Terms & Conditions

1. Introduction

These terms of use constitute the contract ("Agreement") between the user ("User") and InitiumPay Ltd ("InitiumPay"). InitiumPay with registered office 20-22 Wenlock Road London - England - N1 7GU, Company Number 13872502. InitiumPay Ltd is an operator enabled to build payment instruments on authorized bank circuits.

2. Services

InitiumPay will provide User with the following services ("Services"):
- Webapp for accessing and using an electronic money account ("Account") of a provider enabled for the service as required by current legislation where it is possible to deposit funds, make direct payments or payments with linked debits cards and consult reports (as provided by the agreement between the User and Provider Account);
- Webapp (and / or App available on the Apple Store or Play Store) for access to payment services that allow to make and collect payments, ("Infraconto Payment Service") in P2P mode;
- a service that allows the User to access to a Cashback Program enabled in all of the Community partners, for purchases made online ("Partner Platforms") and in offline stores ("Affiliate Merchant Network")
- An application that allows User to participate in promotional and competition initiatives reserved for members of the Community.

1.2. WebApp and InitiumPay App

In order to access and use the Services, you must have a device ("Device"), which has access to data connectivity, through a browser or / and which has installed the InitiumPay mobile application (the "App").

1.2.1. Use of the App and webapp ("applications")

InitiumPay grants the User a non-exclusive, non-transferable and free license to use the Applications in accordance with this Agreement and the rules and policies of the platform from which the User downloaded the App. This license also governs the developments or updates that InitiumPay will make available unless the latter releases a new license at the time of development or update.

The User undertakes not to distribute, publish or otherwise transfer the App and the contents of the Webapp to third parties.

When the User downloads and uses the App, InitiumPay has access to some information of the User's Device, such as the IP address, the name of the Device, the version of the operating system and the geolocation data; when the User uses the App and the webapp, they connect via their Internet connection.

The User agrees not to:
- translate, manipulate or decrypt, create derivative works or otherwise interfere with any element of the App, or assist another person in doing so;
- use the App illegally, for unlawful purposes, in any way that does not comply with this Agreement, or act in a fraudulent or malicious manner (for example by entering data, applications or code that may cause damage to the App or to the operating system);
- collect information or data from the App or InitiumPay systems or attempt to decrypt any transmission to or from the servers that provide the Services;
- Upload any content that is or may be considered civic inappropriate or offensive.

InitiumPay may interrupt the use of the InitiumPay services by the User, including the use of the App and the Webapp, if the User uses it for illegal or immoral purposes.

InitiumPay may from time to time update or modify the applications:
- in order to comply with legislative or regulatory changes;
- offer new services; and / or
- to implement minor technical adjustments and improvements.

InitiumPay will be responsible for informing Users when updates for the App are available. Some of these updates may be mandatory if you intend to continue using the App; and some older versions of the App may become obsolete or cease to be supported over time.

As regards access to the webapp features, no update will be required.

By using the Applications, the User allows InitiumPay to collect and use technical information on the Devices and related software, hardware and peripherals. This allows InitiumPay to improve its products and provide the User with its services.

1.2.2. Application Access and Maintenance

InitiumPay, in order to make the tools made available to users more and more efficient, will be able to carry out maintenance interventions by giving specific preventive communication to customers, if such maintenance involves service interruptions beyond 60 minutes.

InitiumPay is not held responsible for any consequences resulting from the unavailability of the App as a result of any technical problem that is beyond its control. This includes the unavailability of connectivity and technical problems with the User's Devices.

1.2.3. App security

To access the App, the User is required to create or use certain security details, such as the PIN code. The User is responsible for the custody of the Device and the security details, to prevent third parties from accessing the App without his authorization.

The User must take all necessary measures to avoid the loss, theft or unauthorized use of the Device. The User must not disclose any details relating to the Services to third parties, except as necessary to authorize an Operation.

In case of suspicion that the Account or the security details have been violated, the User must inform InitiumPay as soon as possible. It is necessary for the User to keep their security data safe, without disclosing them. Failure to comply with these rules will be considered as a form of gross negligence and may invalidate the possibility of claiming compensation for any losses suffered.

1.3 Infringement Payment

Within the available applications, the user, the Partner Platform provider and the Merchant will be able to exchange digital currency in the Comparison mode.

1.3.1 Giving instructions for payments from your account

In order for a payment from your Account to be correctly executed in P2P mode, you will need to give us instructions in the following ways:
- from the applications, by selecting the recipient of your In-Account Payment from the list or by scanning the identification QRcode and entering the amount, or by scanning the QR code generated by the collection order provided by the recipient;
- from the payment gateways integrated into the portals of the partner platforms, by logging in with the credentials;

For each method envisaged, it will be necessary to approve the transaction with authorization provision by entering a specific code.

1.4. Cashback program

1.4.1. InitiumPay Community Program

With each purchase made through the applications on the "InitiumMallsquare partner platforms" and in the "affiliated merchants", the user will receive a cashback of various kinds as defined in the "cashback conditions" of each partner or affiliate.

The nature of the cashback may vary according to percentage values ​​on the purchase and may be recognized under specific conditions. By way of example but not limited to, a percentage of the amount of the first purchase or of all purchases may be recognized, in specific periods or permanently.

Cashback can be used for new purchases on all affiliated merchants and partner platforms.

1.4.2. Cashback crediting times

The User will obtain the cashback at the same time as the payment operation for his purchase and will find in the dedicated reports a list of the transactions carried out and the related cashback credit.

1.5. Applications for promotional and competition programs and campaigns

Joining the community will allow the user to participate in promotional initiatives and competition activities, which will be communicated to the community from time to time through the applications, following the regulatory constraints in force in the country of reference.

1.5.1 Promotions

InitiumPay reserves the opportunity to identify specific promotional offers that may be subscribed by users during new registrations. These promotions will allow users to enjoy discounts on Service Fees or free trial periods.

1.5.2 Prize events

InitiumPay may promote prize operations or competition initiatives in order to reward its users by encouraging the use of the applications provided.

2. Communications

2.1. How the User can contact InitiumPay

The User can contact InitiumPay using the "Ticket Support" function present in the applications. Alternatively, the User can contact InitiumPay via the email address privacy@initiumpay.com or by post at InitiumPay Customer Services, the company's headquarters.

2.2. How InitiumPay can contact the User

InitiumPay can contact the User through the applications. However, if necessary, InitiumPay can contact the User by e-mail, through push notifications, social media or by telephone, using the data provided by the User in the applications.

Should such data change, the User must promptly inform InitiumPay.

2.3. Language

If this Agreement, other terms and conditions or any notice or other document relating thereto are provided in a language other than English, the latter shall prevail in the event of a conflict, it being understood that the language of the place of residence or domicile of the User may also apply in case of mandatory provisions in favor of the consumer.

2.4. Copy of the Agreement

The User may request a copy of this Agreement from InitiumPay which will be sent free of charge by e-mail.

3. Interruption of Services

InitiumPay may suspend the use of the Services by the User if he has reasonable doubts about the security of the Account or suspects that the Services have been used fraudulently, immoral or unauthorized or that the User has violated his contractual obligations, as well as when the User has used offensive, obscene, vulgar, profane or defamatory terms in relation to InitiumPay and its employees and / or represented. In such cases, the User cannot use the App to perform any Operation.

The User will be informed of this suspension and the reasons underlying it as soon as possible, unless this could reasonably compromise the security measures or is contrary to the law.

InitiumPay can revoke this suspension and, if necessary, issue, free of charge and as soon as possible, new security codes, if the reasons that led to the interruption of the Services have ceased.

4. Right of reconsideration

The User has a period of 14 days to exercise his right to reconsider. Within this period, the User must withdraw from this Agreement without any penalty and without specifying the reason. This period begins with the acceptance of this Agreement. It is understood that any Transaction carried out during the 14 day period is not affected by such withdrawal.

5. Termination of the Agreement

The User can withdraw from the Contract at any time by contacting InitiumPay directly.

InitiumPay may terminate this Agreement with immediate effect in the following cases:
- if the User does not provide all the information that InitiumPay needs to open or operate on the Account or use the Services; or
- if the User terminates the relationship with the supplier of the matched Account; or
- if the User violates a relevant part of (or repeatedly the) Agreement and does not remedy his behavior within 10 days; or
- if the User uses the Services in a way judged by InitiumPay as malicious or illegal; or
- if InitiumPay believes that the provision of the Services to the User may harm the business and reputation of InitiumPay and / or expose InitiumPay to any danger or risk of loss or liability against it; or
- this is required by law.

InitiumPay may terminate the Agreement without any reason by giving the User 60 days' notice.

6. Duration

This Agreement represents a framework agreement of indefinite duration under the Payment Services Act, as amended from time to time.

7. Purchases

InitiumPay is not responsible for the safety, legality, quality or any other characteristic of the goods and services purchased using the Services. Any complaints must be reported directly to the Partner Platforms and Affiliated Merchants in question.

If a Partner or an Affiliated Merchant provides a refund via InitiumPay, for purchases paid for in-account payment mode, for any reason (for example for the return of defective goods), it may take several days for InitiumPay to receive notification of the refund and the funds. . Therefore, InitiumPay will re-credit the refunded funds to the Account within five days from the date of return.

8. Changes to the Agreement

Any changes to this Agreement will be communicated to the User with 60 days notice of their effectiveness, with the exception of changes that are required by law or those that do not affect the rights and obligations of the User, which will become immediately effective. . This will allow the User to evaluate the changes that require prior notification and, if in disagreement with them, to terminate the Contract pursuant to Article 5.

A copy of the most updated version of this Agreement is made available in the applications and, at any time, on the InitiumPay website.

9. Privacy Policy

InitiumPay is the data controller of the User's personal data and manages and protects them in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 concerning the protection of individuals with regard to the processing of personal data. , as well as the free circulation of such data ("GDPR") and other applicable data protection laws (the "Applicable Privacy Provisions").

InitiumPay will collect and process personal data relating to the User in accordance with the privacy policy available at the following website www.InitiumPay.com/it-it/privacy/, which the User declares to share by accepting this Agreement.

10. Personal Data

InitiumPay is subject to confidentiality obligations. Therefore, InitiumPay will not transfer the personal data collected except in the case of authorization or where required by law or explicitly authorized pursuant to this clause and / or the privacy policy.

At the time of establishing the commercial relationship with InitiumPay, the User authorizes InitiumPay to transfer their personal data, pursuant to and for the purposes of the GDPR, to third parties or other parties whose involvement is necessary for InitiumPay in order to provide the its payment services, including third parties appointed by InitiumPay pursuant to the agreements concluded on data processing and pursuant to the privacy policy. In such cases, the third parties must be located in a state belonging to the European Economic Area and InitiumPay will guarantee that they are subject to confidentiality obligations equivalent to those applicable to it pursuant to the laws of Luxembourg and the privacy policy.

The data collected can be stored in compliance with applicable laws and the privacy policy.

Pursuant to applicable law, the User has the right to request access to their personal data, as well as the right to request the rectification of such personal data.

The User agrees to communicate to InitiumPay any modification of the data in his possession as soon as possible and to provide InitiumPay, upon request, with any further information that it may deem useful for maintaining a commercial relationship and / or required by laws or regulations applicable.

The use of InitiumPay applications is subject to the privacy policy available on its website.

11. Complaints

If the User is not satisfied with the Services, he can represent this circumstance to InitiumPay, at the addresses indicated in Article 2.1, so the latter can make every effort to try to solve the problem. InitiumPay will promptly send the User a notice of receipt of the complaint as well as a copy of its complaints management procedure.

The User can in any case request more details as well as a copy of the complaints handling procedure at any time. The User undertakes to collaborate with InitiumPay and to provide the information necessary to investigate the complaint and resolve it as quickly as possible.

For complaints in respect of which the User is not satisfied with the response of InitiumPay, the User can contact the European Consumer Center.

12. Intellectual Property Rights

All the contents present in the applications (including the underlying material such as codes, software and databases) and the related copyright and other intellectual property rights, unless otherwise specified, belong to InitiumPay or have been granted by the latter. licensed. All the contents of the applications are protected by the laws and international treaties on intellectual property.

Intellectual property rights are understood as all contingent and future conferred intellectual property rights including, by way of example, copyright, trademarks, service marks, design rights (whether registered or not), patents, know-how, industrial / commercial secrets, inventions, set-ups, rights relating to databases and any request for the protection or registration of such rights and all their renewals and related extensions existing in every part of the world, already existing or created in the future, to which the licensor may be entitled.

13. Links relating to websites

InitiumPay may provide links to other content such as websites, web applications and downloadable applications. Unless otherwise indicated, such contents are not under the control of InitiumPay which therefore does not assume or accept any responsibility for such contents of third parties. The provision of a link is indicative only and does not imply any endorsement of the linked content or of whoever has control over it.

14. Partial invalidity

In the event that one or more articles or provisions of this Agreement are to be considered illegal or unenforceable, in whole or in part, by effect of the law, such article or provision or part of it is to be considered not forming part of the Contract. In this case, the validity and applicability of the rest of the Contract are not affected.

15. Assignment

The User agrees that InitiumPay may assign this Agreement or the resulting credits to third parties. If InitiumPay arranges this transfer, it will promptly notify the User.

16. Applicable law and competent court

This Agreement and any disputes or claims (including disputes or non-contractual claims) arising out of or in connection with it or its subject matter or formation are governed by and construed in accordance with English law.

The Parties acknowledge and agree that for the resolution of any dispute or claim (including disputes or non-contractual claims) arising out of or in connection with this Agreement or its subject matter or training, the place of jurisdiction of the residence or domicile of the 'User.

Bank Terms & Use

Introduction

These terms and conditions (together with any documents incorporated by reference below, the “Agreement”) govern the supply of services by Paystratus Group Limited, (as the context requires, “Weavr”, “we”, “us”, “our”) to the entity approved by us to access the Weavr.io Platform (“you”, “your”) as indicated below. Contact information: our contact details are available at https://weavr.io/contact.

We operate and maintain the Weavr.io Platform which enables you to access the Payment Services provided by regulated financial institutions (“the Payment Services Providers”), and to securely exchange your personal and financial data with the Payment Services Providers in relation to the provision of these services.

