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Terms of Service

Last updated August 5, 2026

Effective date: August 5, 2026

1. About these Terms

These Terms of Service (the "Terms") are a binding agreement between you and MX FINTECH INC., a company incorporated in Federal (Canada) (incorporation no. 1494081-4) trading as EmbedBank, regarding your access to and use of our website and services. "We", "us", and "our" refer to MX FINTECH INC. By accessing the site or using the services, you accept them.

2. Definitions

  • Services — embedded banking infrastructure: dedicated IBAN accounts (omnibus and child account architecture), SEPA/SWIFT payment rail connectivity, foreign exchange, and compliance tooling, accessed via API
  • Client — the fintech, PSP, or licensed institution that contracts with us to use the Services
  • End-user — the Client's customer for whom an account is opened
  • Business Day — Monday to Friday, excluding public holidays in Ontario, Canada

3. Eligibility

To contract for the Services, a Client must:

  • Be a legal entity validly incorporated and in good standing in its jurisdiction
  • Hold the licenses required to operate in its jurisdiction(s)
  • Not be a resident or national of a country subject to applicable sanctions
  • Not appear on any sanctions list (OFAC, OSFI, UN, EU)
  • Successfully complete our Know Your Business (KYB) and due-diligence process

4. Onboarding and KYC/KYB

We are required to verify identity before providing services. Clients agree to:

  • Provide truthful, accurate, and complete information about their business, beneficial owners, and authorized representatives
  • Submit identification and corporate documentation we can verify
  • Provide additional documentation when we ask for it (source of funds, business model, etc.)
  • Update their information within 30 days of any material change

We may decline to onboard, or may suspend or terminate, any client if we cannot verify identity or business legitimacy, or if we suspect non-compliance with these Terms.

5. The Services

We provide the Services described on our website and in our API documentation. The Services are infrastructure: we do not hold customer funds ourselves except as agent for the applicable banking partner, and we are not a bank. Funds are held and payments are settled through our regulated banking and payments partners named in your agreement.

End-user accounts are opened via our partners under either an omnibus (pooled) or child-account (dedicated) model, as configured in your agreement.

6. Fees

Our current fees are set out in your commercial agreement and/or fee schedule. We may change our fees on 30days' notice, communicated by email.

7. Your obligations

Clients agree to:

  • Use the Services only for lawful purposes
  • Not use the Services for money laundering, terrorist financing, sanctions evasion, structuring, or fraud
  • Secure their API credentials and not share them with unauthorized parties
  • Notify us immediately of any unauthorized access or suspected breach
  • Not attempt to circumvent our security measures, rate limits, or controls
  • Comply with all applicable laws and their own regulatory obligations toward their end-users

8. Prohibited activities

The Services may not be used in connection with:

  • Money laundering or terrorist financing
  • Sanctions evasion
  • Fraud, phishing, or scams
  • Adult services, unlicensed gambling, or narcotics
  • Any activity illegal in the Client's jurisdiction or the counterparty's jurisdiction
  • Structuring transactions to evade reporting thresholds

Violation may result in immediate suspension or termination and reporting to the relevant authorities.

9. Suspension, freeze, and termination

We may suspend, freeze, or terminate the Services, with or without notice, if:

  • We are required to by law or regulation
  • We suspect fraud, money laundering, or sanctions violations
  • You breach these Terms
  • You fail to provide requested documentation
  • We reasonably believe continued service creates unacceptable risk

Termination does not affect our right to retain records or report to authorities as required by law.

10. Deposit protection disclosure

Funds held through the Services are held by our regulated banking partners, not by MX FINTECH INC. MX FINTECH INC. is not a bank and does not carry deposit insurance. Whether funds are protected by a deposit-insurance or investor-protection scheme depends on the partner and jurisdiction. Refer to your agreement and the applicable partner's terms for details.

11. Disputes and chargebacks

If you dispute a transaction, notify us within 30 days of the transaction date. We investigate disputes in accordance with our internal complaints process (Section 15) and applicable law.

12. Force majeure

We are not liable for failure or delay caused by events outside our reasonable control, including natural disasters, war, government action, network outages, or third-party provider failures.

13. Limitation of liability

To the maximum extent permitted by law, our aggregate liability to you under these Terms is limited to the greater of USD 1,000 or the total fees you paid us in the 12 months preceding the claim. We are not liable for indirect, consequential, or punitive damages.

Nothing in these Terms limits liability that cannot be limited by law (gross negligence, wilful misconduct, or bodily injury caused by our negligence).

14. Warranties and disclaimers

The Services are provided "as is" and "as available." We disclaim all warranties not expressly given, including merchantability, fitness for a particular purpose, and non-infringement, to the maximum extent permitted by law. We do not warrant that the Services will be uninterrupted or error-free.

15. Complaints and dispute resolution

  1. Contact us first — email [email protected] with details. We aim to respond within 10 Business Days.
  2. Escalate internally — if unresolved, contact our Complaints Officer at [email protected]. We aim to resolve within a reasonable period.
  3. External escalation — if still unresolved, you may escalate to the applicable regulator in your jurisdiction.

16. Amendments

We may amend these Terms by posting an updated version and notifying you by email. Material changes take effect after 30 days.

17. Governing law

These Terms are governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. Disputes are subject to the exclusive jurisdiction of the courts of the Province of Ontario, Canada, unless otherwise required by mandatory local law.

18. Regulatory information

EmbedBank is a trading name of MX FINTECH INC., a money services business registered with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC).

  • Legal entity: MX FINTECH INC.
  • FinTRAC MSB registration number: M23664081
  • Registered services: Foreign Exchange, Money Transferring, Virtual Currency
  • Jurisdiction of incorporation: Federal (Canada)
  • Incorporation number: 1494081-4
  • Registered address: 44 Halstead Dr, Markham, ON L3R 7Z2, Canada

Registration with FinTRAC is not an endorsement and does not mean FinTRAC has approved the Services. MX FINTECH INC. is not a bank. Certain services are provided through, or in partnership with, separately regulated entities; the licenses and regulators applicable to your particular use of the Services are set out in your agreement.

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