Network Rules

Overview of the Rapyd Network and Rules

Rapyd Financial Network (2016) Ltd., CashDash UK Limited, Rapyd Holdings Pte Ltd, Rapyd Financial Technology US, Inc., Rapyd Europe hf.  and certain other Rapyd group companies, collectively “Rapyd”, operate the Rapyd Network.

The Rapyd Network (the “Network”) enables global payment providers  (“Network Partners”)to participate in the Network for the purpose of providing their payment services to users of the network. Users can be both individuals or entities that are transacting using the various payment methods of the Rapyd Network, including both businesses and Network Partners.

Rapyd has engaged a range of Network Partners across the globe who provide cash services, electronic wallet services, debit and credit card issuing and acquiring, bank transfers, balance management, and other locally preferred forms of payments.

Within the Rapyd Network, Rapyd provides the technology to enable payments, including the platform that connects users with Network Partners, such that users can perform the following services (the “Network Services”):

  • Transfer funds to other parties for the purchase of goods and services,
  • Collect payment for goods and services,
  • Transfer or disburse funds between individuals or corporate entities,
  • Hold funds for purposes of later redistribution,
  • Issue payment instruments to enable payment acceptance on other networks,
  • Verify user identity and compliance status, and
  • Monitor transactions, users, and devices for fraudulent behavior.

To support the quality and maintenance of the Rapyd Network, Rapyd has established these rules (the “Rapyd Network Rules”) designed to minimise risks and provide a common, convenient, secure, compliant, and reliable payment experience for all participants of the network. The Rapyd Network Rules are established and modified by Rapyd and represent a binding contract between Rapyd and the network participants.

The intent of the Rapyd Network Rules is to uphold the safety, security, soundness, integrity, and interoperability of the Rapyd Network and to outline the principles regarding the rights and responsibilities of all parties to the Rapyd Network and between one another.

2. Structure of the Rapyd Network Rules

The Rapyd Network Rules consist of this document, together with any appendices and the Customer Data Processing Addendum. A complete list of definitions can be found in Appendix A.

3. Applicability of Rapyd Rules

All participants in the Rapyd Network are subject to and bound by the Rapyd Network Rules including end users and Network Partners.

Any use of or participation in the Rapyd Network not covered in the Rapyd Network Rules will be governed by applicable participation agreements and associated documentation.

4. Applicable Laws and Conflicts

Each Rapyd Network Partner must comply with all Applicable Law including, but not limited to, laws and regulations regarding banking, financial institutions, payment systems, foreign currency exchange, money transmission, anti-money laundering, counter-terrorist financing, sanctions (such as those administered by the US Department of the Treasury’s Office of Foreign Assets Control) or national equivalents in the Partner’s jurisdiction, privacy and security, consumer protection, and trademarks and copyright.

Each Rapyd Network Partner is also responsible for ensuring that any of its affiliates, third party agents, and any other of its designated agents participating in the Rapyd Network comply with all Applicable Law, including licensing requirements. Each Rapyd Network Partner is encouraged to consult with their own legal counsel to ensure that it is in full compliance with all Applicable Laws.

In the event of any conflict between the Rapyd Rules and any Applicable Law, the requirements of the Applicable Law shall govern. Every Rapyd Network Partner must promptly inform Rapyd should they become disabled for any reason to engage in the Rapyd Network in accordance with both the Rapyd Rules and Applicable Law.

5. Partners in the Rapyd Network

Rapyd authorises Payment Infrastructure Partners, Banks, Gateways and Payment Facilitators that meet Rabyd’s criteria for participation to join the Rapyd Network as a Network Partner.

Payment Infrastructure Partners are partners that help facilitate legal money movements and can take the form of:

  • ATM Networks,
    Banks,
  • Bill payment networks,
  • Card and Payment Schemes,
  • Card Issuers,
  • Cash Exchange providers,
  • eMoney providers,
  • eWallet and Stored Value providers,
  • Foreign Exchange specialists,
  • Mobile Money schemes,
  • Money Transmitters,
  • Network Payment Switch providers
  • Non-Bank Financial Institution Agent Networks,
  • Non-Bank Financial Institutions,
  • Payment Gateways,
  • Self-Service Kiosks providers, and
  • Other Payment Facilitators.

