Legal Agreement for LeuPay ServicesLast update: 9th of January, 2017
This Agreement contains twenty sections. The main terms used in this Agreement are defined in section twenty below.
1. Legal relationship and Service
1.1 This Agreement is between Satabank p.l.c.Satabank and Client. Satabank p.l.c. is a credit institution existing under the laws of Malta, bearing registration number C66993 and having its registered office at Aragon Business Centre, Level 3 Dragonara Road, St Julians STJ 3140, Malta, licensed as a Credit Institution under the Banking Act of Malta (the “Law”), fully authorized to provide services in the following EEA member states: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom, under the prudential supervision of the Malta Financial Services Authority (MFSA – mfsa.com), email@example.com (referred to as “Satabank”). A copy of the Public Register of MFSA of licensed Credit Institutions can be seen at: http://www.mfsa.com.mt/pages/licenceholders.aspx, under License Holders.
1.2 Use of the Service is subject to the Agreement. The Agreement will be effective from the date of acceptance by Client ("Effective Date"). By accepting the Agreement, Client agrees to use the Service in accordance with the requirements of the Agreement.
Client can accept the Agreement by:
(i) Clicking to Accept or Agree to the Agreement, where this option is made available to Client by Satabank on the website for the Service or via the Mobile Application for the Service. Clicking to Accept or Agree to the Agreement, where this option is made available to Client by Satabank on the website or Mobile Application for the Service represents an advanced digital signature made by Client and therefore the electronic document of the Agreement is deemed as duly signed by Client, or
(ii) Signing the Agreement on a hard copy, if requested by Satabank; or
(iii) Actually using the Service. In this case, Client agrees that Satabank will treat use of the Service by Client as acceptance of the Agreement from the moment of first use of Service.
1.3 The Service is described in Section Definitions below in this Agreement and constitutes of issuing of electronic money (e-money) upon receipt of funds by Satabank, providing of accounts for e-money with multicurrency balances and IBANs, money transfers within the system of Satabank, SEPA and International money transfers, issuing and authorizing of transactions with prepaid cards, with the logo of MasterCard, VISA, JCB and other Card Organizations and Mobile Application for smart phones.
A description of the main characteristics of the Service is also set out on the website for the Service. Since the Service is limited to e-money, which does not qualify as a deposit or an investment service in the sense of the Law, the Client is not protected by the Malta Depositor Compensation Scheme provided by the Compensation Schemes Management Committee. Client shall not be entitled to interest on the balance of e-money or money collected by Satabank that is kept by Satabank under this Agreement.
1.4 Satabank may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without the consent of Client, for which Satabank shall inform Client via the website for the Service or via the Client’s online account.
However, where a change to the Service constitutes a modification to the preliminary information to be presented to Client prior to concluding this Agreement as required by the Law, or narrowing the Services, Client will be given notice by an email sent to Client email address.
1.6 A copy of the Agreement will be provided to Client in printable form during the sign-up process. A copy of the Agreement, as amended from time to time, is available to Client on the website for the Service and in the online account. Client may request to be provided with a copy of the Agreement, and a link to the Agreement will be sent to Client email address for printing.
1.7 The Agreement and all communication with Client will be in English language. Where Satabank has provided Client with a translation of the English-language version of the Agreement or communication, Client agrees that the translation is provided only for Client convenience and that the English-language versions of the Agreement and communication will govern the relationship with Satabank. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence.
1.8 Client declares that Client is registering for the Service on Client’s behalf only and that Client is not acting on behalf or on account of third party, unless Client makes registration for the Service on behalf and under the instruction of the legal entity of which Client is employee or legal representative.
2. Eligibility. Types of Accounts and Cards
2.1 To be eligible for the Services, Client must (i) be a resident of one of the countries listed on the website for the Service; and (ii) has full legal capacity to enter into a contract; and (iii) not be present on any black list or sanctions lists, related to AML/FT purposes, officially published and notified by Regulators or black lists of card fraudsters of Satabank or Card Organizations. Client further represents and warrants that Client is not acting on behalf of, or for the benefit of, anyone else, unless in case of a natural person, opening the account for and under the direction of the company or legal person or entity, that employs such a natural person.
2.2 Personal, Business and Premium Accounts. Satabank offers three different types of accounts for e-money: Personal, Business and Premium accounts. Unless otherwise agreed, one Client may hold not more than one Personal account or Premium Account and one Business Account. Client may have sub-accounts in the same currency or different currencies, supported by Satabank, in Client’s main account. By opening a Business account and accepting the terms as outlined in this Agreement, the Client attests that Client is not opening and/or using the Account primarily for personal, family, or household purposes and that the account comprises the account for e-money and the Reserve Account.
2.3 Basic account: Customers enrolling for the Services online will register first for a Basic account. The spending limits on the basic accounts are set out in the Tariff and are imposed for regulatory reasons. Some functionalities of the Service, such as outbound money transfers, cash withdrawal, loading of accounts in cash and other may be limited for Basic accounts for risk, security and regulatory reasons. The funding and receiving limits can be viewed in the online account. To change the limits and obtain verified status and Standard or Premium Account Client must follow the verification procedure available in the Client’s online account.
2.4 Verified status and Standard account. Clients enrolling for the Services on a face-to-face principle in the office of Satabank or via Agents of Satabank or Clients, who have successfully completed the verification procedure available in the online account for the Service or other customer verification procedure of Satabank, may be eligible for Standard account.
For online customer verification, Client has to upload (i) copy of valid ID document and either (ii) proof of address or (iii) funding of account via bank transfer from a bank account and in case of Business accounts (iv) provide supplemental business information on legal representatives, type of business and other. Satabank may from time to time, make available to Client other methods or procedures for customer verification. By highlighting a Client as “Verified” or change of type of account from Basic to Standard Satabank only represents that the Verified user has completed the steps of the process to obtain “Verified” status. Satabank may require at any time additional information as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay, as Satabank may require in this regard.
The spending limits on the standard accounts are set out in the Tariff. The funding and receiving limits can be viewed in the online account. To change the limits Client has to contact Satabank via email and explain the reasons for request for change of limits.
2.5 The spending limits via Mobile application for the Service, set out in the Tariff, may be different (more stringent) from the other limits for regulatory, risk and security reasons. The funding limits via Mobile application for the Service may be different (more stringent) from the other limits for regulatory, risk and security reasons and are set out in the online account for the Service.
2.6 For regulatory, risk and security reasons Satabank may impose or change the limits unilaterally and without the consent of Client, for which Satabank shall inform Client via the website for the Service or via the Client’s online account, unless Satabank is not permitted by law to notify Client in certain cases. Satabank is entitled at its sole discretion to decide whether to change the limits after a customer request for change of limits and Satabank shall not be liable in case of decline of request.
2.7 Upon registration for the Service and during this Agreement, Client must provide current, complete and accurate information, as requested by Satabank and maintain it as current and accurate during use of the Service. In case of any changes in information provided by Client, Client agrees to update the information in the online account without delay.
2.8 The Card is not issued and/or activated automatically to Client. The Card is issued and/or activated after a valid and correct application or registration by Client made via the online account or directly to Satabank, approval by Satabank and payment of Issuing fee and if necessary of shipment fees via the payment methods accepted by Satabank. The Card is issued in the currency requested by Client and supported by Satabank. The Card is sent to the address of Client or collected personally by Client from Satabank or one of its sub-contractors. The Card may be used only by the cardholder and only after its activation, as instructed by Satabank.
3. Funding of account and Receipt of money:
Client may purchase or receive e-money in the following ways, as allowed by the Service.
3.1 Funding with a stored card:
3.1.1 Client may decide to register a valid card (stored card), of which Client is authorized holder, which will be used to fund the purchase of e-money for the Service. Purchase of e-money via stored card may be for amount defined by Client or for the amount determined by Satabank, necessary for crediting of Client’s account, in order to complete a payment transaction or charge Client as per this Agreement. By adding a stored card Client consents to use the stored card for funding transactions, that the funding transactions in compliance with this Agreement can no longer be revoked and that Satabank may check if the stored card is in good standing with the issuing institution or Operator, including, but not limited via procedure for verification of a stored card or in other ways. The limits for funding via stored card are set out in the online account. Client may change the limits, as allowed by the Service, by completing successfully the procedure for verification of stored card, available in the online account of Client.
3.1.2 Satabank will store information which Client provides, such as stored card details, and will process funding transactions through the appropriate Card Organization. Client agrees that the stored card details will be used by Satabank to:
(a) Debit or charge the stored card for the purchase of e-money and/or processing of a funding or payment transaction, including all related fees, as applicable;
(b) Debit or charge the stored card for processing of all payments, which are required to charge Client for any other fees or charges arising from this Agreement or use of the Service;
(c) Upon explicit request by Client and consent of Satabank or in other cases of reversal of payment operation or refund of sums, to credit, if possible, to Client’s stored card such amounts as may be necessary to effect any Reversal of a funding or payment transaction or refunds of amounts, through the Service.
3.1.3 If Client chooses to register multiple stored cards, Client must select the priority order, to be followed by Satabank for funding transactions. Client has to select the order for debiting of Client’s account from available account balance or stored card. Client may via the Service enable, and disable afterwards, the functionality for automatic funding of Client’s account from the stored card with the purpose for payment on physical POS or virtual POS (in Internet) in which case there will be no funding fee for such funding operation. In order to enable this option, Satabank may have requirements for verification of stored card or others, as requested by Satabank. If Client activates this option, Client (1) cannot dispute or make chargeback of the funding operation and (2) agrees that if the stored card cannot be debited for some reason and Client has enough balance in Client’s account, then the Client’s balance may be debited for the performance of the payment transaction.
3.2 Funding via bank transfer: Client can order a credit transfer from a bank account to Client’s account for e-money provided by Satabank. Upon receipt of the amount of the transfer by Satabank, Satabank will issue electronic money in the same amount and currency as the amount and currency received by Satabank and in the same business day as the date of receipt of the funds by Satabank. Satabank is not responsible for and does not control when Satabank will receive the funds from Client’s payment services provider and whether the payment services provider of Client or correspondent banks will charge Client fees for the transfer and will transfer the full amount to Satabank. Client will be notified through information in the online account in the balance and transaction history on the amount of issued money and date of credit operation.
3.3 In order to receive the amount in the account, Client must provide the correct number of Client’s account and/or correct IBAN, as well as other beneficiary account details, as stated in the online account of Client. The limits for funding via bank transfer are set out in the online account. Client may change the limits for Basic account, as allowed by the Service, by completing successfully the procedure for customer verification and upgrade to Standard account, available in the online account or other procedure, as may be requested by Satabank. In case Client wishes to change the funding limits of a Standard account, Client has to contact Satabank and explain the reasons for request for change of limits.