Our services to you are referred to as “the Weavr Services” throughout this Agreement. Your access to the Weavr Services is facilitated by the Application Provider by means of the Solution. We provide the Weavr Services without charge to you but subject always to the terms and conditions of this Agreement. The Payment Services are provided by authorised and regulated entities the details of which are provided on our website.

In certain circumstances you will also be bound by the terms and conditions of the Payment Services Provider(s) (which we identify on our website) and we and they shall be entitled to treat your use of the Weavr Services as confirmation of your acceptance of this Agreement and the terms and conditions applicable to the Payment Services.

Data

For the purposes of these clauses relating to data the following terms shall have the following meanings: Data Protection Legislation: the UK Data Protection Legislation and (for so long as and to the extent that the law of the European Union has legal effect in the UK) the General Data Protection Regulation ((EU) 2016/679) and any other directly applicable European Union regulation relating to privacy.

Our Data: the data, not including any personal data, supplied by us or our licensor for the Business Purpose (as defined below).

Processed Data: any data that derives from us having Processed Your Data under this agreement, whether or not in combination with Our Data.

Processed Non Personal Data : all data, other than personal data, comprised in the Processed Data from time to time.
Relevant Data: Your Data and the Processed Data.
Security Breach: any security breach relating to:
(a) Your Personal Data reasonably determined by us to be sufficiently serious or substantial to justify notification to the Information Commissioner or other relevant supervisory authority in accordance with the Privacy and Data Protection Requirements; or
(b) Your Non-Personal Data reasonably determined by us to be sufficiently serious or substantial to give rise to a material risk of litigation by the individuals whose data is the subject of the breach. Security Feature: any security feature, including any key, PIN, password, token or smartcard.
Standard Contractual Clauses: the standard contractual clauses for the transfer of personal data from the European Union to processors established in third countries as set out in the Annex to Commission Decision 2010/87/EU.
UK Data Protection Legislation: any data protection legislation from time to time in force in the UK including the Data Protection Act 1998 or 2018 or any successor legislation.
Your Data: the data supplied by you to us under the terms of this Agreement, including Your Personal Data and Your Non-Personal Data.
Your Non-Personal Data: all data comprised in Your Data from time to time other than Your Personal Data.
Your Personal Data: the personal data comprised in Your Data from time to time.

Collection, Storage and Use of Your Data

In order that you can use the Solution it is necessary that we collect information from you including information regarding your identity and (where you are a corporate body) the identities of your officers and employees.
Some of the information collected is Personal Data (as defined in the Data Protection Legislation).

Your Data is collected for the following purposes (“Business Purpose”):
to meet the anti-money laundering and similar obligations placed on us, the Application Provider or the Payment Services Provider(s);
to enable us to provide the Weavr Services;
to enable us to provide the necessary services to the Application Provider;
to share Your Data with the Payment Services Provider(s) and/or Application Provider so that they can meet any requirements they have in providing the relevant services.

We shall process Your Data for the Business Purpose only and in compliance with Your instructions from time to time. You acknowledge that we are under no duty to investigate the completeness, accuracy or sufficiency of Your Data. We may use Processed Non Personal Data to derive usage trends of the use of the Weavr Platform and for other commercial purposes. Any personal data shall always be made anonymous for such purposes.

Data retention

We will only retain your personal data for as long as reasonably necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, regulatory, tax, accounting or reporting requirements. We may retain your personal data for a longer period in the event of a complaint or if we reasonably believe there is a prospect of litigation in respect to our relationship with you.
To determine the appropriate retention period for personal data, we consider the amount, nature and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal, regulatory, tax, accounting or other requirements.

Security and Passwords

We shall ensure that the Relevant Data is kept secure and in an encrypted form, and shall use all reasonable security practices and systems applicable to the use of the Relevant Data to prevent, and take prompt and proper remedial action against, unauthorised access, copying, modification, storage, reproduction, display or distribution of the Relevant Data.
Where we use Security Features in relation to the Weavr Services (wholly or in part), the Security Features must be kept confidential and not lent, shared, transferred or otherwise misused by you.

If you or we:
(i) becomes aware of any unauthorised or unlawful processing of any Relevant Data or that any Relevant Data is lost or destroyed or has become damaged, corrupted or unusable;
(ii) becomes aware of any Security Breach; or
(iii) learns or suspects that any Security Feature has been revealed to or obtained by any unauthorised person, that party shall, at its own expense, promptly notify the other party and fully co-operate with the other party to remedy the issue as soon as reasonably practicable.

We may change Security Features on notice to you for security reasons.

We shall take reasonable precautions to preserve the integrity of any Relevant Data processed by us and to prevent any corruption or loss of such Relevant Data.

We shall regularly make a back-up copy of the Relevant Data and record the copy on media from which the Relevant Data can be reloaded in the event of any corruption or loss of the Relevant Data. If any of Your Data is lost or corrupted, our obligations under this clause shall be your exclusive right and remedy against us in respect of such loss or corruption.

Our Obligations

We shall:
(i) only make copies of Your Data to the extent reasonably necessary for the Business Purpose (which includes, for clarity, back-up, mirroring (and similar availability enhancement techniques), security, disaster recovery and testing of the Customer Data);
(ii) not extract, re-utilise, use, exploit, redistribute, re-disseminate, copy or store Your Data other than for the Business Purpose; and (iii) not do anything that may materially damage your reputation. We shall take reasonable steps to ensure the reliability of all our employees who have access to Your Personal Data.
Where we need to transfer any of Your Personal Data outside the EEA we shall do so only in accordance with the terms of the Standard Contractual Clauses.

Your Obligations

In your use of the Weavr Service you shall not: access, store, distribute or transmit any viruses, or any material that:
(i) is unlawful, harmful, threatening, defamatory, obscene, infringing, harassing or racially or ethnically offensive;
(ii) facilitates illegal activity;
(iii) depicts sexually explicit images;
(iv) promotes unlawful violence;
(v) is discriminatory based on race, gender, colour, religious belief, sexual orientation, disability; or
(vi) is in any manner otherwise illegal or causes damage or injury to any person or property; and shall not use or change your use of the Weavr Service in such a way as may (or may reasonably be expected to) overload or otherwise compromise the Weavr Platform or use it in any way which may reasonably be expected to be outside the parameters of normal use (for example by making excessive API calls through the system) and shall indemnify us against any costs we incur as a result of any such misuse; and we reserve the right, without liability or prejudice to our other rights, to disable your access to the Weavr Services should you breach the provisions of this clause.

You shall not:
attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of the Weavr Platform in any form or media or by any means; or
attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the Weavr Platform; or
access all or any part of the Weavr Platform in order to build a product or service which competes with the Weavr Platform; or attempt to obtain, or assist third parties in obtaining, access to the Weavr Platform.

You shall use all reasonable endeavours to prevent any unauthorised access to, or use of, the Weavr Platform and, in the event of any such unauthorised access or use, promptly notify us. In order for you to be able to use the Solution, the Weavr Services and Payment Services you may need your employees, officers, operatives and agents to access the Weavr Platform. Where we grant such access these individuals will be deemed to be authorised for the purposes of this Agreement and your agreements with the Application Provider and Payment Services Provider(s) and will be “Authorised Users”. You undertake that your Authorised Users shall only access the Weavr Platform for these purposes and shall keep secure any password or other security device provided for such access. You shall be liable for the acts and omissions of your Authorised Users as if they were your own and we may bloke their access at any time if we believe that any of the terms of this Agreement or the Payment Services Agreement(s) has been or may be breached.

Our Rights

We may suspend or terminate your access to the Weavr Platform at any time and for any reason, including but not limited to:
you failing to use the Weavr Platform for the stated purpose; you failing to comply with any of these terms or any reasonable instruction we may issue;
you withholding information which can reasonable be considered to be relevant in our granting you access to the Weavr Platform;
your usage generating system loads that result in material negative impact on the performance of the Weavr Platform.

Your Rights

You have the right to:
Request access to your personal data (commonly known as a "data subject access request"). This enables you to receive a copy of the personal data we or our partners (if relevant) hold about you and to check that we are lawfully processing it. Where your personal data is held by any of our partners in relation to your use of the Weavr Services, the Payment Services or otherwise, we shall act as that partner’s agent in responding to your data subject access request.
Request correction of the personal data that we hold about you. This enables you to have any incomplete or inaccurate data we hold about you corrected, though we may need to verify the accuracy of the new data you provide to us.
Request erasure of your personal data. This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing (see below), where we may have processed your information unlawfully or where we are required to erase your personal data to comply with local law. Note, however, that we may not always be able to comply with your request of erasure for specific legal reasons which will be notified to you, if applicable, at the time of your request.
Object to processing of your personal data where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms. You also have the right to object where we are processing your personal data for direct marketing purposes. In some cases, we may demonstrate that we have compelling legitimate grounds to process your information which override your rights and freedoms.
Request restriction of processing of your personal data. This enables you to ask us to suspend the processing of your personal data in the following scenarios:
If you want us to establish the data's accuracy.
Where our use of the data is unlawful but you do not want us to erase it.
Where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims. You have objected to our use of Your Data but we need to verify whether we have overriding legitimate grounds to use it.
Request the transfer of your personal data to you or to a third party. We will provide to you, or a third party you have chosen, your personal data in a structured, commonly used, machine-readable format. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you.
Withdraw consent at any time where we are relying on consent to process your personal data. However, this will not affect the lawfulness of any processing carried out before you withdraw your consent. If you withdraw your consent, we may not be able to provide certain products or services to you. We will advise you if this is the case at the time you withdraw your consent.

No fee usually required

You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we could refuse to comply with your request in these circumstances.

What we may need from you

We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.

Time limit to respond

We try to respond to all legitimate requests within one month. Occasionally it could take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.

Contact details

If you have any questions about this our use of your personal data please contact us in the following ways:
Email address: privacy@weavr.io
Postal address: Paystratus Group Ltd, Kemp House 160 City Road, London EC1V 2NX UK

You have the right to make a complaint at any time to the Information Commissioner's Office (ICO), the UK supervisory authority for data protection issues (www.ico.org.uk). We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance.

No Warranty

Access to the Weavr Services is provided “as is” and we give no warranty that the access will be continuous and uninterrupted. We use our reasonable commercial endeavours to provide the Weavr Services 24/7 but shall not be liable to you or any third party if we are unable to achieve this.
We shall not be liable to you in relation to any loss you suffer from your use of the Weavr Services, the Payment Services or the Solution including but not limited to any loss of profits, loss of sales or business, loss of agreements or contracts, loss of anticipated savings, loss of use or corruption of software, data or information, loss of or damage to goodwill or indirect or consequential loss.

Intellectual Property Rights

You and we acknowledge that:
(i) all Intellectual Property Rights in Your Non-Personal Data are and will remain your property or the property of your licensors, as the case may be; and
(ii) all Intellectual Property Rights in Our Data are and will remain our property or the property of our licensors, as the case may be;
(iii) we shall have no rights in or to Your Non-Personal Data other than the right to use it for the Business Purpose in accordance with this agreement; and
(iv) you shall have no rights in or to Our Data other than a non-exclusive, royalty-free, personal, non-assignable, non-sub-licensable licence (co-terminous with this agreement) to process Processed Data for the Business Purpose in accordance with this Agreement.

You assign to us, and shall assign to us, all your Intellectual Property Rights in any Processed Non-Personal Data we may create under this Agreement, by way of future assignment.

Cardholder Agreement - Consumer

Introduction

These terms and conditions (together with the Tariff and any other documents incorporated by reference, the “Agreement”) set out the terms and conditions that apply to your Account, Card and any other associated services provided to you by Paynetics AD (“Paynetics”, “we” “us”, “our”) under this Agreement.

This Agreement constitutes a legal contract between you and Paynetics. It contains important information that may affect your rights, use of any of our services and your ability to recover your money. Please read all of the documents forming part of this Agreement carefully and keep a copy or download a copy of them for your records and future reference.

This Agreement shall be governed by and construed in accordance with the laws of the Republic of Bulgaria, without giving effect to conflict of law principles, and subject to mandatory provisions under the laws of your country of residence. To the extent that Bulgarian law is in conflict with laws of your country of residence, Bulgarian law shall prevail to the maximum extent possible. If not prohibited by the laws of your country of residence, disputes shall be settled by Bulgarian courts. You can request a copy of this Agreement at any time throughout its duration by contacting Customer Relations Centre. By submitting your order for a Card to Paynetics and by clicking “I Accept” in the relevant box, you indicate that you have accepted this Agreement.

You should read this Agreement alongside Privacy Policy which you can view here https://paynetics.digital/privacy-and-security-policy/. Our Privacy Policy (as it may be amended from time to time in accordance with its terms), together with this Agreement, describes the basis upon which any personal data we collect about you, either directly or from our authorized partners or that you provide to us or them, will be processed, handled and shared by us.

 1. DEFINITIONS

In this Agreement:
“Account” means any e-money payment account opened and maintained for you by Paynetics under this Agreement.
“App” means either Mobile App and / or Web App.
 “ATM" means an automated teller machine that can be used for cash withdrawals using a Card, and sometimes for other payment and non-payment transactions.
  “Card” means any Paynetics debit Mastercard© card issued to you by Paynetics that is linked to your Account(s) . The Card is a type of a payment instrument which allows you to access the Account`s balance to make debit card payments. The Card may be physical or virtual.
“Card Organisation” means Mastercard International (‘MasterCard’), VISA Europe (‘VISA’) or any other organisation maintaining a card payment system under which Card payments are processed.
“Faster Payments” means a payments system which allows sending and receive payments in GBP the UK between participating payment service providers. ‎
  “Mastercard” means Mastercard International Incorporated or its successors.
“Mobile App” means the mobile application developed by the Technical Provider and published in the Apple AppStore and Google PlayStore,  which enables you to access your Account and/or Card.
“Paynetics”, “we”, “us”, “our” means:
(a) where payment services under this Agreement are provided in the UK - Paynetics AD, a company with its seat and registered address at Ground Floor, 76A James Bourchier, Lozenets District, Sofia Municipality, Sofia, Bulgaria, entered in the Bulgarian Commercial Register kept by the Registry Agency under UIC: 131574695 (“Paynetics AD”) or such other Paynetics entity authorised in the UK as notified to you. For the purposes of UK services, Paynetics AD is an electronic money institution deemed authorised and regulated by the UK Financial Conduct Authority under the Temporary Permissions Regime (firm reference number 900785) for the issuance of e-money and provision of payment services in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website; or
(b) where payment services under this Agreement are provided in the EEA – Paynetics AD. For the purposes of EEA services, Paynetics AD is an electronic money company holding a license for operating as an electronic ‎money company issued by the Board of Directors of the Bulgarian National Bank by Decision 44 ‎of 11 April 2016, and is entered in the register kept by the Bulgarian National Bank, which is ‎accessible on http://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm. The ‎Bulgarian National Bank supervises the activities of Paynetics AD‎.
“PIN” shall mean a unique four-digit personal identification number, which can be used to confirm Card payments.
“Technical Provider” means the operator that performs certain technical and operational functions in relation to our services, including the operation of Platform which connects the customers with Paynetics.
“Prohibited Transaction” means any of transactions or activities as listed below or as may be subsequently made available on the Website from time to time:
1. Any sales of ‘pyramid’ type, Ponzi schemes or similar marketing or matrix programs or other schemes for ‘quick enrichment’ or high-yield investment programs;
2. Sale, supply or purchase of illegal items or items promoting or facilitating illegal activities;
3. Sale, supply or purchase of counterfeit products or products infringing intellectual property rights;
4. Products or services for the processing or aggregation of payments by third parties;
5. Money laundering;
6. Terrorism financing or propaganda;
7. Pornography, escort services and selling and/ or advertising sexual services;
8. Using the Card or Account in a manner and/or for purposes that violated any applicable law and/or regulations of the Card Organisation or SEPA;
“SEPA” means Single Euro Payments Area scheme, which allows sending and receiving payments in EUR between participating payment service providers.
“Tariff” means the fees and limits applicable to your Accounts, Card and any other services provided to you under this Agreement. The Tariff, as amended from time to time, is available on the Website
“Web App” means the web application developed by the Technical Provider and run on a web server, which enables you to access your Account and/or Card.
“Website” means the following website: https://resources.weavr.io/initiumpay_consumer-programme-terms

2. ABOUT OUR SERVICES

2.1.   Your Accounts are maintained by Paynetics and the Card is issued to you by Paynetics.  The value stored on your Accounts is electronic money, otherwise referred to as ‘e-money’. Paynetics is not a bank and your Account is not a bank account. The funds available in your Account are not a deposit. No interest will accrue on your Account balance. Your Card is a debit card linked to your Account, it is not a credit or charge card.

2.2.   The Financial Services Compensation Scheme does not apply to funds held in your Accounts. Instead, Paynetics protects your funds through a process known as ‘safeguarding’, in line with its regulatory requirements. In this process, Paynetics keep your money separate from our own funds and places it in a safeguarding account with a bank or cover it by an insurance policy or a comparable guarantee. Before we provide any of our services to you, you will have to successfully complete our process for verifying your identity.  The process may involve you providing us a valid passport / ID card and a bank statement or other identification documents, as well as a selfie, together with the presented identity document in real time, or any other procedure we may specify. We may use ID verification agencies or other automated platforms to verify your identity. We or the Programme Manager may require you to provide additional information at any time for the duration of this Agreement.

2.3.   This Agreement will only become effective once you receive a confirmation that Paynetics has approved your application. Paynetics will not be obliged to provide any of the services under this Agreement before such confirmation is provided. Paynetics may refuse to approve any application and/or enter into an agreement for its services for any reason.

2.4.   To be eligible for our Account and associated services, you must be: (a) 18 years of age or over; and (b) UK resident (for services provided in the UK). We can close your Account or stop providing our services if we find out you are not eligible for it.

2.5.   The Account and Card are issued to individuals only. You may only use your Account and Card personally and do not have the right to transfer their use to anyone else. In case you allow access to or provide any other means to use your Account or Card to any other person, you will bear full responsibility for all payments initiated by them.

2.6.   You must not use your Account or Card for or in relation to (including sending or receiving proceeds from):
2.6.1.    any activities which do not comply with any applicable laws or regulations, including but not limited to laws relating to money laundering, fraud, financial services or consumer protection;
2.6.2.    Prohibited Transaction under this Agreement; or
2.6.3.    trading or business purposes.

3. RECEIVING/SENDING PAYMENTS

3.1.   When this Agreement becomes effective, Paynetics will set up and maintain:
3.1.1.           an EUR Account with a dedicated IBAN and one or more Cards, which may be used for sending or receiving payments via SEPA in EUR and for Card payments and cash withdrawals in EUR; and/or
3.1.2.           a GBP Account with a dedicated IBAN, an account number with sort code and one or more Cards, which may be used for sending or receiving payments via Faster Payments in GBP and for Card payments and cash withdrawals in GBP.

3.2.     Limits may apply to your Account and Card, such as limits on minimum load payments to your Account, the maximum balance that can be held on your Account, the value of individual Account and/or Card payments or an aggregate value or number of payments in a particular time period. The applicable limits are as set out in the Tariff and may be changed by us from time to time. To ‎manage our risk, ‎particularly with respect to money laundering, fraud ‎or security concerns, we may also apply ‎internal controls, ‎including ‎limits, to certain types of transactions from time to time but for security ‎purposes, will not disclose them.‎

4. LOADING FUNDS TO YOUR ACCOUNT

4.1. The minimum load amount to top up your Account is indicated in the Tariff.

4.2.   The balance of the Account should never exceed the limits set out in the Tariff.

4.3.   You can load your Account using the following methods:
4.3.1.  EUR Account can be loaded by receiving payments via SEPA;
4.3.2.     GBP Account can be loaded by receiving payments via Faster Payments.

4.4.   The received funds will be credited to your Account immediately after Paynetics receives the funds.

4.5.   Paynetics may refuse to execute an incoming payment and your Account will not be credited if:
4.5.1.            your Account or payment breaches any of the limits as set out in the Tariff;
4.5.2.           your Account is inactive, blocked or terminated;
4.5.3.           the sender has provided incorrect/invalid Account details for payment;
4.5.4.           Paynetics reasonably believes the payment is fraudulent, illegal or unauthorised;
4.5.5.           Paynetics reasonably believes the payment related to a Prohibited Transaction.

4.6.   If an incoming payment is refused for any of the reasons set out above, the funds may be sent back to the sender without prior notice to you.

4.7.   Paynetics will charge you with a top up fee every time your Account is loaded as set out in the Tariff.

5. MAKING PAYMENTS FROM YOUR ACCOUNT

5.1.   You must make sure that your Account has sufficient funds available to cover the amount of a given payment and all applicable fees. Paynetics may refuse to perform any given payment if your Account does not have sufficient balance to cover the amount of the payment and all applicable fees.

5.2.   Paynetics will execute your payment instructions for payments from your Account on the same day it receives them (or the future day agreed if it is in the future). The time of receipt of your payment instruction is when Paynetics receives it (which will typically be on the same day you instruct the payment) or, if the payment instruction specifies the payment is to take place on a future day, then your payment instruction will be treated as received on that day. You cannot cancel a payment after you have authorised it and Paynetics has received your payment instruction for it, except that you can cancel a future payment, such as a recurring Card payment if you notify Paynetics of cancellation no later than the end of the business day before the payment is due to be made via the App. Cancelling a future dated payment such as a recurring Card payment with us will not cancel the agreement with the organisation you are paying. You should tell the organisation collecting the payment about the changes to your instructions.

5.3.   After receiving your payment instruction for payment from your Account (including Card payments), Paynetics will credit the recipient’s account within the timescales set out below.

Type of payment Delivery to the recipient’s account Payments in EUR or GBP to an account in the UK or the EEA (including where there has been a currency conversion between EUR and GBP) No later than the end of the business day after your payment instruction is received Payments in any other currency or to an account outside the UK or the EEA Varies, depending on the currency or country the payment is sent to

5.4.   Paynetics will deduct the value of payments together with all applicable fees from the balance on the relevant currency Account.  Payments from your Account by way of credit transfers in EUR or GBP will be deducted from your EUR or GBP Account respectively. Card payments in EUR or GBP will also be deducted from your respective currency Account. Card payments in any other currency will always be deducted from your Account at then prevailing currency conversion rates. If there is insufficient balance on the relevant GBP or EUR  Account to complete the payment, including all applicable fees, funds will be automatically transferred from your Account in the other currency to your relevant currency Account at then prevailing currency conversion rates.  If there is insufficient balance on both your EUR and GBP Accounts to complete the payment, including all applicable fees, the payment will be refused. See clause 11 for more detail on the applicable currency conversion rates and fees.

5.5.   You agree you will not make any attempts to interrupt or impair the functionality of our information system, including but not limited to, not to spread files containing viruses, damaged files or other similar software which may be used for accessing, modifying, deleting or damaging data files.

6. ACCESS TO YOUR ACCOUNTS BY THIRD PARTY PROVIDERS

6.1.   You may choose to allow (and provided you have given them your explicit consent):
6.1.1.           providers of account information service (i.e. an online service which accesses one or more payment accounts to provide a consolidated view of such accounts) to access information on your Account; and/or
6.1.2.           providers of payment initiation service (i.e. an online service which allows a third party to initiate payments on behalf of the account holder from their account and at their request) to initiate payments (other than Card payments) from your GBP and EUR Accounts.

6.2.   Only those providers of account information or payment initiation services that are authorised with the Financial Conduct Authority or another European regulator to provide the relevant service in the UK or an EU member state, as applicable, can be given access to your Account. The Financial Conduct Authority’s register (available at https://register.fca.org.uk/‎) will tell you whether a provider is authorised in the UK, and we recommend you check it before using their services.

6.3.   We will treat any instruction from such providers of account information or payment initiation services as if it was from you.  Some providers may use your Account security details to provide their service. You should always consider the implications of sharing your security information.

6.4.   ‎We can deny providers of account information or payment initiation services access to your Account if we are concerned about unauthorised or ‎fraudulent access. We will notify you of the denial of access and the reasons ‎for it beforehand if possible or otherwise immediately afterwards (unless doing so would ‎compromise our security measures or would be unlawful). The access to your Account may be restored once the reasons ‎for denying the access no longer justify such ‎denial.‎

7.  GIVING INSTRUCTIONS FOR PAYMENTS FROM YOUR ACCOUNTS

7.1.   For a payment from your Account (including transfers to your other Accounts) to be properly executed, you must provide us the following information when you instruct us to make the payment (in addition to any other information we may ask for):
7.1.1.           for payments from your GBP Account to a UK account via Faster Payments: the recipient’s name, account number, the payment amount and sort code and a payment reference;
7.1.2.           for payments from your EUR Account to an EEA account via SEPA: the recipient’s (beneficiary) name, IBAN, the payment amount, its currency and reason for payment (this information meant for the beneficiary), additional clarifications;
7.1.3.           for payments from your EUR Account to an account outside the EEA via SEPA (to countries that participate in SEPA): in addition to information set out at 7.1.2, you will also need to provide the sender’s (originator) address and may also be required to provide the recipient’s (beneficiary) bank’s BIC;

7.2.   for any payments above EUR 15,000 or its equivalent in another currency: the sender (originator) and / or recipient (beneficiary) could also be required to provide a declaration to prove the origin of funds;‎If you provide us with incorrect or incomplete information or refuse to provide information, we ‎may refuse to execute the payment, the funds could be lost and irrecoverable or there could be ‎a delay in the recipient receiving the payment. ‎

7.3.   You give us instructions and consent to a payment from your Account in one of the following ways:
7.3.1.           using the App;
7.3.2.           giving us instructions via a third party (such as payment initiation service provider);
7.3.3.           using Cards (see clause 10 below on how you instruct us to make payments using a Card);
You may be required to provide security details and/or use a particular authentication method depending on the method you use. We will tell you which authentication can be used or if they are unable for any particular types of service.  Paynetics reserves the right to change or introduce new authentication methods at any time, including for reasons relating to changes in the law, technical characteristics of the services or security.

7.4.   Paynetics may refuse to carry out any instructed payment from your Account if it does not meet the requirements of this Agreement, including, but not limited to any of the following circumstances:
7.4.1.           Paynetics reasonably suspects that the payment is unauthorised or involved in fraud or illegal activity;
7.4.2.           your instruction is unclear, incorrect or incomplete;
7.4.3.           Paynetics reasonably believes that there has been a violation of this Agreement;
7.4.4.           you have failed to use the authentication method and/or provide security information required;
7.4.5.           there are insufficient funds in the Account to cover the payment and any applicable fees;
7.4.6.           the payment violates any applicable limits;
7.4.7.           carrying out your instruction might cause us to break the law, order of a regulatory body, code, rule of Card Organisation or other duty applicable to Paynetics;
7.4.8.            due to a technical impossibility to carry out the payment;
7.4.9.           Paynetics reasonably believes payment is related to a Prohibited Transaction.

7.5.   If we refuse to execute the payment, we will notify you as soon as possible unless it would not be unlawful for us to do so. If ‎possible, we will provide the reasons for refusal to execute the payment and where those reasons relate to factual matters, the procedure for ‎rectifying any factual errors that led to such refusal.‎

7.6.   The execution of any payment to or from your Account (including Card payments) may be delayed or refused due to the performance of Paynetics’ security or legal compliance checks, including if Paynetics suspects that the payment is involved in fraudulent, illegal or unacceptable activities or constitutes an unauthorised payment.

8. DESCRIPTION OF THE CARD

8.1.   Your Card is issued to you by Paynetics and is linked to your Account in EUR and/or GBP, as applicable, maintained by Paynetics. Your Card can be used in your country of residence or abroad.

8.2.   The Card is issued under the Mastercard brand pursuant to license granted by Mastercard International.

8.3.   Unless specified otherwise in this Agreement, your Card can be used to pay merchants for goods or services at (whether in-store, online or over the phone) and for cash withdrawals at ATMs. If you have been issued with a virtual Card, it can only be used to pay merchants online. Your Card can be used at all card acceptance terminal devices bearing the Mastercard logo which maintain the necessary functions.