6. Rapyd Network Partner Onboarding Process

Rapyd conducts initial and ongoing onboarding due diligence (known as Know Your Business “KYB”) of potential Rapyd Network Partners, which includes the collection of information regarding a potential partner’s regulatory licenses and/or registrations, and its compliance programs, risk programs, and general security and other set up regardless of whether they are engaged in funds movement and/or other tasks within the Rapyd Network.

Supporting documentation must be provided during this onboarding process. Rapyd reviews these documents for adherence to these Rules, and regulatory and legal obligations where applicable.

7. Use of Agents

Rapyd Network Partners may choose to use agents to perform their responsibilities under these Rules subject to the following requirements:

Each agent must have a direct written contract with a Network Partner to perform services on its behalf. Use of agents must be legal and compliant in the local jurisdiction and consistent with the Network Partner’s license requirements. A Network Partner must communicate the use of an agent to Rapyd before the performance of any contracted services or transaction activity by the agent. Rapyd may reject the use of a Third Party Agent at any time, with or without cause. If a Network Partner fails to meet its responsibilities regarding the use of agents, the Network Partner will remain liable.

8. Rapyd Network Partner Obligations

Rapyd Network Partners are expected to provide secure and safe means to facilitate the flow of funds within the Network, maintain all required licenses to provide services they offer to the Network, and ensure the network can operate in a compliant and low-risk manner as specified below..

a. Transaction Notification Obligations

Rapyd will send a push notification via an API to the Network Partner, or provide the Network Partner a “webhook” or other automated monitoring interface, in real-time, when a user accesses funds held by the Network Partner for payment, or requests movement of funds. Network Partners are obliged to receive and promptly process these notifications, or

if a Network Partner is unable to receive API notifications or webhooks, request Rapyd to provide a batch settlement report to the Network Partner at the end of every day.

When a user requests movement of funds via a Network Partner, or to access balances or other services managed by the Network Partner, the partner is obliged to send Rapyd a push notification via API, a webhook, or a pre-agreed batch format to promptly notify Rapyd of the user action and its status.

b. Settlement Obligations

The Network operates on a “good funds” basis, meaning when Rapyd or a Network Participant informs the other that funds have been received, that party is obligated to settle the funds within the prescribed period, unless the transaction is subsequently canceled, reversed, or deemed fraudulent, and the other party promptly notified.

For settlement, Rapyd and each of the Network Partners will provide each other with settlement account information so that funds can be reconciled each day, and maintain up to date payment accounts in agreed jurisdictions so that financial obligations can be efficiently met and funds exchanged.

Settlements may take place either directly from Rapyd to Merchant or indirectly through a third Party within the Rapyd Network. If Settlements are routed through Network Participants, Merchant may be subjected to the Network Partner’s due diligence review and terms and conditions.

If services are provided on a cross-border basis, then the Network Partner will settle fund to Rapyd under pre-agreed terms and to the appropriate jurisdiction, and Merchants recognize and agrees that FX management fees may apply, along with additional regulations and due diligence requirements.

c. Reserve Account

Rapyd may require a Network Partner to hold a deposit or “rolling reserve” with Rapyd to protect the Rapyd Network against fraud. Rapyd will calculate a reserve based on a variety of risk factors including user profiles, transaction characteristics,, and expected fraud rates.

d. Risk Management Obligations

Rapyd is committed to working with Network Partners to identify and mitigate risks associated with the use of the Rapyd Network. Network Partners are required to maintain suitable risk management programs, including mitigation of: stolen financial information, account takeover, collusion, and other forms of financial fraud that may create risk for the Rapyd Network.

e. Anti-Money Laundering / Counter Terrorist Financing (AML/CTF) Obligations

To help government(s) fight the funding of terrorism and money laundering activities, various laws require Rapyd and its affiliates to obtain, verify, and record information that identifies each person(s) who opens an account(s), or has a non-account relationship, or service agreement.

