notices of future changes will always be available via our website, http://www.ribbonglobal.com You should check your mobile app or our website regularly for such notices and changes.

25. When may use of the Ribbon account be interrupted?

From time to time, your ability to use your Ribbon account may be interrupted. If this happens, you may be unable (a) to use your account to make a transaction and/or (b) to obtain information about the funds available in your account and/or about your recent transactions. However, when our services will be interrupted due to scheduled systems maintenance, we will endeavour to inform you well in advance.

26. What is our responsibility?

If we incorrectly deduct funds from your account, we will refund them. If we subsequently establish that the refunded amount had in fact been correctly deducted, we may deduct it from your available balance and may charge you a fee. If you do not have sufficient available balance, you must repay us the amount immediately on demand.

For the SMS services we offer, we are not responsible for lost, late or undelivered text messages, notifications or communications. We accept no responsibility for any technical, computer, online, telephone, cable, electronic, software, hardware, transmission, connection, internet, website or other access issue which may hinder your ability to access the SMS services.

27. What is our Liability?

If we do not reasonably meet our commitments to you, we are responsible for loss or damage you suffer. However, we are not responsible for any loss or damage that is not foreseeable.

Further, if it is identified that you as a customer who is seeking reimbursement have acted fraudulently or with gross negligence and deemed as having not met PSR ‘The Consumer Standard of Caution’, unless you are classified by Ribbon as a vulnerable customer, you would not come within the scope of APP Authorised Push Payment Reimbursement requirements. The Standard of Caution is prescribed by PSR as follows:

• The requirement to have regard to interventions: Consumers should have regard to specific, directed interventions made either by their sending PSP, or by a competent national authority of the probability that an intended payment is an APP scam payment. 
• The prompt reporting requirement: Consumers should, upon learning or suspecting that they have fallen victim to an APP scam, report the matter promptly to their PSP and, in any event, not more than 13 months after the last relevant payment was authorised.  
• The information sharing requirement: Consumers should respond to any reasonable and proportionate requests for information made by their PSP to help them assess a reimbursement claim. This includes requests under our ‘stop the clock’ rules.  
• The police reporting requirement: Consumers should, after making a reimbursement claim, and upon request by their PSP, consent to the PSP reporting to the police on the consumer’s behalf or request the consumer report directly the details of an APP scam to a competent national authority.

Additionally, as for APP fraud reimbursements, a payment must be executed in the UK and received in a relevant account in the UK, and Gibraltar being classified as out of jurisdictional scope, therefore if a Ribbon customer sends funds using Faster Payments or CHAPS to a Gibraltar SortCode linked account, or received funds from a Gibraltar SortCode linked account into his Ribbon account, then Ribbon will treat any claim received from such customer to be not in scope of APP reimbursement policy. Also note that SMEs are out of scope for APP fraud reimbursements.

We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programs, data or other proprietary material related to your use of Ribbon account and services.

Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties

28. What about Ribbon’s intellectual property?

We own all the intellectual property in our products (for example, the content in our app and on our website and our logo). You must not use our intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products (that is, reproduce them after a detailed examination of their construction or composition).

29. In which other scenarios can your Ribbon account be charged?

We may charge you for any reasonable costs that we incur in taking action to stop you using your account and to recover any monies owed as a result of your activities if you:

• use your account fraudulently;
• do not use your account in accordance with these Terms & Conditions; or
• have been grossly negligent, for example by failing to keep your Ribbon Business Account secure or used by someone else or where your account has been compromised.

In these circumstances we will not refund transactions and we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using your account and to recover any monies owed as a result of your activities. 

We may also charge you an Administration Fee if we have to manually intervene to complete a payment or rectify an error on the account caused by an error or omission on your part.

30. Can you allow access of your Ribbon account to third party providers?

You may allow regulated Third Party Providers (“TPPs”) (including Account Information Service Providers (“AISPs”) and Payment Initiation Service Providers (“PISPs”)) access to your Ribbon account; either to make payments, obtain account balances or obtain information on previous transactions. 

Before giving consent to a TPP, you should:

1. ensure that the TPP is authorised and holds the correct regulatory permissions;
2. check what level of access you are consenting to, how your account will be used and the extent to which your data will be shared with third parties; and
3. familiarise yourself with your obligations and rights under the TPP agreement, in particular your right to withdraw consent to access your account. 

We may refuse to allow a TPP access to your account where we are concerned about fraudulent or unauthorised access. 

We are not party to, or responsible for, any agreements between you and a TPP. Subject to any rights to refund you may have under these Terms and Conditions, we shall have no liability for: 

31. Can the rights or obligations be transferred under these Terms and Conditions?

You may not transfer or assign any rights or obligations you may have under these Terms & Conditions to any other person without our prior written consent. We may assign the benefit and burden of these Terms & Conditions to any other person at any time on giving you two months prior notice of this. If we do this, your rights will not be affected.

32. Governing law

This agreement is governed by any applicable law (including but not limited to, any local law of the jurisdictions into which the Ribbon account is provided and the Program is operated), statute, statutory instrument, act, regulation, rule, order, supervisory guidance, policy, instruction or requirement stipulated by an applicable Regulatory Authority, or interpretation promulgated or published by any Regulatory Authority, any order issued by a court having jurisdiction over a party, or such other rule as deemed valid by Ribbon PLC from time to time.

33. What are the fees?

To know more about how you will be charged whilst using your Ribbon account see Annexure A. Based on the business activity held in your Ribbon account and how it requires us to administer it, we reserve the right to change the fees we are applying to your account. This decision may be taken by us either ahead of your opening the account or subsequently. We will give you 30 days’ notice before we make any fees changes to your existing account, unless you are classified as SME, in which case we make the changes without any prior notice..

ANNEXURES

Annexure A - Ribbon Business Account Fees

Annexure B - Prohibited industries/ services

 

Annexure A - Ribbon Business Account Fees

 

Annexure B - Prohibited Industries/Services

Non-permitted Industries

1. Weapons / military-grade security
2. Multi-level marketing
3. Pawnbrokers 
4. Political organizations 
5. Precious metals and stones, including diamond traders
6. Unauthorized re-sale of luxury goods - including watch traders
7. Adult entertainment
8. Drug paraphernalia
9. CBD and related products
10. Carbon credits, including carbon credits traders
11. Cryptoassets
12. Gambling Betting (including Lottery Tickets, Casino Gaming Chips, Off - track Betting and Wagers)
13. Ponzi / pyramid schemes
14. Firms involved in the servicing of illegal goods/services including but not limited to: counterfeit goods/trademark infringement, human trafficking, child labour, or prostitution
15. Mining and extraction
16. Scrap metal traders
17. Energy traders
18. Speculative trading

 

DISCLAIMER

Ribbon Plc (“Ribbon”) is a Gibraltar company (registration no 119662), authorised and regulated by the Gibraltar Financial Services Commission as Electronic Money Institution. It conducts regulated activities in Gibraltar and the UK through passporting. The Ribbon account is an electronic money product which is not covered by the Financial Services Compensation Scheme.