Last material update: 1 January 2021
ABOUT THE PREPAID CARD
The Prepaid Card (described below) is promoted by Foris MT Limited (Company registration number: C90348), a private company incorporated in Malta, with registered address at Level 7, Spinola Park, Triq Mikiel Ang Borg, St. Julians SPK 1000, Malta ("Foris MT", we, us, our) and issued by UAB "Payrnet" with registered office at Girulių str. 20, LT-12123 Vilnius, the Republic of Lithuania. Registered in Lithuania No. 305264430. Authorised and regulated in Lithuania by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (license reference 72, issued on 28 August 2020) for the issuing of electronic money and provision of the related Payment Services.
These terms and conditions ("Terms") will apply to your use of the Prepaid Card, Services and the Prepaid Card Wallet. Please take the time to read and understand these Terms before using these services so that you are aware of your legal rights and obligations. By using the Prepaid Card, Services and the Prepaid Card Wallet and/or completing the sign-up process, you are entering into a binding contract with us and shall be deemed to have expressly read, understood and agreed to be bound by these Terms. These Terms are available online at www.cardsupport247.com/europe. You can request a copy of these terms and conditions at any point in their duration.
You will apply for the Prepaid Card in a stated currency. All references to that currency in these Terms are relevant to you.
Definitions. In these Terms:
"App" means the mobile application software owned and released by Foris DAX MT, and available for download for Android or Apple iOS, including all content and services made available on or through the same, and any and all updates, upgrades, supplements, releases and versions thereof;
"App Loading Wallet" shall have the meaning ascribed to the term in Clause 8.2(a)(ii);
"App Wallet Terms" means the set of terms entered into between Foris DAX MT and the user governing (inter alia) the user’s use of the App Loading Wallet;
"Applicable Law" means any applicable law, rule, statute, subordinate legislation, regulation, by-law, order, act, ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative, ministerial or departmental judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time which applies to or is otherwise intended to govern or regulate any person (including all parties to this Terms), property, transaction, activity, event or other matter, including any rule, order, judgment, directive or other requirement or guideline issued by any governmental or regulatory authority;
"Card Data" means the card number, expiration date, and security code of a Prepaid Card;
"Card Limits" shall have the meaning ascribed to the term in Clause 3.8;
"Card Network" or "Visa" means the Visa International credit card network;
"Card Network Rules" means the bylaws, rules, regulations, orders, requirements and interpretations issued by the Card Network or otherwise communicated to the Issuer and which are applicable to the acceptance of Card Transactions by the Merchants and related matters, as amended from time to time by the Card Network;
"Card to Card Transfer" shall have the meaning ascribed to the term in Clause 4.1(b);
"Card Transactions" shall have the meaning ascribed to the term in Clause 4.3;
"Chargeback" means a dispute filed by the Issuer that is sent through the relevant Card Network in accordance to the relevant Card Network Rules relating to a Card Transaction;
"EEA" means The European Economic Area which covers all the member states of the European Union, Iceland, Norway and Liechtenstein.
"Enabled Device" means the mobile communications or other device successfully registered by you for use in connection with the App and Services;
"Fees" means all fees imposed by us, Issuer and/or the Card Network in relation to the use of the Services, Prepaid Card(s) and Prepaid Card Wallet;
"Force Majeure Event" means an event or failure which is beyond our and/or the Issuer's reasonable control including (i) Acts of God, nature, court or government; (ii) failure or interruption in public or private telecommunication networks, communication channels or information systems; (iii) acts or omissions of a party for whom we and/or the Issuer are not responsible; (iv) delay, failure or interruption in, or unavailability of, third party services and sites; (v) strikes, lockouts, labour disputes, wars, terrorist acts and riots; (vi) viruses, malwares, other malicious computer codes or the hacking of any part of the Services;
"Foris DAX MT" means Foris DAX MT Limited (formerly MCO Malta DAX Limited), the company that provides services pursuant to the App Wallet Terms;
"Foris MT" means Foris MT Limited, the co-brand promoter of the Prepaid Card;
"FX Conversion" shall have the meaning ascribed to the term in Clause 4.1(a);
"include/including" means to include without limitation;
"Instructions" means all information, instructions, communications, orders or messages (including those relating to payments, transfers or other transactions) referable to you;
"Issuer" means UAB "Payrnet";
"Merchant" means a retailer, merchant or other supplier of goods and/ or services which accepts payment by means of a card, card number, PIN or card and signature;
"Merchant’s bank" means the financial acquirer used by the Merchant for the purposes of receiving payments arising from transactions.
"Personal Data" means any information relating to an identified or identifiable natural person (‘data subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person and which is Processed by Foris MT, Foris DAX MT, UAB "Payrnet" and/or by our affiliates, authorised service providers and relevant third parties;
"Pooled Account" shall have the meaning ascribed to the term in Clause 8.1(a);
"Prepaid Card" means the Crypto.com Visa® Prepaid Card, being a virtual or physical prepaid card which is issued to you by the Issuer;
"Prepaid Card Wallet" means the fiat currency stored value account held by the Issuer which allows a user of a Prepaid Card to store available types of fiat currency with the Issuer, the balance of which will subsequently be used to settle the user's Card Transactions;
"Prepaid Card Wallet Balance" shall have the meaning ascribed to the term in Clause 9.1;
"Processing" means any operation or set of operations which is performed on personal data or on sets of personal data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction;
"Security Code(s)" means the unique login usernames and passwords you will be prompted to create to use the Services;
"Service Content" means data, information, materials, advertisements, text, audio, video, graphics, software and other content on the Site and App;
"Services" refers to the Site, App, Service Content and all related features, services, content and applications (including those described at Clause 4.1) which Foris MT and its affiliated companies may make available to you from time to time;
"Site" means the website at www.cardsupport247.com/europe;
"Taxes" means any taxes, duties or fees that Foris MT, Issuer and/or Card Network may be required to collect or charge under any Applicable Law;
"Terms" means these terms and conditions;
"Trade Marks" shall have the meaning ascribed to the term in Clause 15.1(a);
"Transaction History" means your transaction history and details on your Prepaid Card Wallet;
"we/us/our" means Foris MT and its affiliates;
"Withdrawal Services" shall have the meaning ascribed to the term in Clause 13.1;
"you/your" means, jointly and severally, the individual(s) who is/are the user(s) of the Services and/or the Prepaid Card.
2.1 By signing up for the Prepaid Card, you represent and warrant that:
(a) You are an approved user of the App who has completed the registration process and received an approval email from Crypto.com;
(b) You have read, understood and agreed to our Privacy Notice which is published on the Site, and the App Wallet Terms;
(c) You are at least eighteen (18) years of age;
(d) You have the full right, power, and authority to agree to these Terms;
(e) You are the authorised user of the Enabled Device;
(f) You do not currently hold a Prepaid Card (under any same or different name); and
(g) You are not impersonating any other person, operating under an alias or otherwise concealing your identity.
2.2 In addition to the above, you agree to provide us with all information and/or documents requested by us (including such information and/or documents as may be required by us for compliance with Applicable Law) from time to time.
2.3 You agree to cooperate with all requests made by us and/or the Issuer or any of our and/or the Issuer's third party service providers on our and/or the Issuer's behalves in connection with your Prepaid Card Wallet, your use of the Services, including to identify or authenticate your identity or validate your funding sources or transactions. This may include, without limiting the generality of the foregoing, requiring further information and/or documents that will allow Foris MT and/or the Issuer to reasonably identify you, including requiring you to take steps to confirm ownership of your phone number or payment instruments or verifying your information against third party databases or through other sources.
2.4 We are entitled, in our sole discretion, to refuse your application for or to suspend, terminate or limit your use of the Services, and/or to change the eligibility criteria for registration at any time.
2.5 We and/or the Issuer may confidentially verify the information you provide us with or obtain information on you ourselves or through third parties from secure databases. By agreeing to these Terms, you confirm that you consent to us and/or the Issuer or a third party carrying out such verifications on our behalf.
2.6 You must ensure any information provided to us and/or the Issuer, or any of our and/or the Issuer's third party service providers, is always accurate and up to date. If at any time we believe that your information is outdated or inaccurate, we may contact you and request further information or request that you go through the verification process again. Failure to complete any step of the registration process may also result in your inability to use the Services.
THE PREPAID CARD
3.1 The Prepaid Card is a pre-paid card under the Visa card scheme which can be used to pay for goods and services at retailers which accept Visa cards. The Prepaid Card may also be used to withdraw cash through automated teller machines which accept Visa cards such as the Prepaid Card. Card Transactions made on your Prepaid Card will be settled by the Issuer on the Card Network and you authorise the Issuer to debit your Prepaid Card Wallet with the amount of all Card Transactions and any relevant Fees for this purpose. You must not effect any transactions that exceed the Prepaid Card Wallet Balance. If any purchase or withdrawal made by you exceeds the Card Limits and/or balance in your Prepaid Card Wallet, the transaction will be declined.
3.2 As a registered user of the App, you may make a request, through us, to the Issuer to issue a Prepaid Card to you. A Prepaid Card will be issued to you upon approval of such request by Foris MT and the Issuer. Activation of the Prepaid Card has to be completed through the App. Both Foris MT and the Issuer reserve the right to decline your request for issuance of a Prepaid Card, or to revoke at any time any Prepaid Card already issued for whatever reason.
3.3 You acknowledge that each physical Prepaid Card is and remains at all times the property of the Issuer and you shall: exercise all due care and diligence in the custody, care and use of the Prepaid Card; (b) not tamper or allow anyone to tamper, with the Prepaid Card; (c) not permit the Prepaid Card to be used in any unauthorised manner, including sharing the use of the Prepaid Card with another person; (d) not intentionally deface or damage the Prepaid Card; and (e) not affix, print or attach anything or matter onto the Prepaid Card or otherwise alter, remove or replace any notice, logo or design on the Prepaid Card.
3.4 Unless earlier terminated or cancelled, each Prepaid Card shall be valid for such period as may be determined by the Issuer and indicated on the body of the Prepaid Card. If you have used the Prepaid Card in the period of one month before its expiry date, we will send you an email to inform you that Foris MT will automatically renew the card. These Terms will continue to apply to the new card. If you decide not to renew the existing Prepaid Card, please contact us via the means set out in Clause 20.