8.4.   Card payments will be executed immediately after Paynetics receives the payment request.

8.5.   The value of all Card payments, including all applicable fees, will be deducted from your relevant Account balance, see clause 5.4.

8.6.   You will be responsible for all goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card will be considered a dispute between you and the merchant, and should be addressed directly to that merchant. Paynetics does not accept any responsibility or liability for the quality, safety, legality or any other aspect relating to and does not provide any warranties regarding such goods or services purchased with the Card.

8.7.   Paynetics will not be liable if a merchant refuses to accept a Card or if Paynetics has refused to executed a payment in accordance with this Agreement.

8.9.   The Card is property of Paynetics as a card issuer and cannot be transferred and/or made available to anyone else.

9. CARD ISSUANCE, LOADING, ACTIVATION AND REPLACEMENT

9.1.   Each Card has a validity period within which you may use the Card. If your Card is physical, it will expire on the last day of the month/year indicated on its front. If your Card is virtual, it will expire on the last day of the month/year indicated on the App or on the expiry date sent to you by e-mail‎. All Card payments initiated after the expiration or cancellation of the Card will not be authorised or executed.

9.2.   Paynetics will issue the Card within 10 business days from the date your application is accepted and, if the Card is not virtual, will deliver it to you personally. If your Card is virtual, ‎the Card will be made available to you via the App immediately after your application is approved by Paynetics.

9.3.   The physical Card will be personally delivered to you and you may be required to produce an ID document to collect it. You must sign on the signature strip on the reverse side of the physical Card immediately after receiving it.

9.4.   You will be provided with a PIN to use with your Card. You can change your PIN at an ATM. You should memorise your PIN and then destroy the media on which it is recorded. You have important obligations to keep your security details such as PIN safe (see clause 14 below).

9.5.   You may request Paynetics to issue a new Card in the following cases:
9.5.1.  in case of destruction or damage to the Card;
9.5.2.  in case of loss, theft or other misappropriation of the Card,
9.5.3.  in case of a forgotten PIN, and
9.5.4.  upon expiry of your Card’s validity period. If your Card expires, it will only be automatically replaced if your Card was used within the last two months before its expiry date.

9.6.   If your Card is replaced because it was lost or damaged, or in case of a forgotten PIN or upon expiry of your Card’s validity period, you will be charged a Replacement Fee (see Tariff) which will be deducted from your Account. If your Card has been reported stolen or misappropriated you will be charged a fee that is directly related to the cost of replacement (see Tariff). If your Card has been reported lost, stolen or misappropriated but later is found, then you should immediately inform Paynetics about it and destroy the Card.

9.7.   When you receive the Card it will be inactive. You have to activate the Card before using it. Otherwise, any Card payments attempted by you will be rejected. The Card can be activated online by following the instructions for activation provided to you.

10. GIVING INSTRUCTIONS FOR CARD PAYMENTS

10.1.            You give us an instruction and consent to a payment made using your Card using any one of the following methods:
10.1.1.         in case of cash withdrawal from an ATM: by entering a PIN;
10.1.2.        in case of payment for goods or services in-store: by entering a PIN and/or signature on the receipt or by tapping/waving the Card (or a device where it is held) over a card reader for contactless payments;
10.1.3.        in case of online payments for goods or services online or via the phone: by providing your Card details and a one-time payment code or other security information or credentials, when requested.

10.2.            Your consent for a Card payment may cover a single payment or a series of recurring payments on a Card (such as where you give your Card details to a merchant to be used for Card payments in the future) for a set or variable amount.

10.3.            Merchants in certain business sectors (e.g. car rental companies, hotels and other service providers) estimate the amount of the final Card payment to them and require to “pre-authorise” or withhold the estimated amount on the Card. Sometimes, that withheld amount may exceed the final amount spent. In such cases, the initially withheld funds will not be available to you for up to 15 days until the final Card payment request is received by us or released by the merchant. Paynetics may release such amounts only with the merchant’s consent.

10.4.            You are responsible to provide a correct and accurate instructions for execution of a payment. If the instructions provided by you are incorrect, inaccurate or incomplete, Paynetics will not be liable for errors or inaccuracies in the transaction. If a payment is carried out in accordance with the instructions provided by you, it will be deemed to have been correctly executed.

11.     FEES AND EXCHANGE RATES

11.1.            Fees that apply to your Account, Card and associated services and/or transactions are as set out in the Tariff. All fees will be determined in the currency of the relevant Card and/or Account to which they relate and will be deducted from the relevant Account.

11.1.            Paynetics reserves the right to change the applicable fees in accordance with this Agreement (see further clause 16). Changes in the reference exchange rate will apply immediately without prior notice.

11.5.            If a payment received or sent into/from your Account is in a currency other than the currency of the Account (including transfer between your different currency Accounts), then the payment amount will be ‎converted into the currency of the destination account using an exchange rate made up of a reference rate (available at ‎‎the App) plus the currency conversion mark-up fee as set out in the Tariff. The exchange rate will be determined at the time (with respect to payments into Account) the payment is received or ‎‎(with respect to payments from Account) the payment instruction is received by ‎Paynetics.‎

11.6.            If a payments using a Card is in a currency other than the currency of the Account from which it is taken, then the amount deducted will be the amount of the Card payment converted to the currency of the Account using the reference exchange rate applied by MasterCard® (available at https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html) plus the currency conversion mark-up fee set out in the Tariff for Card payments. The exchange rate shall be determined on the date of the Card payment is processed. The ‎exchange rate is not set by Paynetics and varies throughout the day meaning it may ‎change between the date the Card payment is made and the date it is processed. Paynetics provides information on the total currency conversion charges ‎applicable with respect to Card payments, expressed as a percentage mark-up over the ‎latest available euro foreign exchange reference rates issued by the European Central ‎Bank on the ‎Website‎.‎

12. NEGATIVE BALANCE

12.1.            If any action results in a negative balance in your Account, you must reimburse Paynetics the amount of the negative balance immediately upon request. Paynetics may charge the amount of the negative balance against the funds on any other Accounts held by you, including any subsequently loaded funds. Paynetics may suspend Accounts and Card until it is reimbursed for the negative balance in full and may take legal action against you to recover such amount.

13. COMMUNICATION PROCEDURE

13.1.            The Agreement is executed in English and all communications between you and us will be in English, unless expressly agreed otherwise in this Agreement.

13.2.            Your representatives or persons authorised by you may receive information about the payments made with the Card/Account electronically.

13.3.            We can communicate with you (including to provide any information or notifications in relation to this Agreement) using any of the following methods:
13.3.1.         via the App;
13.3.2.         by email;
13.3.3.         by phone (including by sending you an SMS);
13.3.4.         by writing to your home address.
We will tell you if any of these communication methods are not available. We will also tell you if you need any technical requirements or software to communicate with us.

13.4.            We will use the contact information you have most recently given us to communicate with you. If any of your contact details change, you must inform Paynetics about it as soon as possible by updating your details via the App All notifications, invitations or other notices sent to your last email address last known to Paynetics will be deemed to have been delivered.

13.5.            You can contact Paynetics via Customer Relations Centre (see contact details at clause 21).

13.6.            Paynetics will provide information about your Account and Card transactions and fees by means of electronic statements which will be accessible on the App. Paynetics will also notify you at least once per month by SMS or email that your statement is ready Statements will not be provided on paper. You should carefully review your Account and Card transaction information regularly. Your statements will remain available on the App for you to access for ‎1 year. You may wish to download or print your statements for your future reference.  You will be charged a fee (see Tariff) if you ask us to provide additional information or provide it in a different manner than as described here.

14. SECURITY MEASURES

14.1.            You must use your Card and Account in accordance with the terms and conditions set out in this Agreement. You have important obligations to do everything you reasonably can to keep your Account and Card safe and to notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card or Account immediately after becoming aware of it as further described below.

Your obligations to keep your Account and Card safe

14.2.            You will be provided with or will be able to set up certain security details (such as your Card PIN and any password, passcode or other login details which can be used to access or make payments with your Account or Card via the App). You must:
14.2.1.        take all reasonable measures to keep your Account, Card and security details safe;
14.2.2.        not write down any of your security details (such as PIN or password) unless it is done in a  way to make it difficult for anyone else to recognise them;
14.2.3.        not record security details such as PIN on the Card or keep such information together with the Card;
14.2.4.        not to disclose to and/or allow anyone else (other than authorised providers of account information services or payment initiation services) to use in any manner whatsoever your security details such as user identifiers, passwords or PINs;
14.2.5.        keep your Card and any personal devices (mobile phones, computers, tablets) that can be used to access your Account, Cards or security details secure and not let anyone else use them to make payments;
14.2.6.        not choose security details such as PIN or password to access your Card or Account that is easy for someone to guess such as letters or digits that:
14.2.6.1.    are easily associated with you, for example your telephone number or date of birth;
14.2.6.2.   are part of the data imprinted on the Card;
14.2.6.3.   consist of the same digits (1111) or the sequence of running digits (1234); or
14.2.6.4.   are identical to previously selected PIN/password.
14.2.7.        use up-to-date virus, malware, and spyware software and a firewall on any devices used to access your Account or cards to reduce the risk of security breaches.

Your obligation to notify us

14.3.            If your Card has been withheld by an ATM, you must immediately notify Paynetics. If Paynetics is not able to return the Card to you, Paynetics will issue a new Card to replace it.

14.4.            You must immediately notify Paynetics Customer Relations Centre (using contact details at clause 21) if:
14.4.1.        your Card is lost, stolen or misappropriated; or
14.4.2.        you believe there has been unauthorised use of your Card or Account or anyone else may be able to use or access your Account, Card or security details to access them.
Paynetics will make all reasonable efforts to stop the use of Account and/or Card by blocking the Account and/or Card payments after receiving a notification from you.

14.5.            Paynetics may restrict, block or deactivate the Card or Account if:
14.5.1.         Paynetics is concerned about the security of the Card or Account or the security details relating to them;
14.5.2.        Paynetics becomes aware or suspects that the Account, Card or security details relating to them are being used in an unauthorised, unlawful or fraudulent manner;
14.5.3.        Paynetics reasonably believes it needs to do so to comply with the law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics;
14.5.4.        this Agreement is terminated for any reason;
14.5.5.        you request us to do so;
14.5.6.        you have breached any term of this Agreement in a material way.

14.6.            We will, if possible, notify you before restricting, blocking or deactivating your Account or Card that we will do so and the reasons for it. If we are unable to notify you beforehand, we will notify you immediately afterwards. We will not notify you if doing so would compromise our security measures or would be unlawful.

14.7.            Your Card and/ or Account will be unblocked or re-activated (or replaced) as soon as possible after the reasons for blocking cease to exist.

Communicating with you about fraud or security threats

14.8.            We may need to contact you urgently in the event of suspected or actual fraud or security ‎threats to your Account, Card and/or security details. To do so, we may ‎use an SMS, ‎telephone, e-mail or another secure procedure. When we contact you, we may also give you ‎information on how you can minimise any risk to your Account, Card or security details ‎depending on the nature of the security threat.‎ But will never ask you to give your full security details (such as PIN, password or passcode)  or ask you to transfer money to a new account for security reasons.

15. LIABILITY & REFUNDS

15.1.            You must notify Paynetics in writing of any unauthorised or incorrectly executed payments on your Card or Account without undue delay after becoming aware of such unauthorised or incorrectly executed payment and in any case no later than 13 months from the date the payment was debited to your Account. You can notify us of such unauthorised or incorrectly executed payments by contacting the Customer Relations Centre (see clause 21 for details).

15.2.            If you notify us of an unauthorised or incorrectly executed payment in accordance with clause 15.1, you may be entitled to receive a refund of the funds as detailed below. Paynetics will verify the authenticity of the payment, its proper recording and reporting, and whether the transaction has been affected by a technical malfunction or other defect.

15.3.            In you are entitled to a refund for an incorrectly executed or unauthorised payment, we will refund you as soon as possible upon receipt of your claim or any additional information we may request in order to investigate your right to a refund. However, if after we refund you, our investigation leads us to reasonably that you were not entitled to the refund, we will have the right deduct the amount of the refund from any funds on Accounts you hold with us and reserve the right to recover the value of the refunded payment by any other legal means.

Unauthorised payments from your Account or Card

15.4.            If Paynetics establishes you have not authorised a payment from your Account or using your Card (for example, someone else made it) and there are no reasonable grounds for suspecting that you acted fraudulently, Paynetics will refund the value of the unauthorised payment by no later than the end of the business day after you notify Paynetics of the unauthorised payment. The refund will include any fees to restore your Account to the position it would have been at if the unauthorised payment was not made. Paynetics may hold you responsible for up to first £35 for services provided in the UK and EUR 50 for services provided in the EU incurred as losses with respect to unauthorised payments arising from the loss, theft or misappropriation of your Card or security details before you notify Paynetics.

15.5.            You will not be entitled to a refund and you will bear all losses, irrespective of their amount, relating to an unauthorised payment if:
15.5.1.        the payment was authorised by you;
15.5.2.        you have acted fraudulently;
15.5.3.        you have intentionally or with gross negligence have failed to comply with one or more of the obligations under this Agreement (for example, with regards to keeping your Account and Card safe or to notify us of any unauthorised payments).

Non-executed or Incorrectly executed payments from your Account or Card

15.6.            If Paynetics fails to execute or incorrectly executes a payment from your Account or made using a Card,  Paynetics will promptly reimburse the amount of the payment (including any fees to restore the Account to the position it would have been at if the defective payment was not made), unless Paynetics can show that the recipient’s payment service provider has received the payment (in which case they will be liable). In this case, on your request, Paynetics will make reasonable efforts to trace the payment and inform you about the outcome. 