3.4 Client agrees that Satabank may impose different limitations on amounts of purchased e-money, or special requirements, or not accept bank transfer from certain banks, upon discretion of Satabank.
3.5 The credit value date for the payee's account (Client’s account) and the amount of the funding transactions shall be available no later than the Business day on which the amount of the funding transaction is credited to Satabank account.
3.6 Funding in cash: If and when it is allowed and provided by the Service, Client will be able to purchase e-money in cash only in the places where this funding is allowed by Satabank and only for type of accounts and limits for funding in cash, approved by Satabank. Funding in cash is possible in the offices, stores or points of sale of some of the authorized agents or subcontractors of Satabank, listed on the website for the Service. Funding in cash is available in limited places and countries, stated on the website for the Service (“authorized points for cash-in”). The authorized points for cash-in services may charge Client at their discretion a fee for the cash-in service on top of the amount to be funded in cash. Satabank shall issue e-money in the same amount as the amount paid in cash by Client, less fee for cash-in (if there is such) and shall make the amount available to Client immediately after the receipt of funds, or in case of a payee, who is not a consumer – at latest on the next Business day after the receipt of the funds. In some cases, such as co-branded programs with sub-contractors, upon discretion of Satabank, Satabank may make the amount available to Client earlier than the receipt of funds by Satabank. Limits on funding in cash operations may vary depending on place and country and are notified to Client on the website for the Service or on spot.
3.7 Funding transactions with some funding methods may be rejected or limited by Satabank for regulatory reasons (AML/FT), risk and security or in order to avoid conflict between various Services by Satabank or on other grounds, or may be rejected or delayed, for reasons beyond Satabank control. Satabank does not guarantee the acceptance of any particular funding method, and may make changes or discontinue the acceptance of any particular funding method at any time and without prior notice to Client, for which Satabank is not liable.
3.8 Client agrees that Client cannot make a successful Chargeback after a funding transaction, on the ground “goods not delivered or similar”, as the purchased e-money (purchased goods) is issued (delivered) by Satabank upon receipt of funds.
3.9 Funding of Business accounts in case of acquiring services:
(i) Clients using the services of Satabank for accepting of payments with cards with the logo of Card Organizations, such as myPOS and/or myPOS Virtual or similar, may agree in a separate agreement for the acquiring services that Satabank pays the amounts collected via the acquiring services and due to Client by crediting the Business accounts of Client. In such cases additional rules on limits, reserves, collaterals and other rules, credit value and availability of the amount, set out in the acquiring services agreement, will apply the Business account of Client.
(ii) A Client with a Business account may also apply to accept payments with electronic money in Internet via LeuPost mobile app or other similar service offered by Satabank. For this purpose Client has to integrate successfully with the LeuPost payment button from Client’s online account for LeuPay service and has to be approved by Satabank. Satabank shall not be liable for refusal to approve or provide to a certain Client this part of the Service, due to risk, security or regulatory requirements. Satabank may charge a fee for the accepting of payments via LeuPost, as provided in the Tariff of Satabank.
(iii) Amounts acquired via myPOS or myPOS Virtual or LeuPost or similar service, which are over the funding or spending limits of Client’s account for e-money, set by Satabank, will be hold in the Reserve account and will not be credited as e-money in Client’s account for e-money, until successful verification of Client or completion of additional regulatory or compliance checks by Satabank and until the reasons for hold cease to exist. Satabank shall inform Client on hold as Reserve and/or issuing of e-money via the online account. Additional rules on Reserve are set out below in this Agreement in Section Reserve.
3.10 Receipt of money: Client’s account may be funded with e-money via receipt of money from Client from other Client’s accounts in the system of Satabank or from other bank accounts. In order to receive money from a Client’s accounts in the system of Satabank, Client has to provide to the payer either Client’s registered email for the Service or Client’s registered mobile phone for the Service or the number of Client’s account, available in the online account of Client. In order to receive money from a bank account (inbound money transfer), Client must provide to the payer the correct number of Client’s account and/or correct IBAN, as well as other beneficiary account details, as stated in the online account of Client.
4. Send money:
Client can make money transfers via the Service, in the following ways, and as allowed by the Service:
4.1 Client may send money via the Service to other Clients, registered for the Service. In order to send money via the Service Client must use the correct email, registered for the Service, of payee (recipient), or correct mobile phone number, registered for the Service, or payee or correct account number of payee and submit a correct payment order via the Service.
4.2 In case Client sends money to a person, who is not registered for the Service, Satabank shall debit the account of Client and shall notify the recipient via the email or mobile phone number provided by Client on the transfer. Only after due registration for the Service and identification and verification of the recipient, Satabank shall make available to the recipient the amounts transferred. In case the recipient does not register for the Service or is not dully identified and verified by Satabank, within 30 days of sending of the above notice, or in case the recipient refuses to accept the e-money, Satabank shall return the amount to the account of the Client, less the applicable fee in the Tariff. Client agrees not to hold Satabank liable for any damages resulting from a recipient's lack of due registration for or inability or ineligibility to use the Service or recipient’s decision not to accept a payment made through the Service.
5. Outbound money transfers. SEPA credit transfer, International transfers and Domestic transfers:
5.1 SEPA credit transfer: Client can make via the Service outbound money transfers from Client’s account and balance in EUR to any bank account in EUR in SEPA country. Satabank will perform correct payment orders for such transfers in compliance with EU Regulations on SEPA credit transfers. To make a correct payment order for SEPA credit transfer Client must provide full and correct names of beneficiary, correct beneficiary IBAN in EUR in SEPA country and BIC of PSP of beneficiary (bank of recipient), available in the online page of Client.
5.2 International transfer: Client can make via the Service outbound money transfers from Client’s account and balances to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by the Service. Satabank will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN and BIC for PSP of beneficiary or other number of beneficiary account and SWIFT code of PSP of beneficiary, and other data, as requested by the Service in the online account of Client.
5.3 Domestic transfer: For some countries, Satabank may support the functionality for domestic transfer. Client has to check the Tariff and the online account for availability of domestic transfers. To make a correct payment order for domestic transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN in domestic currency and BIC for PSP of beneficiary in the country, where domestic transfer is available via the Service, or other data, as requested by the Service in the online account of Client.
6. Payment orders for transfers:
6.1 Client may submit payment orders for send money online via Client’s online account or via the Mobile app (for Send money), or in other ways if allowed by the Service. Client may submit payment orders for outbound money transfers online via Client’s account. Client is fully liable for providing full and correct payment order and correct and full beneficiary data.
6.2 Receipt of payment order and Irrevocability: By clicking the button “Confirm” or “Yes” in the online account for the Service or Mobile app, and if requested by the Service, after entry of a OTP (one time password) or a secured code for confirmation of the payment order, Client confirms that Client is making confirmed and irrevocable payment order to Satabank to execute the payment order and debit Client’s account with the amount of the transfer, and all applicable fees. Confirmed order received by Satabank cannot be revoked by Client. Payment orders received by Satabank after 12:00 pm (cut-off time) or in a day, which is not Business day, shall be deemed as received by Satabank in the next Business day for Satabank.
6.3 Satabank shall execute the authorized payment order of Client, provided that Client has enough balance in the designated account from which the payment order is being placed to cover the amount of the transfer and the applicable fees. Satabank may refuse to execute a specific transaction if there is not enough balance of e-money in the respective currency, or Satabank reasonably believes that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present Agreement or any law or regulation.
6.4 Deadline for performance of correct payment orders for money transfers:
(i) Send money – within the same day as of the date of placement of correct payment order;
(ii) Deadline for performance for SEPA credit transfers: Satabank shall debit the balance in EUR of Client and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for SEPA credit transfers received by 12:00 pm in a Business day. Payment orders for SEPA transfers, received by Satabank after 12:00 pm or in a day, which is not Business day for Satabank, shall be executed by Satabank at the latest by the end of the next Business day, following the Business day in which the payment order is received by Satabank. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Usually SEPA credit transfers will be received by the payee within deadline of maximum 2 Business days.
(iii) Deadline for performance of International money transfers: Satabank shall debit the balance of Client in the respective currency and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for International money transfers received by 12:00 pm in a Business day. Payment orders for International money transfers, received by Satabank after 12:00 pm or in a day, which is not Business day for Satabank, shall be executed by Satabank at the latest by the end of the next Business day, following the Business day in which the payment order is received by Satabank. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Client agrees that Satabank may set other deadlines for performance for International money transfers (non SEPA transfers), which shall be notified to Client on the website for the Service or in the online account.
(iv) Deadline for performance of Domestic money transfers: Satabank shall debit the balance of Client in the respective domestic currency and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for Domestic transfers received by 12:00 pm in a Business day. Payment orders for Domestic transfers, received by Satabank after 12:00 pm or in a day, which is not Business day for Satabank, shall be executed by Satabank at the latest by the end of the next Business day, following the Business day in which the payment order is received by Satabank. The receipt of money by the payee (recipient) depends on the PSP of payee. Client agrees that Satabank may set other deadlines for performance for Domestic money transfers, which shall be notified to Client on the website for the Service or in the online account.
(v) Deadline for performance of payments under Standing orders: Satabank shall debit the account specified by the Standing order on the due date for execution specified in the Standing order. The above rules for deadlines apply accordingly.
6.5 Client may submit Standing orders for money transfers online via Client’s account as it is provided and within the limits allowed by the Service. Client has to specify the account, which has to be debited, frequency, amount of the payments, currency to be debited, beneficiary’s payment details (names, account number/IBAN and other as requested by the Service) start date and expiry date of the Standing order. Client understands and agrees that OTP may be requested by the Service upon setting up of the Standing order and not upon execution of the future transfers from the Standing order, which will be executed automatically without need of entry of OTP.
6.6 Upon seting up the Standing order Client is able to see the applicable fees of Satabank in the Tariff. However, Satabank can amend the Tariff as allowed by this Agreement and the law, and this will not suspend or terminate the Standing order authomatically and the new fees will apply for the Standing order as of the moment of their entry into force. The funds in the account to be debited for execution of the Standing order have to be sufficient to cover the amount to be transferred and the applicable fees of Satabank. In case the funds in the account to be debited for execution of the Standing order are not enough to cover the amount of the transfer and/or the applicable fees, Satabank shall perform automatic currency conversion at the currency exchange rate for the date of the conversion with the available funds in other accounts in the Client’s main account in order to complete the transfer. Satabank shall not execute a specific transaction if there is not enough funds in the Client’s account, for which Satabank shall not be liable for whatsover damages or compensations.