3.5 You are responsible for all Card Transactions incurred on your Prepaid Card. You shall not use your Prepaid Card in relation to any transaction or activity which is illegal or prohibited under Applicable Laws in the jurisdiction where such transaction or activity is effected or in your country of residence. You shall be liable for all Card Transactions whether or not executed with your knowledge or authority, regardless of how such transactions were effected, including without limitation where arising in connection with any negligence on your part. In this regard you acknowledge the risk of unauthorised Card Transactions being carried out and accept the risk of such unauthorised Card Transactions.
3.6 You shall keep the Card Data of all your Prepaid Cards strictly confidential and not share the Card Data with any persons other than as necessary to conduct a transaction. When sharing Card Data with Merchants, you will take all precautions to ensure the security and continued confidentiality of the Card Data. For the avoidance of doubt, providing Card Data in clear text over fax, email or other unencrypted or otherwise unprotected media is not considered to be secure. Neither the Issuer or us nor their respective affiliates shall under any circumstances be liable to you for unauthorised transactions caused by your failure to keep the Card Data secure.
3.7 You shall promptly notify us without undue delay upon discovering that there has been any:
(a) inappropriate or unauthorised disclosure of and/or use of your PIN and/or any of the Card Data; and/or
(b) inappropriate or unauthorised access to and/or use of any of the Services effected using your PIN and/or any of your Card Data,
and you shall promptly take such steps as may be specified by us in relation to the foregoing matters (including to change your PIN).
3.8 The utilisation of the Prepaid Card, including the maximum value of any single Card Transaction for which such Prepaid Card may be used, will be subject to limits set by Foris MT and/or the Issuer. (collectively, "Card Limits"). The applicable Card Limits will be set out on the App and the Site but Foris MT may, in its sole discretion, apply different limits to you specifically.
3.9 Unless making a Card to Card Transfer, you are not permitted to use the Prepaid Card or Services to remit funds to bank accounts or mobile wallets held by third parties, or any Merchants on the Card Network which are not otherwise considered due for the payment of any goods and services transacted between you and the Merchant.
4.1 The Services comprise the following services:
(a) a service under which you may convert any fiat currency held in your Prepaid Card Wallet maintained with the Issuer into other available fiat currency at the prevailing exchange rate ("FX Conversion"); and
(b) a funds transfer service under which you may transfer any fiat currency in your Prepaid Card Wallet to the Prepaid Card Wallet of another Prepaid Card Holder ("Card to Card Transfer").
4.2 We reserve the right to update, change, remove, suspend, disable or restrict access to or discontinue the Services or change any features, component or content thereof at any time, for any reason, without notice or liability to you. We do not guarantee that any specific content, component and/or feature will always be available on the Services.
4.3 The Issuer holds and maintains your Prepaid Card Wallet, which allows you to store available types of fiat currency with the Issuer, and use the fiat currency to (i) purchase goods or services, (ii) obtain cash through ATM, (iii) make a payment to a third party; (iv) transfer value to another Prepaid Card or account, (v) load credit or other value to a Prepaid Card, or (vi) settle any other transactions that may be effected using the Prepaid Card, in each case in accordance with these Terms ("Card Transactions").
5.1 This Clause 5 only applies if the Merchant’s bank is located within the European Economic Area (EEA) and the transactions being carried out are transacted in Euro, or another currency of an EEA member state.
5.2 You shall contact Foris MT at [email protected] or +33 1 76 42 00 95(Local and national telephone rates apply) without undue delay in the event of any dispute regarding the validity of any Prepaid Card Transaction or request for Chargeback within eight weeks from the date the transaction is deducted from your balance. Foris MT will assist you in resolution of the dispute or direct such request to the Issuer and/or Card Network for processing.
5.3 If you use the Prepaid Card or provide your Card Data to a Merchant to make a transaction without knowing the amount to be charged to the Prepaid Card in advance, you may be entitled to request a refund if the amount subsequently charged is unexpectedly large, provided that you have notified Foris MT in accordance with Clause 5.1 above. However, you will NOT be entitled to a refund if you have been informed of the amount of that transaction, whether by the Merchant or by us, at least four weeks before the transaction is due to be deducted from your balance, and you consented to the transaction.
5.4 You will be required to comply with the Card Network Rules in relation to such dispute or Chargeback request, including furnishing a written explanation of the dispute or Chargeback request and/or a copy of the related sales transaction receipt and any other information and supporting documents that Foris MT, the Issuer and/or the Card Network may require.
5.5 Foris MT and the Issuer reserve the right to investigate any disputed transaction. In the event of any investigation by Foris MT, the Issuer or competent authority, you agree to provide assistance and cooperate by providing us with any additional information and/or documentation. Within 10 business days of receiving a dispute or Chargeback request from you under Clause 5.2 above or of receiving any additional information required under Clause 5.4 and this Clause 5.5, we will provide a refund or justify why we are refusing the request.
5.6 If evidence reasonably conclude that any disputed transaction is a result of your wilful default, fraud, gross negligence or incompliance with these Terms, you agree and authorise us to debit your Prepaid Card Wallet account with the amount from the disputed transaction and any such associated charges and fees.
5.7 Any Fees imposed by Foris MT, the Issuer and/or the Card Network for the processing of such dispute or Chargeback request may be deducted from the Prepaid Card Wallet Balance or claimed from you and shall not be refundable for any reason whatsoever.
5.8 You hereby agree and accept that (a) Foris MT, the Issuer and/or Card Network may, but are not obliged to (whether under these Terms or otherwise) assist you with or process your dispute or Chargeback request; and (b) the decisions of Foris MT, the Issuer and/or Card Network on all matters relating to or in connection with such dispute or Chargeback request is final and conclusive and binding on you for all purposes unless otherwise provided in such terms, conditions, rules, procedures and/or guidelines as may be issued by the Card Network from time to time. You acknowledge and agree that the repayment of any amount previously charged to your Prepaid Card may be subject to such terms, conditions, rules, procedures and/or guidelines as may be issued by the Card Network from time to time.
5.9 In any event, you acknowledge and agree that Foris MT, the Issuer and the Card Network shall not be liable to you in respect of any matter relating to or arising out of such dispute or Chargeback request.
5.10 When a Merchant initiates a transaction, it is the Merchant’s Bank’s liability to ensure correct transmission of the relevant details to the Issuer and us. We are not liable for any transaction initiated by a Merchant and incorrectly executed by the Merchant’s Bank, but you may request that we make immediate efforts to trace the incorrectly executed transaction and notify you of the outcome.
5.11 For any incorrect payment made more than 13 months before your report of the details to us, you will not be entitled to a refund but we will make reasonable efforts to trace the payment for you, for which we may charge a reasonable fee to cover our costs in doing so.
5.12 We are not liable if you incorrectly identify the Merchant under a transaction. In such a case, we will make reasonable efforts to recover the funds involved, for which we may charge a reasonable fee to cover our costs in doing so.
6.1 The App gives you interactive access to your Prepaid Card Wallet. The functions of the App, which may change from time to time without notice to you, currently allow you to perform one or more of the following actions:
(a) request for Prepaid Cards to be issued by the Issuer;
(b) change the settings associated with your Prepaid Cards;
(c) view the balance and Transaction History of your Prepaid Card Wallet;
(d) request for a FX Conversion in respect of your balance held in your Prepaid Card Wallet;
(e) perform Card to Card Transfer;
(f) request for Prepaid Cards to be disabled, enabled or blocked; and
(g) load your Prepaid Card Wallet.
6.2 Subject always to your continuing compliance with these Terms, we will grant to you a limited, non-transferable, non-exclusive licence to use the App insofar as owned by or licensed through us on your Enabled Device and only for your own purposes, on and subject to these Terms. All other rights not expressly granted to you are reserved. Some software components used in the App may be offered under an open source or other licence as we may notify to you, in which case your use of those components of the App shall be governed by those terms to the extent only of any inconsistency between these Terms and those terms.
6.3 You acknowledge and agree that your use of the Services is at all times subject to your compliance with these Terms and all other applicable terms, including the Terms and Conditions of the App and the terms of the Issuer.
7.1 You acknowledge and agree that, in connection with your use of the App, you shall be responsible for the following, at your own cost:
(a) obtaining all necessary hardware, software and communications services necessary for your use of the App in accordance with these Terms;
(b) installing antivirus or other mobile security software on your Enabled Device to protect against any security or other vulnerabilities which may arise in connection with your use of the App in accordance with these Terms; and
(c) installing updates and patches for the App and your Enabled Device in a prompt and timely manner.
7.2 Without prejudice to the foregoing and any other terms in these Terms, you shall be solely responsible and liable for any access to and use of the App and Services through your Enabled Device, notwithstanding that such access may have been effected without your knowledge, authority or consent. Neither we nor the Issuer shall be liable to you for any loss or damage resulting from such use.
7.3 Should you discover that your Enabled Device is lost or stolen or has been accessed or used in an unauthorised way, you shall notify us of the loss/theft or unauthorised access/use by contacting us at [email protected] or at +33 1 76 42 00 95. (Local and national telephone rates apply). In addition, where your Enabled Device has been accessed or used in an unauthorised manner, you should, as soon as possible, reset the password on your Enabled Device.
YOUR PREPAID CARD WALLET
8.1 Your Prepaid Card Wallet
(a) All funds deposited in your Prepaid Card Wallet will be held by the Issuer and placed in a ring-fenced, pooled account (the "Pooled Account") held by the Issuer, which is segregated from the Issuer's own proprietary accounts, at its custodian bank. The Pooled Account will include all funds of all users of Prepaid Cards, but:
(i) your Prepaid Card Wallet will at all times be maintained in the account records of the Issuer; and
(ii) your identity and your share of the funds in the Pooled Account (as represented by your Prepaid Card Wallet Balance) will be maintained in the records of the Issuer.
(b) The Prepaid Card is not a debit card supported by a bank account, and does not in any way connect to or constitute a savings account or a checking account. No interest will be paid for funds maintained in the Prepaid Card Wallet. Funds maintained in the Prepaid Card Wallet will not expire. There is no cash back facility. It is also not a guarantee card, charge card or credit card. You will not earn any interest on any funds loaded on to the card.
(c) You acknowledge that the Issuer is not acting as a trustee, fiduciary or escrow agent with respect to your funds.
(d) You can decide whether information about your Prepaid Card, including the Prepaid Card Wallet Balance, transaction history should be actively provided by us (e.g. in a monthly statement sent to your email address) or instead made available for you to obtain (e.g. via your App, without an accompanying email notification). In any event, no paper statements will be provided by the Issuer or Foris MT for your Prepaid Card Wallet.
