We are excited to share some important updates regarding our services and terms of use, reflecting recent developments within our payment service infrastructure. Our payment service provider, CurrencyCloud, has recently been acquired by Visa. This acquisition is set to bring enhanced capabilities and efficiencies to our services. As part of this transition, we will be gradually integrating these new capabilities into our system.
Here’s a quick overview:
What’s changing? The service provider for certain USD services will transition to Visa Global Services Inc. (“VGSI”).
What stays the same? Your account details and the way you use our services.
What do you need to do? Review and electronically sign the new terms and conditions when you receive the email.
Changes to Service Providers
Some Rutland FX services that were previously provided by Currency Cloud Inc. and Community Federal Savings Bank (“CFSB”) will now be provided by Visa Global Services Inc. (“VGSI”). The services affected by this change for now include:
USD Top-Up Service
The USD Top-Up Service lets you send USD from your US bank account to your Rutland FX account. You can also receive USD payments directly into your Account from a third party. You’ll be notified when we receive and settle your funds.
USD Collection Service
The USD Collection Service allows you to receive USD into your Rutland FX Account using Virtual IBANs that will now be provided by VGSI. Your payers can send USD to these Virtual IBANs, and the funds will be credited to your Account once its received.
ACH Pull Service
The ACH Pull Service enables us to debit USD directly from your US bank account via an ACH transaction and transfer the funds to your Rutland FX Account. There is a $100,000 transaction limit, and funds are credited three business days after settlement. We will notify you when funds are received and credited.
We expect further changes in the future as we continue to integrate Visa’s capabilities into our systems and will keep you updated on any developments.
What This Means For You?
These changes will impact all customers who send and receive USD through their Rutland FX account. However, there is no need for concern, as all your account details will remain unchanged. You will not need to update or make any changes to your account information.
New Terms and Conditions
We will require your agreement to the new Visa Global Services Inc. terms and conditions associated with these changes. The updated terms will be emailed to you around the 27th of July. We encourage you to review these terms carefully and submit the electronic signature at the end of the document.
What is Visa Global Services Inc. (“VGSI”)?
Visa Global Services Inc. (“VGSI”) is a subsidiary of Visa Inc., a global leader in digital payments. VGSI specialises in providing advanced payment solutions and services that cater to the evolving needs of businesses and consumers worldwide. By leveraging Visa’s extensive network and innovative technologies, VGSI delivers secure, reliable, and efficient financial services. VGSI is registered as a Money Services Business (“MSB”) with FinCEN and is a licensed money transmitter in applicable U.S. jurisdictions. The transition to VGSI aims to enhance the capabilities and reach of the services you receive, ensuring a seamless and improved user experience. Through VGSI, you can expect continued excellence in payment processing, enhanced security features, and access to a broader range of financial solutions in the future.
Still not sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.