Last updated: April 28, 2025
- Obligations of Nium.
- Pay In Service and Pay Out Service to End Customers. In consideration of each End Customer paying the End Customer Fees, Nium shall provide the Pay In Service and/or Pay Out Service to End Customers in accordance with the terms of the Platform Services Agreement, the End Customer Terms and Conditions, and Applicable Laws.
- Right of Refusal of Nium. Nium reserves the right to refuse to provide, or suspend or terminate the provision of, the Pay In Service and/or Pay Out Service to any End Customer at any time without liability to the Client, in accordance with Applicable Laws and the End Customer Terms & Conditions. Nium shall notify the Client of any such refusal, suspension or termination.
- No Representations or Warranties for Underlying Transactions. Nium makes no representation or warranty nor does Nium have control of, or liability to, the Client or an End Customer for any Underlying Transaction. Nium does not guarantee or ensure that any Payer will complete an Underlying Transaction made with an End Customer.
- Obligations of the Client.
- The Nature of the VBAN. The Client shall ensure that each End Customer and Payer is aware of and understands the following:
- A VBAN (A) is a notional representation of the associated Settlement Account created for record keeping, reporting and administrative purposes; (B) does not hold funds or generate any actual credits and debits independently from the associated Settlement Account; and (C) is not a separate payment account or bank account owned or operated by an End Customer.
- Funds transferred by the relevant End Customer or a Payer would be credited into the Settlement Account.
- The End Customer does not own or operate any Settlement Account or have any other interest in any Settlement Account and any interest earned on monies held in any Settlement Account is not payable to the End Customer. The Financial Partner that maintains the Settlement Account does not have any contractual duty or relationship with any End Customer under any circumstances.
- Submission of Instruction for Pay In Services or Pay Out Services. The Client is responsible for transmitting all Instructions for Pay In Services and/or Pay Out Services from an End Customer to Nium. The Client shall maintain accurate and complete records relating to all such Instructions for such period as required by Applicable Laws and in any event, for no less than eight (8) years after termination of this Agreement. For each Instruction submitted to Nium, the Client represents and warrants that:
- it has been properly authorized by the relevant End Customer and transmitted by the Client on behalf of such End Customer (and not any third party) in accordance with the scope of authorization granted by the terms of the End Customer Terms and Conditions and the Platform Services Agreement;
- such authorization remains effective as of the time of transmittal, the crediting or debiting of the End Customer account's by Nium;
- no Instruction violates any Applicable Laws or will cause Nium to violate any Applicable Laws; and
- the Client shall not submit an Instruction to Nium for processing any transaction if there is not a corresponding fee for such transaction specified in the Fee Schedule unless the Client has notified its End Customers of Nium’s prevailing standard fees for such transaction (as communicated by Nium to the Client from time to time).
- The Nature of the VBAN. The Client shall ensure that each End Customer and Payer is aware of and understands the following: