OKTO

Client Agreement for OKTO E-Money Services

IMPORTANT NOTICE AND CAUTIONARY STATEMENTS

Please read this Agreement carefully before activating and using Your OKTO eWallet. The terms of this Agreement and the Fees apply to all Clients commencing on 26^th October 2020. You are strongly encouraged to review the terms and conditions of this Agreement prior to accepting them. It is Your sole responsibility to understand and comply with all the laws, rules and regulations that are relevant to Your jurisdiction (place of residence) and that may apply in connection to Your use of the service. Please consider seeking legal advice if You are not comfortable with Your personal understanding of the terms and conditions in this Agreement. Consider all aspects of this Agreement, the Policies and the relevant laws and regulations when choosing to use the Service at any time. Certain jurisdictional limitations that could apply to You may include but not be limited to, foreign currency conversions, import or export of certain goods and/or services, duties, taxes, and customs.

Latest Update: 26^th October 2020.

 

1.      DEFINITIONS

1.1 “Account” or “OKTO Account” or “OKTO eWallet” means a Personal or Business web-based e-money account opened and maintained by Sureswipe in Your name and operated by Oktopay.

1.2 “Agreement” means this agreement including all subsequent amendments and any additional documentation that accompanies it and to which Clients should adhere to.

1.3 “OKTO Application” means a web or mobile application through which You may access the OKTO Wallet and services.

1.4 “Balance” means any e-money that You have in Your OKTO Account

1.5 “ Business Day”/“Working or Work Days” means a day (other than a Saturday, Sunday or public/bank holiday) on which supporting banks in Cyprus or Greece or other jurisdictions where the Services are provided are open for business (other than for the sole purpose of 24-hour electronic banking).

1.6 “Calendar year” means 1 January to 31 December inclusive in any year.

1.7 “Card” a prepaid Mastercard issued by Prepaid Financial Services Limited and linked to Your Account, which can be used to spend Your Available Balance wherever Mastercard cards are accepted. Before using Your Card, please read the OKTO Prepaid Mastercard Terms and Conditions, as those can be found online at oktopay.eu. Any use of Your Card shall be considered as accepting the OKTO Prepaid Mastercard Terms and Conditions.

1.8 “Chargeback” means a demand by a credit-card issuer for restitution of the loss on a fraudulent or disputed transaction by the Merchant. Details on the Refund Policy may be found online at www.oktopay.eu.

1.9 “Claim” means a challenge to a payment that a sender of a payment files directly with Sureswipe or Okto.

1.10 “Corporate Account” or “Business Account” means a legal entity Account

1.11 “Cross Border” means the ability to offer Services as those are provided by Sureswipe and its distributors across the borders of Sureswipe home state.

1.12 “Customer Service” is the customer support provided by Oktopay which can be accessed online by sending an email at support@oktopay.eu or support@oktopay.freshdesk.eu.

1.13 “Dispute” means a dispute filed directly with Sureswipe or Oktopay

1.14 “Domestic” refers to anything based in the Republic of Cyprus.

1.15 “Electronic Money” or “E-money” means electronically, including magnetically, stored monetary value as represented by a claim on Sureswipe, which is issued on receipt of funds for the purpose of making payment transactions and which is accepted by a natural or legal person other than Sureswipe. The terms “E-money”, “money” and “funds” are used interchangeably in this Agreement

1.16 “European Economic Area” or “EEA” means the region made up of the following countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden and the UK until 31.12.2020, unless otherwise agreed between the European Union and the UK.

1.17 “Fees” means any fees, tariffs and charges that may be charged by Oktopay or Sureswipe and which are available on our OKTO website (as amended from time to time).

1.18 “Funding Source” means the payment method used to fund a transaction as indicated in the Agreement.

1.19 “IBAN” means a virtual IBAN issued by Prepaid Financial Services that Sureswipe or Oktopay allocates to You Card or Your Account which can be used by You or other for direct debits or for the purpose of making a SEPA Transfer of funds that will result in a credit of the relevant funds to Your Account.

1.20 “Information” means any confidential and/or personally identifiable information or other information related to an Account or User, including but not limited to the following: name, email address, post/shipping address, phone number and financial information

1.21 “Merchant” or “Seller” means any retailer with physical or online shop, who is selling goods and/or services and is using the services to receive payment through OKTO eWallet.

1.22 “Merchant Processing Delay” means a delay between the time YouYou authorize and Sureswipe (itself or through Oktopay) executes a payment and the Merchant processes You payment.

1.23 “Payment Order” means a valid instruction by the Client/User to Oktopay requesting the execution of a payment Transaction.

1.24 “Payment Review” means the process described in section 5 and 6 of this Agreement

1.25 “Personal Data” means any and all data that relates to an identifiable person who can be directly or indirectly identified as defined by the General Data Protection Regulation (Regulation 2016/679) and the applicable personal data legislation in general per Territory of provision of Service (hereinafter “the Law”).

1.26 “Oktopay”, includes for the purposes of this Agreement the OKTO brand and any OKTOPAY Group Companies acting as Electronic Money Distributors (EMDs) of Sureswipe in the Territories as follows:

For Cyprus	NETLINK CONNECT LTD, Klimentos 25B, Ag. Antonios, 1061, Nicosia, Cyprus.
For Greece	NETLINK SERVICES AND INFORMATION SYSTEMS SINGLE MEMBER SA, with distinctive title “OKTOPAY”, with registered office at 10-12, Dorilaiou Str., 11521, Athens Greece.

 

1.27 “OKTO website(s)” means any URL, such as www.oktopay.eu, used to provide and promote the Services to You.

1.28 “Policy” or “Policies” means any Policy or other agreement between You and Sureswipe and/or Oktopay that You entered into in connection with You use of the Services.

1.29 “Policy Update” means changes in the Policies for which You will be notified and may be made available to You in writing.

1.30 “Recurring Payment” has the meaning given in section 5 of this Agreement (if available)

1.31 “Restricted Activities” means those activities described in section 11 of this Agreement

1.32 “PCSIL”: means PFS Card Services (Ireland) Limited, a company authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, firm reference number 900036, for the issuance of electronic money and provision of payment services. Details of PCSIL license can be found in the following link:

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000m4IX9AAM.

Please read OKTO Prepaid Mastercard terms and conditions: http://www.oktowallet.eu/

1.33 “Services” means all products, services, content, features, technologies or functions offered by Oktopay (included – services related to the e-Wallet) and all related sites, applications, and services.

1.34 “Sureswipe” means Sureswipe E.M.I PLC a company which is a licensed E.M.I. with license number 115.1.3.26 under the supervision of Central Bank of Cyprus, with registered head office at 18 Kyriakou Matsi, 1st floor, Nicosia 1082, Cyprus.

1.35 “Territories” means the countries where the Services are offered and more specifically, all EEA countries and the UK.

1.36 “Third Party eWallet” means a web-based electronic money (e-money) account opened and maintained by Sureswipe in the name of the third party, including a Merchant.

1.37 “Transaction” or “payment Transaction” means the transfer of e-money from Your OKTO eWallet to a Third Party OKTO eWallet or from a Third Party OKTO eWallet to Your OKTO eWallet.

1.38 “Unauthorized Transaction” and “Unauthorized Account Access” has the meaning assigned to them in section 14 of this Agreement

1.39 “Client”, “User,” “You” or “Your” means you and any other person or entity entering into this Agreement or using the Service and in whose name the OKTO eWallet is registered.

1.40 “Verified” means that the Client has completed a verification process by which confirmation of the Client identity has been established.

 

2.      INTRODUCTION

2.1 This Agreement is a contract and it is entered into between Sureswipe (to the extent this Agreement sets rights and obligations of Sureswipe), Oktopay (to the extent this Agreement sets rights and obligations of Oktopay) and You.

This Agreement regulates the opening, the use and closure of Your OKTO eWallet, including the issuance, distribution and redemption of e-money and execution of Transactions in relation to Your OKTO eWallet.

Prepaid or virtual cards issued via Prepaid Financial Services are governed by separate agreements.

2.2 In this Agreement, except where the context otherwise requires, the terms shall have the meaning given to them in the Definitions section.

2.2.1 Any term used in this Agreement and not otherwise interpreted, shall have the meaning attributed thereto in the applicable legislation.

2.2.2 Headings of the paragraphs shall be used solely for ease of reference and shall not affect the contents and interpretation of the Agreement.

