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Product Terms - Rapyd Virtual Accounts (Hong Kong) (“HK Virtual Accounts Product Terms”)

  1. Part of the Rapyd Merchant Agreement. These HK Virtual Accounts Product Terms: (a) apply to our provision of the Rapyd Virtual Accounts Service to you and are in addition to and supplement the General Terms; and (b) form part of this Agreement.
  2. Description of Rapyd Virtual Accounts Services. Once you have activated your Account in the Portal and have passed our compliance checks you are eligible to use the Virtual Accounts in one of our Supported Currencies to receive funds from your Customers or other payers into your Rapyd Wallet. You may receive funds through us in accordance with these EU Virtual Accounts Product Terms in any Supported Currency we have approved for you. 
  3. Source of funds. The Rapyd Virtual Accounts Services we provide enable you to collect Payments from your Customers to your Rapyd Wallet through external bank transfers in one of our Supported Currencies or to top up funds from your same name bank account to execute a Payout. There may be restrictions on the source of your funds depending on your location. You must not at any time transfer (e.g. top up) any of your own funds or use the Virtual Account Service to receive funds without a genuine underlying transaction for sales/purchases of goods or services regardless of whether you receive the funds from a payer or you top up the funds for a Payout.  If requested, you must promptly provide evidence of the funding source.
  4. Virtual Accounts credentials. To use the Rapyd Virtual Accounts Services to collect Payments, you must provide to your Customers the Virtual Accounts Credentials (e.g. an IBAN) that we assign to you. You alone are responsible for providing your Customers with the correct Virtual Accounts Credentials. You will not receive incoming funds if you provide your Customers with incorrect Virtual Accounts Credentials. The transfer of funds from your Customers is a service provided by your Customers’ payment service providers and is not part of our Services. We have no control over the time it may take for the transfer of such funds to clear and settle.
  5. Rapyd Wallet balance. After we confirm receipt of the funds and complete our compliance checks, we will update the balance of your Rapyd Wallet, which is generally within one (1) Business Day of our receipt of the funds. We will hold the received funds in one or more underlying bank accounts in our name for the sole purpose of providing the Virtual Accounts Services. The funds in any underlying bank account will be pooled with those of other users of the services we provide. We will hold your Rapyd Wallet balance pending your withdrawal of funds in accordance with clause 7 below (withdrawal of funds) of these HK Virtual Accounts Product Terms.
  6. Foreign exchange. You must ensure that Payments are made in one of our Supported Currencies. If a Payment is not in a Supported Currency, we may convert it to the Supported Currency of your Rapyd Wallet using the applicable Foreign Exchange Rate.
  7. Withdrawal of funds. Subject to any rights of set-off, you must promptly instruct us regarding the withdrawal of funds held in your Rapyd Wallet. If you do not give us withdrawal instructions within a reasonable period as determined by us, and in any event, within a maximum period of no longer than 90 days, we will at our sole discretion:
    1. Remit the funds to your designated Settlement Account;
    2. Return the funds to the payer; or
    3. Remit the funds to you in any other way permitted by Applicable Law.
  8. Limits. We may impose limits on the level of funds you can hold in your Rapyd Wallet. If you want to increase any limit, we must provide us with additional information so that we can assess various issues, such as potential fraud and credit risks.
  9. Right of refusal. We may, at any time and in our sole discretion, reject or limit Payments from your Customer collected via the Rapyd Virtual Accounts. Payments to you may be rejected for any reason, including reasons related to compliance with Applicable Laws (including applicable AML/CTF laws) or our risk management policies and procedures. We are under no obligation to disclose the reason for the rejection. 
  10. Reversals. If Customer pays you through the Payment Method Virtual Accounts is entitled to a Refund, we will attempt to carry out a Reversal and may debit the Payment amount and any related Fees from your Rapyd Wallet. If the transferred funds are no longer available in your Rapyd Wallet for the Reversal, you must reimburse us fully and promptly. We may set off any amounts owing under this clause in accordance with this Agreement.