6.7 Client is entitled to withdraw a Standing order before the expiry date has come into effect via Client’s online account with entry of valid OTP and as provided by the Service. Client understands and agrees that all payments executed by Satabank according to the Standing order until the date of the withdrawal or expiry date are irrevocable and correctly executed by Satabank and Satabank shall not be liable for anauthorized transactions.
6.8 Client acknowledges and agrees that a payment order, including from a Standing order, has been executed correctly by Satabank, even if Client has submitted a payment order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong payee and/or was returned to Satabank, as a result of which Client has to cover the charges for the return, reversal or cancellation of incorrect payment order.
7. Payment transactions with Cards or with balance of e-money:
7.1 If Satabank has issued Card to Client, Client or authorized cardholder may make payment orders and transactions with the Card, linked to Client’s account and on account of e-money held by Client. The Card must be activated as instructed by Satabank. Card must be signed by Client. The payment transaction may be payment for Goods and Services on POS at Merchants accepting the Card as payment method, or in Internet, or ATM withdrawals or other, as indicated by Satabank in Tariff or on Satabank website for the Service.
7.2 The payment order executed with Card will be received by Satabank in electronic form. The Client’s consent for execution of the payment transaction with Card becomes irrevocable and the payment order becomes irrevocable when Client presents the Card for execution of the transaction and: (a) the chip or the magnetic stripe of Card is read by the ATM or POS device and/or a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective service by fax, telephone or other communication device.
7.3 Card, which has been personalized with the names of a cardholder, must be used only by the cardholder to whom the Card is issued. Card, which has not been personalized with names of cardholder, may be used by Client or third parties, to whom Client provides or makes available the Card for which Client is fully responsible. The Card is linked to the account of Client, who has ordered or activated the Card, and provides access to e-money in Client’s account, unless otherwise agreed with Client.
7.4 The spending limits with Cards are set out in the Tariff. To minimize the risk from losses and/or unauthorized transactions with Card, Client must set even more strict limits on Cards, as the Service allows via the online account and manage the security of the Card, as allowed by the Service, via the online account, Mobile App or SMS commands, available in the online account. Requests for blocking and unblocking of Cards may be made by the Client of the account (main cardholder) or by the cardholder of Card, personalized with names of such cardholder (cardholder of additional Card).
7.5. Top-up: Client can use the balance of e-money for top-up services, such as payment for prepaid mobile cards of the Client or of third parties or similar, as allowed and provide by the Service, after log-in in the online account of the Client for the service. Client understands that the top-up amount is pre-determined by the provider of the Service, which is different from Satabank and that depending on the provider of the service the top up may be instant or may require entry of a PIN by the client. Client understands and agrees that Client cannot cancel or otherwise reverse the payment for a top-up after a successful transaction and that Satabank is not responsible for providing of the service or the quality of the service such as mobile card service or similar, for which the Client has made a top up.
8. Refusal, reversal of unauthorized transaction and reversal of incorrect payment orders:
8.1 Where Satabank refuses to execute a payment order, the refusal and, if possible, the reasons for it as well as the procedure for correcting any factual mistakes that led to the refusal shall be notified to Client, unless prohibited by other relevant EU or national legislation. Satabank shall provide or make available the notification to Client via email or via the online account at the earliest opportunity. Satabank may charge a fee for providing additional information for such a notification if the refusal is objectively justified.
8.2 In the event of unauthorized transaction or incorrect payment order, the payment transaction is deemed to be correctly executed by Satabank in accordance to EU legislation and national legislation. Client, or a person explicitly authorized by Client, may submit a Request for reversal of unauthorized transaction or Reversal of incorrect order to Satabank via email, without undue delay and within 30 days after Client has known for the transaction or no later than a longer period from the debit date, provided in applicable national legislation in the interest of Consumer. This term shall not release Client from Client obligation to notify Satabank immediately and without delay in case of loss, theft, misappropriation or unauthorized use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by the Service or Satabank to limit the risks and damages. Client who is not a Consumer cannot claim that a transaction is not authorized, because of lack of Client consent for the transaction.
8.3 Satabank will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by EU and applicable national law. In case of incorrect payment order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, Satabank may assist the Client to submit a new and correct payment order if Satabank has not executed the incorrect payment order, for which Satabank may charge the Client a fee. In case Satabank has executed the incorrect payment order as per the Agreement and the law, the Client can make a request for reversal via email to Satabank and Satabank will initiate a reversal procedure, for which Satabank will charge Client with the respective fee. Satabank cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client’s account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of Satabank.
8.3 Satabank will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by EU and applicable national law. In case of incorrect payment order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, Satabank may assist the Client to submit a new and correct payment order if Satabank has not executed the incorrect payment order, for which Satabank may charge the Client a fee. In case Satabank has executed the incorrect payment order as per the Agreement and the law, the Client can make a request for reversal via email to Satabank and Satabank will initiate a reversal procedure, for which Satabank will charge Client with the respective fee. Satabank cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client’s account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of Satabank.
8.4 In case of unauthorized transaction Satabank shall conduct a procedure for proving authentic and correct execution of payment transaction and if this procedure is completed in favor of Client, Satabank shall reverse the operation and return the amount to Client’ account, less the applicable fee in the Tariff, within the deadline provided in the law.
8.5 Client agrees that Satabank may not be always able to reverse the amount of unauthorized transaction or incorrect payment order, in cases, where the deadlines for chargeback or reversal procedures before the Card Organizations have expired or in other cases according to the rules of the respective Card Organization, in which cases Satabank shall not owe Reversal or compensation to Client.
8.6 When Client receives a payment, Client is:
(a) liable to Satabank for the full amount of the payment plus any Fees if the payment is later invalidated for any reason. In addition to any other liability, if there is a Reversal, or if Client loses a Chargeback or Claim, Client will owe to Satabank an amount equal to the Reversal, Chargeback or Claim and applicable fee as per the Tariff and other charges related to the Reversal, Chargeback or Claim. Satabank may debit Client’s account to recover any amounts and fees, due by Client in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice.
(b) in case Client receives a payment to a sub-account, which the Client has disabled via the Service, Satabank shall not be liable for crediting the Client’s account. In such case Satabank shall place the credit transfer as “pending” and shall request from the Client via e-mail approval to credit one of the other sub-accounts in the same curriencies or other currencies and if there is no approval via e-mail by the Client, Satabank shall return the amount of the transaction to the original payer and may charge the Client with a fee for reversal.
8.7 Client agrees that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or partial amount, than the following rules shall apply:
(i) Reversal or refund of full amount of transaction – the amount of the transaction is refunded in the original type of currency; or
(ii) Partial reversal or refund of amount of transaction – the amount subject to reversal or refund is refunded in the currency of the transaction; or
(iii) If payment has been made with Card via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded in the currency of Card; or
(iv) If payment has been made with e-money via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded to Funding instrument if possible, or if not possible is refunded in Client’s account in the currency of the transaction.
8.8 Other rules for use of the Service:
8.8.1 Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes arising from use of the Service and which by law are obligations of Client, is Client’s exclusive responsibility and liability. Client hereby agrees to comply with any and all applicable tax laws.
8.8.2 Satabank may at Satabank discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. Satabank may, at its reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money Client can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service.
8.8.3 Client acknowledges and agrees that: (a) The sales of Goods and Services, including but not limited to top-up, are transactions between the Merchant and Client and not with Satabank or its sub-contractors unless Satabank is expressly designated as a Seller (Merchant) in the transaction (for example, purchase of other prepaid cards of Satabank). Satabank is not liable for the performance of obligation of Merchants.
8.8.4 Satabank provides to Client information on balance/s, IBAN numbers and other unique account identifiers, information on transactions, history of transactions, status of account, status of other payment instruments, status of Client from customer verification point of view, notifications to Client and other important information via email to Client’s registered email or via the online account of Client, via SMS to the registered mobile phone of Client or via the website for the Service.
8.8.5 Client will be able to view Client transactions free of charge in Client’s account transaction history, which is updated regularly, and Client agrees not to receive paper statements. Satabank may send to Client registered e-mail on a monthly basis a link to the Client’s account to check Client’s balance and/or transaction history. Upon Client request Satabank may, at Satabank discretion, provide Client with additional statements, paper or otherwise, of the transactions but in this case Satabank may charge Client a reasonable administration fee. Satabank may charge Client a fee for other information services, different from the standard information services, provided via the Service or additional services provided by Satabank, as provided in the Tariff.
8.8.6 In case Client wishes to use an alternative method for two-factor authentication and receipt of one-time password, as may be required by the Service, Client has to select this option from Client’s online account. Transactions, operations and activities confirmed with the one-time password, generated via each of the available two-factor authentication methods, supported for the Service, will be considered as valid and binding on the Client.
8.8.7 Client may add sub-accounts in the same currency or different currency and may disabled them via the Service. In case the Client has disabled a sub-account via the Service, Client may not enable it again for a future use.
8.9 Chargebacks, Reversals, Refunds or Claims, related to the acquiring of payments with myPOS, myPOS Virtual, LeuPost or similar:
8.9.1 Client acknowledges and agrees that Client may become liable to Satabank for the full or partial amount of any payment, received by Satabank or Client from the Service plus any fees or charges if the payment is later invalidated for any legal reason, including but not limited to charge back or reversal of a payment transaction or on other legal ground. In addition to any other liability, if there is a reversal, or if Client loses a chargeback or claim, Client will owe to Satabank an amount equal to the reversal, chargeback or claim and applicable fee as per the Tariff and other charges related to the reversal, chargeback or claim.
8.9.2 Satabank is entitled to withhold amounts to be paid to Client or debit amounts from Client’s account, equal to the amounts subject to chargeback, reversal, refund, any claim related to Pre-authorization transactions or MOTO or other claim, including the fee owed by Client and any fees and compensations paid to the Regulators, during the time of the procedure or later on, notwithstanding if the amounts have already been credited to Client’s Account. Depending on the outcome of the claim against Satabank or the Client, Satabank is entitled to:
(i) In case of successful chargeback, reversal, refund or claim, to reimburse the funds to the Payer or cardholder (or Card Organization) or other appropriate third party and charge Client for these amounts, including applicable fee, by deducting them from the amounts due by Satabank to Client or by debiting Client Account or
(ii) In case of charge back, reversal, refund or claim, which have been decided in a non-appealable way as not successful, to release the withheld or blocked amounts to Client.
8.9.3 Client acknowledges that the validity of a chargeback, refund, reversal or claim will be determined by the relevant Card Organization or other third party payment service provider and Satabank will have no discretion on the matter. Satabank will have no liability to Client in respect of any reimbursement to cardholder (or Card Organization), their payment service provider or other appropriate third party as a result of a chargeback, refund, reversal or claim.
8.9.4 In case a cardholder escalates a chargeback or similar procedure before the Card Organization, under the rules for arbitration procedure of the Card Organization, Satabank shall inform Client on this and shall cooperate with Client in such procedure as per the Regulations. All costs or fees incurred by Satabank in such procedure, including the costs or fees, paid by cardholder, in case of loss of the procedure, shall be on account of Client.
8.9.5 Client acknowledges and accepts that Satabank may restrict or suspend the use of the Service and/or terminate this Agreement immediately and without advance notice in the event that the levels of chargeback, refund, reversal or claims connected with the Client website or offers are, in Satabank's sole opinion, excessive.
8.9.6 In case of reasonable doubts of Satabank or receipt of information from Card Organizations or other Regulators for payments with stolen cards, false cards, or unauthorized payments with cards or other irregularities in connection with Client website, Satabank has the right to withhold or block all due amounts to Client, including in Client Account and to start an investigation without prior notice to Client. Client is obliged to cooperate with Satabank and present to Satabank all requested information related to the alleged fraud or unauthorized payments. Satabank has to complete its internal investigation within a reasonable period and has to inform Client on its outcome. Client acknowledges and agrees that in some cases of violations Satabank may be obliged to report Client websites or registers of Card Organizations or other Regulators and terminate the Service for the Client, for which Satabank shall not be liable.
8.10 Reserve, Hold/Pending and other Protective Actions related to acquiring of payments with myPOS, myPOS Virtual, LeuPost or similar:
8.10.1 Satabank shall be entitled to withhold and keep as a Reserve, securing performance of Client obligations under this Agreement and the applicable laws and Regulations, a sum equal to the Reserve Percentage, as set in the Tariff or other Commercial Agreement (if applicable). The default Reserve for MOTO transactions (if allowed by the Service) shall be set at the amount of 10% of the amount of the processed MOTO transactions, including Pre-authorizations. Such sums will be reserved by Satabank for a period up to 1 (one) year after authorization of the transaction. All such reserved sums will be displayed in Client online account for the Service as Reserve or Reserved. Such amounts do not represent electronic money and the client may not use, redeem or buy back them until the reserve period elapses and the amounts are credited to the Client’s balance of e-money.
8.10.2 Satabank shall determine the Reserve percentage depending on the level of risk of Client, geographical locations, type of business and other factors. Satabank shall regularly check the percentage and amount retained under the Reserve percentage. If in Satabank’s sole discretion the amount of the retention exceeds a reasonable amount covering the risks, Satabank may:
(i) release the excess amount and cease to keep it as Reserved and credit it to the Client account or
(ii) lower the Reserve percentage.
With prejudice to the above if in Satabank’s discretion there may be a high level of risk associated with Client account or usage of the Service and the amount of the Reserve or retention does not correspond to the security needs of Satabank, Satabank shall be entitled to unilaterally: (iii) increase the Reserve percentage,
(iv) prolong the period for which the sums will be reserved for more than 1 (one year) or
(v) request another measure (such as collateral), as may be agreed on with Client.
If there is a Reserve applicable to the Client, Satabank shall inform the Client with notice via e-mail specifying the terms of the Reserve. Satabank may change the terms of the Reserve at any time and shall provide the Client with a notice via e-mail of the new terms. In case Client does not agree with the changes of Reserve, Client has the right to terminate this Agreement as stipulated below in this Agreement.
8.10.3 If upon Satabank’s discretion there may be a high level of risk associated with Client account or usage of the Service or Client has breached or is breaching the Agreement or any laws or Regulations, in addition to the Reserve, Satabank shall also be entitled, it its sole discretion, to place a Hold on the funds held by the Client as Balance of e-money or to withdraw and keep funds from authorized transactions, which have not been yet credited to the Client’s account for e-money. In relation to the Service, this may include (without limitation) an unusual level of customer refunds, chargebacks or other similar. Satabank is entitled to withhold amounts for a period of time, which is reasonably necessary to assess the damages for Satabank. Amounts which are placed on hold or withdrawn by Satabank for the above reasons will be shown as "Hold/Pending" in the Client’s account only for information purposes and only if allowed by the law. Such amounts do not represent electronic money and the client may not use, redeem or buy back them until the reason for hold/withdrawal is rectified and the amounts are credited to the Client’s account for e-money.
8.10.4 If upon Satabank’s discretion there may be a high level of risk associated with Client account or usage of the Service or Client has breached or is breaching the Agreement or any laws or Regulations, Satabank is entitled take other reasonable actions, which Satabank determines are necessary to protect against the risk associated with the Client’s account, including, but not limited to requesting additional collateral from Client, such as a letter of credit or a personal guarantee, imposing higher limits on the amounts accepted via the Service, or limiting the functionality or number of devices or cards or other parts of the Services, including blocking parts or whole of the Services, such as acquiring of payments via myPOS, myPOS Virtual or LeuPost or similar, or the Account or card/s, blocking the access to the Client’s account or blocking only the possibility for payment orders and use/redemption of e-money or other. Satabank may contact the customers of the Client, on Client’s behalf, in the event that Satabank is investigating potential fraud. If Satabank has blocked/disabled the Service or part of the Service, for such reasons, Client is obliged to return to Satabank at the address specified in the present Agreement via post the blocked payment device, such as prepaid card, on account of Client. Satabank may withhold money from Client until due performance of this obligation.
8.10.5 In order to determine the risk associated with Client’s account or use of the Service, Satabank may request at any time, and Client agrees to provide promptly any information or documents about the Client or Client’s business, operations or financial condition. Satabank reserves the right to reassess Client’s eligibility for any account, product or Service if Client’s business is materially different from the information provided by Client upon subscription for the Service.
8.10.6 Client liability is not limited to the amount of the Reserve or Hold/pending amounts. Satabank is entitled to debit from the amounts withheld or from the balance of e-money of the Cleint amounts, for which Satabank has been assessed by Card Organizations or Acquirer or damages suffered by Satabank in relation to the risk of Client or non-compliance of Client with this Agreement, the laws or Regulations. Satabank shall inform the Client on such debit transactions via e-mail and without delay, unless it is unlawful to inform the Client.
9. Payment instruments security features. Security measures and Safety Requirements:
9.1 Satabank has provided to Client personalized security features for using all payment instruments, included in the Service, such as, but not limited to, password, OTP (one-time passcodes) received via SMS or generated via special Mobile applications for access to online account and making a payment order, embossed number of the card, PIN, CVC/CVV or similar code of the card, password for Mobile Application and others, which are necessary tools for preserving the security of the payment instruments of Client. Satabank will make sure that the personalized security features of the payment instruments are not accessible to parties other than the Client or user entitled to use the payment instrument, without prejudice to the obligations on Client.
9.2 Client is able to control the security of the payment instruments, by enabling or disabling them for certain transactions, such as Internet transactions, ATM cash withdrawal or other, receipt of SMS or email after each transaction with Card, and imposing limits, which are more stringent than Satabank’s default spending limits via the Service (online account, Mobile App or SMS commands via registered mobile number or in other available ways). Client agrees to use these security control mechanisms available via the Service in order to minimize the risks of unauthorized access to Client’s account and unauthorized transactions. Client must use the functionalities of the Service for disabling cards for Internet transactions and cash withdrawals only with one click or with SMS and enabling such Internet transactions or cash withdrawals only when Client wishes to make such transactions.
9.3 Client agrees to use the Client’s credentials, such as username and password and other personalized security features for Client’s payment instruments only in accordance with this Agreement and with the law. Client must not provide and must not allow disclosure of the personalized security features to a third party even where the Card or payment instrument is PIN based, because even in this case Card or payment instrument can be comprised and result in unauthorized transactions, for which Client is fully liable. Client must not disclose the credentials for access to a Business account (username and password), because they may be identical with the credentials for access to Client personal account and there is a risk of unauthorized transactions. The breach of this obligation is breach of Client’s obligation for protection of personalized security characteristics of payment instrument and Client will be fully liable for unauthorized transactions as a result of Client’s breach of this obligation willfully or with gross negligence.
9.4 If Client is using the Service in a business capacity or as a Client of Business account, Client agrees that:
(i) all employees, agents, representatives and others having access to Client Credentials or personalized security characteristics of payment instrument/s of Client, will be considered as properly authoriszd to use Client account and/or make any payment orders via all payment instruments and perform all actions to which Client is entitled and will legally bind the Client, business, partnership or other legal entity concerned;
(ii) Client or a person explicitly authorized by Client has the right to authorize users of Business account of Client and/or payment instruments related to it, whose rights for ordering payment transactions, reversal, receiving of information, authorizing or removal of other users and other rights are defined by Satabank on the website of the Service or in the online account and can be additionally individualized by Client or a person explicitly authorized by Client according to the functionalities of the Service.
(iii) Each payment order from authorized user will be considered as approved by Client and irrevocable according to the rules on Receipt of Payment Order and Irrevocability above. In case Client wishes to limit rights for access to the Business account of certain authorized users, the legal representative of Client or a person explicitly authorized by Client according to Satabank requirements, can perform this operation via the online account or send to Satabank a request dully signed by Client via the Client’s registered e-mail.
9.5 Client acknowledges and agrees that all Cards linked to Client’s account are providing access to the e-money in Client’s account and Client shall be liable for all transactions and charges arising of the use of Cards, associated with Client’s account.
9.6 If Client believes that Client’s account or other payment instruments have been used in an unauthorized manner or in case of unauthorized transactions, Client has to contact Satabank without undue delay. Client agrees to notify Satabank via the Contact Center or via "Contact us" on Satabank website for the Service, immediately and without delay in case of loss, theft, misappropriation or unauthorized use of credentials and/or personalized security features and/or payment instruments, including, but not limited to Cards, and to take all preventive and security measures as allowed by the Service, including to disable the compromised payment instruments via the Service, or allow Satabank to do it and limit the risks of unauthorized transactions and damages. Client also agrees to notify Satabank without undue delay and in the same manner of any other breach of security regarding the Service of which Client has knowledge.
9.7 Satabank may suspend the use of the Service in part of wholly, including block the Card, or account, where it suspects that their security may have been compromised or that unauthorized or fraudulent use has taken place. Satabank will inform Client in advance or, if that is not possible, immediately after, of the suspension of the use of the Service, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. Satabank will provide the Service or replacement credentials or personalized security characteristics to Client, as soon as practicable after the reasons for the suspension cease to exist and on condition that Client has performed all obligations towards Satabank.
