Corporate Online Terms and Conditions update - November 2023
Effective 9 November 2023, the following Westpac terms and conditions will change, as summarised in the table below.
Capitalised terms used but not otherwise defined in this notice will have the same meaning given to those terms in the Corporate Online Terms and Conditions (the Agreement).
Full terms and conditions are available from westpac.com.au, contacting your Relationship Manager or by visiting a branch.
Corporate Online Terms and Conditions
| Clause | Overview of change |
|---|---|
| 2.2 Set up Administrators | Wording added to clarify how additional functionality to be sought from Westpac. |
| 2.3 Set up Users | Wording added to clarify the set up and suspension of Users. |
| 2.5 Application of User Guides | Wording added to clarify the obligation to ensure that Users must read the relevant User Guides. |
| 3. Fees and charges | Wording added to identify where information on fees and charges disclosed, and the circumstances in which Westpac may exercise its discretion to assign a particular account of the customer as the nominated billing account. |
| 3.2 Fees and charges imposed by other financial institutions | Changes to clarify the payment of other financial institutions’ fees. |
| 4. Corporate Online use | Clarifications relating to Corporate Online being for business/corporate use only. |
| 5. Corporate Online availability | Changes to clarify the availability of Corporate Online and what will occur if it is unavailable due to operational disruptions. |
| 6.4 Storage and back up of Account Information | Changes to clarify the format and timeframe for which Account Information will be stored on Corporate Online. |
| 7.1 Instructions | Changes to clarify when Westpac may reject your Instructions or Transactions, and your warranties in respect of each User’s authority. |
| 7.2 Deemed authority | Changes to clarify Westpac’s limitation of liability for loss arising from unauthorised or incorrect Instructions or requests. |
| 7.3 Providing incorrect information | Changes to clarify your obligations regarding the provision of incorrect information. |
| 8.3 Cut-Off Times and Transaction Limits | Changes to clarify Westpac’s process for notifying you of changes to Cut-Off Times and Transaction Limits. |
| 8.5 Delay in Processing | Changes to clarify Westpac’s limitation of liability for Payment processing delays. |
| 9.1 Terms that apply and Transaction Limits | Changes to clarify the terms that will apply to FX Contacts entered into via Corporate Online. |
| 9.2 FX Contracts through Corporate Online | Changes to confirm that Westpac will notify you if we reject your Offer to Transact. |
| 9.3 Authorisation | Changes to clarify the authorisation or cancellation process regarding FX Contracts. |
| 9.4 Fees and charges imposed by other financial institutions | Changes to clarify the payment of other financial institutions’ fees. |
| 10.3 Deal Confirmation | Changes relating to the issuance of Deal Confirmations. |
| 10.4 User Confirmations | Changes to clarify the consequences if you fail to provide a User Confirmation or settlement instructions prior to the maturity date. |
| 10.5 Foreign Exchange Market Conventions | Changes to clarify the governance of foreign currency Transactions and when this Agreement or an alternative Westpac agreement applies to the Transactions. |
| 10.6 Termination of Transactions | Changes to clarify Westpac’s right to terminate outstanding FX Transactions. |
| 12. Term Deposits | Amendments to remove duplication. |
| 13. Unauthorised access of Corporate Online | Removed Westpac’s ability to rely on advice of Administrators as conclusive evidence that a User has received Access Codes. |
| 13.3 Protecting your Access Codes | Changes to confirm responsibility for protecting Access Codes and Westpac’s ability to assume transactions that use Access Codes have been authorised. |
| 13.4 Notice of loss or theft of Access Codes | Changes to clarify limitations of liability for loss, theft or breaches of security of Access Codes. |
| 14.2 How to use the BPAY Scheme | Changes to clarify where limits may be imposed on the maximum value of a BPAY Payment or the volume of BPAY Payments made by a Biller in a day or a single authorisation. |
| 14.4 Mistake | Clause deleted in its entirety as term merged with clause 14.6 (Mistaken payments, unauthorised transactions and fraud) (previously clause 14.7). |
| 14.5 Delay in processing (previously 14.6) | Wording added to clarify that Westpac will use reasonable endeavours to notify you if there is a delay in processing a BPAY Payment that continues for more than one Business Day. |
| 14.6 Mistaken payments, unauthorised transactions and fraud (previously 14.7) | Wording added to clarify that, except for underpayments, mistakes, unauthorised BPAY Payments and any BPAY Payments made that are inconsistent with your instructions should be notified to Westpac. |
| 14.7 Resolution principles (previously 14.8) | Cross-references updated. |
| 14.8 Indemnity (previously 14.9) | Wording added to clarify and limit your indemnity to Westpac. |
| 14.10 Suspension (previously 14.11) | Changes to clarify when we may suspend your right to participate in the BPAY Scheme. |
| 14.13 Consequential damage (previously 14.14) | Cross-references have been updated and typographical error fixed. |
| 15.1 Changes to terms and conditions | Changes to clarify that Westpac will notify you of changes to terms and conditions consistent with the notice period and form specified by Westpac, unless otherwise agreed with you. |
| 15.2 Electronic Communication to you and communicating with us | Change to fix a typographical error. |
| 15.3 Changes to User Guides | Change to clarify that the User Guides will be varied in accordance with the Agreement and to the extent that it is practicable to do so. |
| 15.5 What happens if your details change? | Change to amend terminology. |
| 15.9 Anti-Money Laundering, Counter-Terrorism and Economic and Trade Sanction Obligations | Change to fix a typographical error. |
| 15.13 Set Off | Changes to clarify the scope of Westpac’s right of set-off if you do not pay amounts when they are due. |
| 15.14 Assignment | Wording added to clarify that if a customer wants to exercise its right of assignment, prior written consent must not be unreasonably withheld by Westpac. |
| 15.17 Liability – A. Limitation | Changes to clarify Westpac’s right to suspend services to perform scheduled administrative tasks and maintenance. |
| 15.17 Liability – B. Liability and indemnity | Wording amended throughout to clarify the liability and indemnity between you and Westpac. |
| 15.18 Termination | Changes to clarify that your Westpac representative or relationship manager will provide you a reasonable timeframe for paying any overdue fees. |
| 15.19 Governing Law | Changes to confirm the governing law of the Agreement. |
| 15.21 External service providers | Wording added to clarify that Westpac remains responsible for its obligations under the Agreement even where sub-contractor appointed. |
| 16.Definitions | Changes to definitions of “Insolvent”, “Loss” and “Sanctioned Jurisdiction”. |
Corporate Online Terms and Conditions
Corporate Online Terms and Conditions (PDF 285KB) effective from 9 November 2023.