(e) You warrant that all funds deposited by you into the Prepaid Card Wallet are of legal origin.
8.2 Top-Ups to your Prepaid Card Wallet
In order to top-up your Prepaid Card Wallet maintained with the Issuer, you may:
(a) effect a transaction through your debit or credit card which is linked to the Prepaid Card Wallet (as described further in clause 8.3 below); or
(b) effect a transfer of fiat funds from your App account ("App Loading Wallet") (as described in clause 8.4 below).
All top-ups to your Prepaid Card Wallet are final and cannot be reversed once effected.
8.3 Top-ups via Debit or Credit Card
You may also fund your Prepaid Card Wallet via your debit or credit card by providing your debit or credit card details, and the relevant amount to be transferred, through the App. Upon the Issuer's receipt of confirmation that such debit or credit card transaction has been authorised, the Issuer will credit the corresponding value of funds to your Prepaid Card Wallet. The stored value in your card fiat wallets is held by the Issuer in a segregated account.
You agree that only debit cards and/or credit cards accounts which are issued to and/or registered in your name will be used to effect payment to the Issuer for any top-ups to your Prepaid Card Wallet.
8.4 Top-ups via the App Loading Wallet
You may also fund your Prepaid Card Wallet by authorising the debit of your funds held in your App Loading Wallet. All such debits from your App Loading Wallet shall be effected in accordance with the App Wallet Terms. Upon a successful debit of the relevant amount from your App Loading Wallet (effected in accordance with the App Wallet Terms), Foris MT will procure that the Issuer credits the corresponding amount to your Prepaid Card Wallet.
PREPAID CARD WALLET BALANCE
9.1 "Prepaid Card Wallet Balance" refers to the total amount of funds held in your Prepaid Card Wallet (which is maintained with the Issuer), as may be increased or decreased according to these Terms.
9.2 Your Prepaid Card Wallet Balance for the Prepaid Card Wallet is subject to a maximum limit imposed by the Issuer and/or Foris MT (set out on the App and the Site), which may be amended in our sole discretion.
9.3 You are not allowed to effect any Card Transaction or Card to Card Transfer the value of which is higher than your Prepaid Card Wallet Balance. Any attempt to do so will result in the Card Transaction or Card to Card Transfer being rejected.
9.4 You authorise Foris MT and/or the Issuer to debit your Prepaid Card Wallet Balance when:
(a) any Fees are charged to your Prepaid Card Wallet;
(b) you effect any Card to Card Transfer from your Prepaid Card Wallet;
(c) any Card Transaction in respect of your Prepaid Card is received from the Card Network, provided that the Issuer reserves the right to decrease the Prepaid Card Wallet for an amount larger than the original debit transaction to account for any foreign exchange or customary industry type related variances or fees that may be applicable to such transactions;
(d) regulatory or risk management action is taken by Foris MT and/or the Issuer, at their sole and absolute discretion, in order to comply with Applicable Laws or regulations or to ensure the safety of your funds; and/or
(e) money is paid into your Prepaid Card Wallet by accident or mistake, however, if you don't think such payment made to you from a payment service provider in the EEA was a mistake, we may share your personal information with the paying payment service provider so that they can contact you directly. This is because we are required by law to cooperate with other payment service providers and share all relevant information with them in order to assist with tracing money which is sent to the wrong person.
9.5 The Issuer will increase the Prepaid Card Wallet Balance upon:
(a) successful funding of your Prepaid Card Wallet in accordance with the process specified in Clause 8.2 above;
(b) cancellation by the Issuer, at its sole and absolute discretion, of any authorization holds applied in accordance with transactions processed from the Card Network; and/or
(c) disputes with Merchants resolved in your favour.
9.6 We will ensure that a transaction is credited to the Merchant’s bank or your bank (as the case may be) within these timescales if the Merchant’s bank is located within the European Economic Area (EEA) and the payment services being carried out are transacted in Euro, or another currency of an EEA member state:
**Type of Transaction** **Timescale**
Transaction carried out in a currency other than Euro (€) or Pounds Sterling (£)
Transaction involving more than one currency
By the end of the fourth business day following the day on which the transaction or order is received Any other Transaction By the end of the business day following the day on which the transaction order is received
9.7 If your Prepaid Card Wallet Balance becomes negative, you shall immediately upload funds into your Prepaid Card Wallet to cover such negative balance and to increase your balance to zero at the minimum. Failure to do so is a material breach of these Terms and we reserve the right to cancel your Prepaid Card immediately.
10.1 The Prepaid Card is not a credit card; hence usage thereof shall be dependent on the available Prepaid Card Wallet Balance.
10.2 The Prepaid Card is only accepted by Merchants participating in the Card Network. The Issuer will not authorise transactions for an amount larger than the Prepaid Card Wallet Balance on the applicable Prepaid Card or if such transaction will result in the Card Limits being crossed.
10.3 You can use your Prepaid Card to purchase goods and/or services from a Merchant either online or at a point of sale terminal that accepts the Prepaid Card. You will need to follow the instructions on the relevant website or point of sale machine to perform the Prepaid Card purchase. This may involve you entering the details of the Prepaid Card (the card number, expiry date and CVC number) or your Prepaid Card PIN number.
10.4 If you choose to be charged for your purchase in a currency other than the currency for which you hold enough stored value in your Prepaid Card Wallet, the Issuer will first debit the relevant amounts from the stored value held in that currency chosen by you before debiting further amounts from the stored value held in other currencies until the full amount has been debited. The exchange rate applied by Foris MT in this process will be the same exchange rate that will be applied as if you had effected an FX Conversion.
10.5 For card-based payment transactions where you do not know the exact amount of the payment transaction at the time you authorise it, we will not block funds on your payment instrument unless you authorise the exact amount to be blocked. This could be the case for payments you make at hotels or at fuel stations for example. We shall release any blocked funds without undue delay as soon as we are aware of the exact amount of the payment transaction and immediately after receipt of the relevant payment order.
11.1 You can effect an FX Conversion on all or any part of the fiat currency held in your Prepaid Card Wallet to convert such fiat currency into another type of available fiat currency by using the exchange function on the App. The currencies which you are able to purchase and store in your Prepaid Card Wallet are limited to those set out in the App and are subject to change from time to time. If any such changes occur, we will notify you of them through the App or the Site.
11.2 You will be informed on the App, prior to confirming your request for a FX Conversion, of: (a) the amount of existing fiat currency from your Prepaid Card Wallet which will be used to purchase the other fiat currency requested; and (b) the exchange rate of the FX Conversion. You will need to confirm these details in order to proceed with the FX Conversion. By confirming these details and submitting such a FX Conversion request, you accept sole responsibility for entering into the FX Conversion. Foris MT will not be responsible for any losses you incur as a result of you using this FX Conversion service. The request to enter into an FX Conversion will be accepted when we confirm to you that the FX Conversion has been entered into, on the App.
11.3 The amount of fiat currency which you can convert using the FX Conversion service may be limited by Foris MT in its sole discretion.
12.1 You can use your Prepaid Card to withdraw cash from automated teller machines which accept the Prepaid Card ("Withdrawal Services"). You will need to follow the instructions on the automated teller machine to perform the withdrawal. This may involve entering your Prepaid Card PIN number. Such withdrawals are also subject to the Card Limits, and withdrawals which will result in the Card Limits being crossed will not be authorised.
12.2 We do not charge for Withdrawal Services up to the threshold of your Prepaid Card set out in the App and the Site, which may be amended by Foris MT from time to time. If you withdraw more than such threshold, each withdrawal will be subject to certain Fees (as set out in the App and the Site and may be amended by Foris MT from time to time).
12.3 If you choose to withdraw cash using the currency conversion offered by the automated teller machine provider, the Issuer and Foris MT have no liability to you for that currency conversion. Please note that the automated teller machine provider may, in addition charge its own fee for automated teller machine withdrawals which we have no control over or liability for.
13.1 Your use of the Services, Prepaid Card(s) and Prepaid Card Wallet may be subject to certain Fees, which will, if applicable, be debited from your Prepaid Card Wallet Balance. Should your Prepaid Card Wallet Balance be insufficient, Foris MT will notify you via the App and/or email and you agree to effect payment of such outstanding Fees by topping up your Prepaid Card Wallet within 14 days of such notification, failing which we reserve the right to suspend your use of the Services, Prepaid Card(s) and Prepaid Card Wallet until all outstanding Fees have been settled. The list of applicable Fees is set out in the App and the Site which may be amended by Foris MT from time to time, accessible at https://app.mona.co/documents/fees_limits#eu_card_fee.
13.2 All applicable Fees listed on the App and the Site are exclusive of any applicable Taxes and the actual Fee charged will be increased to account for any such applicable Taxes.
INTELLECTUAL PROPERTY RIGHTS
You acknowledge and agree that:
(a) Foris MT's, its affiliates’ and the Issuer's trade marks and logos, and any other logos, service marks, product names and other proprietary indicia used in the App are the property of either Foris MT, its affiliates, the Issuer or third party licensors (collectively, the "Trade Marks");
(b) the intellectual property rights in and to the Services are either owned by us or licensed to us by third party licensors;
(c) other than the licence expressly granted by you in these Terms, no other rights are granted to you in respect of either the Trade Marks, the App or the Services; and
(d) no part or parts of the App may be reproduced, distributed, republished, displayed, broadcast, hyperlinked, transmitted, adapted, modified to create derivative works or otherwise commercially exploited in any manner or by any means or stored in an information retrieval system without our prior written permission.
15.1 Without prejudice to the foregoing, you shall not (and shall not, knowingly or otherwise, authorize, allow or assist any other party to):
(a) use the App to conduct electronic spamming;
(b) use the App to perform unlawful or immoral activities (including but not limited to money laundering, terrorism financing and fraudulent activities);
(c) use the App to upload content that has viruses, malicious codes, immoral or illegal content;
(d) modify or adapt the whole or any part of the App or combine or incorporate the App into another other programme or application;
(e) disassemble, decompile, reverse-engineer or otherwise attempt to derive the source code of the App or any components thereof;
(f) use the App in any manner that would lead to the infringement of our intellectual property rights or those of any third party;
(g) use the App in a way that could damage, disable, impair or compromise the App or the provision of the Services (or the systems or security of the App or any other computer systems or devices used in connection therewith) or interfere with other users or affect the reputation of Foris MT, its affiliates or the Issuer; or
(h) engage in any other activities deemed inappropriate by us or which is in contravention of any Applicable Laws.