To the extent that Merchants or Network Partners fail to provide or to consent to providing any such information, that failure shall be grounds for Rapyd to not open an account, or enter into or a non-account relationship or service agreement. Rapyd will close or terminate Merchant’s accounts, or sever a non-account relationship or service agreement, if Rapyd or its Network Partner knows, suspects, or has reason to suspect that the relationship is causing or attempting to cause Rapyd to:

  • Transact in illicit activity;
  • Transact activity with a Government(s) sanctioned person or vessel;
  • Transact activity with a Government(s) sanctioned country;
  • Fail to file a currency transaction report;
  • Fail to file a report of international transportation of currency or monetary instruments;
  • File an inaccurate and/or misleading report;
  • Not to file a report or seize funds on an account; and
  • Structure or attempt to structure large transactions into several smaller transactions in an attempt to avoid regulatory compliance reporting.

Where Network Partners are subject to such laws in their Jurisdiction, Network Partners must implement and maintain an anti-money laundering / counter terrorist financing (“AML/CTF”) program, including policies, procedures, and controls that are reasonably designed to prevent the use of the Rapyd Network to facilitate money laundering or the financing of terrorist activities.

Such policies, procedures, and controls shall include, at a minimum:

  • For transactions occurring within the U.S., compliance with U.S. sanctions programs, which require:
    • Scans against the Specially Designated Nationals and Blocked Persons List (the “SDN List”) issued by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), at the time the relationship is established and on an ongoing basis.
    • Immediate termination of any Rapyd Network activity with a person found to be on the SDN List; and
    • No Network activity conducted directly or indirectly with a country subject to OFAC sanctions, or with the government of such a country;
  • For transactions occurring outside of the U.S., compliance with the applicable laws of the jurisdiction in which a Network Partner is operating, including:
    • Know Your Customer (KYC) programs,
    • Sanctions screening against broadly accepted screening lists,
    • Ongoing transaction monitoring and suspicious activity reporting programs, and
    • Compliance with international best practices as set by FATF and other relevant organizations .

Rapyd has exclusive authority to review such programs and their implementation in order to determine at any time whether a Network Partner is in compliance with these requirements, and to ensure that the implementation of these programs does not result in material changes or inconsistencies in the Rapyd Network experience. Each Network Partner must cooperate with periodic reviews and any other efforts undertaken by Rapyd to evaluate such Network Partners compliance with the AML/CTF requirements and the effects of program implementation on the Rapyd Network experience. As part of a periodic review, Rapyd may subject a Network Partner to enhanced due diligence (EDD) procedures which may include on-site examinations and/or the use of a third party reviewer. Any such examination is at the expense of the Network Partner, and a copy of the examination results must be provided promptly to Rapyd upon request.

In addition to KYC and AML/CTF programs executed by Network Partners, they must also provide Rapyd with adequate transactional metadata to enable Rapyd to effectively execute its own obligations for KYC, AML/CTF, Screening, and Transaction Monitoring. Where such data is not provided or is deemed by Rapyd to be incomplete or insufficient, Rapyd may block transactions or Partners or request additional data from a Network Partner.

If Rapyd determines that a Network Partner has failed to comply with these Network Rules, Rapyd may impose conditions on or require additional actions of the Network Partner to prevent possible money laundering or financing of terrorist activities. These actions may include, but are not limited to, the following:

      1. Blocking or reversal of payment transactions and / or users;
      2. Implementation of additional policies, procedures, or controls;
      3. Termination of an agent agreement;
      4. Termination of Network Partner in the Rapyd ecosystem;
      5. Non-compliance assessments; or
      6. Other action that Rapyd in its sole discretion determines to take with respect to the Network Partner or the Network Partner’s designated agent.

f. Use of Rapyd Capabilities for Network Partner Compliance

The Network provides certain capabilities to assist Network Partners in gathering or assessing data in service of their obligations under AML/CTF Laws, money transmission laws and Privacy laws that Rapyd may make available to Network Partners upon request and mutual agreement.