15.7.            Pаynetics will not be liable for any payment executed in accordance with the payment instructions given by you. If the payment instruction you have given us was incorrect or incomplete (for example, you have made a mistake in giving us the recipient’s account details), Paynetics will make reasonable efforts to recover the payment amount. Paynetics may charge you a fee for any such recovery as indicated in the Tariff. If Paynetics is not able to recover the payment amount, Paynetics will, on your written request, provide you with the relevant information about the payment.

Late or incorrectly executed payments to your Account

15.8.            If Paynetics has received a payment for your Account but has not executed or incorrectly executed the payment (for example, where Paynetics is responsible for crediting your Account with the received payment later than it should have been), Paynetics will immediately credit your Account with the correct amount (including any fees to restore the Account to the position it would have been at if the payment was executed correctly and in time).

15.9.         If a payment is received in your Account incorrectly (for example, by mistake), Paynetics may, where it considers reasonable to do so, hold the payment and return it to the sender. In any case, Paynetics is obliged to provide certain information to the sender’s payment service provider about you and the payment to enable them to recover the funds.

Payments initiated by payee

15.10.         If you authorise a payment initiated by or through the payee without knowing the final amount of the payment (for example, a Card payment initiated by the merchant when renting a car or booking a hotel room), you have the right to request Paynetics for a refund of such payment provided that all of the following conditions are met:
15.10.1.     you have asked for a refund within 8 weeks from the date on which your Paynetics Account was debited;
15.10.2.     at the time of authorisation to execute the payment, its exact amount was not specified; and
15.10.3.     the amount of the payment exceeded the amount you could have reasonably expected  taking into account your previous spending patterns, the terms of this Agreement and the case-specific circumstances. If the amount of the payment increased because of the currency exchange when the reference exchange rate agreed with Paynetics has been applied, it will not be a valid reason.
At the request of Paynetics, you must provide information to show the conditions above have been met.

15.11.         Within 10 business days of receiving your request for a refund, or, where applicable, of receiving the further information Paynetics requested, Paynetics will refund the full amount of the payment or inform you of the refusal to refund it, together with the grounds for refusal and the authorities to which you can complain if you do not accept those grounds. The refund will include the entire amount of the payment which will be dated back to the date on which your Account was debited.

15.12.         You will not be entitled to a refund of any payment initiated by or through payee when:
15.12.1.     you have given your consent to perform the payment directly to Paynetics; and
15.12.2.     where applicable, Paynetics or the payee has informed you about the upcoming payment at least 4 weeks before it was due to be made.

General liability

15.13.         Paynetics will not be liable to you for any damages or losses arising from or relating to:
15.13.1.     your failure to use the Card or Account in accordance with this Agreement;
15.13.2.     any payments executed in accordance with the information or instructions provided by you which were incorrect, inaccurate or incomplete;
15.13.3.     any unusual or unforeseeable circumstances beyond the control of Paynetics, the consequences of which could not be avoided despite Paynetics’ best efforts;
15.13.4.     refusal of a merchant, ATM or any other person to accept the Card or any other Account payment;
15.13.5.     malfunction of a mobile device or other equipment, software or services required for the successful technical performance of an operation which is beyond the control of Paynetics;
15.13.6.     compliance with the applicable legal or regulatory requirements or any rules  or guidelines provided by the Card Organisation;
15.13.7.     you acting fraudulently or with gross negligence;
15.13.8.     loss of revenue, goodwill, lost benefits or expected savings;
15.13.9.     any loss or damage which is not a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or
15.13.10.  any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data or other proprietary material in connection to the Card, Account and this Agreement;
15.13.11.  the quality, safety, legality or any other aspect of goods and/or services purchased using the Card or Account or any possible disputes arising between you and the provider of such goods/services;
15.13.12.  Paynetics refusing to accept or execute any payment or restricting, blocking or deactivating your Account and/or Card in accordance with this Agreement;
15.13.13.  loss or damage beyond Paynetics’ responsibility by law.

15.14.         None of the terms of this Agreement will limit or exclude Paynetics’ liability for fraud, gross negligence or any other liability which cannot be legally excluded or limited by law.

15.15.         You are responsible for the use of the Card and Account in accordance with this Agreement. You will be liable to Paynetics for all losses and damages caused by their improper and/or non-compliant use that does not comply with this Agreement.

16.     CHANGES TO THIS AGREEMENT

16.1.            Paynetics may make changes to this Agreement, including the fees set out in the Tariff, as set out further below for reasons which may include (but are not limited to):
16.1.1.         changes to the products or services or introducing new products or services under this Agreement;‎
16.1.2.        withdrawal of a particular part of our products or services;‎
16.1.3.        changes in market conditions or operating costs that affect Paynetics;‎
16.1.4.        changes in technology, our systems and/or payment methods;‎
16.1.5.        making this Agreement clearer or more favourable to you; or
16.1.6.        changes in relevant laws or regulations, or codes or rules that apply to Paynetics.

16.2.            Paynetics will notify you about any changes to this Agreement, including the Tariff, and the date on which such changes shall take effect, by posting a notice on the Website and/or via email, at least 2 months before the changes take effect. Paynetics can make immediate changes, without notice to you, to the exchange rates used to convert Account or Card payments where such changes are the result of changes in the reference rate we have disclosed to you or are more favourable to you.

16.2.            If you do not approve of the changes to this Agreement, you have the right to terminate this Agreement free of charge by informing Paynetics before the changes take effect. Paynetics will treat you as having accepted the changes unless you inform Paynetics that you do not approve these changes before they take effect. 

17.     TERM OF THE AGREEMENT. CANCELLATION. TERMINATION. VALIDITY PERIOD OF THE CARD

17.1.            This Agreement will become effective when your application is approved by Paynetics. This Agreement will remain valid until it is terminated in accordance with its terms.

17.2.            You can cancel your Account and Card and terminate this Agreement within 14 days of the date you receive confirmation your application has been approved by Paynetics by contacting the Customer Relations Centre. You will not be charged for cancelling within this period and the funds in your Account will be returned to you in accordance with clause 18. You will not be entitled to a refund of any payments and associated fees made from your Account or using the Card up to the date you notify Paynetics of the cancellation.

17.3.            This Agreement can be terminated by you:
17.3.1.        notifying Paynetics you do not accept changes to this Agreement in accordance with clause 16.3;
17.3.2.        notifying Paynetics of the cancellation of this Agreement in accordance with clause 17.2;
17.3.3.        providing Paynetics a written request for termination of this Agreement at any time.

17.4.            This Agreement can be terminated by Paynetics:
17.4.1.        providing you 2 months’ notice of termination of this Agreement;
17.4.2.        immediately if:
17.4.2.1.   you breach an important term or persistently breach the provisions of this Agreement;
17.4.2.2.   Paynetics reasonably believes that your Account, Card or any of its services is being used for any fraudulent or illegal purposes or in an unauthorised manner or for Prohibited Transactions;
17.4.2.3.   Paynetics is required to so to comply with any law or regulation or a requirement by a regulatory authority or a Card Organisation;
17.4.2.4.   ‎Paynetics reasonably believe that continuing to permit use of your Account or Card may cause Paynetics to ‎breach any applicable law or regulation, code or other ‎duty applicable to it or expose Paynetics to any ‎adverse action, ‎censure, fine or penalty from any regulatory authority, law enforcement ‎or other ‎governmental agency or Card Organisation;‎
17.4.2.5.   you become bankrupt or die;
17.4.2.6.   in other cases provided by law or in the Agreement.

17.5.            If this Agreement is terminated for any reason, your right to use the Account and Cardwill be terminated, your Account will be closed and Card will be deactivated.  All fees and other amounts due to Paynetics under the Agreement, if any, will become payable on termination. You can request the return of any remaining funds on your Account in accordance with clause 18.

17.6.            You will be responsible for all payments performed prior to termination of this Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Account or Card prior to such termination.

18.  REDEMPTION

18.1.            You can redeem all or part of the e-money held on your Account any time for the duration of this Agreement by requesting Paynetics to ‎refund it to you.  After this Agreement is terminated, you can only request to redeem the remaining e-money on your Account in full. You can request to redeem the e-money by contacting Customer Relations Centre. You will need to ‎provide Paynetics the details of an account [which must be an account in your name] to which you would like the refund to be made and ‎any other details we may require. Paynetics may require you to provide satisfactory confirmation of ‎your identity and address before the refund is made.‎

18.2.            All redemptions will be paid in the currency of your Account in which the remaining e-money being redeemed is held, at an exchange rate (if applicable) ‎prevailing at the time of processing the redemption. ‎

18.3.            A redemption fee (see Tariff) will be charged to cover redemption costs on each ‎redemption request if:‎
18.3.1.        redemption is requested before this Agreement is terminated for any reason;‎
18.3.1.1.   you terminate this Agreement before any agreed termination date; or
18.3.1.2.   redemption is requested more than one year after the date this Agreement is terminated.‎

18.4.            The redemption fee (see Tariff) will not be charged for redemption that is requested:
18.4.1.1.    at termination of this Agreement or up to one year after that date;‎
18.4.1.2.    when you cancel this Agreement in accordance with clause 17.2.‎

18.5.            Paynetics will not refund the remaining value of e-money on your Account if you make the request for ‎redemption more than 6 ‎years after the date of termination of this Agreement.‎

19.  COMPLAINTS

19.1.            If you wish to complain about Paynetics services under this Agreement, you can do so by contacting Paynetics Customer Relations Centre.

19.2.            You can find more information on how we handle complaints on ‎the Website. We will provide you with a copy of our complaints ‎procedure on your request or if we receive a ‎complaint from you. ‎In most cases, Paynetics will review your complaint and provide a full response within 15 business days from the date the complaint is received. In exceptional circumstances, where Paynetics is unable to respond to your complaint in full within that timeframe, Paynetics will send you a holding response with reasons for the delay and the timeframe within which you will receive a full response, which in any case will be within 35 business days from the date your complaint was received.

20. CONCILIATION

20.1     Where the payment services under this Agreement are provided in the UK, if Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaint to your satisfaction, you may refer your complaints to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567, email complaint.info@financial-ombudsman.org.uk‎). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

20.2.         Where the payment services under this Agreement are provided in the EEA, if Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaint to your satisfaction, you may refer your complaints to the Payment Disputes Conciliation Committee with the Commission for Consumer Protection (1000, Sofia, 1 Vrabcha Str, fl. 4, Bulgaria). Details of the service offered by the Payment Disputes Conciliation Committee are available at www.kzp.bg and https://abanksb.bg/pkps/pkps-contacts-En.html.

21. MISCELLANEOUS

21.1            Where the payment services under this Agreement are provided in the UK, this Agreement shall be governed by the English law. Any disputes relating to this Agreement will be finally settled by English court.

21.2.            Where the payment services under this Agreement are provided in the EEA, this Agreement shall be governed by the Bulgarian law. Any disputes relating to this Agreement will be finally settled by Bulgarian court.

21.3.            Paynetics may transfer or assign its rights and obligations under this Agreement to another company or individual at any time. If the transfer means that another organisation will be providing the services under this Agreement to you instead of Paynetics, Paynetics will give you notice of the transfer and the date when the transfer will take effect. Unless specified otherwise in the notice, the terms of this Agreement will be binding on you and the transferee as if the transferee was the original party to this Agreement from the date the transfer takes effect.‎ This will not affect any of your legal rights relating to this Agreement or the services provided under it.

21.4.            You cannot transfer or assign any of your rights and obligations under this Agreement to another individual or company without Paynetics’ prior written consent.

21.5.            If a court or competent authority establishes that a certain provision in the Agreement (or any part of any provision) is invalid, illegal or unenforceable, such provision (or part of it) shall be deemed to be non-existent to the extent necessary, but the validity and applicability of all other provisions of the Agreement shall not be affected.

22. CUSTOMER RELATIONS CENTRE

22.1.            You can contact Paynetics Customer Relations Centre using the contact details set out below. For monitoring purposes, we may record any conversation with the Customer Relations Centre.
22.1.1.        Contact us about our services (open from 9 a.m. to 6 p.m., CET, from Monday to Sunday):
22.1.1.1.    by email: support@initiumpay.com
22.1.1.2.    through the online chat system or the support ticketing platform

22.1.2.         Report lost, stolen or misappropriated Cards or other unauthorised access to your Account (available 24 hours a day): 22.1.2.1.   ‎Via the app;

Cardholder Agreement - Corporate

Introduction

These terms and conditions (together with the Tariff and any other documents incorporated by reference, the “Agreement”) set out the terms and conditions that apply to your Account, Card and any other associated services provided to you (“Customer”, “you”, “your”), in your capacity as a legal entity, in relation to your business operations, and the individuals designated by you (“Cardholder/s”) by Paynetics AD (“Paynetics”, “we” “us”, “our”) under this Agreement.

This Agreement constitutes a legal contract between you and Paynetics. It contains important information that may affect your rights, use of any of our services and your ability to recover your money. Please read all of the documents forming part of this Agreement carefully and keep a copy or download a copy of them for your records and future reference.

You can request a copy of this Agreement at any time throughout its duration by contacting Customer Relations Centre. By submitting your order for a Card to Paynetics and by clicking “I Accept” in the relevant box, you indicate that you have accepted this Agreement.

You should read this Agreement alongside Privacy Policy which you can view here https://paynetics.digital/privacy-and-security-policy/. Our Privacy Policy (as it may be amended from time to time in accordance with its terms), together with this Agreement, describes the basis upon which any personal data we collect about you, either directly or from our authorized partners or that you provide to us or them, will be processed, handled and shared by us.