9.8 More information on security measures, which Client must and is able to take, is provided on web page of Satabank for the Service or in the online account.
10. Protection of Client personal information and Professional Secrecy Obligation of Satabank:
10.2 Bank Secrecy: Satabank is bound, in accordance with the laws of Malta, to observe secrecy and confidentiality with regards to all information which Client discloses to the Bank about the Client (“Secret Information”). However, Satabank is authorized and required by the laws of Malta or international laws to disclose Secret Information in so far as the declaration of such Secret Information is:
a) required in terms of any provision of law in any jurisdiction, under the applicable laws on automatic exchange of information, such as Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial institutions to exchange automaticaly with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account/s balance as at the end of the calendar year and other information for tax purposes, specified in these acts, or on a ad hoc principle upon request or order of any competent authorities;
b) required in terms of an order of a Court of law investigating a criminal offence (including money laundering or terrorism financing) or a breach of duty;
c) required for any proceedings by the Bank against the Client for recovery of sums due to it in terms of the business relationship or for defending itself against any claim with regard to services provided to Client in connection with which the secret information has been obtained by the Bank;
d) otherwise permitted by the Client including when Client require the Bank to provide a reference or a status report to a third party or by any applicable law.
10.3 In accordance with the provisions of Maltese Law, by accepting this Legal agreement, the Client consents to disclose information about Client, acquired during the course of the relationship in the circumstances specified hereunder:
a) to any of the Bank’s professional advisers (including but not limited to financial, legal and other advisers as might be engaged from time to time), or to any actual or potential assignee or transferee of the Bank’s rights against the Client, or to any person who may otherwise enter into contractual relations with the Bank in relation to the business relationship with the Client;
b) when the information is required to be disclosed or is requested in the course of a due diligence exercise;
c) when the information is required in the normal course of business with institutions or other persons who are normally bound by similar obligations of secrecy.
10.4 Client Identity Verification for Anti-Money-Laundering Requirements and Fraud detection:
(a) Client acknowledges that Satabank is offering and continues to offer the Services to Client on the condition that Client satisfies all due diligence and identity checks that Satabank may conduct, and that Client complies with Satabank, Card Organization, and regulatory anti-money-laundering requirements. Identity checks may include credit checks, anti-money- laundering checks required by relevant legislation, checks required by card associations and checks to meet relevant regulatory requirements. Client will provide all assistance requested by Satabank in carrying out such checks and determining compliance with anti-money-laundering requirements, including the provision of such additional registration or identity verification information as Satabank may require at any time.
(b) Client consents to Satabank sharing with and obtaining from third parties, both inside and outside the European Economic Area, and to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation, for the purpose of Satabank conducting applicable due diligence and identity checks, and Client agrees that such third parties may retain the information shared in this way.
(c) Non-satisfaction of the conditions in this clause, including that Client provides information requested by Satabank to conduct identity verification or determine compliance with anti-money-laundering requirements, may result in decline or immediate suspension of the Client's use of the Service and/or also termination of this Agreement without prior notice to Client.
10.5 Client data and issuing of cards:
(a) Client acknowledges that Satabank shall provide Cards to Client issued by a third company (“BIN Sponsor”) and authorization of card transactions may be performed by the BIN Sponsor (licensed Issuer), where authorizations of payment transactions with cards with logo of the Card Organizations will be authorized by a third company (“Acquirer”), which third party is a company Principal Member of Card Organizations and a licensed Electronic Money Institution. For the purposes of Card issuing, blocking and re-issuing, authorization of transactions and charge backs of unauthorized transactions with Card, as well as authorization and settlement of transactions, Client consents to Satabank sharing with and obtaining from the BIN Sponsor to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation. Non-satisfaction of the conditions in this clause may result in decline or immediate suspension of the Client's use of the Service.
11. Satabank Acceptance Policy and permissible transactions:
11.1 Client may only use the Service in bona fide and in accordance with the functionalities of the Service as defined in the online account of the Service and the use of Card as defined by the Card Organization and in compliance with this Agreement. Client agrees to use the Service only as permitted by:
(i) The Agreement;
(ii) Characteristics, settings and limits of the Service, including setting of limits and options by Client as allowed by the Service, as published and updated by Satabank from time to time on Satabank website for the Service or in User Interface for the Service; and
(iii) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions.
11.2 It is strictly forbidden to use the Service in violation of the Agreement, or for any illegal purposes including but not limited fraud, money laundering, tax evasion or other illegal activities. In particular, Client shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following:
(a) Breach of this Agreement (including, without limitation, providing false identifying data, such as false names, e-mail address, multiple mobile numbers or other data, with the aim or resulting in opening of multiple Accounts for a single user or avoiding the limits imposed by Satabank in another way); or
(b) Breach or risk of breach by Client or by Satabank of any law, statute, contract, or regulation applicable (for example, those governing payment services including anti-money laundering or terrorist financing, or similar regulatory requirements, including where Satabank cannot verify the identity or other data about Client according to regulatory or Internal requirements of Satabank, consumer protections, unfair competition, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any Goods or Services according to all applicable laws); or
(c) Abuse by him of the reversal or chargeback process provided by Client’s bank or credit card company; or
(d) Use of the Service in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Satabank; or
(e) Initiation of transactions that may be considered to be cash advances or assisting in cash advances from Merchants or to facilitate the purchase of cash equivalents (travellers' cheques or money orders, etc.); or
(f) Infringement of Satabank or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy; or
(g) Use the Service in connection with any other underlying illegal transaction;
(h) Use of the Service for any sale of purchase of goods and/or services, which are not acceptable to Satabank as determined on Satabank website for the Service or instructed in writing by Satabank.
11.3 Client may not use the Service and/or may not accept the Agreement and Satabank may temporarily stop or terminate the Service or Agreement immediately and without prior notice to Client, if:
(a) Client is not of legal age to form a binding contract with Satabank and operate the payment instrument or funding instrument for use with the Service; or
(b) Client is a person barred from receiving the Service under the applicable laws or Regulations of Card Organizations or other Organizations or rules or policies of Satabank;
(c) Client has not been dully identified or verified by Satabank, upon single discretion of Satabank; or
(d) Other important reasons, upon discretion of Satabank, such as risk and compliance;
11.4 Satabank shall be entitled to notify Client at any time on non-acceptance to the Service via e-mail. The decision for the refusal is strictly in Satabank’s discretion and Satabank shall not be liable for whatsoever compensations.
11.5 Client authorizes Satabank to obtain a credit report and/or to otherwise make credit or other background enquiries from time to time, as Satabank may deem appropriate, to evaluate Client registration for or continued use of the Service.
11.6 Client agrees not to access (or attempt to access) any of the Service by any means other than through the User interface of the Service and Card that are provided by Satabank for the Service, unless Client have been specifically allowed to do so in a separate agreement with Satabank. Client acknowledges that this restriction will apply to use of the Service by any automated means.
11.7 Client agrees that Client will not engage in any activity that interferes with or disrupts the Service (or the servers and networks which are connected to the Service).
11.8 Client agrees that Client will not reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.
11.9 Client agrees that Client is fully responsible for (and that Satabank has no responsibility to Client or to any third party for) any breach of Client obligations under the Agreement and for the consequences (including any loss or damage which Satabank may suffer) of any such breach.
11.10 Client acknowledges and agrees that in order to meet all obligations after the anti-money laundering legislation (Prevention of Money Laundering Act and The Prevention of Money Laundering and Funding of Terrorism Regulations) and other documents related to their execution, as well as all European and national legislation in the field, Satabank may establish general practices and limits concerning the use of the Service without prior notice to Client, including, without limitation, individual or aggregate transaction limits on the value or turnover of e-money, transaction or other limits on the value, type or number of funding transactions or Payment Transactions during any specified time period(s). Satabank shall notify Client for every amendment in the common practices and limitations within reasonable time unless such notification is prohibited by aforementioned anti-money laundering legislation.
11.11 Satabank may refuse to execute any funding or payment transaction, payment order or other use of the Service if Satabank has reasonable grounds to suspect fraud, a breach of the applicable Agreement by Client or the Merchant, or a violation of law or regulation of Card Organization or other Organization. Transactions may also be delayed due to Satabank’s compliance with its obligations under applicable anti-money-laundering legislation, including if Satabank suspects that the transaction involves fraud or illegal or non-acceptable activities. In the event that Satabank refuses to execute a Funding or Payment Transaction or Payment Order, Client will be notified, unless it is unlawful for Satabank to do so or would compromise reasonable security measures.
11.12 Client acknowledges and agrees that if Satabank disables access to e-money account or to any payment instrument by stopping the use of Client Identifying Credentials or blocking the Card/s, Client may be prevented from accessing the Service, Client’s account details or any files or other content which are contained in Client’s account or connected to Client e-money or payment instruments.
11.13 The Mobile Application or other software application for smart devices is available for downloading only for certain Smart devices and Satabank is not liable for lack of availability of the Service on mobile or smart devices, or inability to download or use the Services via particular smart device, or lack of Service or part of the Service, because of lack of Internet or because of mobile operator services (such as SMS or other) or hardware specifics or problems.
11.14 Satabank is not liable for declined payment transactions or lack of Service, due to lack of enough balance in the account or linked funding instrument/s, use of Card without name of cardholder or in case of Merchants not accepting payments with such Cards, or offline transactions (Cards are generally not accepted for offline transactions, such as payments on toll roads, or other, however, this does not exclude Client liability for offline transactions, if any), lack of Internet, or problems with hardware or software of Client, or exceeding the limits set by Client as allowed by the Service, or the general limits, determined by Satabank, or any other reason beyond the reasonable control of the Satabank.
11.15 Non-satisfaction of the conditions in this Agreement and/or Satabank Acceptance Policy, may result in immediate suspension of the Client's use of the Service, blocking of funds in Client’s account, right of Satabank to withhold funds in Client’s account for satisfaction of damages incurred by Satabank, because of Client breach, claim by Satabank against Client, initiation of procedures before competent regulatory bodies or Card Organizations, and also termination of this Agreement without prior notice to Client.
12. Service Fees. Currency Conversion Fees:
12.1 Satabank will charge Client fees to use the Service, as specified in the Tariff. Tariff may be changed by Satabank unilaterally with 2-month notice to Client. Updates in Tariff will be indicated on the website for the Service or via the online account, and the Client will be duly notified in accordance to the Agreement. Satabank may charge fee for transfers, if it is stated in the Tariff.