2.2.3 Unless the context otherwise requires, reference to persons shall also include legal persons, the singular shall include the plural and vice-versa and either gender shall include the other.

2.2.4 Reference to any agreement (including without limitation, this Agreement) or to any other document, shall be deemed to include references to them as these may from time to time be amended, expanded or replaced and to all agreements and documents which are declared to be supplementary to them or are attached thereto.

2.3 The Client wants to make use of the Services, having completed for this purpose all the relevant account opening steps as described in this Agreement. Sureswipe and Oktopay may require You to have an OKTO Account to use the Services (including, without limitation, to send or receive payments).

2.4 This Agreement incorporates references to the Acceptable Use, and Privacy Policy (the “Policies”) that include terms and conditions relevant to the use of the Service. These references make the Policies an integral part of the Agreement. The Policies are “Complementary Documents” and neither these documents in their entirety or any references to their terms and conditions in this Agreement should be construed as “Framework Contracts” for the purpose of the Second Payment Services Directive (PSD2 – (EU) 2015/2366) or any implementation of that directive in the EU or EEA (including, without limitation, the Cyprus Electronic Money Law of 2012 and the Payment Services Law of 2009 to 2010 and the Directives as amended or replaced).

2.5 This Agreement, together with other legal terms and legally required disclosures relating to Your use of the Service will be provided to You, at all times on the OKTO Website. This information may also be sent to You or appear in places on the OKTO Website, OKTO Application or otherwise where relevant to Your use of the Services. Any changes/updates to this Agreement and the Policies are published in the OKTO Website and the date of their effective implementation will be as stated in each specific update. Certain regulatory conditions apply.

2.6 By registering for the Services, You must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to You and concluded in English. We recommend that You store electronically by downloading or print a copy of the Agreement (including the Policies) for Your records. Irrespective of the aforementioned, You agree that any use by You of the Services shall constitute Your acceptance of the Agreement.

2.7 In the case You choose to make use our Card and IBAN services, by accepting all of the terms and conditions contained in this Agreement, You are implicitly accepting the OKTO Prepaid Mastercard terms and conditions which govern the OKTO prepaid cards, as those are issued and provided by PSCIL.

3. BASIS FOR THE PROVISION OF SERVICES

3.1 OKTO is a brand under which the Services are offered.

3.2 You can use the Services and the OKTO e-Wallet in order to make payments to and accept payments from third parties, to pay bills and to maintain balances which can neither be deemed as deposits nor investment service under the definition of the applicable legislation and are therefore not afforded any protection under the deposit protection scheme or the investor compensation fund scheme that is provided for in Cyprus. The Client balances are prohibited from earning any interest as they are not deemed as deposits.

3.3 Sureswipe and Oktopay have no control over the products or services that are paid for with the Service, as they only act as independent intermediaries. The lack of control denotes that neither company can confirm the legality and does not assume the responsibility and potential liability stemming from the legality of the products or services that are paid for with / through the use of the Service.

3.4 Further, Sureswipe and Oktopay cannot guarantee the identity of the user nor ensure that the transaction between the transacting parties will be successfully completed. There are therefore inherent risks that come with the inability to confirm identity especially when dealing with people who act under false pretenses. Such inability could lead to the use of the Service by persons under the age of 18 (underage persons or minors), despite Sureswipe’s and Oktopay’s requirement that an eligible user be at least 18 years of age. This situation could lead to potential dealings with minors that are risky.

3.5 Protecting Your privacy is very important to Sureswipe and Oktopay. Please review our Privacy Policy to understand how we aim to protect Your privacy and how we intent to use Your information. Your Privacy is protected under the applicable data protection legislation per Territory, including EU Regulation 679/2016, the Cypriot Personal Data Law of 2001 (Law 138(I)-2001), and Greek Law 4624/2019.

3.6 The brand(s), website(s) URL(s), logos relating to the name, products and services described/used in/on electronic and hard copy material are either copyrighted, or are registered trademarks, or are trademarks of Sureswipe or its licensors or Oktopay. In addition, all page headers, custom graphics, button icons, and scripts are copyrighted service marks, trademarks belonging to Sureswipe  or Oktopay or their licensors. Copying, modification, alteration of any kind, amendment or use of any kind is strictly prohibited.

3.7 Sureswipe may appoint one or more persons to act as its agents and/or distributors (as these terms are defined in the applicable European and national legislation). While the agents and distributors may a) distribute the eWallet on Sureswipe’s behalf, b) handle all issues related to Clients’support and c) undertake all commercial obligations related to the agreements with the Clients (including signing any agreements on behalf of SURESWIPE E.M.I. PLC), they may not issue e-money or proceed to the carrying out of any Transaction.

3.8 Posting of Content: When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, You grant to Sureswipe and Oktopay a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights You have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, You waive Your moral rights and promise not to assert such rights against Sureswipe, Oktopay or assignees. You represent and warrant that none of the following infringe any intellectual property right:

3.8.1 Your provision of content to us;

3.8.2. Your posting of content using the Service; and

3.8.3 the use of such content (including any works derived from it) in connection with the Services by Sureswipe and/or Oktopay.

3.9 Official Language of Agreement: The official language of communication will be the same as the language used to communicate this Agreement to You. Sureswipe and Oktopay may also elect to use an alternative language to the language used to communicate this contract to effectively communicate locally with You. Use of such alternative language for localization purposes should not be deemed as official for contractual purposes, unless otherwise provided in the applicable legislation. For contract purposes the official language is English and where any discrepancy exists in the translated contracts the English version will supersede the other.

3.10 Notices: You agree that the methods of providing information to You include:

3.10.1 The OKTO Website (including the posting of information accessible to You after Your account login);

3.10.2 Email to the email address You provided in Your Account (to receive such email communication You need to ensure that You are online and that Your email account is accessible);

3.10.3 By postal mail to the street address listed in Your Account;

Such notice shall be considered to be received by You within 24 hours of the time it is posted to the OKTO Website(s) or emailed to You. If the notice is sent by mail, we will consider it to have been received by You three Business Days after it is sent. These time frames exclude notifications in relation to amendments to the Agreement. You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide this to You in a form which allows You to store and reproduce the information and You may terminate Your consent to receive required disclosures through electronic communications by contacting Oktopay as described below. Sureswipe reserves the right to close Your Account if You withdraw Your consent to receive electronic communications.

3.11 Notices made in connection with this Agreement must be sent either:

3.11.1 By postal mail to Oktopay’s head office at 10-12, Dorilaiou, 11521, Athens Greece.

3.11.2 By postal mail to Sureswipe at 18 Kyriakou Matsi, 1st floor, Nicosia 1082, Cyprus.

3.11.3 By email to Client Support at support@oktopay.eu or at support@oktopay.freshdesk.com where one of the Oktopay’s representatives will remit it to the Department handling matters such as Yours, and where a responsible person will return with a response within 24 hours from receipt of Your email.

3.12 Transaction History and Balance: Your Transaction History and Balance details can be accessed by logging into Your Account and selecting the Transactions tab/button. With this You acknowledge and agree to review Your transactions through Your Account and the relevant transaction history section and You understand and accept that no period statements will be sent to You either physical or by e-mail. If for any reason (such as restricted access) it is impossible to access Your transaction history through Your account, You may contact one of our representatives to assist You on the matter by email support@oktopay.eu or support@oktopay.freshdesk.com.

3.13 Transferring Your account to a third party is strictly prohibited.
No person other that You shall have any rights under this Agreement. Your eWallet is personal to You and You may not assign or otherwise transfer any rights under this Agreement to any third party, without the Oktopay’s or Sureswipe’s prior consent in writing. On the contrary, Sureswipe and Oktopay have and reserve the right to transfer or assign any right or obligation under this Agreement (or the entirety of this Agreement) at any time without requiring Your consent. Of course, this right does not prevent You from closing Your Account and terminating this agreement as stipulated in the termination section below.

3.14 Amendments of the Agreement: This Agreement may be amended at any time by Sureswipe and Oktopay and may include changes in the terms and conditions as required by regulatory changes or as needed due to changes in the Service (additions or deletions), as well as changes to the charges and fees stated in Fees section of the Website. Any amendment will be communicated to the Client via the OKTO Website(s) or by email. The time given for changes to enter into effect is two months, except in cases where the amendments are required by the applicable legislation and have to take effect immediately. Also, immediate will be any amendments necessary due to the enrichment of the Service and its delivery, or in cases where Your rights and obligations are not adversely affected. You will not be provided with any notice of such immediate changes.