 1. DEFINITIONS

In this Agreement:
“Account” means any e-money payment account opened and maintained for you by Paynetics under this Agreement.
“App” means either Mobile App and / or Web App.
 “ATM" means an automated teller machine that can be used for cash withdrawals using a Card, and sometimes for other payment and non-payment transactions.
  “Business Debit Card” or “Card” means any Paynetics debit Mastercard© card for corporate clients (business customers) issued by Paynetics that is linked to your Account(s). The Card is a type of a payment instrument which allows you to access the Account`s balance to make debit card payments. The Card may be physical or virtual.
“Card Organisation” means Mastercard International (‘MasterCard’), VISA Europe (‘VISA’) or any other organisation maintaining a card payment system under which Card payments are processed.
“Faster Payments” means a payments system which allows sending and receive payments in GBP the UK between participating payment service providers. ‎
  “Mastercard” means Mastercard International Incorporated or its successors.
“Mobile App” means the mobile application developed by the Technical Provider and published in the Apple AppStore and Google PlayStore,  which enables you to access your Account and/or Card.
“Paynetics”, “we”, “us”, “our” means:
(a) where payment services under this Agreement are provided in the UK - Paynetics AD, a company with its seat and registered address at Ground Floor, 76A James Bourchier, Lozenets District, Sofia Municipality, Sofia, Bulgaria, entered in the Bulgarian Commercial Register kept by the Registry Agency under UIC: 131574695 (“Paynetics AD”) or such other Paynetics entity authorised in the UK as notified to you. For the purposes of UK services, Paynetics AD is an electronic money institution deemed authorised and regulated by the UK Financial Conduct Authority under the Temporary Permissions Regime (firm reference number 900785) for the issuance of e-money and provision of payment services in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website; or
(b) where payment services under this Agreement are provided in the EEA – Paynetics AD. For the purposes of EEA services, Paynetics AD is an electronic money company holding a license for operating as an electronic ‎money company issued by the Board of Directors of the Bulgarian National Bank by Decision 44 ‎of 11 April 2016, and is entered in the register kept by the Bulgarian National Bank, which is ‎accessible on http://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm. The ‎Bulgarian National Bank supervises the activities of Paynetics AD‎.
“PIN” shall mean a unique four-digit personal identification number, which can be used to confirm Card payments.
“Technical Provider” means the operator that performs certain technical and operational functions in relation to our services, including the operation of Platform which connects the customers with Paynetics.
“Prohibited Transaction” means any of transactions or activities as listed below or as may be subsequently made available on the Website from time to time:
1. Any sales of ‘pyramid’ type, Ponzi schemes or similar marketing or matrix programs or other schemes for ‘quick enrichment’ or high-yield investment programs;
2. Sale, supply or purchase of illegal items or items promoting or facilitating illegal activities;
3. Sale, supply or purchase of counterfeit products or products infringing intellectual property rights;
4. Products or services for the processing or aggregation of payments by third parties;
5. Money laundering;
6. Terrorism financing or propaganda;
7. Pornography, escort services and selling and/ or advertising sexual services;
8. Using the Card or Account in a manner and/or for purposes that violated any applicable law and/or regulations of the Card Organisation or SEPA;
“SEPA” means Single Euro Payments Area scheme, which allows sending and receiving payments in EUR between participating payment service providers.
“Tariff” means the fees and limits applicable to your Accounts, Card and any other services provided to you under this Agreement. The Tariff, as amended from time to time, is available on the Website
“Web App” means the web application developed by the Technical Provider and run on a web server, which enables you to access your Account and/or Card.
“Website” means the following website: https://initiumpay.com

2. ABOUT OUR SERVICES

2.1.   Your Accounts are maintained by Paynetics and the Card is issued to you by Paynetics.  The value stored on your Accounts is electronic money, otherwise referred to as ‘e-money’. Paynetics is not a bank and your Account is not a bank account. The funds available in your Account are not a deposit. No interest will accrue on your Account balance. Your Card is a debit card linked to your Account, it is not a credit or charge card.

2.2.   The Financial Services Compensation Scheme does not apply to funds held in your Accounts. Instead, Paynetics protects your funds through a process known as ‘safeguarding’, in line with its regulatory requirements. In this process, Paynetics keep your money separate from our own funds and places it in a safeguarding account with a bank or cover it by an insurance policy or a comparable guarantee. Before we provide any of our services to you, you will have to successfully complete our process for verifying your identity.  The process may involve you providing us a valid passport / ID card and a bank statement or other identification documents, as well as a selfie, together with the presented identity document in real time, or any other procedure we may specify. We may use ID verification agencies or other automated platforms to verify your identity. We or the Programme Manager may require you to provide additional information at any time for the duration of this Agreement.

2.3.   This Agreement will only become effective once you receive a confirmation that Paynetics has approved your application. Paynetics will not be obliged to provide any of the services under this Agreement before such confirmation is provided. Paynetics may refuse to approve any application and/or enter into an agreement for its services for any reason.

2.4.   The Account and Card are issued to you in your capacity as a legal entity. You may designate individuals, who may use them – the Cardholders. The Cardholders may use your Account and/or Card only personally and may not provide them for use to anyone else. If a Cardholder provides access and/or any other means for use of the Account and Card to a third party, you shall be fully liable for all transactions initiated by such third parties You must not use your Account or Card for or in relation to (including sending or receiving proceeds from):

2.5.   You and the Cardholders must not use your Account or Card for or in relation to (including sending or receiving proceeds from):
2.5.1. any activities which do not comply with any applicable laws or regulations, including but not limited to laws relating to money laundering, fraud, financial services or consumer protection; or
2.5.2. Prohibited Transaction under this Agreement.

2.6.   You must not use your Account or Card for or in relation to (including sending or receiving proceeds from):

3. RECEIVING/SENDING PAYMENTS

3.1.   When this Agreement becomes effective, Paynetics will set up and maintain:
3.1.1.           an EUR Account with a dedicated IBAN and one or more Cards, which may be used for sending or receiving payments via SEPA in EUR and for Card payments and cash withdrawals in EUR; and/or
3.1.2.           a GBP Account with a dedicated IBAN, an account number with sort code and one or more Cards, which may be used for sending or receiving payments via Faster Payments in GBP and for Card payments and cash withdrawals in GBP.

3.2.     Limits may apply to your Account and Card, such as limits on minimum load payments to your Account, the maximum balance that can be held on your Account, the value of individual Account and/or Card payments or an aggregate value or number of payments in a particular time period. The applicable limits are as set out in the Tariff and may be changed by us from time to time. To ‎manage our risk, ‎particularly with respect to money laundering, fraud ‎or security concerns, we may also apply ‎internal controls, ‎including ‎limits, to certain types of transactions from time to time but for security ‎purposes, will not disclose them.‎

4. LOADING FUNDS TO YOUR ACCOUNT

4.1. The minimum load amount to top up your Account is indicated in the Tariff.

4.2.   The balance of the Account should never exceed the limits set out in the Tariff.

4.3.   You can load your Account using the following methods:
4.3.1.  EUR Account can be loaded by receiving payments via SEPA;
4.3.2.     GBP Account can be loaded by receiving payments via Faster Payments.

4.4.   The received funds will be credited to your Account immediately after Paynetics receives the funds.

4.5.   Paynetics may refuse to execute an incoming payment and your Account will not be credited if:
4.5.1.            your Account or payment breaches any of the limits as set out in the Tariff;
4.5.2.           your Account is inactive, blocked or terminated;
4.5.3.           the sender has provided incorrect/invalid Account details for payment;
4.5.4.           Paynetics reasonably believes the payment is fraudulent, illegal or unauthorised;
4.5.5.           Paynetics reasonably believes the payment related to a Prohibited Transaction.

4.6.   If an incoming payment is refused for any of the reasons set out above, the funds may be sent back to the sender without prior notice to you.

4.7.   Paynetics will charge you with a top up fee every time your Account is loaded as set out in the Tariff.

5. MAKING PAYMENTS FROM YOUR ACCOUNT

5.1.   You/the Cardholders must make sure that your Account has sufficient funds available to cover the amount of a given payment and all applicable fees. Paynetics may refuse to perform any given payment if your Account does not have sufficient balance to cover the amount of the payment and all applicable fees.

5.2.   Paynetics will execute your/the Cardholder’s payment instructions for payments from your Account on the same day it receives them (or the future day agreed if it is in the future). The time of receipt of your/the Cardholder’s payment instruction is when Paynetics receives it (which will typically be on the same day the payment is instructed) or, if the payment instruction specifies the payment is to take place on a future day, then the payment instruction will be treated as received on that day. You/the Cardholder cannot cancel a payment after you/the Cardholder have authorised it and Paynetics has received your/the Cardholder’s payment instruction for it, except that you/the Cardholder can cancel a future payment, such as a recurring Card payment if you/the Cardholder notify Paynetics of cancellation no later than the end of the business day before the payment is due to be made via the App. Cancelling a future dated payment such as a recurring Card payment with us will not cancel the agreement with the organisation you are paying. You/the Cardholder should tell the organisation collecting the payment about the changes to your/the Cardholder’s instructions.

5.3.   After receiving your/the Cardholder’s payment instruction for payment from your Account (including Card payments), Paynetics will credit the recipient’s account within the timescales set out below.

Type of payment Delivery to the recipient’s account Payments in EUR or GBP to an account in the UK or the EEA (including where there has been a currency conversion between EUR and GBP) No later than the end of the business day after your payment instruction is received Payments in any other currency or to an account outside the UK or the EEA Varies, depending on the currency or country the payment is sent to

5.4.   Paynetics will deduct the value of payments together with all applicable fees from the balance on the relevant currency Account.  Payments from your Account by way of credit transfers in EUR or GBP will be deducted from your EUR or GBP Account respectively. Card payments in EUR or GBP will also be deducted from your respective currency Account. Card payments in any other currency will always be deducted from your Account at then prevailing currency conversion rates. If there is insufficient balance on the relevant GBP or EUR  Account to complete the payment, including all applicable fees, funds will be automatically transferred from your Account in the other currency to your relevant currency Account at then prevailing currency conversion rates.  If there is insufficient balance on both your EUR and GBP Accounts to complete the payment, including all applicable fees, the payment will be refused. See clause 11 for more detail on the applicable currency conversion rates and fees.

5.5.   You agree you and the Cardholders will not make any attempts to interrupt or impair the functionality of our information system, including but not limited to, not to spread files containing viruses, damaged files or other similar software which may be used for accessing, modifying, deleting or damaging data files.

6. ACCESS TO YOUR ACCOUNTS BY THIRD PARTY PROVIDERS

6.1.   You may choose to allow (and provided you have given them your explicit consent):
6.1.1.           providers of account information service (i.e. an online service which accesses one or more payment accounts to provide a consolidated view of such accounts) to access information on your Account; and/or
6.1.2.           providers of payment initiation service (i.e. an online service which allows a third party to initiate payments on behalf of the account holder from their account and at their request) to initiate payments (other than Card payments) from your GBP and EUR Accounts.

6.2.   Only those providers of account information or payment initiation services that are authorised with the Financial Conduct Authority or another European regulator to provide the relevant service in the UK or an EU member state, as applicable, can be given access to your Account. The Financial Conduct Authority’s register (available at https://register.fca.org.uk/‎) will tell you whether a provider is authorised in the UK, and we recommend you check it before using their services.

6.3.   We will treat any instruction from such providers of account information or payment initiation services as if it was from you.  Some providers may use your Account security details to provide their service. You should always consider the implications of sharing your security information.

6.4.   We can deny providers of account information or payment initiation services access to your Account if we are concerned about unauthorised or ‎fraudulent access. We will notify you of the denial of access and the reasons ‎for it beforehand if possible or otherwise immediately afterwards (unless doing so would ‎compromise our security measures or would be unlawful). The access to your Account may be restored once the reasons ‎for denying the access no longer justify such ‎denial.‎

7.  GIVING INSTRUCTIONS FOR PAYMENTS FROM YOUR ACCOUNTS

7.1.   For a payment from your Account (including transfers to your other Accounts) to be properly executed, you/the Cardholder must provide us the following information when you instruct us to make the payment (in addition to any other information we may ask for):
7.1.1.           for payments from your GBP Account to a UK account via Faster Payments: the recipient’s name, account number, the payment amount and sort code and a payment reference;
7.1.2.           for payments from your EUR Account to an EEA account via SEPA: the recipient’s (beneficiary) name, IBAN, the payment amount, its currency and reason for payment (this information meant for the beneficiary), additional clarifications;
7.1.3.           for payments from your EUR Account to an account outside the EEA via SEPA (to countries that participate in SEPA): in addition to information set out at 7.1.2, you will also need to provide the sender’s (originator) address and may also be required to provide the recipient’s (beneficiary) bank’s BIC;

7.2.   for any payments above EUR 15,000 or its equivalent in another currency: the sender (originator) and / or recipient (beneficiary) could also be required to provide a declaration to prove the origin of funds;‎If you provide us with incorrect or incomplete information or refuse to provide information, we ‎may refuse to execute the payment, the funds could be lost and irrecoverable or there could be ‎a delay in the recipient receiving the payment. ‎

7.3.   You/cardholder give us instructions and consent to a payment from your Account in one of the following ways:
7.3.1.           using the App;
7.3.2.           giving us instructions via a third party (such as payment initiation service provider);
7.3.3.           using Cards (see clause 10 below on how you instruct us to make payments using a Card);
You may be required to provide security details and/or use a particular authentication method depending on the method you use. We will tell you which authentication can be used or if they are unable for any particular types of service.  Paynetics reserves the right to change or introduce new authentication methods at any time, including for reasons relating to changes in the law, technical characteristics of the services or security.

7.4.   Paynetics may refuse to carry out any instructed payment from your Account if it does not meet the requirements of this Agreement, including, but not limited to any of the following circumstances:
7.4.1.           Paynetics reasonably suspects that the payment is unauthorised or involved in fraud or illegal activity;
7.4.2.           your/cardholder's instruction is unclear, incorrect or incomplete;
7.4.3.           Paynetics reasonably believes that there has been a violation of this Agreement;
7.4.4.           you/cardholder have failed to use the authentication method and/or provide security information required;
7.4.5.           there are insufficient funds in the Account to cover the payment and any applicable fees;
7.4.6.           the payment violates any applicable limits;
7.4.7.           carrying out your instruction might cause us to break the law, order of a regulatory body, code, rule of Card Organisation or other duty applicable to Paynetics;
7.4.8.           due to a technical impossibility to carry out the payment;
7.4.9.           Paynetics reasonably believes payment is related to a Prohibited Transaction.