Network Partners use of such capabilities will, however, not shift liability for any of the legal responsibilities related to such laws to Rapyd; instead the Network Partner remains liable for fulfilling its respective legal obligations in the jurisdictions that it operates in at all times.

g. Fraud Management Obligations

A Network Partner must immediately report any fraudulent activity or other criminal risk activity to Rapyd by email and provide any related pertinent information. A Network Partner must promptly cooperate with Rapyd to investigate the matter and mitigate any harm or risk.

In addition to reporting, Network Partners are expected to block transactions they suspect of being fraudulent, criminal, or otherwise in violation of the network rules, even before transactions are reported.

A Network Partner must monitor any transactions flowing through their systems for suspicious activity, in addition to monitoring any Merchants or other users the partner onboards, or otherwise enables the Network, for suspicious activity.

This monitoring includes, but is not limited to, monitoring transactions for:

  • High velocity,
  • High load or transaction value,
    High aggregate value,
  • Suspicious withdrawals,
  • Suspicious sending and receiving of transactions, and
  • Other contextual factors that make a transaction abnormal or suspicious.

In addition, Network Partners are obliged to monitor for patterns of behaviour that may later be claimed to be unauthorized by a user or where fraud may otherwise be asserted, including but not limited to:.

  1. A user may provide their mobile device or Rapyd Network credentials to a friend or acquaintance and claim that they initiated a transaction that was unauthorised (i.e. “friendly fraud”) (UNAUTH)
  2. A user may be using a funding source that is not their own and that they do not have the correct authorisation to use (i.e. “stolen financials”) (SF)
  3. A user may be dis-satisfied with the goods purchased or service provided and wish to indicate the goods were not “significantly not as described” (SNAD)
  4. A user may claim that good ordered were not delivered and an “item [was] not received” (INR)

In the event of UNAUTH or SF claims, the user will bear any cost of loss, unless otherwise protected by a buyer protection or dispute resolution mechanism provided by their payment instrument.

For SNAD and INR claims, losses that can reasonably be attributed to a Network Partner providing services will be borne by the Network Partner or the merchant.

h. Confidentiality Obligations

A Network Partner must maintain confidentiality at all times as well as store and handle confidential information in such a way as to prevent unauthorised disclosure. The Network Partner must also take reasonable measures to protect confidential information and treat it with at least the degree of care with which a Network Partner treats its own confidential and proprietary information.

A Network Partner must also be compliant with:

  • PCI-DSS, where card payments are being processed,
  • Local data privacy rules (e.g. Europe’s GDPR regulations), and
  • Local on-soil data processing obligations.

Rapyd and its subsidiaries will not use or disclose confidential information to third parties, other than for use or disclosure in the ordinary course of business to provide services to a Network Partner, including, but not limited to, all of the following:

  • Completing a transaction;
  • Risk and compliance controls;
  • Dispute resolution;
  • Use or disclosure with consent of the user; or
  • Other use or disclosure that is in accordance with Applicable Law.

i. Merchant Onboarding and KYB Obligations

In order to enable Rapyd to comply with anti-terrorism, financial services and other applicable laws and regulations and KYB (‘Know Your Business) requirements imposed by applicable law, Merchants must provide information about themself, their activities, and their shareholders.

In addition, Merchant’s must:

  • Unconditionally warrant all information provided is correct and up-to-date.
  • Provide at least three business days prior written notice of any change of the information, or at least as soon as practically possible.
  • Upon first request provide such additional information and supporting documentation regarding its identity and that of its shareholders and activities as Rapyd may reasonably determine to need to ensure compliance with applicable laws and regulations,
  • Agree that Rapyd may run further checks on Merchant’s identity, creditworthiness and background by contracting and consulting relevant registries and government authorities, and
  • Acknowledge and agree that Merchant may also be subject to Rapyd’s Network Participants’ compliance and regulatory requirements and the provision of the Services by Rapyd is subject to the fulfillment of such requirements..