3.15 During the two-month period following any notice, You will have the right to terminate the Agreement and close the Account. Should You refrain from taking any such action during the two-month period and the period lapses, Oktopay will consider it as an acceptance of the amendments and the Agreement will remain in effect.

3.16 The fact that You may close Your account free of charge and at any time, does not preclude You from potential liabilities that may have incurred prior to the closing of the Account and for which You may be responsible for. Refer to the relevant section on Account closing for additional information.

3.17 This Agreement will take effect on the date You registered Your eWallet and will terminate in accordance with Section 9 of the Agreement.

3.18 If any provision of this Agreement is deemed unenforeacle or illegal, the remaining Clauses will continue in full force and effect.

4. ACCOUNTS

4.1 Eligible users of our services are:

4.1.1 Residents of any country where the Service is available;

4.2 Individuals who are of the age of 18 and older;

4.3 Persons (individuals or legal entities) who can legally enter into a contract.

4.4 Joined accounts or nominee accounts where the identity of persons on behalf of which the nominees are acting has not been disclosed to Oktopay or Sureswipe are prohibited and in opening an Account You represent and warrant that You are the sole beneficiary of the Account and that all actions taken in relation to the Account are taken by You alone, unless You are a legal entity and the person(s) opening and operating the Account, does so under the direction of the company that employs him/her/them. Unless the person is acting for the company that employs him/her/them, the new Account must only be in the Client’s own name. This Agreement applies only to Users who are residents of one of the Territories.

4.5 The Company offers two account types namely Personal and Corporate (or Merchant). In certain cases, a User may be allowed to have additional Accounts if certain conditions apply. In cases where multiple unverified Accounts are held by a single User, Oktopay will ask for additional verified information to confirm the common identity of the unverified Accounts holder as well as any other additional information it deems fit to accurately ascertain the identity of the User. Any limits imposed by Oktopay or Sureswipe on Accounts will apply cumulatively to such Accounts and if such limits are exceeded, Sureswipe has the right to suspend the Accounts until such information is provided to warrant to upgraded status. The primary use of a Corporate Account is for its own operational purposes and should not be used for personal or family purposes.

4.6 Opening Account with an unverified status allows You to send electronic money (e-money), receive e-money, and/or withdraw money within certain strict limits. The process to open an Account and immediately obtain unverified status is the following:

• • Provide Your mobile number, which is validated via a one time password (OTP)
  • Provide Your email, which is validated via a one time password (OTP)
  • Provide personal data (name, date of birth, address, id number)
  • Accept all required terms and conditions

4.6.1 To upgrade to verified status and increase Your usage limits You must complete the following steps:

4.6.2 For Cyprus/Greek Personal Account holders: Provide a scanned color copy of Your ID and a scanned copy of Your utility bill that confirms the permanent residence address You provided during Account opening;

4.6.3 For Cyprus/Greek Business Account holders: Provide financial statements for the preceding year and information on the Ultimate Beneficial Owner which includes ID/Passport and proof of permanent residence;

4.6.4 For other countries: Provide a scanned color copy of Your passport and proof of permanent residence address (scanned copy of utility bill or bank confirmation).

In granting higher limits, Sureswipe and (to the extent provided under the applicable legal framework) Oktopay will request and obtain additional documents and questionnaires at the time of account opening or thereafter, to construct the economic profile and where necessary, identify the sources of origin of wealth.

For further details on the levels of registration available in the OKTO Wallet, please see the Limits section in the OKTO Website.

4.7 Oktopay may, from time to time, make available to You other methods or procedures for You to become of verified status. Such methods will be provided on the OKTO Website. By indicating You as verified, Sureswipe merely confirms Your new status which neither represents, undertakes or guarantees that Your verified status will result to completing a Transaction.

5. MONEY REMMITANCE / PAYMENT INSTRUCTIONS

5.1 Subject to the terms of this Agreement, You agree that Sureswipe and Oktopay will execute Your instructed Payment Order by debiting Your Account and crediting the Account of the person You are remitting the E-money to at Sureswipe on the same day. Where the recipient’s Account is with another payment service provider the payment will be made as soon as the payment schemes available to the Sureswipe allow, which is normally one business day from the date we received valid payment instruction from You. To facilitate the payment as indicated You need to:

5.2 For payments to Merchants:

5.2.1 Log into Your Account with the Merchant and select (click) the relevant button (“Pay with OKTO”, / or any other corresponding word or phrase) at the Merchant website, or checkout options that permit You to provide Sureswipe and Oktopay with payment instructions. You may also use alternative methods as they may be instructed to You from Sureswipe and Oktopay, from time to time, when You are in the process of submitting a payment instruction;

5.2.2 Complete all the required information (mandatory fields) in the relevant payment process as may be required by Oktopay and/or the recipient of the e-money;

5.2.3 Make the payment order using Your OKTO Account

5.2.4 Make the payment order before 17.00 (Easter European Time – UTC+2) on a business day. Payment orders given after this time will be considered as next business day orders.

5.3 For Peer to Peer Payments:

5.3.1 Log into Your OKTO Account at the OKTO Website or OKTO Application and select the user recipient You wish to make a payment to. Once You have selected the user recipient and entered the required details, select the “Confirm” button/link that will permit You to provide us with Your payment instruction.

5.3.2 You may not cancel or revoke a payment instruction that has already been received by us, nor can You withdraw Your consent to execute the transaction. You can only cancel a payment instruction in the case of a recurring payment and where the cancellation instruction is given at least by the end of the business day preceding the day the next recurring payment is due. Under no circumstance is Sureswipe obligated to execute a payment instruction if You do not have sufficient funds in Your account. Sureswipe reserves the right not to conclude a payment Transaction until it receives cleared funds (this also means, without limitation, that Sureswipe is not obliged to settle a refund Transaction before having received funding for the original Transaction).

5.4 Sureswipe and Oktopay are not obligated to execute a payment instruction unless the effected payment is made between Users in the countries that are included in the Territories. The basic currency in which payment orders will be accepted will be the Euro, GBP for the UK and RON for Romania, and any other currency stated on the OKTO Website. Sureswipe does not currently offer currency conversion services.

5.5 A periodic sending limit may be imposed on Your Account either by requirement of the anti-money laundering laws and regulations, or at our reasonable discretion (for example, without limitation, to limit fraud or credit risk). In no event will such limits exceed the maximum allowable limits set by the applicable legislation including mainly the anti-money laundering legislation. Any such limits set can be viewed in Your Account details in the User Application.

5.6 There are various transaction limits imposed on all Accounts. To lift Your initial sending limit, You must complete the necessary steps set out herein to obtain a verified status. The procedures by which Oktopay will require You to change Your status and lift Your limits may change, from time to time and the relevant information regarding the new methodologies will be provided to You.

5.7 Transactions will only be executed when there is available balance in Your OKTO Account. To ensure that there is available balance, You need to review Your Account balance and if necessary, top up Your account by drawing funds from one of Your connected Funding Sources. Once the funds are received, Sureswipe will issue e-money and keep it as an e-money balance in Your Account, or transfer the e-money to the recipient, in each case according to Your instructions and subject to the terms and conditions of this Agreement.

5.8 You may select the Funding Source of Your preference each time You top up Your Account balance. Your balance will always be used as the source of Your next payment Transaction. In the event where You do not wish to use the existing balance, but would rather use a balance from another Funding Source for Your next payment, You will only be able to do so by withdrawing the entire current balance of Your Account and then using the other Funding Source to fund Your Account with fresh e-money.

5.9 Sureswipe may limit the Funding Sources that will be available to You when funding Your Account in order to manage the potential risk that may arise from the payment Transaction. Any such limitation will be communicated to You before the payment Transaction is executed, at which time You will be asked to provide an alternative Funding Source (for example use of another e-wallet as opposed to a credit/debit card). Although Sureswipe may allow You to proceed with the Funding Source that presented the risk initially, such action will be taken with Your consent and may lead to a limitation of Your rights to dispute resolution (You may be unable to contest the Transaction due to Funding Source restrictions).

