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Any client or potential client must be informed at the outset that a member of staff is employed by Hirett Ltd and that Hirett Ltd is registered as a Payments Institute by the Financial Conduct Authority. Hirett Ltd provides the facility for individual clients, private limited companies and regulated payment institutions to execute money transactions and offer clients the following services:

• Money Remittance & Foreign Exchange services
• Third Party & Incoming payments
• Bureau De Change & Onward Transfer

1 Transactions

There are 2 types of transactions that could occur;” Single Payment” and “Framework Contract” as described below:

• Single Payment Transactions – This is typically where there is no ongoing relationship between the customer and the payment service provider – the transaction is a ‘one-off’ and the contract between the payments service provider and the customer relates solely to the particular transaction in question. A single payment transaction may also occur if there is a framework contract that does not include the particular payment service involved

• Framework Contracts – A contract governing the future execution of individual and successive payment transactions. This is where there is an ongoing relationship, and there is an agreement between the payment service provider and the customer covering the making of payments. It is important to understand that payment transactions falling under the scope are also made to and from accounts other than payment accounts, where this is the case, the framework contract provisions will also apply to the payment service provider’s agreement with its customers.

For both of these scenarios, the PSRs set out the information to be provided before the contract is entered into, at the time the payment order is made, and after execution of the transaction.

2 Information requirements

Single Payment Transactions – prior to the conclusion of the contract (or immediately after the execution of the transaction if this is concluded by distance communication) Hirett Ltd will inform the client by providing the customer with a copy of the draft contract or payment order – this contains the following:

The information (or unique identifier) the customer needs for the payment order to be properly executed (the payment routing information)

• The maximum time the payment service will take to execute the transaction (that is, how long until the funds are received)
• Details of any charges, including the breakdown where applicable
• If applicable, the exchange rate to be used (or the reference exchange rate on which the actual exchange rate will be based)

After receipt of the payment Hirett Ltd will make available to the customer the following information:

• A reference to enable the payer to identify the transaction (and if appropriate the information relating to the payee, for example, in a money remittance what the payee will need to do to collect the funds)
• The amount of the payment transaction in the currency used in the payment order
• Details of any charges (including, where applicable, a breakdown of those charges)
• Where the transaction involves a currency exchange and the rate used differs from the rate provided before the transaction, the actual exchange rate used (or a reference to it) and the amount of the payment in the other currency
• The date the payment order was received

Framework Contract Transactions – before we execute a transaction we must confirm the maximum time expected for the execution and all charges applicable to the client (see client process 15.2)

After the execution, as soon as reasonably practicable following each transaction, we will provide the customer with “certain information”. If agreed in the framework contract, this may be provided (that is, sent or given directly to the customer) or made available at least once a month.

For example, by issuing (or making available) a “transaction statement”. The information can be available through a secure website that meets the requirements for being durable medium, or upon request.

3 Client process

3.1 Single Payment Transaction

Before the contract is concluded (or immediately after the execution of the transaction if the contract has been concluded by some means of distance communication (for example, by telephone) where it is not practicable to do so), the payment service provider must make available to the customer the information set out below. This may be done, for example, by providing the customer with a copy of the draft contract or payment order:

• Present our Terms & Conditions document and fully explain how our business and service operate
• Explain the fees/charges and the information requirements process
• Give the customer the information (or unique identifier) they need, so the payment order can be properly executed (the payment routing information). A reference to enable the payer to identify the transaction (and if appropriate the information relating to the payee, for example, in a money remittance what the payee will need to do to collect the funds)
• Indicate the timescale required for the payment service to be executed (that is, how long until the funds are received)
• If applicable, provide the exchange rate to be used (or the reference exchange rate on which the actual exchange rate will be based)
• Explain the safe guard process and the corrective measures we would apply if required
• Discuss the Termination and Cancellation process
• Complete the client data collection form including the documentation required to satisfy the Anti- Money Laundering procedures (proportionate to client type and country of origin)
• Complete required Payment Services documentation and sign contract
• Obtain Credit checks to verify that the requested trade lies within the credit limit for the client
• Agree Credit limit to be set for the client depending on our criteria e.g. past relationship with the client (i.e. transaction history)

After the receipt of the payment order, we must provide or make available to his customer:

• A reference to enable the payer to identify the transaction (and if appropriate the information relating to the payee, for example, in a money remittance what the payee will need to do to collect the funds)
• The amount of the payment transaction in the currency used in the payment order
• Details of any charges (including, where applicable, a breakdown of those charges) and the date the order was received
• Where the transaction involves a currency exchange and the rate used differs from the rate provided before the transaction, the actual exchange rate used (or a reference to it) and the amount of the payment in the other currency

3.2 Framework Contracts

Before the contract is concluded (or immediately after the execution of the transaction if the contract has been concluded by some means of distance communication (for example, by telephone) where it is not practicable to do so), the payment service provider must make available to the customer the information set out below. This may be done, for example, by providing the customer with a copy of the draft contract or payment order:

• Present the Terms & Conditions document and fully explain how our business and service operate. The duration of the contract, customer and payment service provider termination rights, and the terms under which the firm can unilaterally vary the contract
• Explain the fees/charges and the information requirements process
• Give the customer the information (or unique identifier) they need, so the payment order can be properly executed (the payment routing information). A reference to enable the payer to identify the transaction (and if appropriate the information relating to the payee, for example, in a money remittance what the payee will need to do to collect the funds)
• Indicate the timescale required for the payment service to be executed (that is, how long until the funds are received)
• If applicable, provide the exchange rate to be used (or the reference exchange rate on which the actual exchange rate will be based)
• Explain the safe guard process and the corrective measures we would apply if required
• Discuss the Termination and Cancellation process
• Complete client data collection form including the documentation required to satisfy the Anti- Money Laundering procedures (proportionate to client type and country of origin)
• Complete required Payment Services documentation and sign contract
• Obtain Credit checks to verify that the requested trade lies within the credit limit for the client
• Agree Credit limit to be set for the client depending on our criteria e.g. past relationship with the client
• Where applicable, the fact that a payment instrument attached to the account has a spending limit (for example, a maximum daily withdrawal limit on an ATM card)
• Details of all charges payable by the customer to the payment service provider and, where applicable, a breakdown of them (sufficient detail should be provided so the customer can understand to which payment transaction the charge relates)
• How information relating to the account will be transmitted (for example, in writing, by e-mail or using a secure website), how often it will be provided or made available and what language will be used. Any technical requirements for the customer’s equipment to receive information or notices must be stated. The contract must also include the customer’s right to obtain a copy of the contract at any time during its term
• What steps the customer must take to keep a payment instrument safe. (Note that ‘payment instrument’ has a wide definition and will include payment cards, e-banking and telephone banking arrangements.)
• Details of how to notify the payment service provider of the loss, theft or misappropriation of the payment instrument
• In what circumstances the payment service provider would be able to stop or block the payment instrument. These are limited to reasons related to i.e. the security of the payment instrument; the suspected unauthorised or fraudulent use of the payment instrument

After the receipt of the payment order, Hirett Ltd will provide or make available to the customer:

• A reference to enable the payer to identify the transaction (and if appropriate the information relating to the payee, for example, in a money remittance what the payee will need to do to collect the funds)
• The amount of the payment transaction in the currency used in the payment order
• Details of any charges (including, where applicable, a breakdown of those charges) and the date the order was received
• Where the transaction involves a currency exchange and the rate used differs from the rate provided before the transaction, the actual exchange rate used (or a reference to it) and the amount of the payment in the other currency