Verxt Terms of Service

Section 01 — Welcome to Verxt

Verxt Services is a financial technology company that provides a platform enabling freelancers and businesses to receive, hold, convert, and move money across borders, with a current focus on corridors into Africa. Our platform ("Platform") includes our website, mobile applications, APIs, and all associated features and services.

By creating a Verxt account, accessing our Platform, initiating any transaction, or otherwise interacting with our services, you ("User", "you", or "your") agree to be fully bound by this Agreement, as well as our Privacy Policy and any other policies incorporated by reference.

Important: You must not use any of our services if you do not agree to all terms stated here. Continued use of the Platform constitutes your ongoing acceptance of any updates to this Agreement.

For certain services, Verxt may publish additional terms or supplementary policies which are incorporated into this Agreement. Where supplementary terms conflict with this Agreement, the supplementary terms control for that specific service.

Section 02 — Verxt's Role and Regulatory Status

Verxt is a technology provider. It does not itself hold money-transmission, payment, banking, or e-money licences in any jurisdiction, and it is not a bank. The regulated activities involved in delivering the services, including holding funds, issuing accounts, executing payments and payouts, currency exchange, and identity and anti-money-laundering compliance, are carried out by licensed partner institutions ("Partner Institutions") authorised to operate in the relevant jurisdictions, including the United Kingdom, Canada, and others.

Funds associated with your account are held by Partner Institutions in virtual or dedicated accounts, not by Verxt. Funds held in connection with your account are not deposits with Verxt and are not insured by any deposit-protection scheme unless a Partner Institution explicitly provides such protection. Your use of a Partner Institution's services may be subject to that institution's own terms.

Section 03 — Definitions

For the purposes of this Agreement:

• "Account" or "Verxt Account": the registered profile you create to access our services.
• "Balance": funds held in connection with your Verxt Account by a Partner Institution, in one or more supported currencies, where the corridor supports held balances.
• "Services": all products, features, and tools offered by Verxt via the Platform.
• "Transaction": any transfer, payment, conversion, deposit, or payout processed via the Platform.
• "Partner Institution": a licensed financial institution that provides the underlying regulated infrastructure for our services.
• "Corridor": a supported route for sending or receiving money between two countries or currencies.
• "Content": all text, images, logos, graphics, software, data, and other materials made available via the Platform.
• "User Data": any information you submit to, or that is collected by, Verxt in connection with your use of the Services.

Section 04 — Eligibility and Registration

4.1 Age Requirement

Our Platform and Services are intended exclusively for individuals who are 18 years of age or older. By registering an account, you confirm that you meet this requirement. Verxt does not knowingly provide services to anyone under 18, and we reserve the right to terminate any account on discovering a violation of this restriction.

4.2 Account Registration

To access our Services, you must create an account and provide accurate, complete, and current information, including but not limited to:

• Your legal name and date of birth.
• A valid government-issued identification.
• A functional email address and phone number.
• Your country of residence and, where applicable, business details.

We reserve the right to decline any registration or suspend any account at our sole discretion, including where we or a Partner Institution determine that a user presents a financial, legal, or regulatory risk.

4.3 Account Updates

You are responsible for keeping your account information current and accurate. If any information changes, including your legal name, address, or business structure, you agree to update your account or notify us within 14 days of the change.

4.4 One Account Policy

Each individual may maintain only one personal Verxt Account. Operating multiple accounts without written authorisation from Verxt is a material breach of this Agreement and may result in suspension or termination.

Section 05 — Identity Verification (KYC/AML)

Verxt and its Partner Institutions are required by applicable law to conduct customer due diligence, Know Your Customer ("KYC") and Know Your Business ("KYB") checks, and Anti-Money Laundering ("AML") screenings on all users and any parties involved in transactions. By using our Services, you consent to and agree to cooperate fully with these requirements.

5.1 Verification Process

We, or a verification provider or Partner Institution acting on our behalf, may at any time and without prior notice request:

• Government-issued photo identification (passport, driver's licence, national ID).
• Proof of address (utility bill, bank statement, or similar document).
• Source-of-funds documentation.
• Business registration and beneficial-ownership documents (for business accounts).
• Any other information reasonably required to verify your identity or the nature of your transactions.

5.2 Background and Screening Checks

You authorise Verxt and its Partner Institutions to obtain screening, sanctions, and commercially available database reports about you, from time to time, in connection with establishing, maintaining, reviewing, or renewing your account, or in connection with any dispute under this Agreement.