Rapyd or its Network Partners will only activate the Services for Merchant (‘go live’) if the applicable Know Your Business requirements are fulfilled. In the event that the applicable requirements are not fulfilled prior to activating the Services (‘go live’) then, the Services shall immediately terminate upon written notice by Rapyd to Merchant stating such cause for termination.

j. Acceptable Use Policy

A Network Partner must not use the Rapyd Network in any manner that may bring the Rapyd-Owned Marks or Rapyd or its affiliates into disrepute or engage in or facilitate any activity or service that is any contained within our Prohibited and Restricted Listing Policy. Activities marked as prohibited are strictly forbidden, while activities marked as restricted require prior notification and pre-approval from Rapyd’s Compliance team.

k. Compliance with Third Party Network Rules

In addition to rules of the Network, Merchants agree to abide by the rules of other payment networks whose forms of payment or other capabilities are being used, including but not limited to:

  • NACHA for use of the ACH networks in the United States (see below)
  • AliPay for use of the AliPay payment method;
  • Apple Pay for use of the Apple Pay payment method; 
  • Google Pay for use of the Google Pay payment methods which consist of Google Pay API Terms of Service and Acceptable Use Policy;
  • First Data Merchant Services for use of its card acquiring in Singapore; 
  • WeChat Pay for use of the WeChat Pay payment method, and
  • Other rules of the applicable payment methods and services.

9. Roles Rapyd May Play in Network

In order to facilitate transactions on the Network, the participants recognized that Rapyd may play suitable roles including acting as:

  • Technology Processor to relay transaction instructions between licensed payments entities,
  • Merchant of Record (MOR) for settlement of transactions from Payment Schemes and other Network Partners to sub-merchants,
  • Master Merchant  for settlement of transactions from Payment Schemes and other Network Partners to sub-merchants,
  • Payment Facilitator (PayFac) for collection of funds on behalf of one or multiple merchants,
  • Aggregator for collection of funds across multiple merchants and marketplace models,
  • Collections Agent to receive funds for settlement on behalf of a Merchant or Network Partner, or
  • Settlement Agent to convey funds due to a Merchant or Network Partner.

10. Rapyd Ownership of Intellectual Property

A Network Partner in the Rapyd Network must recognise Rapyd’s ownership of its intellectual property (IP), including the Rapyd name, Rapyd Marks, and Rapyd technology, and agree to protect these ownership rights and the integrity of the Marks by complying with the applicable Rapyd Network Rules in all activities.

A Network Partner does not have any property or other right, claim, or interest, including any patent right, Trade Secret right, or Copyright interest, in any systems, processes, equipment, software, data, or materials that Rapyd or its subsidiaries use in connection with the Rapyd Network, except for Network Partner supplied data or equipment.

Network Partners acknowledge the proprietary rights of Rapyd and that unauthorised or inappropriate use of the Rapyd-Owned Marks may cause Rapyd irreparable damage or injury. Rapyd has the full authority to enforce all Rapyd rules governing Network Partners and other entities that use the Rapyd-Owned Marks.

General Use of Marks

A Network Partner must use the Rapyd-Owned Marks, including associated elements, only for the following:

  • To denote or promote the Rapyd Network, offers, sponsorships, services, processing, or acceptance; or
  • To promote a Network Partners participation in the Rapyd Network.

Ownership of Rapyd-Owned Marks

A Network Partner must not state or imply that it is the exclusive owner or provider of any Rapyd-Owned Mark, except as otherwise permitted in the Rapyd Network Rules.

Rapyd Endorsement of Goods/Services

A Network Partner must not use any of the Rapyd-Owned Marks to indicate that Rapyd endorses, is identified with, or sponsors goods or services other than those of Rapyd.