16.1 By using the Services, you confirm that you have read and understood our Privacy Notice and consent to us collecting, using, disclosing and sharing amongst ourselves your Personal Data and disclosing such Personal Data to our affiliates, authorised service providers and relevant third parties for purposes reasonably required by us to facilitate and administer your use of the Services. These purposes are set out in greater detail in our Privacy Notice, which is accessible at https://www.cardsupport247.com/europe/privacy/
16.2 We are entitled at any time to satisfy our internal requirement as to your Personal Data (for example, by requesting relevant original documents) including for the purposes of preventing fraud and/or anti-money laundering and counter-terrorist financing purposes.
17.1 You shall accept full responsibility for the security and authenticity of all Instructions sent via the App and you shall be bound by all such Instructions. We shall be entitled to assume that all Instructions received from your Enabled Device via the App is yours. We shall be under no obligation whatsoever to verify that such communications are in fact yours.
17.2 You are aware that Instructions and information transmitted via the App are generally transmitted via the Internet and may be routed via public, transnational installations which are not specifically protected. We cannot guarantee that the Instructions and information so transmitted will in fact be completely protected against such unauthorised access, and you accept these associated risks.
17.3 Any Instructions sent by you to us shall only be deemed to be received by us when we have successfully retrieved such Instructions from the relevant system and duly informed you of such receipt. In addition, any Instructions sent by you to any third parties (for example, network merchants) shall only be deemed to have been received by such third parties in accordance with their terms and conditions.
17.4 You acknowledge and agree that in the event of any dispute arising in connection with your use of the Services, our records (including electronic, computer and microfilm stored records) of all matters relating to your use of the Services and/or of you (including Transaction History) at any specified date shall be conclusive of their accuracy and authenticity and shall be binding on you for all purposes whatsoever. In addition, you agree to the admissibility of such documents without further requirement of proof of authenticity or accuracy in a court of law under applicable evidentiary law, rules and/or regulations.
LIMITATION OF SERVICES / TERMINATION
18.1 The Issuer or we (as the case may be) may at any time, without notice and in its sole and absolute discretion, terminate, suspend or limit your use, or the functionality, of the Services (including freezing or closing your Prepaid Card Wallet, refusing to process any Card Transactions, or reversing any Card Transaction that you have effected), including: (a) in the event of any breach by you of these Terms, the terms of the Issuer, or all other applicable terms, including the App Wallet Terms; (b) for the purposes of complying with Applicable Laws; (c) where we and/or the Issuer suspect that a transaction effected by you is potentially connected to any unlawful activities (including but not limited to money laundering, terrorism financing and fraudulent activities); or (d) as may be informed by its internal risk monitoring policy and the profile of spending reasonably anticipated for the type of consumer group you belong to.
18.2 We reserve the right to reverse, cancel, refuse to honour or exclude you from participating in any incentive programmes (including but not limited to any kind of reward, cashback or referral programmes) if you are found in breach of any of these Terms, whether directly or indirectly, voluntarily or involuntarily.
18.3 Your obligations under these Terms will continue and the Issuer shall remain to be entitled to debit your Prepaid Card Wallet Balance for any amount and charges incurred in or related to Card Transactions that are carried out before or after the termination of your Prepaid Card and you shall continue to remain liable to the Issuer for such amounts and charges until they are paid in full.
18.4 You shall not be entitled to any payment, compensation or damages from us in relation to any suspension or termination of your use of the Services, the Prepaid Card and/or the Prepaid Card Wallet for any reason whatsoever. Any suspension or termination of your use of the Services, the Prepaid Card and/or the Prepaid Card Wallet for any reason whatsoever shall not release you from any liability or responsibility on your part, which at the time of such suspension or termination, has already accrued.
18.5 You are entitled to a refund of your Prepaid Card Wallet Balance upon termination of your Prepaid Card and/or Prepaid Card Wallet, and such refund will be subject to Clauses 18.7 to 18.10 below.
18.6 The Issuer's and our rights of suspension and termination under these Terms shall be without prejudice to any other rights or remedies which the Issuer and/or we may have (whether under these Terms, at law, in equity or otherwise).
18.7 At any point of time you may request the termination of your Prepaid Card and Prepaid Card Wallet and for the refund of your entire Prepaid Card Wallet Balance ("User Termination"). Requests for a User Termination may be submitted to Foris MT via the App.
18.8 In order to process your request for a User Termination, the Issuer and/or Foris MT may ask you to provide your photograph identification documents and other details for identification purposes to enable the Issuer and/or Foris MT to comply with Applicable Laws.
18.9 The Issuer and/or Foris MT may, subject to Applicable Laws, delay, deny, or reduce the amount returned to you if necessary to ensure that the requested reduction does not result in a negative Prepaid Card Wallet Balance.
18.10 The Issuer and/or Foris MT, in its sole and absolute discretion, will determine how (e.g. bank transfer or cheque) your remaining Prepaid Card Wallet Balance will be returned to you. Your remaining Prepaid Card Wallet Balance will only be returned to you, the holder of the Prepaid Card Wallet, and not to any other person.
18.11 Any refund of your remaining Prepaid Card Wallet Balance must be claimed and accepted by you within 6 years after the expiry date shown on your Prepaid Card.
18.12 You may be charged a fee for the refund of your Prepaid Card Wallet Balance to cover the costs incurred by the Issuer.
Third Party Providers
19.1 You can choose to allow a Third Party Providers (TPP) to access information on your account, to combine and display information about your account with information from accounts you have with other payment service providers, and, if applicable to your payment instrument, to make payments for you from your account, provided the TPP is authorized by the FCA or another European regulator and you have given your explicit consent.
19.2 If you do, you must keep us informed of any incorrect or unauthorized transactions that happen so we can take steps to stop further misuse of your payment instrument and arrange any refund you have been entitled to.
19.3 If you are thinking of using a TPP, it is important you check with the regulator whether it is authorized before you use it.
19.4 We can refuse or stop access to a TPP if we are concerned it is not authorized or if we believe it is fraudulent or acting fraudulently.
19.5 This change will not affect any customers who do not use TPPs.
CUSTOMER FEEDBACK, QUERIES, COMPLAINTS AND EMERGENCIES
20.1 If you have any feedback, questions or complaints, please contact us via email at [email protected] and through our live chat available on the App.
20.2 We will try to resolve any complaints you have about the MCO Prepaid Card or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
20.3 We have procedures in place to make sure that we handle your complaint fairly and quickly. However, if you are not satisfied with the outcome of your complaint, you can write to the Financial Ombudsman Service at Exchange Tower, Harbour Exchange, London E14 9SR (Telephone number: 020 7964 1000).
20.4 We may need to contact you urgently if we suspect or find fraudulent activity has occurred on your account (provided we are not prohibited from doing so by law) or if we suffer a security threat. To do so, we may (for example) send you a text message instead of calling or emailing you, if we think this is the quickest way to contact you. When we contact you, we will also give you information on how you can minimise any risk to your payment instrument depending on the nature of the security threat. We will use the same contact details which you have already provided us with when contacting you. You must inform us immediately if your personal details or contact information change.
LIMITATION OF LIABILITY
21.1 EXCEPT AS EXPRESSLY PROVIDED IN THESE TERMS, TO THE FULLEST EXTENT PERMITTED BY LAW, THE ISSUER AND WE DISCLAIM ALL OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, MADE TO YOU, YOUR AFFILIATES OR ANY OTHER PERSON, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES REGARDING QUALITY, SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE (REGARDLESS OF ANY COURSE OF DEALING, CUSTOM OR USAGE OF TRADE) OF ANY SERVICE OR ANY GOODS PROVIDED INCIDENTAL TO THE SERVICES PROVIDED UNDER THESE TERMS. THE ISSUER'S AND OUR LIABILITY IN RESPECT OF REPRESENTATIONS AND WARRANTIES THAT CANNOT BE EXCLUDED IS LIMITED, AT ITS OPTION, TO ANY ONE OF RE-SUPPLYING, REPLACING OR REPAIRING, OR PAYING THE COST OF THE RE-SUPPLYING, REPLACEMENT OR REPAIRING, OR PAYING THE COST OF SUPPLYING AGAIN THE SERVICES IN RESPECT OF WHICH THE BREACH OCCURRED.
21.2 NOTWITHSTANDING ANYTHING IN THESE TERMS, TO THE EXTENT PERMITTED BY LAW, IN NO EVENT SHALL THE ISSUER OR WE OR ANY OF ITS REPRESENTATIVES BE LIABLE TO YOU: (a) FOR ANY LOSSES OR DAMAGE OR CLAIMS (i) DUE TO AN UNUSUAL OR UNFORESEEABLE EVENT, OUTSIDE THE REASONABLE CONTROL OF THE ISSUER OR US AND THE CONSEQUENCES OF WHICH COULD NOT HAVE BEEN AVOIDED EVEN IF ALL DUE CARE HAD BEEN EXERCISED (INCLUDING BUT NOT LIMITED TO FORCE MAJEURE, EVENTS OF WAR OR CIVIL UNREST, NATURAL DISASTERS, STRIKE, LOCK-OUT, TRAFFIC DISRUPTION, ACTS OF DOMESTIC OR FOREIGN GOVERNMENTAL AUTHORITIES); (ii) ARISING FROM OR IN CONNECTION WITH: (A) ANY DELAY, SUSPENSION, DISCONTINUANCE OR FAILURE OF THE APP OR SERVICES; (B) ANY REJECTION OF THE PREPAID CARD; (C) ANY REFUSAL TO PROCESS OR AUTHORISE ANY TRANSACTION FOR ANY REASON; (D) YOUR INABILITY TO EFFECT OR COMPLETE ANY TRANSACTION DUE TO SYSTEM MAINTENANCE OR BREAKDOWN / NON-AVAILABILITY OF THE APP, NETWORK, OUR HARDWARE OR SOFTWARE OR THAT OF ANY THIRD PARTIES; (E) USE OF YOUR ENABLED DEVICE AND THE SERVICES BY THIRD PARTIES, WHETHER AUTHORIZED OR UNAUTHORIZED BY YOU; (F) ANY THEFT OR LOSS OF YOUR ENABLED DEVICE; (iii) CAUSED BY THE ISSUER OR US DUE TO THEIR COMPLIANCE WITH APPLICABLE LAWS, COURT ORDERS, AND/OR CARD NETWORK RULES; AND (b) ARISING OUT OF OR IN CONNECTION WITH THESE TERMS FOR LOST PROFITS, LOST REVENUES, LOST BUSINESS OPPORTUNITIES, EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES TO THESE TERMS, REGARDLESS OF WHETHER SUCH DAMAGES WERE DIRECT OR INDIRECT, FORESEEABLE OR UNFORESEEABLE, OR WHETHER THE ISSUER OR US OR THEIR REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
21.3 In any case, the total liability of the Issuer and us arising out of or in connection with the provision of any service under these Terms shall be limited to your Prepaid Card Wallet Balance as of the date your claim arises.
