- 1.IBAN ACCOUNT TERMS
These IBAN Account Terms lay down terms and conditions of use of your IBAN Account if you are a Private Client.
- 2.GENERAL PROVISIONS
- 2.1. By applying for and using your IBAN Account you give your full and unconditional consent to these IBAN Account Terms. If
you disagree to any provision of these IBAN Account Terms you should abort application procedure and stop using IBAN Account.
- 2.2. Once you have given your consent to these IBAN Account Terms, the IBAN Account Terms become integral part of the Agreement.
Other parts of the Agreement remain applicable to relationship between you and Payoma. Contradictions between these IBAN Account
Terms and other parts of the Agreement are solved as provided in the Terms (please see Clause 2.6 of the Terms).
- 2.3. IBAN Account is your account with Payoma that is usable for making and receiving transfers. Your IBAN Account is not the
same as your e-Wallet, it is a separate Service. Provisions of the Terms, specific for sending from and receiving of funds to
your e-Wallet, do not apply to IBAN Account and vice versa.
- 2.4. Maintaining and using your IBAN Account is subject to Fees including currency conversion Fees (if applicable) depending on
the type of payment you make and the type of Payoma Account you hold. For details please see the List of the Fees.
- 2.5. You may make transfers and your recipients may receive your transfers only if both of you are located in in the supported
countries. IBAN Account transfers supported countries are displayed in your Payoma Account. We may at any time at our sole
discretion revise the list of IBAN Account transfers supported countries.
- 2.6. You must note that transfers of funds usually involve more than one payment system participant. This means when we will
perform transactions, we may involve other payment system participants. In this case the funds will be credited to the first
payment system participant. That payment system participant will then be responsible for processing the transfer further on. Our
duty under the Agreement to process transaction will be completed once we have transferred the funds to that first payment
system participant (please see also Clause 23.4 of the Terms).
- 3.OPENING YOUR IBAN ACCOUNT
- 3.1. To start using IBAN Account you must apply for it using your Payoma Account respective function. You may apply for an IBAN
Account only if you already have a Payoma Account.
- 3.2. Having received your application, we will assess it and may open an IBAN Account for you.
For the avoidance of doubt: to assess your application properly we may ask you to provide identification and/or information and
documents as set out more in detail in the Terms (please see Clause 4.9 and 4.10 of the Terms)
- 3.3. We have no duty to open you an IBAN Account. We may deny your application at any time at our sole discretion. If we have
denied your application, normally, we will explain you why we did it, however there may be cases when we will not be able to do
- 4.TRANSACTION SUPPORTING DOCUMENTS
- 4.1. Using IBAN Account and making transactions is subject to provision of supporting documents.
- 4.2. Before making transfer transactions you are to provide us with documents that support your intended transaction. Necessary
supporting documents, their sufficiency and validity will be determined by us at our sole discretion. Usually, the necessary
supporting documents are at least an agreement and respective invoice or replacing document.
- 4.3. We may also ask you to provide supporting documents in respect of any incoming transaction. Necessary supporting documents,
their sufficiency and validity will be determined by us at our sole discretion.
- 4.4. You must be able to explain in detail any intended and/or performed transaction, both outgoing and incoming. We may ask you
to give us such detailed explanation.
- 5.TRANSFERRING FUNDS
- 5.1. Transferring funds will be performed as provided in your Payoma Account.
- 5.2. When providing details of the recipient you must take great care to properly type the Unique Identifier of the recipient.
We use the Unique Identifier to determine the intended recipient of your funds. Other information you provide along with the
Unique Identifier may be disregarded. We will not be liable for any error you make when entering the Unique Identifier.
- 5.3. All transactions on your IBAN Account will be shown in the transaction history of your Payoma Account.
- 5.4. We may be required under applicable law to request recipient to verify their identity prior to receiving the transferred
funds. If the recipient does not verify their identity within 31 (thirty-one) day the transfer will be cancelled, and the funds
will be refunded to your IBAN Account.
- 6.TRANSFER PERFORMANCE TIME
- 6.1. Normally transfers from your IBAN Account will be performed (i.e. all relevant instructions will be placed on our end)
within 2 (two) business days. The total time until the funds are received on payee’s account will depend on different factors
outside our control, inter alia on performance of payee’s bank or other payment institution.
For the avoidance of doubt: The timeframes set out in this Clause 6.1 will not apply if there are any obstacles for transfer such
as exceeded limits, reserves, holds (please see Clauses 4.5-4.8 of the Terms), requests for identification (please see Clause
4.9 of the Terms) or requests for provision of information or documents (please see Clause 4.10 of the Terms) etc.
- 7.PROHIBITED TRANSFERS
- 7.1. In addition to the Prohibited Transactions, it is expressly prohibited to transfer funds on behalf of a Third Party.
- 7.2. We may at any time at our sole discretion revise the list of these prohibited transaction set out in Clause 7.1 of these
IBAN Account Terms. Such revision will not be considered changes to the Agreement (Clause 21 of the Terms).
- 8.1. Fees charged to you for maintenance and use of your IBAN Account will be deducted primarily from your IBAN Account balance,
but if it is not enough, from your e-Wallet balance or from any other funds due to you. You hereby authorise us to do so.
- 8.2. If your IBAN Account balance is insufficient to cover the Fees for transaction, we may refuse to execute the transaction.
- 9.SUSPENDING OR CANCELLING A PAYMENT INSTRUCTION
You cannot cancel an approved IBAN Account transaction
- 9.1. You will not be able to cancel your IBAN Account transaction once you have approved it.
Cases when we may cancel or suspend your IBAN Account transaction
- 9.2. In addition to the provisions of the Terms we may suspend or cancel your IBAN Account transaction in any of the cases as
- 9.2.1. We are required to do so under the applicable law,
- 9.2.2. We or another payment system participant are unable to verify the identity of the recipient,
- 9.2.3. The transfer instructions you have provided are incomplete or inaccurate,
- 9.2.4. The transfer is rejected by the recipient’s payment service provider or by another payment system participant,
- 9.2.5. The transfer is, or we have reasons to believe it is, a Prohibited Transaction or a transaction or transaction,
prohibited under Clause 7 of these IBAN Account Terms,
- 9.2.6. The supporting documents and/or the explanation you have provided are incomplete, inadequate or there are reasonable
doubts to their validity or truthfulness,
- 9.2.7. We have other reasons to believe executing this transaction will cause a breach of the applicable law and/or rules of
- 9.3. In the event we are unable to complete a payment instruction we will return the payment amount to your IBAN Account.
- 10.TERMINATION OF YOUR IBAN ACCOUNT
- 10.1. Your IBAN Account may be terminated as laid down in the Terms (Clause 19 of the Terms). Your IBAN Account can be
terminated separately from any other Services we provide you or jointly with other Services, when terminating your Payoma
- 10.2. If your IBAN Account is terminated while it has positive balance the respective rules for closing your Payoma Account will
apply (Clause 19.6 of the Terms).