Prohibition of Marks Infringement and Brand Denigration

A Network Partners participation in the Rapyd Network using any Mark(s) of the Rapyd Network must not contain any matter that would tend to infringe, dilute, degrade, or denigrate any of the Rapyd-Owned Marks, Rapyd products, Rapyd services, or any other Network Partner, or impair the reputation or goodwill of Rapyd or the goodwill associated with the Marks.

Infringement Proceedings Regarding the Rapyd-Owned Marks

Unless Rapyd grants express consent, Rapyd reserves the sole right to initiate infringement proceedings or other challenges involving any use of the Rapyd-Owned Marks.

11. Rapyd Right to Monitor, Audit, Inspect, and Investigate

Upon reasonable notice at a date and time mutually agreed to by Rapyd and a Network Partner, Rapyd may, either itself or through an agent, investigate, review, audit, or inspect a Network Partner, or the Network Partner’s agents, including by inspecting the premises and audit the books, records, and procedures related to the Rapyd Network Rules of the Network Partner or its agent, to ensure that it is complying with the Rapyd Network Rules.

A Network Partner must cooperate fully, and ensure that its agent cooperates fully, with Rapyd in any such investigation, inspection, audit, or review. This cooperation includes providing access to the premises and to all pertinent records and releasing any information to Rapyd upon request.

A Network Partner shall also cooperate with, and submit to, any examination, inquiry, audit, information request, site visit or equivalent, which may be required by any Regulatory Authority or as required by Applicable Law. A Network Partner shall ensure that each of its agents comply with the foregoing requirements.

Investigation Response Requirement

A Network Partner must respond to and provide information requested by Rapyd for a Rapyd Network Rules violation that is under investigation. The Network Partner must submit its response and information, within the time period specified by email or other electronic delivery method. The Notification response is effective when posted, sent, or transmitted by the Network Partner or its agent to Rapyd.

12. Right to Impose Conditions on Rapyd Product or Rapyd Service Participation

Participation in the Rapyd Network is at the discretion of Rapyd, which may limit or impose conditions on its use, and may discontinue the service or product at any time.

NACHA Rules for use of the ACH network in the United States

13. ACH Services

The ACH network is controlled and managed by the National Automated Clearing House Association (NACHA) and its member organisations. Where submitting charges over the ACH network, you are required to comply with the NACHA Operating Rules. NACHA may amend the NACHA Operating Rules at any time, and we may amend this Agreement or make changes to the Payment Processing Services as necessary to comply with the NACHA Operating Rules.

You understand and accept your role as the Originator (as defined in the NACHA Operating Rules). You agree to obtain your Customer’s consent to debit or credit their bank account and initiate a Charge over the ACH network. Such consent must be in a form and manner that complies with the NACHA Operating Rules and the Documentation for ACH Transactions. As with other Payment Processing Services, you may not, and may not attempt to send or receive funds to or from a person, entity, or state where such Transactions are prohibited by applicable Law. You also agree to maintain the security and integrity of all information you collect as part of an ACH Transaction.

Any Disputes or unauthorized Charges using the ACH network may result in you becoming unable to accept ACH payments.

ACH Origination Agreement

  • Rapyd will, with its banking partners, arrange to settle funds to the bank or other financial institution account that you designate.
  • You affirm that you are authorized to initiate settlements to and debits from the account, and that the account is owned by you, and administered and managed by a financial institution located in the United States of America.
  • Rapyd may require you to provide us with documentary proof demonstrating your compliance with this section.
  • For all ACH services, Rapyd requires you maintain a positive balance in your Rapyd eWallet account
  • Rapyd may reduce the amount settled to your eWallet by the amount of Fees, Fines, and amounts owed to us for any reason.
  • If a settlement or debit is processed via ACH, you acknowledge that the NACHA Operating Rules will apply to the settlement or debit, and you agree to be bound by these rules.

PPD / CCD Credit ACH Entries (Disbursements)

  • Following NACHA guidelines, the Merchant need not request an authorization for a credit.