21.4 The Issuer and us shall not be liable for fault on the part of any third party service providers instructed by us. In such cases, the Issuer's and our liability shall be limited to using reasonable care in the selection, appointment and instruction of such third party service providers (but not of any sub-contractor or other third party such third party service provider may use).
21.5 Unless you have acted fraudulently or with intent or gross negligence, you will only be liable for a maximum of £35 (or the equivalent in the currency of your payment instrument) up until the time you inform us that your payment instrument has been lost or stolen. You will not be liable for any losses which occur on your payment instrument after you have informed us that it has been lost or stolen. If you're due a refund for an unauthorised transaction, we'll make sure you receive this no later than the end of the next business day.
21.6 Nothing in these Terms shall operate to limit or exclude any liability for fraud or for death or personal injury resulting from negligence.
21.7 The Prepaid Card and the Prepaid Card Wallet are e-money products and are not subject to and not eligible for any deposit insurance coverage or the Financial Services Compensation Scheme. In the unlikely event that the Issuer becomes insolvent, your funds may become valueless and unusable, and as a result you may lose your money.
You agree to indemnify and hold the Issuer and Foris MT, each of their affiliates and third party service providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives, harmless from any claim or demand (including attorneys’ fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to (i) your breach of these Terms; (ii) your use of the App, Services, the Prepaid Card and/or the Prepaid Card Wallet; (iii) your violation of any rule or regulation, or the rights of any third party; and (iv) any transactions resulted from your wilful default, fraud, gross negligence or breach of these Terms.
AMENDMENT AND VARIATION
These Terms may from time to time be updated or amended (including fees and charges, or introduce new terms), and Foris MT will post any such updates on the App and Site. Such updated Terms as posted will take effect immediately upon posting on the App and Site. You should regularly check the App and Site to inform yourself of any such changes. In addition, we may at any time change, add or remove any feature or functionality of the App without prior notice. By continuing to use the App, Services, Prepaid Card and/or the Prepaid Card Wallet after any such changes have taken effect, you are indicating your acceptance of the updated or amended Terms as well as your acceptance of the updated App. If you do not wish to be bound by any changes or amendments to these Terms then you should stop using the App, Services, the Prepaid Card and the Prepaid Card Wallet immediately.
ASSIGNMENT AND SUBCONTRACTING
These Terms, and any rights and licences granted hereunder, are personal to you and may not be transferred or assigned by you, but may be assigned by us or by the Issuer without restriction, including without limitation to any of our or the Issuer's affiliates or subsidiaries, or to any successor in interest of any business associated with the Services. Any attempted transfer or assignment in violation hereof shall be null and void.
If any provision of these Terms shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the other provisions of these Terms and all provisions not affected by such invalidity or unenforceability shall remain in full force and effect. Such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any Applicable Laws.
ENTIRE AGREEMENT / TRANSLATION
26.1 These Terms constitute the entire agreement between you, on the one hand, and Foris MT and the Issuer, on the other, with regard to its subject matter and supersedes and invalidates all other prior representations, arrangements, understandings, and agreements relating to the same subject matter, (whether oral or in writing, express or implied). Each party acknowledges that in agreeing to these Terms it does not rely on any statement, representation, warranty, or understanding other than those expressly set out in these Terms.
26.2 These Terms are concluded in the English language and all communications including any notices or information being transmitted shall be in English. In the event that these Terms or any part of it is translated (for any proceedings, for your convenience or otherwise) into any other language, the English language text of these Terms shall prevail.
26.3 Notwithstanding the foregoing, in the event that there are conflicts between these Terms and the Terms and Conditions of the App on aspects relating to the Prepaid Card, these Terms shall prevail; on aspects relating to the use of the App, the Terms and Conditions of the App shall prevail. In the event that there are conflicts between these Terms and the Agreement between you and UAB “Payrnet” below, the Agreement between you and UAB “Payrnet” shall prevail.
27.1 These Terms shall not be waived in whole or in part except where agreed by all parties in writing.
27.2 The delay of enforcement or the non-enforcement of any of the terms of these Terms by any party shall not be construed as a waiver of any of the other rights of that party arising out of the breach or any subsequent breach of any of these Terms and no right, power or remedy conferred upon or reserved for any party in these Terms is exclusive of any other right, power or remedy available to that party and each such right, power or remedy shall be cumulative.
NOTICES AND COMMUNICATIONS
By using the Services, Prepaid Card and/or the Prepaid Card Wallet, you agree that we, the Issuer, our related corporations, third party service providers, contractors or sub-contractors may provide you with any notices or other communications relating to your use of the Prepaid Card, Services and/or the Prepaid Card Wallet electronically: (a) via email (in each case to the address that you provide), SMS message, or telephone call (in each case to the phone number that you provide), or (b) by posting to the Site. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted.
THIRD PARTY RIGHTS
Other than the Issuer and us, for the purposes of Clause 22 (Indemnification), their respective affiliates, third party service providers, officers, directors, agents, joint venturers, employees and representatives, a person who is not a party in these Terms has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of these Terms.
GOVERNING LAW AND JURISDICTION
30.1 These Terms shall be governed by and construed in accordance with the laws of Malta without regard to any choice or conflict of laws rules.
30.2 Any dispute, controversy or claim, whether contractual or non-contractual, arising out of or in connection with these Terms, or the breach, termination or invalidity thereof, or any other issue which shall arise in virtue of these Terms, shall be referred to and finally settled by arbitration in terms of the UNCITRAL Rules of Arbitration in accordance with the provisions of Part V (International Arbitration) of the Arbitration Act (Chapter 387 of the Laws of Malta). Any arbitration commenced pursuant to this Clause shall take place in the English language through an independent and impartial board comprising of 3 arbitrators to be appointed by agreement between the parties to the proceedings. Failing such agreement within fourteen (14) days from the due notification of a written request to concur in the appointment of the arbitrators, appointment shall take place by the Chairman of the Malta Arbitration Centre.
UAB “PAYRNET” TERMS AND CONDITIONS FOR CONSUMERS
OUR TERMS 1.1 Interpreting this Agreement. In order to easily understand the terms of this Agreement, please first refer to clause 3 which, amongst other things, sets out the meaning of capitalised terms used in this Agreement.
1.2 What this Agreement covers? This Agreement is a framework contract which sets out the basis on which we will carry out the services set out in Schedule 1.
1.3 Why you should read the Agreement? Please read this Agreement carefully before you agree to it, as its terms apply to the services provided by us and its terms will be incorporated into any contracts entered into between you and us pursuant to these terms. The Agreement explains many of your responsibilities to us and our responsibilities to you, how and when each Contract and this Agreement can be terminated and the extent of our liability to you. If there are any terms that you do not understand or do not wish to agree to, please contact us. You should only complete the sign-on procedures and agree to the terms of this Agreement and enter into Contracts if you agree to be bound by this Agreement.
INFORMATION ABOUT US AND HOW TO CONTACT US
2.1 Who we are. We are UAB “PAYRNET”, a company incorporated in the Republic of Lithuania (company number: 305264430) with its registered office at Girulių str. 20, LT-12123 Vilnius, the Republic of Lithuania. We are authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (license reference 72, issued on 28 August 2020) for the issuing of electronic money and provision of the related Payment Services (hereinafter referred to in this Agreement as “Payrnet”, “we” “us”).
2.2 The Electronic Money Institution license issued to Payrnet is published in the official website of the Bank of Lithuania and may be found following the below links:
2.3 Payrnet is included in the public list “Electronic Money Institutions holding an electronic money institution license” managed by the Bank of Lithuania which is published in the Bank of Lithuania’s official website. The list may be found following the link: https://www.lb.lt/en/sfi-financial-market-participants?ff=1&market=1&type%5B%5D=7&business_form%5B%5D=32
2.4 Payrnet activities are supervised by the Bank of Lithuania which is located at Gedimino avenue 6, LT-01103, Vilnius, the Republic of Lithuania, telephone no. +370 800 50 500. Further details of the Bank of Lithuania are available at its official website: https://www.lb.lt/en/.
2.5 Communications between us are to be in Lithuanian or English. This Agreement is prepared in the official language (Lithuanian) and in English, or, by agreement between you and us, in another language agreed. If there is any conflict between the Lithuanian version (or the version in another agreed language) and the English version of this Agreement, the English version shall prevail. We shall communicate in the official language (Lithuanian) or in English, or by agreement, in another language agreed between you and us.
2.6 How to contact us. You may contact us in writing by email to [email protected] or by posting a letter to our registered office. However, initial queries should be directed towards the Associated Service Provider. You can contact the Associated Service Provider using the email address or telephone number for same set out in Schedule 2.
2.7 How we may contact you. If we have to contact you we will do so: (a) via the Associated Service Provider except in urgent cases (b) by telephone to the telephone numbers; or (b) by writing to you at the email address(es), you provided when agreeing to this Agreement or by using any other contact details you have provided to us or have used in communications with us or the Associated Service Provider.
2.8 ‘Writing’ includes emails. When we use the words “writing” or “written” in this Agreement, this includes emails.
2.9 Some of the services we provide are subject to the Law on Payments of the Republic of Lithuania. The law regulates how Payments must be transmitted and provides protection for the clients of authorised payment services providers.
The definitions set out in this clause apply in this Agreement as follows:
“Account” means an Electronic Money account that we will open for you for the keeping of the Electronic Money that we will issue to you and for the provision of the related Services.
“Account Information Service Provider” means the provider of an online service to provide consolidated information on one or more payment accounts held by a payment service user (which could be you) with another payment service provider or with more than one payment service provider.
“Business Day” means a day when the clearing banks in Vilnius are open for business, excluding Saturdays, Sundays and public holidays in Lithuania.
“Consumer” means an individual who, in entering into this Agreement, is acting for a purpose other than a trade, business or profession.
“Contract” means any contract entered into pursuant to this Agreement, including a Payment Contract.