5.10 When using a credit or debit card / e-wallet provider to top up (“Top Up”) Your balance and make a payment Transaction You are requesting an electronic transfer from Your credit/debit card issuer Account / e-wallet Account to Your OKTO Account. For this transaction, You agree that:

5.10.1 You need to instruct Your e-wallet / issuing bank through our acquiring agent using a tokenization process to make a transfer to Sureswipe’s bank clients account. You will be contacting Your e-wallet provider / credit/debit card issuer indirectly through Sureswipe’s or Oktopay’s acquiring partner in the manner and method prescribed (by that provider) and instructing them to make a payment to Sureswipe’s bank client account providing the details as You would in any other e-wallet initiated payment. The acquiring partner will use a form of tokenization of the credit/debit card information using cryptographic technology to ensure that Your personal and card data is secure. Sureswipe will not store any of Your credit/debit card details nor will it ask You to disclose it to. Tokens are reusable and can be used for making and receiving payments until their expiration date (expiry date), which is linked to the issuer’s credit/debit card expiration date.

5.10.2 When using an e-wallet provider to top up (“Top Up”) Your balance and make a payment transaction, You are requesting an electronic transfer from Your e-wallet account to Your OKTO Account. For this transaction, You agree that:

You need to instruct Your e-wallet to make a payment to the Sureswipe’s bank clients account. You will be contacting Your e-wallet provider directly in the manner and method prescribed (by that provider) and instructing them to make a payment to the Sureswipe’s bank client account providing the details as You would in any other e-wallet initiated payment.

5.10.3 When using a credit or debit card for pay-In You are requesting a transfer from Your credit/debit card issuer account to Your OKTO Account. For this transaction, You agree that:

You need to instruct Your issuing bank through our acquiring agent to clear the transaction. The acquiring partner will use credit/debit card information using cryptographic technology to ensure that Your personal and card data is secure. Sureswipe will not store any of Your credit/debit card details nor will it ask You to disclose it to.

5.11 By sending a payment to a Merchant You enable the Merchant to process and complete the Transaction. Despite Your action and the immediate availability of the e-money to the Merchant, a Merchant may choose to delay processing the Transaction for reasons unbeknown to Sureswipe or Oktopay.

5.12 A recipient is not required to accept e-money sent to him/her despite being available. Sureswipe or Oktopay cannot control such action and You agree that You will not hold Sureswipe and Oktopay liable for any damages resulting from a recipient’s decision not to accept a payment made through the Services. To this end Sureswipe will either:

5.12.1 Return any declined or refunded payment to Your OKTO Account; or

5.12.2 Return any payment that remained unclaimed by the recipient to Your Account from the date You instructed Sureswipe to make the payment.

5.13 Third party initiated payments are not permitted.

5.14 The currencies You can transact in are currently the EUR, GBP for the UK and RON for Romania. / Other currencies may be added to the current list and will be communicated to You through the OKTO Website or an amendment of this Agreement. Sureswipe has the right to add or remove currencies from the list of available currencies at its own discretion. Any balances left in removed currencies will be kept in that currency until they are withdrawn but will not be available for payment Transactions. There may be some restrictions with regard to where You can send certain currencies.

5.15 There is no currency conversion option at this time.

5.16 Unless otherwise indicated, Sureswipe will deposit any User money in one or more segregated account(s) held with an institution within the European Economic Area (“EEA”) and UK, separated from the Sureswipe’s money; this means that User Money is treated as belonging to the User and under no circumstances Sureswipe will use User Money, at any time, to treat any of its obligations. The User Money will be pooled with money belonging to other Users so an individual User will not have a claim against a specific sum in a specific account, in the event of insolvency. A User’s claim will be against the User Money pool in general. Sureswipe will exercise all due skill, care and diligence in the selection, appointment and periodic review of the institution where the User Money is deposited. It should be noted, that segregated account(s) will be established, maintained and operated according to the applicable rules and regulations. Sureswipe will give instructions to the banking institution(s) regarding the transfer and movement(s) of the User Money.

5.17 The User accepts that the credit institution (or intermediary involved in the process) may reverse any part of the funds, for any reason; as a result, Sureswipe shall immediately reverse the respective amount from the e-wallet net of any transfer fees or other charges incurred by Sureswipe, using the same transfer method as the one through which it originally received the funds. The User accepts that this may result to a negative balance in the OKTO wallet; under such circumstances, Sureswipe or Oktopay may ask the User to cover this balance within 3 (three) working days.

5.18 Sureswipe and Oktopay shall take all reasonable steps to ensure that the User is informed regarding the progress of any requests referred to in the “User Money” section, specifically in relation to the expected processing time and the need for any, or any further, documentation that if not in place may delay the processing.

5.19 Oktopay and Sureswipe reserves the right to request additional information and/or documentation to satisfy itself that the User’s request concerning their deposits/withdrawals is legitimate. In addition, the Company reserves the right to reject such a request if it deems that this may not be legitimate. The User accepts that under such circumstances there may be a delay in processing the request.

6. RECEIVING MONEY

6.1 Anyone can remit funds to Your OKTO Account irrespective of having an OKTO Account themselves or not.

6.2 A periodic receipt limit may be imposed on Your Account either by requirement of the anti-money laundering laws and regulations, or at our reasonable discretion (for example, without limitation, to limit fraud or credit risk). In no event will such limits exceed the maximum allowable limits set by the applicable legislation including mainly the anti-money legislation. Any such limits set can be viewed in Your Account details.

6.3 There are at least two receipt limits imposed on all Accounts. To lift Your initial receipt limit, You must complete the necessary steps set out herein to obtain a verified status. The procedures by according to which You will be asked to change Your status and lift Your limits may change, from time to time and the relevant information regarding the new methodologies will be provided to You.

6.4 Sureswipe is entitled to review all Transactions and will do so / will higher scrutiny in cases it deems to be of higher than normal risk. Such reviews will occur when Sureswipe has reasonable suspicion that the payment Transaction may involve a Restricted or prohibited Activity, or any other reason that may be determined by Sureswipe from time to time. When a payment is reviewed, Sureswipe will execute the Client instruction to make the payment but hold the release of the e-money to the intended recipient. This action means that the Client’s Account will be debited the amount but the recipient’s Account will not be credited, resulting in a suspense balance. If the Transaction involves a purchase, Sureswipe or Oktopay will notify the Seller to hold off dispatching the item(s) until Sureswipe concludes the review and allows the Transaction to be completed.

6.5 Should the Transaction be deemed as problematic, Sureswipe will reverse the payment and place the e-money back to the sender’s balance. Sureswipe will provide notices to You by email. A payment is subject to review for the sole purpose of minimizing the Sureswipe’s risk as well as its Clients’ Transaction dealings. Sureswipe does not intent with this process to review the involved parties’ business relations, their reputation and should not be construed as demeaning or discriminant in any way.

6.6 The receipt of e-money is only concluded after the Client accepts it, at which point Sureswipe clears the balance in the Account and makes it available for other payment or withdrawal Transactions. Notifications from Sureswipe or Oktopay that You are the recipient of e-money do not constitute a confirmation that the balance has been cleared and has become available. You acknowledge and agree that a payment Transaction is completed and received by You upon acceptance even if it becomes subject to a reversal for reasons stated in this Agreement or its updates/amendments as it may be updated/amended from time to time.

6.7 Invalidation of a Transaction by means of reversal or cancelation, or suspension of a Transaction does not release You from any liability towards Sureswipe and You will remain liable for any amount due to Sureswipe plus any Fees that relate to the payments.

6.8 A recipient can receive funds in any currency allowed by Sureswipe irrespective of the currency maintained in the Αccount at the time of the receipt for as long as the payment is accepted. In such instances, Sureswipe will credit Your balance with the amount in the currency it was sent. Sureswipe does not offer currency conversion service at this time, and You acknowledge and agree that where You hold balances in multiple currencies, at time of withdrawal, Your receiving Funding Source may cause You to convert the currency balances to the reference currency of the Funding Source’s account. This may lead to additional charges not relating to Sureswipe and the Service and for which Sureswipe is not responsible for. Contact Your Funding Source directly to inquire about such potential charges and their currency conversion policy.

6.9 Sureswipe is not responsible to determine any applicable taxes relating to Your Transaction, nor is it responsible to collect, report and remit any taxes arising from any Transaction. You agree that it is Your sole responsibility to determine the applicable taxes relating to a Transaction and further to collect, report and remit tax balances arising from any Transaction to the relevant tax authority.