WEB Initiated ACH Entries (Collections)

Under the operating rules of the NACHA, for Originators who initiate WEB ACH entries, the Originator must obtain written Authorization from the Receiver via the internet. Rapyd expects for all WEB ACH entries, that the Originator (Merchant) will:

  • Present Express Authorization language (e.g., “I authorize Company A to debit my account”)
  • Specify the Amount of transaction
  • Specify whether a single-entry payment or recurring payment (if recurring specify the amount per interval and range of payments)
  • Specify the Effective date of the transaction
  • Specify the Receiver’s account number and financial institution’s routing number
  • Specify Revocation language

As the Originator, you must be able to provide the Receiver with a hard copy of the Authorization if requested to do so. Per, the NACHA Operating Rules and Guidelines allow the use of a digital signature or code to similarly authenticate a written Authorization. In addition the Originator must conduct, or have conducted on its behalf, annual audits to ensure that the financial information it obtains from Receivers is protected by security practices and procedures that include, at a minimum, adequate levels of:

  • Physical security to protect against theft, tampering, or damage;
  • Personnel and access controls to protect against unauthorized access and use; and
  • Network security to ensure secure capture, storage, and distribution.
  • The Originator has established and implemented a commercially reasonable fraudulent transaction detection system.
  • The Originator has established and implemented commercially reasonable methods of authentication of the identity of the Receiver.
  • The Originator has established and implemented commercially reasonable procedures to verify that the routing number used is valid.

NACHA offers guidance regarding WEB Proof of Authorization best practices, found here.

Rapyd example Proof-of-Authorization found here.

ACH Disclosures

Provisional Payment Disclosure

Credit given by Rapyd to the Merchant, on our customers behalf, with respect to an Automated Clearing House (ACH) credit entry is provisional until Rapyd receives final settlement for such entry through a Federal Reserve Bank. If Rapyd does not receive such final settlement, the Merchant is hereby notified and agree that Rapyd is entitled to a refund of the amount credited to our customers in connection with such entry, and the party making payment to our customers via such entry (i.e. the originator of the entry) shall not be deemed to have paid the Merchant in the amount of such entry.

Notice Disclosure

Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, Rapyd is not required to give next day notice to the Merchant of receipt of an ACH item and Rapyd will not do so. However, Rapyd will continue to notify you of the receipt of payments in the periodic statements we provide to you.

Choice of Law Disclosure

Rapyd may accept on the Merchant payment to the Merchant account which has been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject ot the Electronic Fund Transfer Act and the Merchant rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of California, Santa Clara County as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transaction involving your account.

Appendix A

Key Terms

“Rapyd” means Rapyd Financial Network (2016) Ltd., CashDash UK Ltd, Rapyd Holdings Pte Ltd, Rapyd Financial Technology Inc, Rapyd Europe hf.  and certain other Rapyd group companies d/b/a Rapyd, and any Rapyd subsidiary or affiliate, as applicable.

Rapyd is incorporated, licensed and registered with each jurisdiction as required by each Regulatory Body.

  • Brazil – Rapyd Brazil Soluções De Pagamento Ltda. provides services through agreement with Banco Rendimento
  • Iceland – Rapyd Europe hf. –  is licensed by the Central Bank of Iceland as a payment institution and permitted to provide its services in EEA(EU) and the UK  lice
  • India – Rapyd Aggregator Network India Private Limited provides services authorized by the Reserve Bank of India through partnerships with locally licensed banks and payment gateway providers
  • Japan – Rapyd Japan K.K.
  • Malaysia – Rapyd MY Sdn Bhd
  • Mexico – Rapyd Networks Mexico, S.A.P.I. DE C.V., bajo la figura de “empresa especializada”, provides regulated services in Mexico through selected Network Partners.  Rapyd Network Partners in Mexico are incorporated entities, licensed by the Comisión Nacional Bancaria y de Valores (“CNBV”), and registered with Secretaría de Hacienda y Crédito Público de los Estados Unidos Mexicanos (“SHCP”). 
  • Singapore – Rapyd Holdings Pte Ltd. is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS)
  • United Kingdom – CashDash UK Limited provides regulated services through an e-money license issued by the Financial Conduct Authority (FCA) passported throughout the EU
  • United States of America – Rapyd Financial Technology US, Inc., registered with the Financial Crimes Enforcement Network (FinCEN) provides services through agreement with Evolve Bank & Trust and MVB bank”

