Terms & Conditions

Sciopay Limited ("Scio")

Last updated: 26th June 2024

Overview

Sciopay Limited ("Scio") is a wholly owned subsidiary of Scio Group Limited. These Terms and Conditions ("Terms") govern your use of the Services provided by Scio and constitute the legal relationship between you and us. These Services include Spot Contracts, Forward Contracts, Limit Orders, Stop Loss Orders, other services, and digital content. By using any of our services, you agree to be bound by these Terms. If you do not accept these Terms, do not use our services.

Additional Policies

Privacy Policy – Outlines how we process your personal data. By using our website, you consent to this processing.

Cookie Policy – Provides details on the cookies we use on our website.

Glossary

Terms not defined elsewhere in the Terms shall have the meanings set forth below:

Business Introducer – A person with whom we have an agreement to promote and market our Services and may act as an Authorised User unless otherwise agreed.

Customer Nominated Account – The bank account nominated by Scio where the Sale Currency will be paid.

Contract – Individual Orders accepted by Scio.

Contract Note – A written document detailing an Order, sent to the Customer after confirmation.

Customer Application Process – The application submitted by the Customer, which Scio may accept at its discretion.

Data Controller – The entity determining how and why personal data is processed.

Data Processor – The entity processing personal data on behalf of a Data Controller.

Drawdown – An Order to utilise an existing Forward Contract fully or partially.

Fees – Charges payable by the Customer for our Services.

Forward Contract – An Order for deliverable foreign exchange where the Value Date is beyond two Business Days after the Order.

Good Till Cancelled – An Order valid until cancelled by you.

Limit Order – A conditional Order executed when an agreed exchange rate is met.

Margin – A deposit required to enter a Forward Transaction.

Margin Call – A request by Scio for additional funds to cover exchange rate movements.

MiFID Exempt Forward Contract – A Forward Contract for payments, not speculation, meeting specific regulatory criteria.

Online System – The electronic platform used by Scio for providing Services.

Order – A Customer's request for a financial transaction with Scio, forming a binding contract.

Payment Partners – Banking and technology partners enabling Scio's services.

Sale Currency – The designated currency payable by the Customer under a Contract.

Spot Contract – An Order where the Value Date is two Business Days after the Order.

Stop Loss Order – A conditional Order executed when an agreed rate is met to prevent further losses.

Transaction – A Customer instruction to send funds using the Services.

Transaction Account – The bank account designated by the Customer for receiving payments from Scio.

Regulations – All applicable financial laws and regulations, including anti-money laundering and payment service laws.

Relevant Funds – As defined in Regulation 23 of the Payment Services Regulations 2017.

Value Date – The date by which the Customer must transfer the Sale Currency to the Customer Nominated Account.

1. Overview

1.1 Sciopay Ltd is registered in England and Wales (Company No. 12352935) and is authorised by the Financial Conduct Authority (FCA) as an Authorised Payment Institution (API) (Registration No. 927951). Sciopay is also licensed by HMRC as a Money Services Business (MSB) (Registration No. NXML00000151326).

1.2 You can contact Scio at:

Phone: +44(0)203 890 4365

Email: info@sciopay.co

Office: Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK

1.3 If we need to contact you, we will do so via phone or email using the details provided in your Customer Application Process.

1.4 Scio facilitates the buying and selling of foreign currencies for international payments and hedging, not for speculation or investment. All contracts require full delivery at maturity.

1.5 By entering into a Contract with Scio, the Customer confirms:(a) They have a legitimate need for the currency being transacted and are not engaging in speculative trading.(b) They act on their own behalf and not for a third party.(c) They are MiFID Exempt if engaging in Forward Contracts.

1.6 Foreign exchange rates fluctuate beyond Scio’s control. Past performance does not guarantee future results.

1.7 Customers should read and understand these Terms. If anything is unclear, seek legal advice before proceeding.

2. Sciopay’s Services

2.1 Scio may enter agreements for foreign currency transactions, including:
(a) Spot Contracts – Immediate currency exchange with settlement in two business days.
(b) Fixed Forward Contracts – Currency exchange for future delivery at a fixed rate.
(c) Open Forward Contracts – Flexible forward contracts where the settlement date is later specified by the Customer.
(d) Limit & Stop Loss Orders – Automated orders executed at predefined exchange rates.
(e) Bulk Multi-Currency Payments – Enabling customers to make multiple payments in different currencies.

2.2 Scio acts as principal in all transactions and provides execution-only services. No financial, tax, or investment advice is given. Customers should rely on their own judgment or third-party advisors.

2.3 Customers must take physical delivery of currency on the agreed Value Date and make all payments as required under their Contracts.

2.4 If a Business Introducer facilitated your onboarding, they may act on your behalf unless you notify Scio otherwise.

3. Orders & Contracts

3.1 Customers may place Orders via electronic, oral, or written instructions. Authorised Users may act on behalf of the Customer.

3.2 Once an Order is accepted, Scio will confirm the details in a Contract Note. Customers may amend or cancel only if Scio explicitly agrees.

3.3 Scio reserves the right to refuse Orders at its discretion without liability for any resulting losses.

3.4 Customers must ensure they meet all financial obligations under their Contracts. Failure to do so may result in contract cancellation and financial penalties.

4. Payments

4.1 Customers must transfer cleared funds to Scio’s designated Customer Nominated Account by the agreed deadlines.

4.2 Funds in the Customer Nominated Account are held solely for executing foreign exchange transactions. These funds are safeguarded under UK financial regulations.

4.3 Customers remain responsible for ensuring sufficient funds are transferred to meet their contractual obligations.

4.4 Fees may apply to transactions, as detailed in the Contract Note. Third-party bank charges may also apply.

5. Termination

5.1 Customers may terminate their agreement with Scio by providing one month’s written notice. Scio may terminate by providing two months' notice.

5. Termination for cause may occur immediately if:
(a) A financial regulator or law enforcement agency issues a notice against either party.
(b) The Customer engages in fraudulent, unlawful, or high-risk activities.
(c) A banking partner requests termination.

5.3 Upon termination, the Customer must settle all outstanding amounts. Any remaining funds will be returned after deduction of any applicable fees.

6. Governing LawThese Terms are governed by English law and subject to the exclusive jurisdiction of the English courts.

For full details, please contact compliance@sciopay.co.