Payment Instruction Terms for Trade Loans

Client Agreement

References to “we”, “us” and “our” means Barclays Bank PLC.
Barclays Group means Barclays PLC and any of its subsidiaries.

Terms and Conditions of the Same Day Domestic Payments Service

• Account and payment fees will apply in accordance with the terms of the customer agreement relating to your account.
• Unless we agree otherwise, when we make a payment on your behalf we will decide how to send the payment.
• You authorise us to debit and/or make the payments from any of your accounts held with the Barclays Group.
• We do not accept any responsibility for any loss or damage caused by delays, interruptions, misinterpretations or errors in transmission or payment which are abnormal and unforeseeable and outside our reasonable control.
• In any case, we will not be liable in any circumstances for any loss of business, goodwill or any type of consequential or indirect loss whatsoever.
• We have disapplied some provisions of the following regulations of the Payment Services Regulations 2017: Regulations 48, 50, 51, 53, 54, 56, 66(1), 67(3), 75, 77, 79, 80, 83 and 91.

Terms and Conditions of the International Payments Services

• Account and payment fees will apply in accordance with the terms of the customer agreement relating to your account.
• Unless we agree otherwise, when we make a payment on your behalf we will decide how to send the payment.
• The payment will be sent in the currency of the destination country unless you tell us otherwise.
• You authorise us to debit and/or make the payments from any of your accounts held with the Barclays Group.
• Any value quoted by us is the date on which the funds will be available to the intermediary bank. The ability of the intermediary bank to pay the beneficiary on the same day will depend on the banking practice in the country concerned. Any timescales given for the date payments will be credited to the beneficiary’s bank account quoted by us are indicative only.
• Unless otherwise stated to use an agreed forward exchange contract or to debit a currency account, in the case of a foreign exchange transaction, the rate of exchange applied to the payment will be that used by us on the date of processing.
• We do not accept any responsibility for any loss or damage caused by delays, interruptions, misinterpretations or errors in transmission or payment which are abnormal and unforeseeable and outside our reasonable control or for any refusal by another institution to process your payment which results from your failure to fully and correctly comply with all requirements for the use of the Service. In particular, these requirements include providing the appropriate SWIFTBIC and IBAN details for the payment.
• In any case, we will not be liable in any circumstances for any loss of business, goodwill or any type of consequential or indirect loss whatsoever.
• The liability of any member of the Barclays Group for any loss, injury or damage resulting from any failure, delay or error shall be limited to interest calculated at a rate laid down by Regulations on the amount of the payment calculated from the end of the fifth banking business day (or any other date we specifically agree with you) following the date we accept your instructions to the date the funds are credited to the beneficiary’s bank.
• You agree to us including your Name and Address within the payment instruction, so that we may comply with international and foreign payment regulations and requirements.
• You agree to be bound by and to hold us harmless against all obligations and responsibilities imposed by foreign laws.
• If you fail to provide, or provide inaccurate SWIFTBIC or IBAN information, we reserve the right to levy an additional charge to cover additional administration. Any additional charge will be notified to you. Participating banks are entitled to reject payments which do not quote these details or fail to quote them correctly and instructions without the correct details are accepted by us entirely at your risk that the payment will be refused. If the payment is cancelled our additional charge will remain payable by you.
• We have disapplied some provisions of the following regulations of the Payment Services Regulations 2017: Regulations 48, 50, 51, 53, 54, 56, 66(1), 67(3), 75, 77, 79, 80, 83 and 91.
  

Trade Loan Online Payment Terms

1. When Barclays receives a payment instruction (an “Instruction”) relating to a trade loan, it will make the payment if:
1.1 the Instruction is clear, formatted correctly, contains all required information and is within any relevant financial limits.
1.2 the Instruction complies with any security procedures and/or the authority held by Barclays.  
1.3 the Customer has sufficient funds available under the relevant trade loan.
1.4 Barclays is able to obtain the relevant currency.  Unless instructed otherwise, Barclays will make the payment in the currency of the country in which the payee’s account is held.

2. Barclays may ask the Customer to confirm an Instruction to ensure it is genuine.

3. The time of an Instruction is the time the Instruction is received by Barclays rather than the time the Customer sends it. However, if:
3.1 Barclays receives an Instruction after the relevant cut-off time or on a non-business day, the time of receipt will be treated as the next business day. Some Instructions may be processed on a non-business day. Details are available on request.
3.2 the Instruction is for a future dated payment, the time of receipt will be treated as the date of the payment (or if this is not a business day, the next business day), or the business day Barclays has to make the payment to achieve the value date.
3.3 Barclays asks the Customer to confirm an Instruction, the time of receipt will be treated as the time of the confirmation, or if this is after a cut-off time or on a non-business day, the next business day.

4. Where Barclays receives an Instruction and makes the payment in another currency, Barclays will apply its relevant currency exchange rate.

5. Any fees for making the payment are set out in the Key Terms of the Customer’s Trade Cycle Loan Facility Agreement and will be debited from the Customer’s account.

6. Barclays is not liable for:
6.1 any loss because a payment is delayed by checks to confirm that the payment does not breach a law, regulation or sanction.
6.2 any indirect loss, or loss of business, goodwill, opportunity or profit.
6.3 any loss arising from a cause beyond its reasonable control.

7. Barclays may share information with third parties where this is necessary to provide the service or Barclays reasonably considers it is under an obligation to do so.  This includes (i) where the law allows us to, (ii) where we receive a request from one of our regulators, or (iii) for international payments where we are required to send details of the payee and the beneficiary with the payment, to overseas regulators and authorities in connection with their legitimate duties, for example the prevention of crime.