7. ACCOUNT BALANCES AND TRANSACTION INFORMATION

7.1 You can check the balance of Your Account and Your Transaction history information by accessing their online account at any time. The process of doing so is by logging into Your Account by entering Your login credentials (username and password). You will then be requested to enter the SMS code You receive on Your mobile device for further authentication and to obtain access to Your account and Your account details. The balance will be shown at all times on the left corner of Your Account interface. To access Your transaction history, You will need to select the “Transactions” tab/button. By selecting the “Transactions” option, You will be able to access and review the entire Transaction history that was processed by Sureswipe’s system irrespective of where the Transaction was initiated (for example Merchant, Funding Source, or OKTO site). The Transaction history will include detail of the service, the Transaction number, currency, the Transaction value, and the Transaction status.

7.2 A balance will always be shown even if the amount is zero. Positive balances will not be paid any interest since the balance is in e-money and the Account is not considered a deposit account making it illegal to earn interest.

7.3 You agree that Sureswipe may settle any outstanding balances owed to it by using amounts from the balance You maintain in Your OKTO Account. Sureswipe will try to settle any amounts due to it by You in Euro. In the rare event that You will owe Sureswipe an Amount and will not have a balance in the Euro Account, Sureswipe may use a variety of methods to settle the balance. You agree that such potential methods may include:

7.3.1 Deduction from e-money received into Your Account;

7.3.2 Deduction from the amount requested for withdrawal;

7.3.3 Use of amount in a different currency under Your Account. Should this method be used, You agree to be liable for any conversion costs.

7.4 Any balances that You owe to Sureswipe for more than 15 working days will automatically be deducted from any available balance in any currency You may hold in Your account. Sureswipe has the right to convert that amount into Euro with the cost of such conversion be borne by You.

7.5 As security for any potential balances that You may owe to Sureswipe, the You agree to grant Sureswipe with a first right or legal claim (a “lien”) on balances and proceeds in his account.

7.6 The currencies Sureswipe allows You to transact in have no peg to any other currency and their value fluctuates daily. Maintaining balances in more than one currency can be risky and may result in potential loss (or gain) that will be realized on the day You decide to withdraw Your balance in a currency other than the currency in Your Account. Maintaining multiple currency balances for speculation (forex trading) is prohibited by Sureswipe. You agree not to take such action and You accept the risk nonetheless of any potential loss stemming from maintaining multiple currency balances.

8. WITHDRAWING/REDEEMING E-MONEY

8.1 A withdrawal is effectively a request to redeem e-money in Your Account and convert them into fiat money. You can instruct Sureswipe to withdraw all or part of Your Account balance in the currency the balance is maintained for as long as the Funding Source can accept payments denominated in the currency of Your Account. A withdrawal can only be made to an existing Funding Source that has been confirmed as Your own. For withdrawals below the first limit (of unverified status) the “confirmation” is simply the fact that You have already used the Funding Source to fund Your OKTO Account. In case You have obtained a verified status and Your limit has been extended, the confirmation must come in the form of proof that the Funding Source is verifiably Yours. Confirmation of a verified status Funding Source must include information similar to those provided to Sureswipe to achieve verified status. For details, You may check the Limits section on the OKTO Website.

8.2 A periodic receipt limit may be imposed on Your Account either by requirement of the anti-money laundering laws and regulations, or at our reasonable discretion (for example, without limitation, to limit fraud or credit risk). In no event will such limits exceed the maximum allowable limits set by the applicable legislation including mainly the anti-money laundering legislation. Any such limits set can be viewed in Your Account details.

8.3 There are at least two receipt limits imposed on all Accounts. In order to lift Your initial withdrawal limit, You must complete the necessary steps set out below to obtain a verified status. The procedures by which Sureswipe will require You to change Your status and lift Your limits may change, from time to time and the relevant information regarding the new methodologies will be provided to You.

8.4 Sureswipe is entitled to review all withdrawal Transactions and will do so in cases it deems to be of higher than normal risk. Such reviews will occur when Sureswipe has reasonable suspicion that the withdrawal Transaction may involve a Restricted or prohibited Activity, or any other reason that may be determined by Sureswipe from time to time. When a withdrawal is reviewed, Sureswipe will hold the redemption and deem Your withdrawal/redemption instruction as a future payment order. Once Sureswipe determines that there is no longer a risk in proceeding with the redemption, it will do so within the time specified in this Agreement. You agree that Your withdrawal/redemption instruction for a restricted Transaction becomes effective one work day after the restriction is lifted.

8.5 The User accepts that withdrawal of any part of the funds shall be concluded using the same transfer method and the same remitter as the one which Sureswipe originally received the funds from; under such circumstances, Sureswipe shall return the part of the funds requested net of any transfer fees or other charges incurred by the Company.

8.6 Sureswipe reserves the right to decline a withdrawal that the User requested using a specific transfer method and has the right to suggest an alternative.

8.7 If, at any time, Sureswipe is not satisfied with the documentation provided by the User in relation to the withdrawal/deposit, Sureswipe reserves the right to reverse to the remitter any part of the funds net of any transfer fees or other charges incurred by Sureswipe, using the same transfer method as the one through which it originally received the funds.

9. TERM AND TERMINATION OF THE AGREEMENT (CLOSING OF YOUR ACCOUNT)

9.1 The period of this Agreement will extend from the day You open an Account to the day You either decide to close the Account, or Sureswipe decides to close Your Account and terminates the Agreement for any one of the reasons stated in section 11.1 below. Subject to the conditions stated in section 9.2 below, You can close Your account by sending an email to support@oktopay.eu or support@oktopay.freshdesk.com requesting the withdrawal of any available balances and the closing of the Account. Note that withdrawing all the available balance does not automatically lead to Account closure and Your explicit request to close the Account is required to do so unless the Account remains dormant for a period exceeding 36 months and any effort to communicate with You during the dormancy period proves unsuccessful. By closing Your Account, You agree to forfeit any non-monetary funds such as bonuses, coupons and/or vouchers (if applicable). You further agree that any pending Transactions will be cancelled and any instructions for recurring payments will be withdrawn. Your balance in the Account, if any, should be fully withdrawn/redeemed at the time of the Account closing and the Agreement should be terminated. Sureswipe’s or (to the extent permitted under the applicable legislation) Oktopay’s representatives can assist You with the Account closing process and can provide You additional information if needed.

9.2 Αn Account cannot be closed if it is being investigated by Sureswipe for fraud or other reasons that require such action. Sureswipe has the right to hold the balance in Your account for a period of 120 calendar days from the day You seek to close Your account, in order to protect itself and any third party against any potential liabilities of any nature, that stem from Your Account use or the causes of the investigation. You agree that even after Your Account is closed that You will remain liable for any liabilities that may arise as a result of Your use while Your Account was active.

9.3 E-money is valid until the time of redemption and will not be subject to any limitation. Despite the validity of the e-money in Your Account, if Your Account remains dormant (inactive) for a period of 36 months, Sureswipe has the right to close the Account or charge maintenance fees. All Accounts with zero balance will be closed in which case You will be notified that Your account has been closed and that the Agreement has been terminated. Any Accounts with a balance that are dormant may remain active for a period of 6 months to allow the Client time to either reactivate the Account or close it. Sureswipe will inform You that the Account has been declared dormant and the options You have to avoid being charged with maintenance fee If You do not respond by the end of the 6-month period, Your Account will be closed and any remaining balance will be send to Your stated Funding Source in accordance with the information on record. Should the information on record be outdated and the Funding Source be unavailable, Your funds will remain in Sureswipe’s client account or any other account where client balances may be held, until You claim those funds.

10. FEES AND CURRENCY CONVERSION

10.1 Fees for Users registered in Cyprus and other Territories are set out in the OKTO Website. Oktopay will notify You of any fees that relate to services not indicated in the OKTO Website at the point where the Services are offered.

10.2 Sureswipe does not currently offer currency conversion services. Should it do so in the future this segment will be updated accordingly.