Warning: Failure to provide requested verification information, or the provision of false or misleading information, may result in the immediate suspension or termination of your account and may be reported to relevant authorities in accordance with applicable law.

Section 06 — Account Security

You are solely responsible for maintaining the confidentiality and security of your account credentials, including your password, PIN, one-time passcodes (OTPs), and any two-factor authentication (2FA) credentials.

6.1 Your Obligations

• Never share your password, PIN, or OTP with anyone, including Verxt staff.
• Enable two-factor authentication on your account.
• Use a unique, strong password not used on other services.
• Secure any device you use to access Verxt with a PIN, biometric lock, or password.
• Log out after each session on shared or public devices.

6.2 Security Incidents

Notify Verxt immediately if you suspect or become aware of:

• Unauthorised access to or use of your account.
• Your login credentials being compromised, lost, or stolen.
• Your registered email address or phone number being compromised.
• Unauthorised or suspicious transactions in your account history.
• Any person requesting your password, OTP, or security details.

Critical: Verxt will never ask you for your password or OTP by email, phone, or chat. Treat any such request as fraudulent and report it to us immediately.

Verxt reserves the right to suspend, freeze, or restrict your account at any time if we detect or suspect unauthorised access, fraudulent activity, or a breach of account security, with or without prior notice. Verxt shall not be liable for losses resulting from unauthorised use of your account where such use resulted from your failure to maintain adequate security practices.

Section 07 — Our Services

Verxt provides tools to help freelancers and businesses receive and move money across borders. The specific services available to you may vary based on your location, account type, corridor, and verification status. Our Services may include, but are not limited to:

• Receiving international payments from clients and payers.
• Multi-currency balances in corridors that support held balances.
• Payouts to local bank accounts in supported destination countries.
• Currency conversion between supported currency pairs.
• Sending and receiving money across supported corridors.
• Invoicing and related tools for freelancers and businesses.
• Transaction history and account management.

Some corridors support held balances, while others are payout-only. Verxt reserves the right to add, modify, suspend, or discontinue any Service or feature at any time, with or without notice. We will make reasonable efforts to notify you of material changes that affect your account.

7.1 Service Limitations

Verxt, together with its Partner Institutions, holds sole authority to refuse to process any transaction, accept any user, or provide any Service at its discretion. As set out in Section 02, Verxt is not a bank and does not hold funds. Funds are held and payments executed by licensed Partner Institutions. Verxt does not guarantee the availability of any corridor, Partner Institution, or Service in any given jurisdiction.

Section 08 — Transactions and Payments

8.1 Funding and Receiving

Where a corridor supports it, you may receive funds into a virtual or dedicated account provided by a Partner Institution. Funds are credited to your Balance on confirmation of receipt. We or a Partner Institution may require documentation confirming the source of funds for regulatory compliance, and you agree to provide it promptly on request.

8.2 Sending and Paying Out

You are responsible for ensuring that all transaction details, including recipient name, account number, and amount, are accurate before confirming any transaction.

Irreversible Transactions: Once a transaction has been processed and confirmed, it generally cannot be reversed or cancelled. Verxt will not be liable for transactions carried out in accordance with your instructions. Verify all details before confirming.

8.3 Transaction Limits

Limits apply to transactions, including daily, weekly, and monthly limits on deposits, payouts, and transfers. These vary based on your verification level, account history, corridor, and applicable regulations. Current limits are available within your account.

8.4 Currency Conversion

Verxt offers currency conversion between supported pairs at rates that may include a spread above the interbank rate. Exchange rates are provided at the time of conversion and are not guaranteed in advance. Any conversion fee will be disclosed before the conversion completes.

8.5 Reversals and Refunds

In certain circumstances, transactions may be subject to reversal, including fraud-related reversals or reversals required by law. You agree to cooperate with any reversal investigation. If a reversal results in a negative balance on your account, you agree to repay that amount to Verxt immediately.

Section 09 — Fees and Charges

By using our Services, you agree to pay all applicable fees as described on our Pricing Page, which is incorporated into this Agreement by reference. Fees may include but are not limited to:

• Transaction processing fees on transfers and payouts.
• Currency conversion fees (spread included in the exchange rate).
• Payout fees.
• Account inactivity fees, where applicable.
• Third-party fees passed on from Partner Institutions or payment networks.