7.5.   If we refuse to execute the payment, we will notify you as soon as possible unless it would not be unlawful for us to do so. If ‎possible, we will provide the reasons for refusal to execute the payment and where those reasons relate to factual matters, the procedure for ‎rectifying any factual errors that led to such refusal.‎

7.6.   The execution of any payment to or from your Account (including Card payments) may be delayed or refused due to the performance of Paynetics’ security or legal compliance checks, including if Paynetics suspects that the payment is involved in fraudulent, illegal or unacceptable activities or constitutes an unauthorised payment.

8. DESCRIPTION OF THE CARD

8.1.   Your Card is issued to you by Paynetics and is linked to your Account in EUR and/or GBP, as applicable, maintained by Paynetics. Your Card can be used in your country of residence or abroad.

8.2.   The Card is issued under the Mastercard brand pursuant to license granted by Mastercard International.

8.3.   Unless specified otherwise in this Agreement, your Card can be used to pay merchants for goods or services at (whether in-store, online or over the phone) and for cash withdrawals at ATMs. If you have been issued with a virtual Card, it can only be used to pay merchants online. Your Card can be used at all card acceptance terminal devices bearing the Mastercard logo which maintain the necessary functions.

8.4.   Card payments will be executed immediately after Paynetics receives the payment request.

8.5.   The value of all Card payments, including all applicable fees, will be deducted from your relevant Account balance, see clause 5.4.

8.6.   You will be responsible for all goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card will be considered a dispute between you and the merchant, and should be addressed directly to that merchant. Paynetics does not accept any responsibility or liability for the quality, safety, legality or any other aspect relating to and does not provide any warranties regarding such goods or services purchased with the Card.

8.7.   Paynetics will not be liable if a merchant refuses to accept a Card or if Paynetics has refused to executed a payment in accordance with this Agreement.

8.9.   The Card is property of Paynetics as a card issuer and cannot be transferred and/or made available to anyone else.

9. CARD ISSUANCE, LOADING, ACTIVATION AND REPLACEMENT

9.1.   Each Card has a validity period within which you/cardholder may use the Card. If your Card is physical, it will expire on the last day of the month/year indicated on its front. If your Card is virtual, it will expire on the last day of the month/year indicated on the App or on the expiry date sent to you by e-mail. All Card payments initiated after the expiration or cancellation of the Card will not be authorised or executed.

9.2.   Paynetics will issue the Card within 10 business days from the date your/the Cardholder’s application is accepted and, if the Card is not virtual, will deliver it to your/the Cardholder personally. If your Card is virtual, the Card will be made available to you/the Cardholdervia the App immediately after your/the Cardholder’s application is approved by Paynetics.

9.3.   The physical Card will be personally delivered to you/the Cardholder and the Cardholder may be required to produce an ID document to collect it. The Cardholder must sign on the signature strip on the reverse side of the physical Card immediately after receiving it.

9.4.   You/the Cardholder will be provided with a PIN to use with your Card. You/the Cardholder can change your PIN at an ATM. You/the Cardholder should memorise your PIN and then destroy the media on which it is recorded. You and the Cardholders have important obligations to keep all security details such as PIN safe (see clause 14 below).

9.5.   You may request Paynetics to issue a new Card in the following cases:
9.5.1.  in case of destruction or damage to the Card;
9.5.2.  in case of loss, theft or other misappropriation of the Card,
9.5.3.  in case of a forgotten PIN, and
9.5.4.  upon expiry of your Card’s validity period. If your Card expires, it will only be automatically replaced if your Card was used within the last two months before its expiry date.

9.6.   If your Card is replaced because it was lost or damaged, or in case of a forgotten PIN or upon expiry of your Card’s validity period, you will be charged a Replacement Fee (see Tariff) which will be deducted from your Account. If your Card has been reported stolen or misappropriated you will be charged a fee that is directly related to the cost of replacement (see Tariff). If your Card has been reported lost, stolen or misappropriated but later is found, then you should immediately inform Paynetics about it and destroy the Card.

9.7.   When you/the Cardholder receive the Card it will be inactive. You/the Cardholder have to activate the Card before using it. Otherwise, any Card payments attempted by you/the Cardholder will be rejected. The Card can be activated online by following the instructions for activation provided by us.

10. GIVING INSTRUCTIONS FOR CARD PAYMENTS

10.1.        You /the Cardholder give us an instruction and consent to a payment made using your Card using any one of the following methods:
10.1.1.        in case of cash withdrawal from an ATM: by entering a PIN;
10.1.2.        in case of payment for goods or services in-store: by entering a PIN and/or signature on the receipt or by tapping/waving the Card (or a device where it is held) over a card reader for contactless payments;
10.1.3.        in case of online payments for goods or services online or via the phone: by providing your Card details and a one-time payment code or other security information or credentials, when requested.

10.2.       Your /the Cardholder’s consent for a Card payment may cover a single payment or a series of recurring payments on a Card (such as where you/the Cardholder give your Card details to a merchant to be used for Card payments in the future) for a set or variable amount.

10.3.       Merchants in certain business sectors (e.g. car rental companies, hotels and other service providers) estimate the amount of the final Card payment to them and require to “pre-authorise” or withhold the estimated amount on the Card. Sometimes, that withheld amount may exceed the final amount spent. In such cases, the initially withheld funds will not be available to you/the Cardholder for up to 15 days until the final Card payment request is received by us or released by the merchant. Paynetics may release such amounts only with the merchant’s consent.

10.4.       You and the Cardholders are responsible to provide a correct and accurate instructions for execution of a payment. If the instructions provided by you/the Cardholders are incorrect, inaccurate or incomplete, Paynetics will not be liable for errors or inaccuracies in the transaction. If a payment is carried out in accordance with the instructions provided by you/the Cardholders, it will be deemed to have been correctly executed.

11.     FEES AND EXCHANGE RATES

11.1.            Fees that apply to your Account, Card and associated services and/or transactions are as set out in the Tariff. All fees will be determined in the currency of the relevant Card and/or Account to which they relate and will be deducted from the relevant Account.

11.1.            Paynetics reserves the right to change the applicable fees in accordance with this Agreement (see further clause 16). Changes in the reference exchange rate will apply immediately without prior notice.

11.5.            If a payment received or sent into/from your Account is in a currency other than the currency of the Account (including transfer between your different currency Accounts), then the payment amount will be converted into the currency of the destination account using an exchange rate made up of a reference rate (available at ‎‎the App) plus the currency conversion mark-up fee as set out in the Tariff. The exchange rate will be determined at the time (with respect to payments into Account) the payment is received or ‎‎(with respect to payments from Account) the payment instruction is received by ‎Paynetics.‎

11.6.            If a payments using a Card is in a currency other than the currency of the Account from which it is taken, then the amount deducted will be the amount of the Card payment converted to the currency of the Account using the reference exchange rate applied by MasterCard® (available at https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html) plus the currency conversion mark-up fee set out in the Tariff for Card payments. The exchange rate shall be determined on the date of the Card payment is processed. The ‎exchange rate is not set by Paynetics and varies throughout the day meaning it may ‎change between the date the Card payment is made and the date it is processed. Paynetics provides information on the total currency conversion charges ‎applicable with respect to Card payments, expressed as a percentage mark-up over the ‎latest available euro foreign exchange reference rates issued by the European Central ‎Bank on the ‎Website‎.‎

12. NEGATIVE BALANCE

12.1.            If any action results in a negative balance in your Account, you must reimburse Paynetics the amount of the negative balance immediately upon request. Paynetics may charge the amount of the negative balance against the funds on any other Accounts held by you, including any subsequently loaded funds. Paynetics may suspend Accounts and Card until it is reimbursed for the negative balance in full and may take legal action against you to recover such amount.

13. COMMUNICATION PROCEDURE

13.1.            The Agreement is executed in English and all communications between you and us will be in English, unless expressly agreed otherwise in this Agreement.

13.2.            Your representatives or persons authorised by you may receive information about the payments made with the Card/Account electronically.

13.3.            We can communicate with you (including to provide any information or notifications in relation to this Agreement) using any of the following methods:
13.3.1.         via the App;
13.3.2.         by email;
13.3.3.         by phone (including by sending you an SMS);
13.3.4.         by writing to your home address.
We will tell you if any of these communication methods are not available. We will also tell you if you need any technical requirements or software to communicate with us.

13.4.            We will use the contact information you have most recently given us to communicate with you. If any of your contact details change, you must inform Paynetics about it as soon as possible by updating your details via the App All notifications, invitations or other notices sent to your last email address last known to Paynetics will be deemed to have been delivered.

13.5.            You can contact Paynetics via Customer Relations Centre (see contact details at clause 21).

13.6.            Paynetics will provide information about your Account and Card transactions and fees by means of electronic statements which will be accessible on the App. Paynetics will also notify you at least once per month by SMS or email that your statement is ready Statements will not be provided on paper. You should carefully review your Account and Card transaction information regularly. Your statements will remain available on the App for you to access for ‎1 year. You may wish to download or print your statements for your future reference.  You will be charged a fee (see Tariff) if you ask us to provide additional information or provide it in a different manner than as described here.

14. SECURITY MEASURES

14.1.            You and the Cardholdersmust use your Card and Account in accordance with the terms and conditions set out in this Agreement. You and the Cardholders have important obligations to do everything you and the Cardholders reasonably can to keep your Account and Card safe and to notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card or Account immediately after becoming aware of it as further described below.

Your obligations to keep your Account and Card safe

14.2.            You/the Cardholders will be provided with or will be able to set up certain security details (such as your Card PIN and any password, passcode or other login details which can be used to access or make payments with your Account or Card via the App). You must:
14.2.1.        take all reasonable measures to keep your Account, Card and security details safe;
14.2.2.        not write down any of your security details (such as PIN or password) unless it is done in a  way to make it difficult for anyone else to recognise them;
14.2.3.        not record security details such as PIN on the Card or keep such information together with the Card;
14.2.4.        not to disclose to and/or allow anyone else (other than authorised providers of account information services or payment initiation services) to use in any manner whatsoever your security details such as user identifiers, passwords or PINs;
14.2.5.        keep your Card and any personal devices (mobile phones, computers, tablets) that can be used to access your Account, Cards or security details secure and not let anyone else use them to make payments;
14.2.6.        not choose security details such as PIN or password to access your Card or Account that is easy for someone to guess such as letters or digits that:
14.2.6.1.    are easily associated with you, for example your telephone number or date of birth;
14.2.6.2.   are part of the data imprinted on the Card;
14.2.6.3.   consist of the same digits (1111) or the sequence of running digits (1234); or
14.2.6.4.   are identical to previously selected PIN/password.
14.2.7.        use up-to-date virus, malware, and spyware software and a firewall on any devices used to access your Account or cards to reduce the risk of security breaches.

Your obligation to notify us

14.3.            If your Card has been withheld by an ATM, you must immediately notify Paynetics. If Paynetics is not able to return the Card to you, Paynetics will issue a new Card to replace it.

14.4.            You must immediately notify Paynetics Customer Relations Centre (using contact details at clause 21) if:
14.4.1.        your Card is lost, stolen or misappropriated; or
14.4.2.        you believe there has been unauthorised use of your Card or Account or anyone else may be able to use or access your Account, Card or security details to access them.
Paynetics will make all reasonable efforts to stop the use of Account and/or Card by blocking the Account and/or Card payments after receiving a notification from you.

14.5.            Paynetics may restrict, block or deactivate the Card or Account if:
14.5.1.         Paynetics is concerned about the security of the Card or Account or the security details relating to them;
14.5.2.        Paynetics becomes aware or suspects that the Account, Card or security details relating to them are being used in an unauthorised, unlawful or fraudulent manner;
14.5.3.        Paynetics reasonably believes it needs to do so to comply with the law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics;
14.5.4.        this Agreement is terminated for any reason;
14.5.5.        you request us to do so;
14.5.6.        you have breached any term of this Agreement in a material way.

14.6.            We will, if possible, notify you before restricting, blocking or deactivating your Account or Card that we will do so and the reasons for it. If we are unable to notify you beforehand, we will notify you immediately afterwards. We will not notify you if doing so would compromise our security measures or would be unlawful.

14.7.            Your Card and/ or Account will be unblocked or re-activated (or replaced) as soon as possible after the reasons for blocking cease to exist.

Communicating with you about fraud or security threats

14.8.            We may need to contact you urgently in the event of suspected or actual fraud or security ‎threats to your Account, Card and/or security details. To do so, we may ‎use an SMS, ‎telephone, e-mail or another secure procedure. When we contact you, we may also give you ‎information on how you can minimise any risk to your Account, Card or security details ‎depending on the nature of the security threat.‎ But will never ask you to give your full security details (such as PIN, password or passcode)  or ask you to transfer money to a new account for security reasons.

15. LIABILITY & REFUNDS

15.1.            You must notify Paynetics in writing of any unauthorised or incorrectly executed payments on your Card or Account without undue delay after becoming aware of such unauthorised or incorrectly executed payment and in any case no later than two months from the date the payment was debited to your Account/Card. You can notify us of such unauthorised or incorrectly executed payments by contacting the Customer Relations Centre (see clause 21 for details). You shall be considered to be informed of an unauthorised or incorrectly executed payment as from the moment of accessing the relevant statement on the App. Paynetics shall not be held liable for any unauthorised or incorrectly executed payment transactions under this Article 15 where Paynetics has not received a notice within two months from the date when your Account/Card was debited.

15.2.            If you notify us of an unauthorised or incorrectly executed payment in accordance with clause 15.1, you may be entitled to receive a refund of the funds as detailed below. Paynetics will verify the authenticity of the payment, its proper recording and reporting, and whether the transaction has been affected by a technical malfunction or other defect. Since you are not a user, you agree that Articles 78 and 80 of the Bulgarian Payment Services and Payment Systems Act (or the equivalent provisions of the UK law, if applicable) shall not apply to the relations with Paynetics under the Agreement.

15.3. In the event that Paynetics establishes an unauthorised transaction and where there are no reasonable grounds for suspecting that you/the Cardholder acted fraudulently, Paynetics shall refund to you the value of the unauthorised transaction within the statutory timelines. If necessary, Paynetics shall restore your Account/Card to the status it would be if the unauthorised transaction was not effected.