11. RESTRICTED (OR PROHIBITED) ACTIVITIES

11.1 Sureswipe has listed a number of Activities that are Restricted or prohibited as they relate to the use of the Services, the terms of this Agreement, the applicable laws, regulations, directives and decrees that may be issued from time to time by Sureswipe, the jurisdiction it is authorized, the jurisdictions of its cross-border activities and the European Union/European Commission. You agree that engaging in any of the below activities, may cause the Services quality to suffer, and that You may restrict the level of safe access that You or any other client may enjoy. Such activities include:

11.1.1 Violating any law, regulation, directive, statute or contract in relation to the Service received, including without limitation, money laundering laws and regulations, consumer and personal data protection, the Electronic Money Institution Law and its directives;

11.1.2 Violating the terms and conditions of this Agreement, including without limitation the Acceptable Use policy, the Sureswipe and OKTO Privacy Policy, the Refund Policy the opening and use of multiple accounts, and operating an account under false pretences;

11.1.3 Acting in a manner that is offensive, harassing or demeaning to other Clients, to Sureswipe, Oktopay and/or its partners and third parties;

11.1.4 Providing inaccurate, disingenuous, or entirely false (deliberately) information without justifiable cause;

11.1.5 Sending and receiving what may be deemed as unauthorized funds or funds from fraudulent transactions;

11.1.6 Not being cooperative with Sureswipe or Oktopay when requested to provide additional information that will allow Sureswipe to better familiarize itself with the nature of Your business and continuing operations;

11.1.7 Refusing to provide confirmation of Your identity and verification of Your details when requested upon, in order for Sureswipe to perform an investigation when needed;

11.1.8 Using tools and mechanisms to conceal Your online identity and location (use of proxy and other anonymizing technics).

11.1.9 Controlling an Account with close links to another Account. The close link in this case exists when the Accounts have a common person exercising control and giving instructions, and/or the beneficial ownership of the Account as indicated by the common Funding Source is linked. Shared attributes are an indication that close links between two or more Accounts exist;

11.1.10 Causing and maintaining an Account with a balance owed to Sureswipe (negative balance);

11.1.11 Engaging in activities (in accordance with information in the Sureswipe’s possession) that may present Sureswipewith increased risk of fraud or credit exposure that is beyond the acceptable limits set by Sureswipe.

11.1.12 Engaging in activities that lead to Sureswipe handling a disproportionate number of claims settled in favor of the claimant Client;

11.1.13 Using the Service from a jurisdiction that Sureswipe’s cross border authorization does not cover and which is not included in the Territories;

11.1.14 Sending unsolicited email in exchange for a payment, or sending unsolicited emails and other communication to Sureswipe’s Clients;

11.1.15 Intentionally or unintentionally facilitate any malicious computer programming routines that may cause damage, harmfully interfere with, clandestinely capture or steal any system, data or information;

11.1.16 Intentionally or unintentionally using any automatic device process, or manual process to monitor or copy our website without the Sureswipe’s prior written permission;

11.1.17 Using any device and/or software that intentionally or unintentionally interferes with the proper operation of our platform and the OKTO Website;

11.2 Your actions causing our internet service providers (ISPs), payment processors, or other suppliers to seize offering their services to Sureswipe;

11.3 Revealing Your Account login details to anyone for any reason. None, other than You, is authorized to use this Account and disclosing to another party Your login details is a violation of the terms of this Agreement. Sureswipeis not responsible for any losses You may incur, without limitation, as a result of Your Account being used by a third party;

11.4 Acting in a manner that has a negative interference with the provision of the Service in accordance with the terms of this Agreement;

11.5 Using the Service in a manner that could present a risk of non-compliance with the applicable anti-money laundering, counter terrorist financing and other relevant regulatory obligations. One such use and potential offense for not complying with such obligations is Your lack of cooperation in providing identity confirmation details and the inability to verify Your identity potentially exposing Sureswipe and/or Oktopay to the risk of any regulatory fines by European or other authorities as a result of processing Your Transactions;

11.6 Using the Services in a manner that may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Sureswipe, Oktopay a Client, or a third party; or

11.7 Using the Service in a manner that deviates from what is prescribed in this Agreement.

11.8 In order to ensure the safety of Your Account and of the Service provided to You, You agree to do the following:

11.8.1 Refrain from engaging in any Restricted Activity;

11.8.2 Keep Your login details (username and password) along with Your Funding Source details safe and do not disclose to or allow anyone to access these details in any way. Only use the login details for the use of the Service;

11.8.3 Try to conceal Your password in order to make it hard for others to understand;

11.8.4 Try to avoid using as a password information that can be known to a number of people like Your birthday, ID number, telephone number, or a sequence of letters and numbers that can easily be guessed;

11.8.5 Try not to allow any prying eyes from seeing You entering Your login details;

11.8.6 Do not use any functionality, either device or software specific, that allows You to store (“remember”) Your login details as they may be compromised;

11.8.7 Ensure that You do not remain logged in Your Account after You have finished accessing the Service and if You are using a browser it is recommended that You also close the window/tab that You used to access Your Account. This way You can ensure that other unauthorized persons cannot access Your Account especially when using an unsecured public access hotspot (“Free WiFi” locations);

11.8.8 Refrain from using any functionality that saves or stores Your password or PIN on Your access device;

11.8.9 Comply with all reasonable instructions Sureswipe may issue from time to time in relation to this subject matter;

11.8.10 Keep Your personal details up to date in order to be able to confirm that You are the authorized person for the Account. This cannot be done if the information (email, address, telephone number) Sureswipe and/or Oktopay has on record do not match the information that You try to reach us from.

12. CLIENT LIABILITY

12.1 Clients can be liable for the following issues (or other issues that may be communicated to You by Sureswipe and/or Oktopay from time to time).

12.1.1 Using the Services in a manner that results in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Sureswipe, Oktopay, a Client, or a third party, will make You liable for the outcome. In such a case, You agree to reimburse Sureswipe, Oktopay, a Client, or a third party for any and all such liability, and for Sureswipe to settle any amounts owed as a result of the liability from Your available balance. Should Your balance be insufficient to cover the amount, You agree that Sureswipe may use any Account proceeds from a Transaction, and in the event that such amounts do not cover the liability, allow the holder of the claim to recover the amount through other legal means available.

12.1.2 In case of disputed amounts resulting from purchaser claim, reversal on a payment You received, or Chargeback, Sureswipe will block the use of enough funds in Your Account to cover the full amount of the dispute. The block will not affect the use of Your Account if You have a residual balance in excess of the blocked disputed amount. The block is restricted to the disputed balance amount. Should the dispute be resolved on Your favor, Sureswipe will restore the full access to Your Account and remove the block from the formerly disputed Amount. To the contrary, if the dispute is resolved in favor of the opposing party, the blocked Amount will remove the required amount from Your Account in settlement of the dispute resolution decision.

13. SURESWIPE’S LEGAL RIGHTS

13.1 Sureswipe and/or Oktopay has the legal right (and in certain cases obligation) to take actions necessary to remedy a condition caused by Clients’ actions. Sureswipe and/or Oktopay will take action to protect its own interests and those of its Clients, associates and other third parties that may be affected by suspected Restricted or prohibited Activities. Such remedial actions may include but not be limited to the following:

13.1.1 Sureswipe may suspend, block partially or completely any Transaction, limit the use of, cancel the access to or close Your Account entirely. Such action will limit or freeze:

13.1.1.1 access to Your balance funds, Your ability to draw funds from or remit funds to Your funding sources;

13.1.1.2 sending money;

13.1.1.3 receiving money;

13.1.1.4 withdrawing/redeeming money;

13.1.1.5 making amendments to Your Account details; and/or

13.1.1.6 access to Your Account history.

13.2 Sureswipe’s practice is to offer advanced warning of any such action, but You agree that it is not required to do so, and given reasonable justification (such as preventing to alert any party of the suspicion of money laundering also known as “tipping off”, or if it poses a risk to Sureswipe ‘s infrastructure security);

13.2.1 Sureswipe may reverse a payment Transaction on the grounds of reasonable suspicion that it violates, or on proof that it violates the Restricted Activities rules and/or the policy of acceptable use of the system/Service.