9.1 Fee Changes

Verxt reserves the right to revise our fee structure at any time. We will provide reasonable notice of any fee changes by email or in-app notification. Your continued use of the Services after such notice constitutes acceptance of the updated fees.

9.2 Charge Disputes

If you have a good-faith dispute with any charge, you must notify us in writing within a reasonable period of receipt, specifying the amount and the basis for the dispute.

9.3 Taxes

You are solely responsible for determining, reporting, and remitting any taxes applicable to your use of our Services or transactions conducted through your account. Verxt does not provide tax advice and is not responsible for the tax implications of any transaction.

Section 10 — Prohibited Activities

You agree not to use the Platform or Services for any purpose that is unlawful, fraudulent, harmful, or otherwise prohibited by this Agreement. The following are strictly prohibited.

Financial crimes:

• Money laundering, terrorist financing, or structuring transactions to evade reporting thresholds.
• Tax evasion or fraudulent transactions.
• Operating pyramid schemes, Ponzi schemes, or unlicensed financial services.

Fraud and misrepresentation:

• Providing false identity or verification documents.
• Impersonating another person or entity.
• Unauthorised use of another person's payment credentials.

Unauthorised system use:

• Attempting to access systems or data without authorisation.
• Reverse engineering, scraping, or deploying bots against the Platform.
• Introducing malware, viruses, or harmful code.

Regulatory violations:

• Transactions involving sanctioned persons or jurisdictions.
• Processing payments for prohibited goods or services under applicable law.
• Activities violating applicable financial regulations in your jurisdiction.

Consequences: Engaging in any prohibited activity may result in immediate account termination, forfeiture of funds where required by law or a Partner Institution, and reporting to law enforcement or regulatory authorities. Verxt cooperates fully with all lawful requests from law enforcement agencies.

Section 11 — Intellectual Property

All Content available through the Platform, including text, graphics, logos, icons, images, data, software, and the overall design of the Platform, is the exclusive property of Verxt Services or its licensors and is protected by applicable copyright, trademark, patent, and other intellectual property laws.

11.1 Licence to Use

Subject to your compliance with this Agreement, Verxt grants you a limited, non-exclusive, non-transferable, revocable licence to access and use the Platform for your personal or authorised business purposes. This licence does not include the right to:

• Reproduce, copy, or distribute any Platform Content without prior written consent.
• Modify, adapt, translate, or create derivative works based on any Platform Content.
• Reverse-engineer, decompile, or disassemble any software forming part of the Platform.
• Use Verxt's name, logo, or branding without prior written authorisation.
• Sublicense, sell, or commercially exploit any part of the Platform.

11.2 API and Developer Licence

For users accessing Verxt via our APIs or developer tools, we grant a revocable, non-exclusive, non-transferable licence to use the API solely as documented and for the permitted purpose of integrating with our Services. On expiration or termination of this Agreement, all licences granted cease immediately.

11.3 User Content

Any content you submit to Verxt (including feedback, reviews, or suggestions) is deemed non-confidential, and you grant Verxt a perpetual, worldwide, royalty-free licence to use, reproduce, and incorporate it for service improvement and operational purposes.

Section 12 — Privacy and Data Protection

Our collection, use, and protection of your personal information is governed by our Privacy Policy, which is incorporated into this Agreement by reference. By using our Services, you consent to the collection, processing, and sharing of your personal information as described there.

12.1 Data Retention

We retain your personal and transactional data for as long as necessary to provide our Services, comply with legal obligations, resolve disputes, and enforce our agreements. Even after account closure, we and our Partner Institutions may retain certain information as required by applicable law, typically at least five years.

12.2 Electronic Communications Consent

By creating a Verxt Account, you consent to receiving electronic communications from Verxt, including transaction confirmations, security alerts, and legal notices. You agree that communications sent electronically satisfy any legal requirement for written communication. You may opt out of non-essential communications via your account settings.

Section 13 — Third-Party Services

Our Services rely on third-party providers, including Partner Institutions, identity-verification providers, payment processors, and cloud infrastructure providers. Your use of such third-party services may be subject to their own terms and privacy policies.

Verxt is not responsible for the acts, omissions, products, or services of any third party. Issues arising from third-party services should be resolved directly with the applicable third party, though Verxt will provide reasonable assistance where possible.

Our Platform may contain links to external websites provided for convenience only. Verxt does not endorse and is not responsible for the content or practices of any linked third-party website.