“Controller”, “data controller”, “processor”, “data processor”, “data subject”, “personal data”, “processing” and “appropriate technical and organisational measures” all have the meanings set out in the Data Protection Laws in force at the time.
“Data Protection Laws” means (i) the Law on Personal Data Protection of the Republic of Lithuania No I-1374 as of 11 June 1996 (as amended), (ii) the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) and any national implementing law, regulations and secondary legislation on and after 25 May 2018 and for so long as the GDPR is effective in Lithuania, and (iii) any successor legislation to the Law on Personal Data Protection of the Republic of Lithuania and the GDPR.
“Durable Medium” means an instrument which enables you to store information addressed personally to you in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored.
“Electronic Money” means electronically stored monetary value as represented by a claim against us.
“Loss” has the meaning given in sub-clause 10.2 of this Agreement.
“Payment Initiation Service Provider” means the provider of an online service to initiate a Payment Order at the request of a payment service user (which could be you) with respect to a payment account held at another payment service provider.
“Payment Services” means the services provided by us pursuant to the terms set out in Schedule 1.
“Regulations” means the Law on Payments of the Republic of Lithuania No VIII-1370 of 28 October 1999 (as amended).
“Safeguarded Account” means the bank account(s) belonging to us, which is separate to our own office bank accounts, into which we will receive money from you, or on your behalf, in return for the issuance of Electronic Money.
“Services” means the services identified in clause 5.
“Term” means the term of this Agreement, as set out in clause 4.4.
“Website” means our website from time to time currently: https://www.railsbank.com/payrnet
3.1 Clause, Schedule and paragraph headings shall not affect the interpretation of this Agreement.
3.2 The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this Agreement includes the Schedules.
3.3 References to clauses and Schedules are to the clauses and Schedules of this Agreement and references to paragraphs are to paragraphs of the relevant Schedule.
3.4 If there is an inconsistency between any of the provisions in the main body of this Agreement and the Schedules, the provisions in the Schedule shall prevail.
3.5 Any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
3.6 Unless the context otherwise requires, words in the singular shall include the plural, and in the plural shall include the singular.
3.7 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.
3.8 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.
3.9 A reference to a statute or statutory provision shall include all subordinate legislation made from time to time.
TERM AND BECOMING A CLIENT
4.1 How can you agree to this Agreement? You can agree to this Agreement by checking the box online confirming that you agree to them, by signing them (using a PDF signer, wet ink or otherwise) or by otherwise confirming your agreement to them or making use of the Services.
4.2 When will you become a client of ours? You will be bound by this Agreement as soon as we or the Associated Service Provider notifies you that you have become a client or, in the event that we don’t notify you, as soon as we make the Services available to you. In order to become a client and before any Services can be provided by us, you must provide us with all information reasonably required by us to comply with our legal and regulatory obligations and our own internal risk management processes and agree to these terms. You warrant that all information provided to us is true and correct to the best of your knowledge and belief.
4.3 At our absolute discretion we may refuse to open the Account for you and may do so without giving any reason and without any liability on our part.
4.4 This Agreement shall come into force on the date that we confirm to you that you are a client, or we otherwise make the Services available to you and shall remain in force until terminated in accordance with this Agreement.
5.1 We may in our absolute discretion provide, or continue to provide, the Services set out in Schedule 1 to you.
5.2 As part of the Services, we shall issue you with Electronic Money upon receipt of money from you or a third party on your behalf, store your Electronic Money and redeem Electronic Money both on your express instruction and in accordance with this Agreement.
5.3 Our Services do not include the provision of advice. We do not offer advice under this Agreement on any matter including (without limit) the merits or otherwise of any currency transactions, on taxation, or markets. Although we may provide you with market information from time to time, we do not provide advice. It is entirely for you to decide whether a particular Contract and your instructions to us, are suitable for you and your circumstances.
ISSUING ELECTRONIC MONEY TO YOU
6.1 Where we receive money from you or on your behalf, this money will be held by us in the relevant Safeguarded Account in exchange for the issuance by us to you of Electronic Money which will be issued by the next Business Day from the date that the money is accepted.
6.2 When we issue you with Electronic Money, you holding the Electronic Money and us holding the funds corresponding to the Electronic Money is not the same as a bank holding your money in that:
(a) we cannot and will not use the funds to invest or lend to other persons or entities; (b) the Electronic Money will not accrue interest; and (c) the Electronic Money is not covered by the Deposit Insurance Scheme of the Republic of Lithuania or a comparable guarantee scheme in any other country.
6.3 You may hold Electronic Money and we may hold funds corresponding to your Electronic Money indefinitely. However, if we hold Electronic Money for you for more than 12 (twelve) months, with no activity on the account during those 12 (twelve) months, we shall use reasonable endeavours to contact you to redeem the Electronic Money and return the corresponding funds to you. If we are unable to contact you, we may redeem the Electronic Money and send the corresponding funds, less any of our costs incurred, to the last known bank account we have on file for you.
6.4 We accept no responsibility in the event that you send money to the incorrect account.
6.5 We do not accept cash or cheques. We accept monies by electronic funds transfer to our bank account, the details of which we shall provide to you upon request.
7.1 All funds provided by you under a Contract may be appropriated by us if we incur any liability in respect of any Contract or in the event that you are unable to pay sums due to us.
7.2 If you fail to make any payments, in full or in part, due to us on time then (without prejudice to any other right or remedy that may be available to us under the Contract or applicable law):
(a) we may charge you interest at the rate of 0.05% above the base rate of one of the central banks of the country of the currency you owe us money in, from time to time in force, or the Bank of Lithuania (at our choice) from the date payment is due until the date payment is made;
(b) we will be entitled to terminate the Contract.
WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS
8.1 You warrant and represent to us (such representations and warranties to be made both on the date you sign this Agreement and on the date you enter into each Contract) that:
(a) you are an individual and are not acting in the course of a business, trade or profession;
(b) you have appointed the Associated Service Provider as your agent to place orders to enter into Contracts with us and otherwise communicate with us;
(c) all information that you supply to us is complete, true, accurate and not misleading in any material respect;
(d) all sums which you send to us or are sent to us on your behalf (until these monies become due to us or are paid back to you) are and will remain owned by you and you have not created and will not create any charge or other encumbrance over or in respect of such monies;
(e) you are not prevented by any legal disability or subject to any law or regulation from performing your obligations under this Agreement and any related transactions contemplated by them;
(f) you comply with all relevant laws, regulations, exchange control requirements and registration requirements.
INTELLECTUAL PROPERTY RIGHTS
9.1 The material displayed on our Website is provided without any guarantees, conditions or warranties as to its accuracy.
9.2 You acknowledge and agree that Payrnet and/or its licensors own all intellectual property rights in the Website. Except as expressly stated herein, this Agreement does not grant you any rights to, under or in, any patents, copyright, database right, trade secrets, trade names, trademarks (whether registered or unregistered), or any other rights or licences in respect of the Website.
GENERAL LIMITATION OF LIABILITY
10.1 Where we and another person (such as another payment services provider) are liable to you in respect of the same matter or item, you agree that our liability to you will not be increased by any limitation of liability you have agreed with that other person or because of your inability to recover from that other person beyond what our liability would have been had no such limitation been agreed and/or if that other person had paid his or its share.
10.2 Where any loss, liability, cost or expense (a “Loss”) is suffered by you for which we would otherwise be jointly and severally or jointly liable with any third party or third parties, the extent to which such Loss shall be recoverable by you from us (as opposed to any third parties) shall be limited so as to be in proportion to the aggregate of our contribution to the overall fault for such Loss, as agreed between all of the relevant parties or, in the absence of agreement, as determined by a court of competent jurisdiction. For the purposes of assessing the contribution to the Loss in question of any third party for the purposes of this clause, no account shall be taken of any limit imposed or agreed on the amount of liability of such third party by any agreement (including any settlement agreement) made before or after such Loss occurred or was otherwise incurred.
10.3 We accept no responsibility for any delay in fulfilling a Contract attributed to the late arrival of funds or instruction of payment relative to the cut off times of the designated bank or for delays or faults due to the clearing banks or banking systems.
10.4 We shall not be liable for any bank charges that you may incur in sending funds to or receiving funds from us.
10.5 We shall not be liable to you for the non-performance of our obligations or the failure to execute any Payment Order if the execution of the Payment would be illegal.
10.6 Nothing in this Agreement limits or excludes our liability for death or personal injury caused by our negligence or for any damage or liability incurred by you as a result of fraud or fraudulent misrepresentation by us or to the extent that the liability may not be excluded or limited by any applicable law.
10.7 We are not liable for business losses. We only supply the Services under this Agreement for domestic and private use. If you use the Services for any commercial, business or re-sale purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
11.1 If you feel that we have not met your expectations in the delivery of our Services, in first instance contact the Associated Service Provider using the contact email address for complaints set out in Schedule 2. If the Associated Service Provider does not deal with your complaint adequately, please contact us via email to [email protected]
11.2 We have internal procedures for handling complaints fairly and promptly in accordance with the Bank of Lithuania requirements. A copy of our complaints’ procedure is available on our Website and may also be submitted to you directly upon request.
11.3 We, either directly or via the Associated Service Provider, shall respond to your complaint in writing or using another Durable Medium within 15 (fifteen) Business Days after the receipt of the complaint. In exceptional cases, due to reasons which are beyond our control, we may send you a preliminary response by indicating reasons for delay and the term by which you will receive our final response. In any case the term for provision of final response will not exceed 35 (thirty-five) Business Days after the receipt of complaint. Handling of complaints is free of charge. The claims shall be submitted, handled and responded in Lithuanian or English, unless use of another language is agreed between you and us (which may as well be expressed by our acceptance of claims submitted in languages other than Lithuanian or English).
11.4 Should you not be satisfied with our final response, or should we fail to respond to you within 15 Business Days from receiving the claim, you shall have a right to apply to the Bank of Lithuania in three different ways: (1) through the electronic dispute settlement facility E-Government Gateway, (2) by completing a consumer application form and sending it to the Supervision Service of the Bank of Lithuania at Žalgirio g. 90, LT-09303 Vilnius, email: [email protected] , or (3) by filing out a free-form application and sending it to the Supervision Service of the Bank of Lithuania, Žalgirio g. 90, LT-09303 Vilnius, email: [email protected] . Whatever the way you choose to submit the claim, it must be in the official language of the country, i.e. Lithuanian. You may only apply to the Bank of Lithuania within 1 year after you received from us a response that is not satisfactory, or after the 15 Business Days for responding has passed and we did not respond. Addressing us first is a precondition for you applying to the Bank of Lithuania. The decision of the Bank of Lithuania is not mandatory for us or you and you, even after the dispute was solved by the Bank of Lithuania, shall have a right to apply to the court.