13.2.2. Sureswipe may refuse any payment Transaction for any reason without limitation. Provided it is not prohibited by any applicable law, Sureswipe will be required to provide information as to the reason it took action, what caused it to take action, and any remedial action the affected party may take to resolve the refusal issue if possible;

13.2.3 Sureswipe may refuse to provide any of the Services at any point in time;

13.3 The law requires that any information relating to the identity of the Client be kept updated at all times. Sureswipe may require You to either update Your information if it deems that they may be outdated or missing. It may further require You to provide information needed to verify Your identity even without You requesting to lift any sending, receiving or withdrawing limits imposed on Your Account;

13.4 For the purposes of dealing with restricted Activities, Sureswipe may disclose information relating to such actions to third parties but always keeping in line with the terms of the Privacy Policy;

13.5 Sureswipe may block a required balance of Your funds, for a reasonable period of time which in any way not exceed 36 months (unless otherwise required by law, decree or court/regulatory authority decision) as may be deemed necessary to protect against the risk of liability.

13.6 Sureswipe has the right to take legal action against You in the courts of its legal jurisdiction.

13.7 Sureswipe may limit or block access to Your Account, if there is suspicion of unauthorized access by a third person and such action will be without prior notice. Once the action is taken, Sureswipe will notify You of the limitation or blocking and the reason for it. Once the issue is resolved and if appropriate, Sureswipe will allow You to request reinstatement of Your access rights.

13.8 Where required by legal circumstances including any breach of the terms and conditions of this Agreement, Sureswipe has the right to close a Client’s Account without prior notice and at any time. Sureswipe also has the right to close an Account and terminate the Agreement, even if the aforementioned conditions are not the cause, and without reason by giving a 2-month notice to the account holder. Should this occur, Sureswipe may provide You (but not obligated to) with a reason for electing to close Your Account and will allow You to withdraw any funds that are not blocked for any other reason.

13.9 Suspending a payment Transaction: You agree that Sureswipe may suspend a payment Transaction, which based on available information at the time, can be reasonably deemed as above acceptable risk levels. Should Sureswipe take such action, You will be notified.

13.10 Should the thread of excess risk be eliminated, Sureswipe will lift the suspension allowing the payment Transaction to be concluded. If the suspension is for purposes other than acceptable risk levels or transaction risk, but rather relates to action taken as per section 11.1.1 above, Sureswipe may continue the suspension until the disputed matter is resolved.

13.11 Sureswipe has the right to close the Account and terminate the Agreement if the Client objects to the suspension. The Client also has the right to close the Account if he/she objects to the suspension. You agree that Sureswipe may reasonably request that You provide additional information that will either reduce or eliminate the risk that is causing the suspension. If You refuse to provide such information, Sureswipe has the right to close Your Account and terminate the Agreement. In case of Account closure, Sureswipe may block an amount equal to the amount relating to the payment Transaction under scrutiny, in order to cover for any potential obligations resulting from the Transaction.

13.12 In order to be compliant with the applicable anti–money laundering obligations, Sureswipe may require You to provide additional information that relate to Your identity and potentially financial status. Such information is substantially more than what a Client is asked to provide when opening an account based on a framework contract. You agree that You will comply with such requests and provide Sureswipe with the details either by email, fax or any other means or form as may be required. Such details may include identification documents to confirm identity and place of residence, as well as (if needed) provide us at Your own expense with information on Your sources of income, and if You are a legal entity with details of Your operations, and audited financial statement (or if not possible management accounts). 

14. ERRORS AND UNAUTHORIZED TRANSACTIONS

14.1 Sureswipe recognizes that unauthorized or erroneous Transactions may occur and stresses the importance of monitoring Your Account on a regular basis by accessing the Transaction history segment and reviewing the Transactions listed. Should You suspect or believe that there was unauthorized activity in Your Account and that potentially one of the below instances occurred, immediately inform Sureswipe to take all necessary remedial actions. The list may not be exhaustive:

14.1.1 Your Account has been accessed by another person with no authorization for such access;

14.1.2 Your Account was used for a transaction You did not authorize;

14.1.3 Your password has been compromised;

14.2 You are also expected to immediately inform Sureswipe of any erroneous transaction that may have taken place relating to Your Account, in order for Sureswipe to investigate the cause of the error and take remedial action as necessary. For as long as Sureswipe is content with the justifications provided in relation to the unauthorized use, Sureswipe will not hold You liable for the unauthorized transaction. It will however, exercise its legal rights and hold You fully liable when Sureswipe deems that You tried to defraud by acting in deliberate fashion in granting access to a third person by willingly providing or “unintentionally” exposing Your login information to that person. Sureswipe will also hold You responsible and liable when it evidently realizes that either with gross negligence, or intent, You fail to comply with the obligations stemming out of this Agreement and its terms and conditions.

14.3 The most immediate way to contact Sureswipe and Oktopay is by completing and submitting the online form found on the OKTO Website, or alternatively contacting one of its members by sending an email to support@oktopay.eu or also support@oktopay.freshdesk.com with the subject heading “Erroneous transaction” or “Unauthorized Transaction”. You shall also submit a written record of the incident providing Sureswipe with any information You may have in Your possession so as to make the investigation process faster and the remedial action quicker. Written records can be in the form of an email addressed to the same address referenced in this section and with the same subject heading options. You are expected to reasonably assist Sureswipe and You agree that certain information You provide may be provided to a third party relevant to the case in hand always in accordance with the Privacy Policy.

14.4 Sureswipe will review the reports submitted and revert with the investigation results within 15 working days from the day the notice is initially provided by the Client. Depending on the complexity of the investigation, Sureswipe may take up to an additional 3 months to further investigate the report before coming to a conclusion. Sureswipe will try to remedy any error caused by its actions almost immediately to enable its Client unobstructed use of the Account.

14.5 After the investigation is concluded and the results of the investigation are ready, they will be communicated to You in writing by generating a ticket in the system and sending it to You, and will include the result of the investigation and an explanation of the findings that led to the final result. In the event that Sureswipe provisionally treated a Transaction as erroneous and credited Your Account with the relevant balance, and the investigation resulted in “no error”, Sureswipe will have the right to debit Your Account for the same amount as if the Transaction was never reported as erroneous. The Clients who reported an error can request copies of the material that was used for the investigation.

14.6 The liability of any unauthorized Transactions that evidence does not suggest that there has been any fraudulent, deliberate or gross negligent action or behavior by the Client, will fall on Sureswipe. In such cases the Client will receive full reimbursement of the amount relevant to the reported unauthorized transaction(s) from the Client’s Account. Clients will be entitled to such reimbursement only if they report such unauthorized Transaction incidents to Sureswipe within one calendar year from the date the first unauthorized Transaction incident was executed. Where the reported incident demands further investigation, Sureswipe will follow the process described in section 14.3 above.

14.7 The Clients are entitled to a refund of the full amount of any authorized payment Transaction whether the Transaction was initiated through the system, through a Merchant’s website or other third party, provided that any conditions that make the Client eligible for such a refund are met.

14.8 Sureswipe will rectify all errors that may originate from its system. Errors are normally discovered during the fund reconciliation process. For instances where Your Account was erroneously credited with less money than You were entitled, Sureswipe will credit the difference in Your Account. If the opposite occurs and Your Account is credited with more money than it should, Sureswipe will debit Your Account for the difference. Sureswipe will be liable to refund any Transaction that has resulted in either not being of correct amount or not being executed in time and for any losses or damages directly resulting from this failure unless:

14.8.1 You did not have sufficient funds in Your Account to conclude the Transaction and the cause of this insufficiency was not Sureswipe;

14.8.2 You tried to execute the Transactions at a time that it was known to Users that the system was not properly functioning, either due to maintenance or unresolved technical issues; or

14.8.3 Because of circumstances beyond Sureswipe’s control (such as acts of God or other technical issues such as online connectivity) the transaction could not be properly executed despite Sureswipe’s best endeavors to the contrary.

14.9 Sureswipe will not be liable for any such incomplete/failed Transactions unless a Client reports such incomplete/failed Transaction to Sureswipe within one calendar year from the date he/she became aware of the incomplete/failed transaction and reported it to Sureswipe.

15. MISCELLANEOUS

15.1 No Waiver: No failure or delay by a party to exercise any right or remedy provided under this agreement or by law shall constitute a waiver of that (or any other) right or remedy, nor preclude or restrict its further exercise. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that (or any other) right or remedy; and will not be construed as a waiver of any subsequent breach or default under the same or any other provision of this agreement.

15.2 Entire Agreement: This Agreement, its schedules and all constituent documents and documents referred to, constitute the entire agreement between the parties with respect to the subject matter hereof, and supersede and cancel all prior understandings, agreements and discussions between them, oral or written, with respect to such subject matter.