15.4.            In you are entitled to a refund for an incorrectly executed or unauthorised payment, we will refund you as soon as possible upon receipt of your claim or any additional information we may request in order to investigate your right to a refund. However, if after we refund you, our investigation leads us to reasonably that you were not entitled to the refund, we will have the right deduct the amount of the refund from any funds on Accounts you hold with us and reserve the right to recover the value of the refunded payment by any other legal means.

Unauthorised payments from your Account or Card

15.5.            If Paynetics establishes you have not authorised a payment from your Account or using your Card (for example, someone else made it) and there are no reasonable grounds for suspecting that you acted fraudulently, Paynetics will refund the value of the unauthorised payment by no later than the end of the business day after you notify Paynetics of the unauthorised payment. The refund will include any fees to restore your Account to the position it would have been at if the unauthorised payment was not made. Paynetics may hold you responsible for up to first £35 for services provided in the UK and EUR 50 for services provided in the EU incurred as losses with respect to unauthorised payments arising from the loss, theft or misappropriation of your Card or security details before you notify Paynetics.

15.6.            You will not be entitled to a refund and you will bear all losses, irrespective of their amount, relating to an unauthorised payment if:
15.6.1.        the payment was authorised by you;
15.6.2.        you have acted fraudulently;
15.6.3.        you have intentionally or with gross negligence have failed to comply with one or more of the obligations under this Agreement (for example, with regards to keeping your Account and Card safe or to notify us of any unauthorised payments).

Non-executed or Incorrectly executed payments from your Account or Card

15.7.            If Paynetics fails to execute or incorrectly executes a payment from your Account or made using a Card,  Paynetics will promptly reimburse the amount of the payment (including any fees to restore the Account to the position it would have been at if the defective payment was not made), unless Paynetics can show that the recipient’s payment service provider has received the payment (in which case they will be liable). In this case, on your request, Paynetics will make reasonable efforts to trace the payment and inform you about the outcome. 

15.8.            Pаynetics will not be liable for any payment executed in accordance with the payment instructions given by you. If the payment instruction you have given us was incorrect or incomplete (for example, you have made a mistake in giving us the recipient’s account details), Paynetics will make reasonable efforts to recover the payment amount. Paynetics may charge you a fee for any such recovery as indicated in the Tariff. If Paynetics is not able to recover the payment amount, Paynetics will, on your written request, provide you with the relevant information about the payment.

Late or incorrectly executed payments to your Account

15.9.            If Paynetics has received a payment for your Account but has not executed or incorrectly executed the payment (for example, where Paynetics is responsible for crediting your Account with the received payment later than it should have been), Paynetics will immediately credit your Account with the correct amount (including any fees to restore the Account to the position it would have been at if the payment was executed correctly and in time).

15.10.         If a payment is received in your Account incorrectly (for example, by mistake), Paynetics may, where it considers reasonable to do so, hold the payment and return it to the sender. In any case, Paynetics is obliged to provide certain information to the sender’s payment service provider about you and the payment to enable them to recover the funds.

Payments initiated by payee

15.11.         If you authorise a payment initiated by or through the payee without knowing the final amount of the payment (for example, a Card payment initiated by the merchant when renting a car or booking a hotel room), you have the right to request Paynetics for a refund of such payment provided that all of the following conditions are met:
15.11.1.     you have asked for a refund within 8 weeks from the date on which your Paynetics Account was debited;
15.11.2.     at the time of authorisation to execute the payment, its exact amount was not specified; and
15.11.3.     the amount of the payment exceeded the amount you could have reasonably expected  taking into account your previous spending patterns, the terms of this Agreement and the case-specific circumstances. If the amount of the payment increased because of the currency exchange when the reference exchange rate agreed with Paynetics has been applied, it will not be a valid reason.
At the request of Paynetics, you must provide information to show the conditions above have been met.

15.12.         Within 10 business days of receiving your request for a refund, or, where applicable, of receiving the further information Paynetics requested, Paynetics will refund the full amount of the payment or inform you of the refusal to refund it, together with the grounds for refusal and the authorities to which you can complain if you do not accept those grounds. The refund will include the entire amount of the payment which will be dated back to the date on which your Account was debited.

15.13.         You will not be entitled to a refund of any payment initiated by or through payee when:
15.13.1.     you have given your consent to perform the payment directly to Paynetics; and
15.13.2.     where applicable, Paynetics or the payee has informed you about the upcoming payment at least 4 weeks before it was due to be made.

General liability

15.14.         Paynetics will not be liable to you for any damages or losses arising from or relating to:
15.14.1.     your failure to use the Card or Account in accordance with this Agreement;
15.14.2.     any payments executed in accordance with the information or instructions provided by you which were incorrect, inaccurate or incomplete;
15.14.3.     any unusual or unforeseeable circumstances beyond the control of Paynetics, the consequences of which could not be avoided despite Paynetics’ best efforts;
15.14.4.     refusal of a merchant, ATM or any other person to accept the Card or any other Account payment;
15.14.5.     malfunction of a mobile device or other equipment, software or services required for the successful technical performance of an operation which is beyond the control of Paynetics;
15.14.6.     compliance with the applicable legal or regulatory requirements or any rules  or guidelines provided by the Card Organisation;
15.14.7.     you acting fraudulently or with gross negligence;
15.14.8.     loss of revenue, goodwill, lost benefits or expected savings;
15.14.9.     any loss or damage which is not a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or
15.14.10.  any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data or other proprietary material in connection to the Card, Account and this Agreement;
15.14.11.  the quality, safety, legality or any other aspect of goods and/or services purchased using the Card or Account or any possible disputes arising between you and the provider of such goods/services;
15.14.12.  Paynetics refusing to accept or execute any payment or restricting, blocking or deactivating your Account and/or Card in accordance with this Agreement;
15.14.13.  loss or damage beyond Paynetics’ responsibility by law.

15.15.         None of the terms of this Agreement will limit or exclude Paynetics’ liability for fraud, gross negligence or any other liability which cannot be legally excluded or limited by law.

15.16.         You are responsible for the use of the Card and Account in accordance with this Agreement. You will be liable to Paynetics for all losses and damages caused by their improper and/or non-compliant use that does not comply with this Agreement.

16. CHANGES TO THIS AGREEMENT

16.1.            Paynetics may make changes to this Agreement, including the fees set out in the Tariff, as set out further below for reasons which may include (but are not limited to):
16.1.1.         changes to the products or services or introducing new products or services under this Agreement;‎
16.1.2.        withdrawal of a particular part of our products or services;‎
16.1.3.        changes in market conditions or operating costs that affect Paynetics;‎
16.1.4.        changes in technology, our systems and/or payment methods;‎
16.1.5.        making this Agreement clearer or more favourable to you; or
16.1.6.        changes in relevant laws or regulations, or codes or rules that apply to Paynetics.

16.2.            Paynetics will notify you about any changes to this Agreement, including the Tariff, and the date on which such changes shall take effect, by posting a notice on the Website and/or via email, at least 2 months before the changes take effect. Paynetics can make immediate changes, without notice to you, to the exchange rates used to convert Account or Card payments where such changes are the result of changes in the reference rate we have disclosed to you or are more favourable to you.

16.2.            If you do not approve of the changes to this Agreement, you have the right to terminate this Agreement free of charge by informing Paynetics before the changes take effect. Paynetics will treat you as having accepted the changes unless you inform Paynetics that you do not approve these changes before they take effect. 

17. TERM OF THE AGREEMENT. CANCELLATION. TERMINATION. VALIDITY PERIOD OF THE CARD

17.1.            This Agreement will become effective when your application is approved by Paynetics. This Agreement will remain valid until it is terminated in accordance with its terms.

17.2.            You can cancel your Account and Card and terminate this Agreement within 14 days of the date you receive confirmation your application has been approved by Paynetics by contacting the Customer Relations Centre. You will not be charged for cancelling within this period and the funds in your Account will be returned to you in accordance with clause 18. You will not be entitled to a refund of any payments and associated fees made from your Account or using the Card up to the date you notify Paynetics of the cancellation.

17.3.            This Agreement can be terminated by you:
17.3.1.        notifying Paynetics you do not accept changes to this Agreement in accordance with clause 16.3;
17.3.2.        notifying Paynetics of the cancellation of this Agreement in accordance with clause 17.2;
17.3.3.        providing Paynetics a written request for termination of this Agreement at any time.

17.4.            This Agreement can be terminated by Paynetics:
17.4.1.        providing you 2 months’ notice of termination of this Agreement;
17.4.2.        immediately if:
17.4.2.1.   you breach an important term or persistently breach the provisions of this Agreement;
17.4.2.2.   Paynetics reasonably believes that your Account, Card or any of its services is being used for any fraudulent or illegal purposes or in an unauthorised manner or for Prohibited Transactions;
17.4.2.3.   Paynetics is required to so to comply with any law or regulation or a requirement by a regulatory authority or a Card Organisation;
17.4.2.4.   Paynetics reasonably believe that continuing to permit use of your Account or Card may cause Paynetics to ‎breach any applicable law or regulation, code or other ‎duty applicable to it or expose Paynetics to any ‎adverse action, ‎censure, fine or penalty from any regulatory authority, law enforcement ‎or other ‎governmental agency or Card Organisation;‎
17.4.2.5.   you become bankrupt or die;
17.4.2.6.   in other cases provided by law or in the Agreement.

17.5.            If this Agreement is terminated for any reason, your right to use the Account and Cardwill be terminated, your Account will be closed and Card will be deactivated.  All fees and other amounts due to Paynetics under the Agreement, if any, will become payable on termination. You can request the return of any remaining funds on your Account in accordance with clause 18.

17.6.            You will be responsible for all payments performed prior to termination of this Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Account or Card prior to such termination.

18.  REDEMPTION

18.1.            You can redeem all or part of the e-money held on your Account any time for the duration of this Agreement by requesting Paynetics to ‎refund it to you.  After this Agreement is terminated, you can only request to redeem the remaining e-money on your Account in full. You can request to redeem the e-money by contacting Customer Relations Centre. You will need to ‎provide Paynetics the details of an account [which must be an account in your name] to which you would like the refund to be made and ‎any other details we may require. Paynetics may require you to provide satisfactory confirmation of ‎your identity and address before the refund is made.‎

18.2.            All redemptions will be paid in the currency of your Account in which the remaining e-money being redeemed is held, at an exchange rate (if applicable) ‎prevailing at the time of processing the redemption. ‎

18.3.            A redemption fee (see Tariff) will be charged to cover redemption costs on each ‎redemption request if:‎
18.3.1.        redemption is requested before this Agreement is terminated for any reason;‎
18.3.1.1.   you terminate this Agreement before any agreed termination date; or
18.3.1.2.   redemption is requested more than one year after the date this Agreement is terminated.‎

18.4.            The redemption fee (see Tariff) will not be charged for redemption that is requested:
18.4.1.1.    at termination of this Agreement or up to one year after that date;‎
18.4.1.2.    when you cancel this Agreement in accordance with clause 17.2.‎

18.5.            Paynetics will not refund the remaining value of e-money on your Account if you make the request for ‎redemption more than 6 ‎years after the date of termination of this Agreement.‎

19. COMPLAINTS

19.1.            If you wish to complain about Paynetics services under this Agreement, you can do so by contacting Paynetics Customer Relations Centre.

19.2.            You can find more information on how we handle complaints on ‎the Website. We will provide you with a copy of our complaints ‎procedure on your request or if we receive a ‎complaint from you. ‎In most cases, Paynetics will review your complaint and provide a full response within 15 business days from the date the complaint is received. In exceptional circumstances, where Paynetics is unable to respond to your complaint in full within that timeframe, Paynetics will send you a holding response with reasons for the delay and the timeframe within which you will receive a full response, which in any case will be within 35 business days from the date your complaint was received.

20. CONCILIATION

20.1     Where the payment services under this Agreement are provided in the UK, if Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaint to your satisfaction, you may refer your complaints to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567, email complaint.info@financial-ombudsman.org.uk‎). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

20.2.         Where the payment services under this Agreement are provided in the EEA, if Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaint to your satisfaction, you may refer your complaints to the Payment Disputes Conciliation Committee with the Commission for Consumer Protection (1000, Sofia, 1 Vrabcha Str, fl. 4, Bulgaria). Details of the service offered by the Payment Disputes Conciliation Committee are available at www.kzp.bg and https://abanksb.bg/pkps/pkps-contacts-En.html.

21. MISCELLANEOUS

21.1            Where the payment services under this Agreement are provided in the UK, this Agreement shall be governed by the English law. Any disputes relating to this Agreement will be finally settled by English court.

21.2.            Where the payment services under this Agreement are provided in the EEA, this Agreement shall be governed by the Bulgarian law. Any disputes relating to this Agreement will be finally settled by Bulgarian court.

21.3.            Paynetics may transfer or assign its rights and obligations under this Agreement to another company or individual at any time. If the transfer means that another organisation will be providing the services under this Agreement to you instead of Paynetics, Paynetics will give you notice of the transfer and the date when the transfer will take effect. Unless specified otherwise in the notice, the terms of this Agreement will be binding on you and the transferee as if the transferee was the original party to this Agreement from the date the transfer takes effect.‎ This will not affect any of your legal rights relating to this Agreement or the services provided under it.

21.4.            You cannot transfer or assign any of your rights and obligations under this Agreement to another individual or company without Paynetics’ prior written consent.

21.5.            If a court or competent authority establishes that a certain provision in the Agreement (or any part of any provision) is invalid, illegal or unenforceable, such provision (or part of it) shall be deemed to be non-existent to the extent necessary, but the validity and applicability of all other provisions of the Agreement shall not be affected.

22. CUSTOMER RELATIONS CENTRE

22.1.            You can contact Paynetics Customer Relations Centre using the contact details set out below. For monitoring purposes, we may record any conversation with the Customer Relations Centre.
22.1.1.        Contact us about our services (open from 9 a.m. to 6 p.m., CET, from Monday to Sunday):
22.1.1.1.    by email: support@initiumpay.com
22.1.1.2.    through the online chat system or the support ticketing platform

22.1.2.         Report lost, stolen or misappropriated Cards or other unauthorised access to your Account (available 24 hours a day): 22.1.2.1.    Via the app;