12.2 Currency conversion: If transaction involves a currency conversion, it will be completed at a foreign exchange rate determined by Satabank plus a foreign exchange fee expressed as a certain percentage above the exchange rate. Foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which Satabank obtains foreign currency). The exchange rate may be updated daily by Satabank and can be viewed in the online account. The foreign exchange fee is retained by Satabank and will apply whenever Satabank performs a currency conversion. The applicable exchange rate and the “Currency Converter” tool can be accessed through the online account of the Service and used to see what foreign exchange rates plus foreign exchange fee apply for a certain transaction, involving currency exchange.
12.3 Where a currency conversion is offered by Satabank at the point of sale Client will be shown the foreign exchange rate that will be applied to the transaction before authorising the payment transaction on the website of Satabank for the Service. By proceeding with authorisation of the payment transaction Client is agreeing to the currency conversion on the basis of the foreign exchange rate. Where a currency conversion is offered at the point of sale by the Merchant, not by Satabank, Client chooses to authorize the payment transaction on the basis of the Merchant's exchange rate and charges, Satabank has no liability to Client for that currency conversion. Where Client payment for e-money is funded by a Debit or Credit Card and involves a currency conversion, by entering into this Agreement Client consents to and authorizes Satabank to convert the currency in place of Client Credit or Debit card issuer.
12.4 In case where the balance in Client’s account in certain currency is not enough to cover the amount of a certain transaction or obligation of Client, Client agrees and authorizes Satabank to debit the necessary amount from available balance in Client’s account held in other currency, applying the foreign exchange rate of Satabank for the date of the conversion, notified on Satabank website for the Service. The priority order for conversion of currencies in Client’s account is given after System’s default order or may be set by Client in which case Satabank is obliged to keep the manually determined order.
12.5 In case Client receives e-money in Currency, supported by Satabank, different from the currency of Client’s account, Client agrees that Satabank shall issue e-money in the received currency, where the total balance of e-money held by Client shall be shown in the Principle currency of Client’s account at the foreign exchange rate, applied by Satabank at the date of check of balance.
12.6 Payment transactions with Card, made in a currency other than the currency of the issued Card, will be converted by Satabank applying foreign exchange rate determined by Satabank plus a foreign exchange fee (if applicable) expressed as a certain percentage above the exchange rate for day in which the payment transaction has been executed, cleared or settled with the Card Organization. The foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate) at which Satabank obtains foreign currency. The exchange rate may be updated daily by Satabank and can be viewed in the online account. Foreign exchange fee (if applied) is shown in the tariff and retained by Satabank. All fees shall be charged to Client in the currency of the issued Card.
12.7 Client acknowledges and agrees that Satabank is authorized to satisfy immediately as they become due any obligations of Client towards Satabank under this Agreement or other, by debiting or withdrawing directly funds from the Client’s account or any outstanding sums owed by Satabank to Client, including by debiting or charging the Funding instrument of Client. Satabank will inform Client on the ground, amount and value date of such withdrawals.
12.8 Client agrees and understands that the financial institution or Operator that issues the stored card or providеs the bank account to Client, used for funding tranactions, may charge Client a fee and/or currency conversion fee in connection with the debiting or charging of the funding instrument resulting from the funding transaction. Client should consult the Terms and Conditions governing Client funding instrument for more information about any such fees. Satabank is not liable for taxes, fees or costs imposed by third parties.
13. Client liability
13.1 Client who has acted as a Consumer shall be liable for all losses incurred in respect of unauthorized transactions, as a result of use of lost or stolen payment instrument, if Client has not managed to preserve the security of the payment instrument, up to a maximum of 150 EUR. Client who has not acted as a Consumer shall be liable without limitation for all losses incurred in respect of unauthorized or incorrect transactions, as a result of use of lost or stolen payment instrument or incorrect payment orders.
13.2 However, Client shall be fully liable for all losses incurred in respect of unauthorized transactions and/or all damages, notwithstanding the amount of the losses or damages, if Client has acted fraudulently or has, with intent or gross negligence, failed to comply with the Agreement or law, including Client’s obligations to preserve the security of Client Identifying Credentials, providing access to Client’s account, e-money or Card or other.
13.3 Client shall be entitled to redress losses (excluding fees or interest in case of Clients who are not Consumers) incurred by Client in respect of unauthorized or incorrect transactions made after Client has informed Satabank for the unauthorized or incorrect transaction and Satabank has been able to block the Account and/or Card or other payment instrument without undue delay in the day when the Client’s account was debited or within 7 (seven) days afterwards, and in case where Client is Consumer, no later than any longer period after the debit date, as provided in applicable legislation in the interest of consumer. Satabank will, on Client request, make efforts to trace the transaction and notify Client of the outcome. Where Client is entitled to redress, Satabank will refund the amount of the unauthorized transactions, less applicable fees as per Tariff, by crediting Client’s account .
13.4 Client agrees to indemnify, defend and hold harmless Satabank, from and against any losses or negative balance on Account or Cards, resulting from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, "Claim" or "Claims") which Satabank may at any time during the term of this Agreement or within 5 (five) years after its termination incur, sustain or become subject as a result of any Claim and:
(a) connected to the Client’s or his employees, agents or sub-contractors, or 3rd parties using the Service, including, but not limited to accounts or cards, breach of any provision, warranty or representation in this Agreement, or regulations of Card Organizations or other Organizations; or
(b) arising out of the Client’s or his employees, agents or sub-contractors, or end customers or 3rd parties using the Service, including, but not limited to accounts or cards, willful acts or omissions, gross negligence, or other similar wrongdoings or claims, or fraud, charge back, including, but not limited to amounts and fees debited or charged by Card Organizations for charge back, initiated by Client or 3rd parties, offline transactions, recurring transactions, currency conversions, pre-authorization, manual operations, stand-in process, system malfunction, or other unlawful use of the Card and/or e-money; or
(c) arising from Client’s or his employees, agents or sub-contractors, or end customers or 3rd parties using the Service, including, but not limited to accounts or cards, failure to comply with any law or regulation including but not limited to AML, data protection laws, cardholder data information and other rules and regulations. Client agrees that Satabank is authorized to satisfy immediately as they become due any obligations of Client by debiting or withdrawing directly funds from the Client’s account, or from Security provided by Client (if Security is provided), or any outstanding sums owed by Satabank to Client, including by debiting or charging the Funding instrument of Client. Satabank shall inform Client on the ground, amount and value date of such withdrawals, unless it is forbidden by law or regulations for AML or security reasons to make such notice.
13.5 In case of delay for payment of amounts due to Satabank Client shall owe a penalty for delay in the amount of the statutory interest according to the European Central Bank rate for each day of delay from the date of delay until payment of the full amount.
13.6 Right of Retention: Unless otherwise agreed between the parties in writing, according to Maltese law Satabank may exercise a right of retention over all Client’s money in Client’s account/s with the Bank until all outstanding fees, costs, charges, expenses and liabilities due to Satabank have been paid in full.
14. Termination of Agreement
14.1 Client acknowledges and agrees that Satabank may stop providing the Service to Client, as provided in the Agreement. Client may stop using the Service at any time, without need to inform Satabank when Client stops using the Service. The Agreement will continue to apply until terminated either by Client or Satabank, as set out below.
14.2 If Client wants to terminate legal Agreement with Satabank, Client may do so immediately and without charge for termination at any time by:
(a) Notifying Satabank, in accordance with clauses for communication by Client to Satabank below; and
(b) Closing Client’s account for the Service, including withdrawing or redeeming the available balance of e-money; and
(c) Return of Card to Satabank.
14.3 In case of any risk of Damages for Satabank, resulting from reversals, chargebacks, claims, fees, fines, penalties, Client’s non-compliance with AML/FT or other regulations and other similar liabilities arising from Client‘s use of the Service, Satabank may hold the Client’s funds for up to 180 Days even after Termination of Agreement or shorter or longer period, as required by the law, including laws in favor of the consumer. Client will remain liable for all obligations arising under this Agreement even after Termination of Agreement and/or closing of account.
14.4 Satabank may, at any time, terminate the Agreement with Client without notice if:
(a) Client has breached any material provision of the Agreement or law, including but not limited to the AML/KYC and/or FT laws and regulations or internal rules of Satabank, or Regulations of Card Organizations or other Organizations (or have acted in a manner which clearly shows that Client does not intend to or is unable to comply with the material provisions of the Agreement); or
(b) Satabank is required to do so by law or Regulations of Card Organizations or other Organizations (for example, where the provision of the Service to Client becomes non-compliant with the Regulations).
14.5 Unless a shorter period is provided in this Agreement, as permitted by law, Satabank may, at any time, terminate the Agreement by giving Client two (2) months' notice.
14.6 When this Agreement comes to an end, all of the legal rights, obligations and liabilities that Client and Satabank have benefited from, or which have accrued over time whilst the Agreement has been in force, or which are expressed to continue indefinitely, will be unaffected by this cessation, and the provisions of clause 19.5 will continue to apply to such rights, obligations and liabilities indefinitely.
14.7 Redemption of e-money upon closing of account:
14.7.1 Client is entitled to request personally by sending an e-mail from “Contact Us” on the website of Satabank for the Service to redeem (buy back) part or all available balance of e-money of Client, less all applicable fees. The request for redemption of e-money has to be signed by a legal representative or a person explicitly authorized by the Client of Business Account. Subject to the successful completion of applicable anti-money-laundering, fraud, risk and other checks of every request for redemption by Satabank and subject to the expiry of any reserve/hold/block or collateral under this Agreement or the law, Satabank will redeem the amount of the outstanding e-money, less the applicable fees, such as redemption fee, determined in Tariff or currency conversion fees if applicable and possible bank transfer fees for the bank transfer. Satabank shall initiate transfer of the remaining amount to Client’s personal bank account, which has to be in the same currency as the currency in Client’s account or in one of the currencies, supported by Satabank, as notified by Satabank on the website of Satabank for the Service.
14.7.2 Satabank is not liable for incorrect transactions based on false or incomplete information. Satabank shall not be liable for delays in the redemption of e-money where the delay is caused by any third party involved in the transfer transaction of redeemed money.
14.7.3 Client cannot request and is not entitled to e-money redemption if there is no balance available in Client’s account for whatsoever reason or balance is not enough to cover the fees for redemption.
14.7.4 If the outstanding amount of e-money cannot be redeemed in accordance with this clause, Client has six (6) years following termination of the Agreement to request the redemption of the outstanding amount in full and in compliance with this Agreement, after which time any e-money left in Client’s account becomes the property of Satabank. For the purposes of this clause, the Agreement terminates when Client is no longer able to use Client e-money for the purpose of making Funding and/or Payment transactions or use of the Service. Any redemption made, pursuant to this clause, is subject to the successful completion of applicable anti-money-laundering, fraud and other illegal activity checks, and Client agrees to provide the information requested by Satabank in order for Satabank to complete these checks. Nothing in this clause limits Satabank's right to terminate the Agreement, pursuant to the other clauses of this Agreement or the law.