15.3 Severability: All the provisions of this Agreement are distinct and severable. If any provision of the Agreement (or part of any provision) is found by any court or other authority of competent jurisdiction to be invalid, unenforceable or illegal, this shall not impair the operation of this agreement or affect the other provisions which are valid.

15.4 A person who is not a party to the Agreement has no rights to enforce the terms of the Agreement.

16. DISPUTES AND DISPUTE RESOLUTION

16.1 Sureswipe understands that there may be a dispute between it and a Client in relation to the Services provided. The aim is to try and resolve the dispute in an efficient and effective manner that will keep its Clients satisfied with their overall experience with Sureswipe. It further understands that some disputes may be hard to resolve without the contribution of an independent party and in certain cases without using a dispute resolution mechanism.

16.2 As a first step You can report a dispute between You and Sureswipe by contacting Sureswipe’s Client Administration department by email to support@oktopay.eu or also support@oktopay.freshdesk.com or by submitting the online form and a client service representative will issue a ticket in reference to the dispute matter. Sureswipe will then review the dispute claim and try to address it as quickly as possible. The client service representative will then communicate to You the dispute resolution mechanism and the proposed remedy to resolve it.

16.3 If following Sureswipe’s effort to resolve the dispute or handle the complaint You are still not satisfied, You may take other measures to escalate the complaint against Sureswipe by using any of the following mechanisms listed below:

16.3.1 European Consumer Centre (ECC-Net). You may obtain further information regarding the ECC-Net and how to contact them at (http://ec.europa.eu/consumers/redress_cons/).

16.3.2 The Financial Ombudsman of the Republic of Cyprus (http://www.financialombudsman.gov.cy/forc/forc.nsf/page16_en/page16_en?OpenDocument)

16.3.3 Central Bank of Cyprus (http://www.centralbank.gov.cy/nqcontent.cfm?a_id=1)

16.3.4 For Greece based clients:

16.3.4.1 The Greek Ombudsman (https://www.synigoros.gr/?i=stp.en.home)

16.3.5 The Financial Ombudsman of the Republic of Cyprus (http://www.financialombudsman.gov.cy/forc/forc.nsf/page16_en/page16_en?OpenDocument)

16.3.6 Bank of Greece (https://www.bankofgreece.gr/)

16.3.7 Central Bank of Cyprus (http://www.centralbank.gov.cy/nqcontent.cfm?a_id=1)

16.3.8 For Italian based PSUs:

16.3.8.1 The Banking and Financial Ombudsman – Arbitro Bancario Finanziario (ABF) (https://www.arbitrobancariofinanziario.it)

16.3.8.2 The Financial Ombudsman of the Republic of Cyprus (http://www.financialombudsman.gov.cy/forc/forc.nsf/page16_en/page16_en?OpenDocument)

16.3.8.3 Banca D’Italia (https://www.bancaditalia.it/servizi-cittadino/servizi/esposti/index.html?com.dotmarketing.htmlpage.language=102)

16.3.8.4 Central Bank of Cyprus (http://www.centralbank.gov.cy/nqcontent.cfm?a_id=1)

16.4 Governing Law: The Agreement and all matters arising from it and any dispute arising between the parties in connection with the Agreement shall be governed and construed in accordance with the laws of the Republic of Cyprus. The competent courts of the Republic Cyprus shall have exclusive jurisdiction in any legal proceedings resulting or connected with the Agreement, and the parties hereby irrevocably submit to such exclusive jurisdiction. However, this shall not prevent us from bringing any action in the Court of any other jurisdiction for injunctive or similar relief. Language: Where we provide You with a translation of the English language version of the agreement, privacy policy or any other document, You agree that the translation is provided for Your convenience only and does not come to modify the English version and You agree that the English language versions govern our relationship. Both parties agree to conduct all communications in relation to the Agreement in English. Where we send, or accept a communication which is not in English this will be done for Your convenience only and will not be held to derogate from the aforementioned or as a precedent for subsequent correspondences.

16.5 Any failure by Sureswipe or Oktopay to act in relation to a breach by a Client of the terms of this Agreement should not be construed as surrendering Sureswipe’s or Oktopay’s right to act in the case of analogous or subsequent breaches.

16.6 In the event that Sureswipe or Oktopay is deemed to have breached the Agreement leading to loss and causing direct damage to the Client, its liability will be limited to the following:

16.6.1 In no event shall Sureswipe or Oktopay, its associates, its affiliates and other related persons who act on its behalf, and/or the persons Sureswipe or Oktopay enter into contracts with, be liable for any of the following types of loss or damage in relation to this Agreement or otherwise:

16.6.1.1 any loss or damage whatsoever that is not directly related to Sureswipe’s or Oktopay’s breach of this Agreement; or

16.6.1.2 any loss of revenue, profits, business, goodwill, contracts, or savings even if Sureswipe or Oktopay was informed of the possibility of such occurrence; or

16.6.1.3 any loss or corruption of data; or.

16.6.1.4 any loss or damage whatsoever that is directly related to Sureswipe’s or Oktopay’s breach of this Agreement.

16.6.2 Should Sureswipe’s or Oktopay’s actions result in personal injury or death, by committing fraud, gross negligence, willful misconduct or fraudulent misrepresentation, its liability will not be limited under this Agreement to the extent that such limitation or exclusion is not permitted by applicable law.

16.7 The Services are provided as specifically stated in this Agreement without any warranty. There is not guarantee that the access to any part of the Service will be uninterrupted or secure, neither that there will be no delays or failures in delivering the Services under this Agreement. Sureswipe or (to the extent related to its obligations) Oktopay may undertake to perform maintenance and/or repair work on the systems that may restrict a Client’s access to the Account. Sureswipe or Oktopay expects that such scheduled or unscheduled maintenance works, may extend for a certain period that will limit/restrict access to the system (including THE OKTO Website).

16.8 Nor Sureswipe neither Oktopay can ensure that the parties in a Transaction will complete the Transaction. Nor Sureswipe neither Oktopay have any control over the products or services that are paid for with the Service.

16.9 To the best of its knowledge, Sureswipe and Oktopay will spare no effort to ensure the accuracy of the information each of them provides to the Clients. None of them however, can guarantee the accuracy of the information, and Clients are warned/encouraged not to place great reliance on such information for their decision making process. A Client is responsible for understanding and complying with any laws, rules and regulations of his /her specific jurisdiction that may be applicable to him/her in connection with the use of the Services.

16.10 Clients agree to indemnify and hold Sureswipe and Oktopay, its employees, affiliates, associates and any persons or who are authorized to act on its behalf harmless from any claim or demand (including legal fees) made or incurred by any third party as a result of the their or their employees’, affiliates, associates, or agents’ breach of this Agreement, breach of any applicable law and/or use of the Services.

16.11 This Agreement (including any Schedule) in its entirety constitute the basis of the relationship between the Sureswipe, Oktopay and the Clients. Sections 3, 9, 10, 12, 14, 16, as well as any other terms which by their nature should survive, will survive the termination of this Agreement. If any provision of this Agreement shall be held to be invalid or unenforceable, the same shall be deemed to be deleted to the extent necessary to cure such invalidity or unenforceability and all other provisions of this Agreement shall remain in full force and effect.

17. SOFTWARE USE AND LICENSING RIGHTS

17.1 Sureswipe and Oktopay, the system vendor and where applicable its Licensors, grant You a limited, non-exclusive, non-transferable license for the use of any software application(s) You access through, or have downloaded to Your personal computer, mobile device, or platform, including an Application Programming Interface (API) or a Developer’s toolkit where applicable. In accordance with this Agreement, this software should be for Your personal use only. Transferring Your usage rights, leasing or renting of this software is strictly prohibited and any such action is cause for termination of this Agreement and potentially other actions against You. You further agree not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code which is derived from the software. With this You acknowledge that all rights to this software belong exclusively to Sureswipe and Oktopay, or to a third-party provider depending on the contractual arrangements between the Sureswipe and/or Oktopay and the third-party provider.

17.2 The rights to any software application You may use through the OKTO eWallet belonging to a third party is subject to license and usage terms You agreed to with the third-party provider. For as long as Sureswipe or Oktopay does not own any rights to the software application provided by the third party, it will have no control over it and You acknowledge that neither of the aforementioned entities will bear any responsibility over any issues that may arise from their download and/or use, including but not limited to potential threat from malicious software.

Updated on: 27.10.2020