1. Introduction

•  Welcome to Reciprocal - Reciprocal is the trading name of Reciprocal Payments Limited, a company incorporated in England and Wales with company number 15217588, and having its registered office at 124 City Road, London, United Kingdom, EC1V 2NX. In these Terms of Service, we will refer to ourselves as "we", "us", or "our". 

•  Purpose of our Service - Reciprocal specialises in providing innovative and comprehensive international payment solutions for businesses. Our services include, but are not limited to, facilitating currency exchanges, processing international payments, and offering risk management tools such as forward contracts. Through our platform, accessible at https://www.reciprocal.cc/ (the "Website"), we strive to simplify and enhance your international financial transactions. 

• Scope of these Terms - These Terms of Service ("Terms") constitute a legally binding agreement between you (either an individual or a business entity, herein referred to as "you" or "your") and Reciprocal Payments Limited. They govern your access to and use of our Website and the services we provide through it. ∙ 

• Acceptance of Terms - By accessing or using our Website and services, you acknowledge that you have read, understood, and agree to be bound by these Terms, including any additional terms and conditions and policies referenced herein and/or available by hyperlink. These Terms apply to all users of the Website, including without limitation users who are browsers, customers, merchants, and/ or contributors of content. If you disagree with any part of the Terms, you must not use our Service.

• Changes and Updates - We reserve the right to update, change or replace any part of these Terms by posting updates and/or changes to our Website. It is your responsibility to check this page periodically for changes. Your continued use of or access to the Website following the posting of any changes constitutes acceptance of those changes. ∙

• Eligibility and Registration - To access certain features of our Website and use our services, you may be required to register and provide certain information about yourself. You agree to provide accurate, current, and complete information during the registration process and to update such information to keep it accurate, current, and complete.

2. Our Services ∙ Overview of Services - Reciprocal is dedicated to providing a wide range of international payment solutions to businesses. Our services are not limited to but prominently include: 

a. Currency Exchange: We offer competitive rates and options for exchanging various currencies, facilitating smoother international trade and financial transactions for your business. 

b. International Payments Processing: Our platform enables businesses to send and receive payments across borders efficiently and securely, thereby streamlining your global payment needs. 

c. Risk Management Solutions: Understanding the volatility in foreign exchange markets, we offer forward contracts and other risk management tools to help protect your business from adverse currency movements. 

• Customised Solutions: Our commitment is to cater to the unique needs of each business. We strive to understand your specific requirements and offer tailored solutions that best fit your international payment and currency exchange needs.

• Regulatory Compliance: 

a. Our services are subject to strict oversight and regulation by the Financial Conduct Authority (FCA), the UK's primary financial regulatory body. We operate in full compliance with FCA guidelines, ensuring that our practises adhere to the highest standards of financial conduct and consumer protection. 

b. Additionally, we adhere to other relevant UK financial laws and regulations, including but not limited to the Payment Services Regulations 2017, and the Electronic Money Regulations 2011. This compliance ensures that our operations are not only legal but also safe and reliable for our clients. 

c. As part of our commitment to regulatory compliance, we engage in rigorous due diligence and take measures to prevent money laundering and financial fraud. Our policies are designed to protect the interests of our clients and maintain the integrity of our financial services. 

• Continuous Improvement: In an ever-evolving financial landscape, we continuously seek to improve our services. We stay abreast of changes in financial regulations, market trends, and technological advancements to ensure that our services remain cutting-edge, compliant, and responsive to the needs of our clients.

3. User Obligations 

• Registration and Account Information: To access and use our services, users are required to register and create an account. During the registration process, users must provide accurate, complete, and current information as requested. Users are obliged to update their account information promptly to reflect any changes to ensure ongoing accuracy, completeness, and currency. 

• Compliance with Laws and Regulations: Users must comply with all applicable laws and regulations related to international payments and financial transactions. This includes, but is not limited to, adhering to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and any other relevant financial legislation. Users must not use our services for any illegal or unauthorised purpose, including but not limited to fraud, money laundering, or terrorist financing. ∙ Account Security and Confidentiality: Users are responsible for maintaining the confidentiality and security of their account information, including usernames and passwords. Users must notify us immediately of any unauthorised use of their account or any other breach of security.  

• Accurate and Lawful Use of Services: Users must ensure that all transactions and activities conducted through our services are lawful, accurate, and free from fraudulent intent. Users must provide complete and accurate information for all transactions, including recipient details for international payments. 

• Financial Responsibility: Users are responsible for all charges and fees associated with their use of our services. Users must ensure that there are sufficient funds or credit available in their accounts to complete transactions. ∙

• Cooperation in Regulatory Compliance: Users may be required to provide additional information or documentation as part of our compliance with regulatory requirements, including but not limited to customer due diligence (CDD) and know your customer (KYC) procedures. Users agree to cooperate fully with any requests for information related to their use of our services as part of our regulatory compliance obligations. 

4. Use of the Website 

• Lawful Purposes: Users are permitted to use the Website and our services exclusively for lawful purposes and in a manner consistent with these Terms, as well as all applicable local, national, and international laws and regulations. Any use of the Website or services for illegal or unauthorised purposes is strictly prohibited. 

• Prohibited Activities: The Website must not be used in any way that causes, or may cause, damage to the Website or impairment of the availability or accessibility of the service. Users are prohibited from engaging in any form of data extraction, data mining, scraping, or similar data gathering and extraction tools on the Website for any commercial purpose. The use of automated systems or software to extract data from the Website for commercial purposes ('screen scraping') is prohibited unless the user has entered into a written licence agreement with us that expressly permits such activity.