Schedule B: FX and payments (Ebury)
About version 1
- What changed
- First published version
- Why
- Hedj is publishing written terms for FX and payment services, provided by Ebury, for the first time.
- What it means for you
- This Schedule applies when your organisation uses FX or payment services through Hedj. It explains Hedj's role, your separate agreement with Ebury, how rates work and where to complain.
This Schedule forms part of the Hedj Master Terms between your organisation and Hedj Financial Risk Management Limited ("Hedj", "we", "us"). It applies when you use foreign exchange or payment services through Hedj.
Hedj Financial Risk Management Limited is a company registered in Ireland (registered no. 803831). Registered address: 2 Southwood Park, Blackrock, Co. Dublin, A94 D2C1, Ireland.
This is the UK version of Schedule B. It applies when your FX and payment services are provided by Ebury Partners UK Limited.
1. What this Schedule covers
1.1 Through Hedj you can ask for quotes, enter into spot and forward foreign exchange contracts, hold currency balances, manage beneficiaries and make payments ("FX and payment services"). These services are provided by Ebury, not by Hedj.
2. Who provides the services and Hedj's role
2.1 Hedj Financial Risk Management Limited's Payment and Foreign Currency Exchange Services are provided by Ebury Partners UK Limited.
2.2 Ebury Partners UK Limited (EPUK) is an Authorised Electronic Money Institution (Financial Services Register No. 900797) and is licensed to provide payment services including FX spots and FX Forwards for the commercial purpose of the facilitation of payments for identifiable goods or services and direct investments. Ebury Partners UK Limited is registered with the Information Commissioner's Office, with registration number: ZA345828.
2.3 Hedj introduces you to Ebury Partners UK Limited. Hedj is not an agent of Ebury Partners UK Limited and does not provide any regulated payment or FX service itself.
2.4 Hedj makes introductions to Ebury for the provision of regulated payment services. Transaction dealing is done through Ebury. Hedj has no authority or ability to negotiate or vary the transactions or the services, or to enter into any contract on behalf of Ebury, including registering you as an Ebury client.
2.5 Ebury decides whether to accept your organisation as a client, and Ebury may refuse any client, transaction or instruction.
3. Your agreement with Ebury
3.1 Ebury's Corporate Relationship Agreement is a separate contract between your organisation and Ebury. You accept it in Ebury's own onboarding journey. It governs the FX and payment services, has its own governing law, and prevails over this Schedule for anything about those services. Hedj is not a party to it.
3.2 Ebury carries out its own checks before accepting you. Where we collect information for Ebury's onboarding, we pass it to Ebury as you gave it to us.
4. Instructions you give through Hedj
4.1 You authorise Ebury to act on instructions given through Hedj by the users your organisation has permitted to trade or make payments in Hedj, including accepting quotes, entering into contracts, adding beneficiaries and instructing payments.
4.2 Hedj passes each instruction to Ebury exactly as it was given. Ebury carries it out under its Corporate Relationship Agreement.
4.3 You are responsible for the roles, permissions and authority limits you set in Hedj, and for making sure that your users act within them.
5. Unauthorised or incorrect transactions
5.1 If you think a transaction or payment was unauthorised or was carried out incorrectly, report it directly to Ebury, within the time limits in Ebury's Corporate Relationship Agreement.
5.2 You may also tell Hedj, and we will help, but telling Hedj does not count as telling Ebury.
6. Commercial purpose
6.1 You confirm that every FX contract you enter into through Hedj is for a commercial purpose: to pay for identifiable goods or services or direct investments, or to hedge or settle a genuine commercial exposure of your organisation. FX services through Hedj are not for speculation or investment.
7. Rates and how Hedj is paid
7.1 The exchange rate Ebury quotes is an all-in rate: it includes Ebury's margin. Hedj does not add its own fee to your FX contracts.
7.2 Hedj is paid by Ebury, out of Ebury's margin on the transactions you enter into. Any other amounts that apply to Ebury's services are set out in Ebury's Corporate Relationship Agreement.
8. Complaints
8.1 Complaints about Ebury's services should be sent to Ebury: by email to complaints@ebury.com, or by post to Compliance Department, Ebury Partners UK Limited, 100 Victoria Street, London SW1E 5JL. Ebury's complaints policy is at www.ebury.com/legal/complaints-policy.
8.2 If your complaint remains unresolved, you may be able to refer it to the Financial Ombudsman Service: www.financial-ombudsman.org.uk, telephone 0800 023 4567. Eligibility depends on the size of your organisation.
8.3 If you send a complaint about Ebury's services to Hedj, we will forward it to Ebury within two business days and give Ebury the information it needs to deal with it.
8.4 Complaints about Hedj's own platform are handled under clause 15 of the Master Terms.
9. Micro-enterprises and charities
9.1 If your organisation is a micro-enterprise or a charity, nothing in Hedj's terms limits the protections that Ebury's Corporate Relationship Agreement or payment services law give you.
10. Your data
10.1 Some of the data used for Ebury's services, such as onboarding information, payment instructions and beneficiary details, is processed by Hedj on Ebury's instructions. Our privacy notice explains this, and Ebury's own privacy notice is at privacy.ebury.com.
10.2 We keep records of the services we provide in connection with Ebury for at least 5 years, as Ebury requires.
11. Ending FX and payment services
11.1 You can stop using FX and payment services through Hedj at any time. Your Corporate Relationship Agreement with Ebury continues or ends under its own terms.
11.2 If Hedj's arrangement with Ebury ends, Ebury may contact you directly about continuing your services.
12. Changes to this Schedule
12.1 Hedj changes this Schedule under clause 12 of the Master Terms. A new version takes effect when it is published, with a summary of what changed. If your organisation does not accept it, your continued use of Hedj from two months after it is published is deemed acceptance, and you may end the agreement before then. Ebury changes its Corporate Relationship Agreement under that agreement's own terms.
Hedj Financial Risk Management Limited is registered in Ireland, company number 803831. Registered office: 2 Southwood Park, Blackrock, Co. Dublin, A94 D2C1, Ireland.