11.5 In case you are generally not contended with us or our services, where there is no claim or disagreement between you and us, you may always approach the Bank of Lithuania by addressing a complaint to the Bank of Lithuania at Totorių g. 4, LT-01121 Vilnius, email: [email protected], or to the Supervision Service of the Bank of Lithuania, Žalgirio g. 90, LT-09303 Vilnius, email: [email protected] .
ESTABLISHING YOUR IDENTITY
12.1 To comply with the requirements of the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and related regulations, it may be necessary to obtain from you, and retain, evidence of your personal identity in our records from time to time. If satisfactory evidence is not promptly provided to us, we cannot accept your instructions.
12.2 To assist us with meeting our obligations, we may carry out an electronic verification check via third party providers in order to verify your identity. If such searches are carried out, we may keep records of the contents and results of such searches in accordance with all current and applicable laws. You acknowledge that us carrying out an electronic verification check may leave a soft footprint on your credit history.
12.3 We are also obliged to report any reasonable suspicions about instructions received, transactions and activities to the regulatory authorities. This may affect our relationship with you so far as confidentiality is concerned. If we are required under legislation (including the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania) to refrain from communicating with you and/or proceeding with your instructions, we can accept no liability for the consequences of being prevented from doing so.
13.1 When we may terminate this Agreement.
(a) We can terminate this Agreement at any time and for any reason by giving you not less than two (2) month’s written notice.
(b) If the Associated Service Provider notifies us that their agreement with you has terminated, we can terminate this Agreement with immediate effect.
(c) If you terminate your agreement with the Associated Service provider, we can terminate this Agreement with immediate effect.
13.2 When you may terminate this Agreement. You can terminate this Agreement at any time and for any reason by cancelling your agreement with the Associated Service Provider. We may contact you to confirm your request.
13.3 Effect of Termination. Upon the effective date of termination:
(a) you will no longer be able to use the Services;
(b) all of your payment obligations under this Agreement will immediately become due and payable;
(c) we shall redeem any Electronic Money we hold for you and send the equivalent funds to a bank account in your name, unless agreed by both parties, less any monies which are due and owing to us. Redemption of your Electronic Money as such will always be free of charge.
After termination, you may contact us using the contact details set out in clause 2.3 to redeem any Electronic Money you still hold with us. In addition, you have a right to request us to provide you, in Durable Medium and free of charge, your transaction history during the past 36 (thirty-six) months before the termination of the Agreement (or a shorter period, if the Agreement was in force for less than 36 (thirty-six) months).
14.1 We undertake that we shall not at any time, disclose to any person any of your confidential information, except in the following circumstances:
(a) to our employees, officers, representatives or advisers who need to know such information for the purposes of exercising our rights or carrying out our obligations under or in connection with this agreement, including to the Associated Service Provider. We shall ensure that our employees, officers, representatives, advisers or the Associated Service Provider to whom we disclose your confidential information comply with this clause; and
(b) as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority.
14.2 We may disclose confidential information to the person or organisation which introduced or referred you to us, solely as necessary and limited to the purpose of paying such person or organisation an introductory/referral or affiliate fee.
HOW WE MAY USE YOUR PERSONAL INFORMATION
16.1 Keeping records. We may maintain a record of all emails sent by or to us. All those records will be maintained at our absolute discretion and are our property and can be used by us in the case of a dispute. We do not guarantee that we will maintain such records or be able to make them available to you. You consent to the use and admissibility of any such records as evidence in any dispute or anticipated dispute between the parties which relates to the dealings between the parties.
16.2 Ensuring this Agreement is legally enforceable. This Agreement constitutes our offer to make the Services available to you and you agreeing to this Agreement constitutes your acceptance of this offer.
16.3 Even if we delay in enforcing under this Agreement, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under this Agreement, or if we delay in taking steps against you in respect of your breach of this Agreement or any Contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you, but we continue to fulfil the Contract, we can still require you to make the payment at a later date.
16.4 What if something unexpected happens? We shall have no liability to you under this Agreement or any Contract if we are prevented from or delayed in performing our obligations under this Agreement, or from carrying on our business, by acts, events, omissions or accidents beyond our reasonable control, including, without limitation, strikes, lock-outs or other industrial disputes (whether involving us or any other party), failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or our default of sub- contractors, provided that you are notified of such an event and its expected duration.
16.5 If a court finds part of this Agreement illegal, the rest will continue in force. Each of the sub-clauses, clauses and paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining sub-clauses, clauses and paragraphs will remain in full force and effect.
16.6 This is our entire agreement with you. This Agreement, and any documents referred to in them, constitute the whole agreement between the parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter they cover.
16.8 We are not partners, and neither of us may act as the other’s agent. Nothing in this Agreement is intended to or shall operate to create a partnership or joint venture between you and us, or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way (including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
16.9 We can make amendments to this Agreement. We may amend this Agreement by giving you no less than two months’ notice in writing. If you object to the proposed amendments, you have the right to terminate this Agreement without charge before the date proposed by us for the entry into force of the changes. You will be deemed to have accepted the proposed amendments unless you notify us and terminate this Agreement before the date proposed by us for the entry into force of the changes. If we receive no objection from you, such amendments shall take effect from the date specified by us but may not affect any rights or obligations that have already arisen and will not be retrospective. For the avoidance of doubt, the termination of this Agreement by any means by you, shall not affect any Contract nor any rights or obligations that have already arisen at the date of the termination.
16.10 What happens if you are jointly a client of ours with another person? Where you comprise two or more people, each person will be jointly and severally liable to us in respect of all obligations contained in this Agreement.
16.11 Can you obtain a copy of this Agreement or additional information? You may request and we shall provide a copy of this Agreement to you in Durable Medium at any time prior to termination of this Agreement.
16.12 We may transfer this agreement to someone else. We may transfer our rights and obligations under this Agreement to another organisation without your consent. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under this Agreement or any Contract.
16.13 You need our consent to transfer your rights to someone else. You may only transfer your rights or your obligations under this Agreement to another person if we agree to this in writing.
16.14 Nobody else has any rights under this Agreement. This contract is between you and us. No other person shall have any rights to enforce any of its terms.
16.15 Which laws apply to this Agreement and where you may bring legal proceedings. These terms are governed by Lithuanian law and you can bring legal proceedings in respect of the services in the Lithuanian courts.
Schedule 1 – PAYMENT SERVICES
1.1 The definitions and rules of interpretation set out in clause 3 of the main body of this Agreement and in this paragraph 1 apply to this Schedule:
“Associated Service Provider” means the third-party service provider, the details of which are set out in Schedule 2, which is providing its own services alongside the Services and acts as your agent in accordance with paragraph 2.
"Associated Service Provider's App" means the mobile application that you use to interact with the Associated Payment Provider and provide instructions to Payrnet and obtain data from Payrnet.
“Associated Service Provider Terms” means the terms and conditions above which you have entered into with the Associated Service Provider related to this Agreement.
“Beneficiary” means the recipient of money pursuant to a Payment.
“Beneficiary Account” means the bank account of the Beneficiary which is the subject of a Payment.
“Fees” means the fees which will be charged for the provision of the Payment Services, the details of which are set out in the Associated Service Provider Terms – see Schedule 3.
“Payment” means us redeeming your Electronic Money and sending the corresponding funds to a Beneficiary Account, the details of which you set out in your Payment Order.
“Payment Contract” means a contract between us and you whereby we commit to executing one or more Payments on your behalf pursuant to the Payment Order you have provided to us.
“Payment Order” means a request from you to us for us to execute one or more Payments.
“Unique Identifier” has the meaning set out in paragraph 3.2(b).
CONFIRMATION THAT THE ASSOCIATED SERVICE PROVIDER IS YOUR AGENT
2.1 You warrant and represent that you have executed the Associated Service Provider Terms and appointed the Associated Service Provider as your agent to place, amend and withdraw Payment Orders with us on your behalf.
2.2 You undertake to inform us via email to [email protected] as soon as the Associated Service Provider is not entitled to act as your agent to place, amend and/or withdraw Payment Orders with us on your behalf.
2.3 You undertake to ratify, confirm and be liable for whatever we do or purport to do in good faith in reliance upon this paragraph 2.
2.4 Subject always to paragraph 2.5, you undertake to indemnify us against all liabilities, costs, expenses, damages and losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest, penalties and legal costs (calculated on a full indemnity basis) and all other reasonable professional costs and expenses) which we sustain or incur in connection with any action taken in good faith pursuant to this paragraph 2 (including any cost incurred in enforcing this indemnity).
2.5 The indemnity in paragraph 2.4 shall not cover us to the extent a claim under it results from our negligence or wilful misconduct.
PLACING PAYMENT ORDERS
3.1 How to place a Payment Order.
You may place a Payment Order with us via the Associated Service Provider as your agent. The Associated Service Provider Terms set out how you can do this. The Associated Service Provider is able to place your Payment Order with us on your behalf using the Associated Service Provider's App. We will accept Payment Orders received by us from the Associated Service Provider on your behalf. You must notify us immediately upon the Associated Service Provider no longer being authorised to place Payment Orders with us as your agent on your behalf.
We are entitled to assume that:
(a) the Associated Service Provider is authorised to make Payment Orders on your behalf until you notify us to the contrary in writing;
(b) all Payment Orders received by us from the Associated Service Provider via the Associated Service Provider's App have been authorised by you without carrying out any further due diligence.
Payment Orders received by us from the Associated Service Provider in accordance with this paragraph 3.1 will be deemed by us as ‘consent’ for the execution of the Payment(s) set out in the Payment Order and accordingly authorised by you pursuant to Article 29 of the Regulations.
3.2 Details to be set out in the Payment Order. The Payment Order must confirm:
(a) the amount and currency of the money you wish to send pursuant to each Payment;
(b) the details of the Beneficiary Account (the “Unique Identifiers”) which is to be the subject of each Payment, including the following:
(1) full name and address of the Beneficiary;
(2) the account details of the Beneficiary Account which shall be:
(a) the IBAN; or
(b) such other details that we request from you.