14.8 Death and Change in Legal Status
14.8.1 Individuals: Satabank will assume that the relationship between Satabank and the Client persists until Satabank is notified in writing about the death of the Client. Satabank must be notified by who is legally vested with the rights and obligations to act on behalf of Client’s affairs and will take instructions from him/her/them. Such person may be the heir, legatee, administrator, executor or otherwise. Satabank shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as may be required by Satabank to establish the proper entitlement and authority of the person claiming to be in charge of acting on behalf of Client’s affairs and the Bank shall not be bound to act upon such instructions until such time as we are satisfied of such authority.
14.8.2 Legal Entities: In the event that Client is placed into liquidation, bankruptcy or administration or any other analogous process wherein a liquidator, curator or trustee or similar officer is appointed and in whom legal authority and representation is vested, to the exclusion of the persons Client may have nominated, Satabank shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as Satabank may require to establish the proper entitlement and authority of the person claiming power to give Satabank instructions and Satabank shall not be bound to act upon such instructions until such time as Satabank is satisfied of such authority.
15. Limitation of Warranties:
15.1 Satabank, its Agents or sub-contractors make no express warranties or representations with respect to the provision of the Service. In particular, Satabank, ist Agents or sub-contractors do not warrant to Client that:
(a) Client use of the Service will meet Client requirements or expectations;
(b) Client use of the Service will be uninterrupted, timely, secure or free from error; and
(c) Any information obtained by Client as a result of use of the Service will be accurate or reliable.
15.2 No conditions, warranties or other terms (including any implied terms as to satisfactory quality, fitness for purpose or conformance with description) apply to the Service, except to the extent that they are expressly set out in the Agreement.
15.3 Nothing in the Agreement will affect those mandatory statutory rights to which Client is entitled as a consumer and that Client cannot contractually agree to alter or waive.
16. Limitation of Liability:
16.1 Nothing in the Agreement will exclude or limit Satabank’s liability for losses which may not be lawfully excluded or limited by this Agreement or by applicable law.
16.2 Subject to the previous Clause, Satabank, its Agents or sub-contractors or Licensees, will not be liable to Client for:
(a) Any indirect or consequential losses which may be incurred by Client. This will include any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, or any loss of data suffered by Client;
(b) Any loss or damage which may be incurred by Client as a result of:
(i) Any reliance placed by Client on the completeness, accuracy or existence of any advertising, or as a result of any relationship or transaction between Client and any advertiser whose advertising appears on the Service;
(ii) Any change which Satabank may make to the Service or any permanent or temporary cessation in the provision of the Service (or any features within the Service); (iii) Malfunction of the Service;
(iv) The deletion of, corruption of or failure to store any communications data maintained or transmitted by or through Client use of the Service;
(v) Client failure to provide Satabank with accurate account information; and
(vi) Any fraudulent use of the Service by Client or third parties;
(c) Any compensation for fees or interest paid or levied on Clients who are not Consumers, as a result of non-performance or incorrect performance of a payment transaction.
17. Changes to the Agreement:
17.1 Client agrees that Satabank may make changes to the Agreement from time to time. Satabank shall give Client two (2) months' notice of changes in the Agreement, unless shorter period is necessitated by a Regulatory change, or is allowed by law, by email sent to Client email address and/or by notifying Client in the online account or the website of the Service before their proposed date of entry into force.
17.2 Client understands and agrees that Client will be deemed to have accepted the changes unless Client notifies Satabank to the contrary by notice, as provided hereinunder, prior to the date on which the changes are to come into effect, in which case the Agreement will terminate without charge for termination immediately before the effective date of the changes.
17.3 Nothing in this Section will limit:
(a) Satabank’s right to update and revise its policies from time to time or to add new features to the Service from time to time without prior notice, which may be accepted by Client by using the new feature. Such revisions may take place using a method chosen at Satabank's discretion, and such method may include email communication or publication on a Satabank website for the Service; and
(b) The parties' right to vary the terms of this Section, where the variation is not prohibited by law and both parties agree to it.
18. Communications and Notices
18.1 All information will be made available or provided to Client in an easily accessible manner, in easily understandable language, in a clear and comprehensible form and in English.
18.2 Statements, notices and other communications to Client may be made by mail, email, postings on the Satabank’s website for the Service or other reasonable means.
18.3 Satabank may communicate with Client regarding the Service by means of electronic communications, including (a) sending email to Client email address or (b) posting notices or communications on Satabank’s website for the Service. Client agrees that Satabank may send electronic communications to Client in relation to any matter relating to Client use of the Service, including the Agreement (and revisions or amendments to the Agreement), notices or disclosures regarding the Service and payment authorisations. Particular communications will be handled as follows:
(i) The Agreement will be provided to Client at the sign-up in a printable form;
(ii) Changes to this Agreement after the sign-up will be provided in an email sent to Client email address and/or on the website for the Service or the online account;
(iii) Except where this Agreement provides otherwise, a notice to terminate this Agreement will be provided in an email sent to Client email address;
(iv) Information about balance or transactions or statements will be made available in Client’s account accessible online via Internet or in the online account in transaction history;
(v) Information about a suspension of the Service will be made available in Client’s account accessible online via Internet or in the online account; and
(vi) Information about the rejection of transactions with e-money will be made available in Client’s account accessible online via Internet or in the online account in transaction history.
18.4 Client should maintain copies of electronic communications by printing a paper copy or saving an electronic copy, and information that is provided to Client in an electronic format is provided under the assumption that Client will be able to print or save such information.
18.5 Any notice sent to Satabank under this Agreement should be sent by registered post to Satabank’s address of registered office, stated above in the Agreement, except that:
(i) Notification of loss, theft, unauthorized use or security breach must be made immediately to the Contact Center of Satabank, on numbers notified to Client by Satabank or has to be sent, as soon as possible, through "Contact us" on Satabank’s website for the Service;
(ii) Notification of application for Card, purchase of e-money in a currency other than the Primary currency of the account, redemption of e-money upon termination of this Agreement should be sent through "Contact us" on the website for the Service.
(iii) Notification by Client that Client does not agree to the amendment of the Agreement and wishes to terminate the Agreement prior to entry into force of the amendments should be sent through "Contact us" on the website for the Service from Client or a person explicitly authorized by the Client.
19. General legal terms
19.1 Unless otherwise expressly stated in the Agreement or Tariff, all amounts stated in the Agreement are denominated in EURO (EUR).
19.2 Sometimes Partners, Agents or Sub-contractors of Satabank may provide all or part of the Service to Client on behalf of Satabank. Satabank may use sub-contractors for providing other services, such as top-up for prepaid mobile cards or similar. Client acknowledges and agrees that Satabank has the right to use sub-contractors to provide the Service or other services to Client.
19.4 Client agrees that if Satabank does not exercise or enforce any legal right or remedy which is contained in the Agreement (or which Satabank has the benefit of under any applicable law), this will not constitute a waiver of Satabank’s rights and that those rights or remedies will still be available to Satabank.
19.5 If any court of law having the jurisdiction to decide on a matter relating to the Agreement rules that any provision of the Agreement is invalid in respect of a certain Client or Client, who is a Consumer, then that provision will be removed from the Agreement with this Client without affecting the rest of the Agreement. The remaining provisions of the Agreement will continue to be valid and enforceable.
19.6 Client may not assign Client rights under the Agreement or otherwise sub-contract or transfer any of Client rights or obligations under the Agreement without the prior written consent of Satabank.
19.7 Satabank may transfer its rights and obligations under the Agreement to third party, which is licensed to issue e-money giving to Client at least two-month notice previous the date of the transfer per e-mail unless such a transfer is required due to regulatory reasons. In case of such transfer and if Client disagrees with it Satabank shall provide the Client the possibility to terminate the Agreement free of taxes, penalties or other.
19.8 Any claim or dispute arising under the Terms and Conditions or as a result of the provision of the Service by Satabank should, in the first instance, be referred to Satabank in writing to the Complaints Officer, Satabank p.l.c. Aragon House – Business Centre, Dragonara Road, St. Julian’s STJ 3140 or via e-mail on firstname.lastname@example.org. The Client has to clearly state the reasons for complaint. Satabank shall try to resolve the complaint, within reasonable term upon receipt of clear and correctly submitted complaint. The Bank will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. The Bank also undertakes to take the necessary steps to prevent a recurrence. All complaints will be acknowledged and the Client will be informed accordingly of the investigation’s outcome. If the Client is still dissatisfied with the outcome of the Bank’s investigation, he/she may direct his/her complaint to the Consumer Complaints Manager at the MFSA by writing to the Consumer Complaints Manager, Malta Financial Services Authority, Notabile Road, Attard BKR 3000, Malta, or by calling free phone at 8007 4924, or +356 21441155, or via e-mail at email@example.com.
19.9 Both Parties agree that the authentic and/or correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from Satabank IT systems, such as the online account of Client, the website of Satabank for the Service, Card System of Satabank or BIN Sponsor, Issuer or Acquirer, Register of E-money of Satabank or other software systems or platforms used by Satabank in the capacity of regulated credit Institution or its sub-contractors, licensed to use software or platforms of Satabank.
19.10 “Leupay”, “Leupay Card”, www.leupay.eu, LeuPost, www.leupost.com and all related URLs, logos, marks or designs, software, interfaces or other related to the Services, including logos and marks of Card Organizations are protected by copyright, trademark registration or Patent or other intellectual property right of Satabank or third party Licensor. Client may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without Satabank’s prior written explicit consent to do. /p>
19.11 The Agreement and Client relationship with Satabank under the Agreement will be governed in all cases by Maltese law.
(i) Jurisdiction of competent Court between parties when Client is not a consumer: Both Parties agree to submit to the exclusive jurisdiction of the competent Court in the City of Valetta to resolve any dispute arising between them. Nevertheless the Client agrees that Satabank will still be allowed, upon Satabank’s discretion, to bring a claim or apply for injunctive remedies (or an equivalent type of urgent legal relief) in any jurisdiction.
(ii) Jurisdiction of competent Court between parties when Client has the capacity of consumer: Claims against defendants with the capacity of consumer shall be submitted to the competent Court as per Client’s domicile.