“Rapyd Confidential” means information created by Rapyd and shared with Network Partners, the use and handling of which is subject to certain minimum standards of diligence and care to prevent unauthorised disclosure or business harm to Rapyd. This information includes any and all materials concerning Rapyd’s intellectual property, proprietary property or information, trade secrets, products, planned products, services or planned services, employees, customers, prospective customers, data, financial information, computer software, processes, methods, knowledge inventions, ideas, discoveries, current or planned activities, research, development, or other information relating to Rapyd’s business activities or operations.

“Rapyd Network” means Rapyd’s platform through which payments are processed and cleared and settled.

“Rapyd-Owned Marks” means all trademarks owned by Rapyd.

“Rapyd Services” means any and all services Rapyd renders in connection with the Rapyd Network including but not limited to providing a network of Network Partners that together support and ensure the functioning of global payments through the Rapyd system.

“User” is a sender or consumer that uses Rapyd Services to pay, send or withdraw money at a Network Partner location.

“Applicable Law” means (i) any applicable rule or requirement of a payment card network; and (ii) any and all foreign, federal, state or local laws, treaties, rules, regulations, regulatory and supervisory guidance, directives, policies, orders or determinations of (or agreements with) a Regulatory Authority and mandatory written direction from (or agreements with) any Regulatory Authority. For the US: including, without limitation, the Bank Secrecy Act, any and all sanctions or regulations enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, and federal or state statutes or regulations relating to banking, money transmission, currency exchange, anti-money laundering (including, but not limited to the Bank Secrecy Act), money service businesses, gift certificates/gift cards, unclaimed property, electronic funds transfers, consumer credit, usury, privacy and data security, and data breach remediation and notification, customer identity verification and screening, unclaimed property, including, without limitation, Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124 Stat. 1376, and the regulations promulgated thereunder, including, without limitation 12 CFR 1005.30, et seq., or any successor provisions, that, in each case, are applicable to the activities of the Rapyd Network, or otherwise applicable to any Network Partner or Rapyd or their respective agents, as the same may be amended and in effect from time to time. Applicable is whatever laws apply to the Network Partner in their Jurisdiction, be it US, Mexican, law of the Philippines or European law etc.

“Confidential information” means any information that (i) identifies or can be used to identify a user (including any name, signature, address, telephone number, email address, and other unique identifiers); or (ii) can be used to authenticate a user (including any identification number, credit card number, debit card number, bank account details, credit report information, answers to security questions, and other personal identifier) with or without any required security code, access code, personal identification number, or password, that would allow access to a users data.

“Copyright” means a form of protection that the laws of various countries provide for original literary, dramatic, musical, artistic, and certain other intellectual works.

“Mark” means a word, name, design, symbol, or other device, or any combination thereof, that Rapyd or any entity adopts to identify its goods or services.

“Merchant” means an entity that enables Rapyd as a means of collecting payment in exchange for goods and/or services sold to Rapyd users.

“Network Partner” means an entity that meets Rapyd’s criteria for participation and is authorised to join the Rapyd Network.

“Receiver” means an entity that receives funds transmitted via the Rapyd Network.

“Regulatory Authority” means any regulatory body that regulates payments in a relevant jurisdiction including but not limited to payment networks which are utilised by any Network Partner, user in connection with the performance of its obligations hereunder, including any foreign governmental agency, having jurisdiction over any of the services to be provided hereunder, a Network Participant, Rapyd or any of their respective agents.

“Sender” means the payor of funds transmitted via the Rapyd Network.

“Trade Secret” means any formula, pattern, device, or compilation of information that is used in a business, and that provides an opportunity to obtain an advantage over competitors who do not know or use it.