3.3 What if you have provided incorrect details? If you think that you have provided incorrect Unique Identifiers or other details relating to a Payment, you must contact the Associated Service Provider immediately by email to the Associated Service Provider’s email address for queries and support set out in Schedule 2.
3.4 Deemed receipt of the Payment Order. The Payment Order shall be deemed to be received at the time at which it is received except that:
(a) where the Payment Order is received on a day which is not a Business Day or is received after 4 pm, Vilnius time on a Business Day, we have the right to treat your Payment Order as having been received on the next Business Day; and
(b) if a Payment is to be made on a day in the future your Payment Order shall be deemed to be received on the day stated for the making of that Payment (provided we hold enough Electronic Money to execute the Payment and pay the associated Fees) or, if that day is not a Business Day, on the Business Day immediately following that date.
3.5 What happens when a Payment Order is accepted? Once accepted, such Payment Order will form a Payment Contract. You may be notified by the Associated Service Provider when a Payment Order is accepted by us. Please note that we are under no obligation to accept any Payment Orders.
3.6 Options available to us following receipt of a Payment Order. Following receipt of a Payment Order, we may:
(a) refuse that Payment Order and if we do so, we shall (unless it would be unlawful for us to do so) notify you of that refusal, the reasons for that refusal (if possible), and the procedure for rectifying any factual errors that lead to that refusal. Such notification shall be given to you as soon as practicable following the refusal and we may charge you for such notification where the refusal is reasonably justified. Such charge will be equivalent to the cost of processing the Payment Order. A Payment Order which is refused by us shall be deemed not to have been received for the purposes of paragraph 3.4; and/or
(b) request further confirmation or information from you if we consider that such confirmation or information is desirable and/or that Payment Order is ambiguous.
3.7 Revocation of Payment Orders. You may not revoke:
(a) a Payment Order which has been initiated through a Payment Initiation Service Provider, without our written consent;
(b) a Payment Order initiated in any way other than through a Payment Initiation Service Provider, after it has been received by us except if you have agreed with us that the Payment is to be made on a day in the future and the revocation is received by us prior to the end of the Business Day preceding that day – such revocation of the Payment shall be deemed to be withdrawal of consent for the Payment in accordance with Article 44 of the Regulations.
3.8 Any withdrawal of consent for a Payment, in accordance with paragraph 3.7(b), must be received by us in the same way you place a Payment Order pursuant to paragraph 3.1.
3.9 We may charge you for any revocation of a Payment. In particular, but not by way of limitation:
(a) you shall bear all costs, expenses and losses of us whatsoever that may arise on account of the revocation; and
(b) we may charge interest at the rate referred to in clause 7.2 of the main Agreement on any sums due to us pursuant to this paragraph 3.9.
3.10 Time for delivery of proceeds of Payment. Where the Payment is denominated in:
(a) euro and is being sent to a Beneficiary Account in Lithuania, and the Payment Order is submitted before 12 am Vilnius time, we shall ensure that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the same Business Day;
(b) euro and is being sent to a Beneficiary Account in the EEA, we shall ensure that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the Business Day following that on which your Payment Order was deemed to be received, except where the Payment Order was submitted with the future Payment date under paragraph 3.4(b) – in such a case the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the Business Day on which your Payment Order was deemed to be received in accordance with paragraph 3.4(b);
(c) an EEA currency other than euro and the Beneficiary Account is located within the EEA, we shall ensure that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account no later than by the end of the fourth Business Day following that on which your Payment Order was deemed to be received; and
(d) a non-EEA currency or if the Beneficiary Account is located outside the EEA, please contact the Associated Service Provider using the contact details set out in Schedule 2 for details of execution times.
3.11 Spending Limits. You are not able to agree spending limits on the use of the Associated Service Provider's API in accordance with Article 33 of the Regulations.
4.1 All transaction information, i.e. information about the executed Payment Orders, is available anytime and free of charge through the Associated Service Provider’s App.
4.2 You should regularly check transaction information for mistakes or discrepancies, through the Associated Service Provider’s App.
HOLDING ENOUGH ELECTRONIC MONEY TO FULFIL A CONTRACT
5.1 In order for a Payment to be executed, you will need to hold enough Electronic Money to complete the Payment and pay the applicable Fee. This should be achieved by you sending us money in the correct currency to the Safeguarded Account, in which case we shall issue you with the appropriate amount of Electronic Money.
5.2 You can redeem the Electronic Money you hold with us and receive the corresponding funds into a bank account belonging to you by entering into a Payment Contract and using your own bank details as the Beneficiary Account details. Redemption of your Electronic Money as such will always be free of charge.
5.3 When executing the Payment, we will automatically redeem your Electronic Money and send the corresponding amount of funds to the Beneficiary Account pursuant to the terms of the relevant Payment Contract.
SAFEGUARDS AND SECURITY
6.1 You must take all reasonable steps to keep safe all communication channels you have with the Associated Service Provider including any API keys, passwords, PINs or email addresses you use to communicate with the Associated Service Provider. If you become aware that there is a risk that your communication with the Associated Service Provider is no longer secure, you must notify the Associated Service Provider’s customer support as soon as possible.
6.2 You must take all reasonable precautions to prevent fraudulent use of Payment Services.
6.3 We shall contact you via email in the event of suspected or actual fraud or security threats, unless we are of the view that your emails might be compromised, in which case we shall contact you by telephone.
6.4 We may stop or suspend the use of the Associated Service Provider's App based upon:
(a) the security of the Associated Service Provider's App;
(b) suspected unauthorised or fraudulent use of the Associated Service Provider's App.
6.5 We may stop or suspend your ability to use the Associated Service Provider or any Account Information Service Provider or Payment Initiation Service Provider if we have reasonably justified and duly evidenced reasons for same relating to:
(a) unauthorised or fraudulent access to your payment account information by the Associated Service Provider, that Account Information Service Provider or that Payment Initiation Service Provider; and/or
(b) the risk of unauthorised or fraudulent initiation of a Payment.
If we do deny access to the Associated Service Provider or any Account Information Service Provider or Payment Initiation Service Provider in accordance with this paragraph 6.4, unless doing so would compromise security or is unlawful, we shall notify you as soon as possible via phone or email in accordance with clause 2.4.
LIABILITY FOR PAYMENTS
7.1 Subject to the remainder of this paragraph 7, where it is established that:
(a) a Payment was not authorised by you or was incorrectly initiated or executed by us; and
(b) you have notified us via the Associated Service Provider and the Associated Service Provider has notified us, without undue delay on becoming aware of the unauthorised or incorrectly executed Payment and in any event no later than 13 months after the date the Payment was made,
we shall refund to you the full amount debited erroneously immediately and the amount debited without authorisation as soon as practicable and in any event no later than the end of the Business Day following the day on which we became aware of the unauthorised Payment, unless we have reasonable grounds to suspect fraud and notify the appropriate authorities.
7.2 We shall not be liable for non-execution or defective execution of a Payment which we have made in accordance with a Unique Identifier given to us by you or deemed to have been given by you which proves to be incorrect. However, we shall make efforts to trace any non-executed or defectively executed Payment and notify you of the outcome.
7.3 We are liable to you under paragraph 7.1 for the correct execution of a Payment unless:
(a) paragraph 7.2 applies; or
(b) we can prove to you (and where relevant, to the Beneficiary’s payment service provider) that the Beneficiary’s payment service provider received the amount of the Payment within the appropriate time period described in paragraph 3.10.
7.4 Under Article 41 of the Regulations, you may be entitled to a refund in certain circumstances where a Payment is initiated by the Beneficiary. It is not anticipated that any Payment will be initiated by a Beneficiary under the Services provided by us pursuant this Schedule.
7.5 The provisions in this paragraph 7 shall survive termination of this Agreement and any Contract.
7.6 In some circumstances a number of intermediaries (such as correspondent banks) may be involved in an international transfer of currency, and such intermediaries may charge fees and expenses. The charges will in most cases (but not always) be deducted prior to its delivery. These charges are beyond our control and whilst we will endeavour to minimise these for you wherever possible, those charges cannot therefore be calculated in advance. You hereby acknowledge that you shall be liable for these charges.
PERFORMING FOREIGN EXCHANGE PRIOR TO ENTRY INTO A PAYMENT
8.1 If the currency which you require the Payment to be made in (in accordance with the information provided in the relevant Payment Order) is different to the currency of the Electronic Money you are using to make the Payment, then we shall, prior to making the Payment, exchange the Electronic Money for money in the currency you wish the Payment to be in using our standard exchange rates or exchange rates that have been agreed in your Fee schedule.
8.2 If the currency of the Electronic Money that you wish to redeem is different than the currency that the Electronic Money was issued, prior to making the redemption of Electronic Money we will exchange the Electronic Money for money in the currency you wish the redemption to be in using our standard exchange rates.
9.1 We shall charge you the Fees for Payments at the time each Payment is executed. These Fees will be invoiced by the Associated Service Provider.
9.2 We will pass on to you all bank charges and any other costs incurred or suffered by us or by your instruction, to reverse, recall or modify any Payment except as the result of any error on our part. Some of these charges are levied by us to offset the costs we incur from our banking providers for making Payments. If the banks we use charge us more to process any Payments, we shall have to pass this cost onto you. We shall provide you with as much notice as we can.
9.3 Any transfer of funds (whether resulting from a Contract or otherwise) may be liable to taxation in the Republic of Lithuania or in any other applicable jurisdiction. It is your responsibility to ascertain the applicability and extent of any taxation and to declare and pay any tax on any such sums. In the event that we are required to withhold any sums in respect of taxation by any court, regulation or taxing entity in any applicable jurisdiction, we shall be permitted to do so. We shall have no obligation to account to you in respect of sums so withheld.
Schedule 2 – ASSOCIATED SERVICE PROVIDER
|Associated Service Provider Name||Foris MT Limited|
|Associated Service Provider Registered Address||Level 7, Spinola Park, Triq Mikiel Ang Borg, St Julian’s SPK1000, Malta|
|Associated Service Provider Postal Address||Level 7, Spinola Park, Triq Mikiel Ang Borg, St Julian’s SPK1000, Malta|
|Associated Service Provider country of incorporation||Malta|
|Associated Service Provider company number||C90348|
|Associated Service Provider website||https://crypto.com/|
|Associated Service Provider contact email address for queries and support||[email protected]|
|Associated Service Provider contact email address for complaints||[email protected]|
Schedule 3 – The SERVICES and FEES Refer to the services and fees set out in the Associated Service Provider Terms