The following defined terms are used in this Agreement:
“Account” means LeuPay account, which is an account for electronic money, provided by Satabank, which may be Personal, Business, Premium account and can also be Basic or Standard or other type, depending on the regulatory and other limitations imposed on the account;
"Agreement" means this Legal Agreement, as it may be amended from time to time by Satabank;
“Balance” means any electronic money (E-money) in any currency, supported by Satabank that Client has in the account for e-money;
“Business account” means an account used primarily for business purposes and not for personal, family, or household purposes.
“Business Day” means a day (other than a Saturday or Sunday) on which banks in Malta are open for business (other than for the sole purpose of 24-hour electronic banking);
“BIN Sponsor” means a company different from Satabank, Principal Member of the Card Organizations, MasterCard, VISA, JCB and other, licensed to issue and acquire payment cards, prepaid cards, credit cards, mobile POS, Internet acquiring and other payment services, which has a contract with Satabank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.
“Card” and “Additional card” means “LeuPay Card”, “LeuPay Virtual Card”, issued as part of the Service, collectively called "Card" means a payment instrument with the logos of Satabank and one of the Card Organizations, providing possibility for the cardholder to submit payment orders for payment on POS and in Internet, or ATM transactions, such as cash withdrawal or balance check. The Card is linked to the account of Client for e-money. Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics, and is with or without cardholder names embossed.
“Additional card” means a card, which is linked to the account of Client for e-money, that may be without Client names, or with Client names or with the names of members of the family or close associates of Client. Cardholders of additional cards, different from Client, do not have account for e-money and use the electronic money of Client.
"Client" or “User” means a natural or legal person or other type of entity, that registers for the Service as Client or actually uses the Service as Client;
"Client email address" means the email address provided by Client during sign-up for the Service or later amended by Client via the Service, which Satabank will use for communication with Client;
"Client mobile phone number" means the mobile phone number provided by Client during sign-up for the Service or later amended by Client via the Service, which Satabank will use for sending OTP to Client and for communication with Client;
"Card Organizations" means MasterCard International (“MasterCard”), VISA Europe (VISA), JCB Europe (“JCB”) or any other card association or organization applicable hereunder, including any parent, affiliate, subsidiary, or successor, of any of them.
"Cardholder" means a person to whom a Card has been issued and/or any authorized user of such Card;
“Currencies, supported by Satabank” means various currencies, supported by Satabank for the Service, in which Satabank issues electronic money, notified on the website of Satabank for the Service.
"Consumer" means a natural person, who uses the Service for personal needs, different from his/her business, commercial or professional needs or activities. Any other natural or legal person, using the Service mainly for business, professional, commercial or other purposes, different from personal, family or households needs, is not a consumer, and some parts of this Agreement do not apply to persons who are not consumers or are dealt with differently.
"Disputes" means any disagreements, complaints, litigation, arrangements and/or other such disputes between Satabank and Client arising from this Agreement or in relation to the use of Service, or any applicable law;
"Electronic Money" or “e-money” means monetary value issued by Satabank on receipt of funds, registered in electronic form in Satabank Register of e-money in Satabank IT System and indicated as a Balance, which represents a claim of Client against Satabank for redemption and is accepted as means of payment by persons other than Satabank
"Funding via stored card" means the transaction by which Satabank debits Client’s stored card with an amount, equal to the amount of e-money to be issued by Satabank, plus a fee for the funding operation, performed with the purposes of payment of amount for e-money, or also execution of payment transaction through the Service or charging Client under this Agreement;
"Funding via bank transfer" means the transaction by which the Client will order a credit transfer from Client’s bank account to the account of Client and upon receipt of the amount of the transfer by Satabank, Satabank will issue electronic money in the same amount as received by Satabank and in the same business day.
"Funding in cash" means the transaction by which Client makes a payment in cash to Satabank or its sub-contractor, authorized to accept cash on behalf of Satabank and Satabank issues electronic money in the same amount as paid by Client in cash and in the same business day.
"Goods and Services" means any digital or physical merchandise, goods or service, products, digital content, advice, opinion, offer, proposal, statement, data or other information displayed or distributed, purchased or paid through the Service.
“iPOS” is a checkout service, offered by Satabank to Internet Merchants for acquiring of payments in Internet with electronic money, such as the one issued by this Service, under a separate Agreement between Satabank and the Merchant, where the funds collected by Satabank from the acquiring and due to Client may be credited to Client’s Business account;
“International Transfer” and “SHA or OUR” means an international outbound money transfer ordered by Client from Client’s account to any bank account of a payee, executed via SWIFT system (international communications platform, products and services that allow banks and financial institutions to connect and exchange financial information securely and reliably, www.swift.com), to which Satabank is a member. “SHA or OUR” are codes of SWIFT rules, meaning that: (i) in case Client selects code SHA (shared) the expenses of the corresponding banks and/or the bank of the recipient for the international transfer will be shared between Client (payer) and recipient (payee) and as a result the payee may receive an amount equal to the original amount of the transfer less the expenses of the banks charged to the payee; or (ii) in case Client selects code OUR (our) the expenses of the corresponding banks and/or the bank of the recipient for the international transfer will be on account of Client (payer) and Client can see these expenses in Satabank Tariff, and as a result Client will pay the expenses of the corresponding banks and/or the bank of the recipient for the international transfer and the payee may receive an amount equal to the original amount of the transfer made by Client;
“LeuPost” is a mobile application via which a Client with a Business account can accept payments with electronic money in Internet for goods or services, while an individual client user of LeuPost mobile application can pay in Internet for goods or services offered by Internet Merchants, exchange communication and pay on POS terminals with the mobile phone or a prepaid card with the logo of the Card Organizations.
"Mass transfer" or "Mass payment" is part of the Service, available to Business accounts, which enables Client to submit payment orders for mass payments (multiple money transfers to various payees) via the Service;
“myPOS” is a service, offered by Satabank to Merchants/Professionals for acquiring of payments with cards with the logo of MasterCard, VISA and JCB, via a physical POS, including mobile POS, account for e-money with IBANs and Business Card, under a separate Agreement between Satabank and the Merchant, where the funds collected by Satabank from the acquiring and due to Client may be credited to Client’s Business account;
“Mobile Application”, such as LeuPay Mobile App or myPOS Mobile App, means a software application for smartphones, developed for Satabank, allowing check of account balance, transactions history, control of card security characteristics and performance of some payment operations, such as money transfers within Satabank system and funding via stored card and others upon discretion of Satabank;
"Non-payment transaction" means operation for check of balance, history of transactions, statements, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;
“Online account” means the personalized online page and online payment instrument, provided by Satabank to a Client, who successfully registers for the Service, which can be accessed by Client with Client’s Identifying credentials and is used for making payment transactions online, such as money transfers or funding via stored card, check of balance and history transactions, check of funding limits, receiving limits and spending limits, control of the security of the account and card, choosing and changing the primary currency of the account, providing information on the Legal Agreement and Tariff, details on number of account and IBANs, providing important notifications to Client and other functionalities, as allowed by the Service;
"Payment Order" means all instructions validly made from the Payer or the Payee to Satabank, ordering execution of payment transaction;
"Payment transaction" means the transactions for payment on POS, payment in Internet for Goods and Services, ATM withdrawal, electronic money transfers or any other payment transactions with e-money or with payment instrument available for the Service;
"Payer" means a Client that submits or on behalf of whom is submitted the payment order;
"Payee" means a Client that is a recipient of the amount of the payment transaction;
“Personalized security features” or "Identifying Credentials" means all personalized security characteristics of all payment instruments, such as the username and password, cardholder data, PAN, expiry date, CHIP & PIN, CVV, CVC or similar codes, OTP (one time password), security codes and all other unique and/or identifying information that Satabank provides to Client to access Client’s account and payment instruments and use the Service under this Agreement;
"Principle currency" means the currency selected by Client as default currency and most frequently used by Client, upon registration for the Service, or later amended by Client via the Service, amongst the currencies, supported by Satabank, in which currency is the Tariff of Satabank for the Service, applicable for Client;
"Recurring Payment" means a payment under an arrangement where Client provides authorization to Satabank for a third party to collect a series of payments from the Card of Client or to execute transfers from Client’s Account according to a Standing order;
“Send Money” means a transfer of electronic money within the system of Satabank from one Client’s account for e-money to another Client’s account for e-money;
“SEPA Transfer” and “SEPA Countries” means an outbound money transfer from Client’s account and balance in EUR to any bank account in EUR in SEPA country, complaint with the EU Regulations of SEPA credit transfers. SEPA countries are all countries in EEA and other countries, including Switzerland, Lichtenstein, Iceland and others, officially listed by European Payment Council at http://www.europeanpaymentscouncil.eu/index.cfm/knowledge-bank/epc-documents/epc-list-of-sepa-scheme-countries/;
"Service" means issuing of electronic money from Satabank upon receipt of funds from Client, providing account for electronic money with balances in multiple currencies, unique identifier of the account for electronic money and/or IBAN as unique identifier for the different balances of Client, issuing and acquiring of prepaid cards with the logo of MasterCard, VISA, JCB and other Card Organizations, money transfers within the system of Satabank and SEPA and International money transfers and all payment services and related products available through the website(s) of Satabank for the Service, such as www.leupay.eu and all related URLs.
“Standing order” means a payment order that Client gives to Satabank to perform a set of recurring money transfers or a payment with future date with defined amount, currency, beneficiary, start date and expiry date.
"Stored card" means the credit card, debit card, or other payment card, which Client registers for use with the Service and which will be used by Satabank to receive funds against which Satabank shall issue e-money for Client or for other purposes under this Agreement;
“Verification of stored card” means a procedure of Satabank, available in the online account for the Service, under which Satabank will verify if Client is the authorized user of the stored card, by debit preauthorization of a small amount (about 1 or 2 EUR or its equivalent in foreign currency) from the stored card and sending of a secure code to Client along with the information for debit preauthorization transaction, which amount, upon successful completion of the verification procedure, will be credited to the account of Client and Client will be able to spend it via the Service, including to transfer it to Client’s bank account;
"Unique Identifier" means the unique combination of numbers, letters or symbols, notified by Satabank to Client in the online account of Client, which has to be presented by Client upon execution of payment transaction or upon funding of Client’s account, in order to identify the user of payment services correctly. Both the Account Number and the IBAN numbers provided by Satabank to Client via the Service are used as Unique Identifier of the account of Client;
“Website for the Service” means the website of Satabank www.leupay.eu or other website of Satabank, as indicated to Client, and all related URLs, provided by Satabank, accessed by Client via Internet, which is the interface used by Satabank for Registration of Client for the Service, concluding this Legal Agreement, providing information to Client prior to entry into Agreement and other important information for the Service and notifications, updated exchange currency rates of Satabank, login to Client online account for the Service and other important marketing, financial, legal and security information for the Service.