Section 14 — Disclaimers and Limitation of Liability

14.1 Disclaimer of Warranties

The Platform and Services are provided on an "as is" and "as available" basis, without warranties of any kind, express or implied, including warranties of merchantability, fitness for a particular purpose, title, or non-infringement. Verxt does not warrant that the Services will be uninterrupted, error-free, secure, or free from harmful components.

14.2 Limitation of Liability

To the fullest extent permitted by applicable law, Verxt's total liability to you for any claim arising out of or related to this Agreement or your use of the Services shall not exceed the greater of: (a) the total fees paid by you to Verxt in the three months preceding the claim; or (b) one hundred U.S. dollars (USD $100).

In no event shall Verxt be liable for any indirect, incidental, special, consequential, or punitive damages, including loss of profits, data, business, or goodwill, even if Verxt has been advised of the possibility of such damages.

14.3 Force Majeure

Verxt shall not be liable for any failure or delay in performing its obligations resulting from circumstances beyond our reasonable control, including natural disasters, acts of government, terrorism, cyberattacks, Partner Institution or bank failures, pandemics, or interruptions to internet or utility services.

Section 15 — Indemnification

You agree to defend, indemnify, and hold harmless Verxt Services and its directors, officers, employees, agents, partners, licensors, and service providers from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or related to:

• Your use of or inability to use the Services.
• Your violation of any provision of this Agreement.
• Your violation of any applicable law or regulation.
• Any transaction you initiate through the Platform.
• Any content you submit to the Platform.
• Your infringement of any third-party intellectual property or other rights.
• Any misrepresentation made by you to Verxt or any third party.

Verxt reserves the right to assume the exclusive defence and control of any matter subject to indemnification by you, in which case you agree to cooperate fully.

Section 16 — Suspension and Termination

16.1 Termination by You

You may close your Verxt Account at any time by contacting our support team or following the closure process in your account settings. Pending transactions must be completed or resolved before closure is finalised. Any remaining Balance at closure will be paid out to your designated bank account, subject to applicable fees and compliance requirements.

16.2 Termination or Suspension by Verxt

Verxt reserves the right to suspend, restrict, or terminate your account or access to any Service at any time, with or without prior notice, including for:

• Violation of this Agreement or any associated policy.
• Engaging in any prohibited or fraudulent activity.
• Failure to complete or maintain required identity verification.
• Reasonable belief that your account poses a security, fraud, or compliance risk.
• Regulatory requirements, Partner Institution requirements, or instructions from law enforcement.
• Extended periods of account inactivity.

16.3 Effect of Termination

On termination: (a) all licences granted to you cease immediately; (b) you must discontinue all use of the Services; (c) all provisions that by their nature should survive termination shall survive, including intellectual property rights, disclaimers, indemnification obligations, and dispute-resolution provisions.

Section 17 — Dispute Resolution

17.1 Informal Resolution

Before initiating any formal dispute, you agree to first contact Verxt at legal@verxt.com and attempt to resolve the matter informally. Verxt will make reasonable efforts to resolve your concern within 30 days of receiving your written notice.

17.2 Binding Arbitration

If informal resolution fails, you and Verxt agree that any dispute, claim, or controversy arising out of or relating to this Agreement or the Services shall be resolved through final and binding arbitration administered by a mutually agreed arbitration body, rather than in a court of law. The arbitration shall be conducted in English on a confidential basis.

Class Action Waiver: YOU AND VERXT EACH WAIVE THE RIGHT TO A TRIAL BY JURY AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION. All disputes must be brought on an individual basis only. This class action waiver is a material and non-severable part of this Agreement.

17.3 Exceptions

Notwithstanding the above, either party may seek emergency injunctive or other equitable relief in a court of competent jurisdiction to prevent irreparable harm pending resolution of a dispute through arbitration.

Section 18 — Changes to These Terms

Verxt reserves the right to modify, update, or replace any part of this Agreement at any time at our sole discretion. When we make material changes, we will:

• Update the "Last Updated" date at the top of this document.
• Notify you by email to the address registered to your account.
• Display an in-app notification for a reasonable period.

Changes take effect 30 days after the notification date for material changes, or immediately on posting for non-material updates such as corrections or clarifications. Your continued use of the Services after the effective date of any amendment constitutes acceptance of the updated terms.

Section 19 — Contact Us

If you have any questions, concerns, or feedback regarding these Terms of Service, please contact us:

• Legal and disputes: legal@verxt.com
• General inquiries and support: Contact Us

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