Here, you’ll find all the important information about our terms, policies, and compliance standards. We’re committed to being transparent and ensuring our services meet the highest legal and regulatory standards to protect your business and data.
Version 7.0
Effective from 1 July 2026
MAAYAN is an electronic money institution authorised and regulated by the Financial Conduct Authority (FCA) with firm reference number 927556.
If you are only a visitor of this Website, please refer to our Privacy Policy and Cookies Policy found in the Legal section of the Website. If You do not agree to these policies, please do not access or use the Website.
These Terms and Conditions govern the legal relationship between MAAYAN and you as a Customer using MAAYAN’s Services.
Before receiving MAAYAN’s Services, Customers shall be requested to confirm that they have had the opportunity to and have read these Terms and Conditions in their entirety, that they agree to and accept them. By using the Services, You undertake to follow these Terms and Conditions at all times.
These Terms and Conditions are found in the Legal section of the Website, which also includes Our Privacy Policy, Cookies Policy, Fraud Prevention Notice, Vulnerable Customer Statement, Safeguarding Statement, Complaints Policy and Consumer Duty Statement. All these policies, notices, statements and any further policies, notices and statements found in the Legal section of the Website from time to time form an integral part of these Terms and Conditions.
We may occasionally update the Legal section of the Website at Our absolute discretion and it is Your responsibility to check the Website for these updates. Certain updates may be previously notified to You as provided in these Terms and Conditions.
If You do not agree to these Terms and Conditions, please do not use the Services.
| Write to us | MAAYAN PAYMENTS LTD, Unit 13, Bourne Court, Suite 2, Southend Road, Woodford Green, IG8 8HD, UNITED KINGDOM |
| Email us | [email protected] |
| Call us | +44 20 3769 2770 on any UK Business Day 9am to 5pm |
Unless expressly stated otherwise, in these Terms and Conditions, the following terms shall have the following meaning:
a MAAYAN personal or business account that We created for You maintained in Our Remote System where Your e-money balance is recorded.
means these Terms and Conditions, the Fee Schedule and any Service Agreement, which together contain MAAYAN’s and Your respective responsibilities and obligations for the Services provided to You.
codes, passwords and other identifiers or actions which We require to authenticate Your access to the Remote System and/or for confirmation of Payment Orders, such as the one-time password (OTP) generated by the Remote System and delivered via push notification, SMS or e-mail to Your device or account, accordingly.
occurs when a fraudster manipulates or deceives You into sending money for a purpose and to an account that You believe is legitimate but is in fact a scam. Further information on this type of scam can be found in Our Fraud Prevention Notice in the Legal section of the Website.
a day within Our working hours, which is not Saturday, Sunday, or a bank or public holiday in the UK. Our working hours are from 9:00 a.m. to 5:00 p.m. London time.
a consumer is:
You, as a Customer are deemed a Consumer if you fall into any of the above categories.
Please also check Our Vulnerable Customer Statement found in the Legal section of Our Website where We set out principles that may apply to You in the event that You fall within this category.
a natural person (individual) or legal person (entity) who or which has been accepted by MAAYAN to use, uses or has used MAAYAN’s Services. The terms “Customer”, “User”, “You” and “Your” are used interchangeably in these Terms and Conditions.
the username (being Your e-mail specified during registration) and unique password created by You to access the Remote System and any other credentials used by Us to identify You, such as the Authenticator.
Our fees that have been communicated to You and accepted by You prior to the provision of Our Services to You. The Fee Schedule forms an integral part of our Agreement.
means MAAYAN PAYMENTS LTD, a company incorporated under the laws of England (company registered number: 12552087). The terms “MAAYAN”, “We”, “Our” and “Us” are used interchangeably in these Terms and Conditions.
MAAYAN’s mobile application (available for download on Google Play and the App Store) suitable only for supported Android or iOS devices and which allows You access to Your Account on the Remote System.
an action initiated by You in the Remote System for making an e-money transfer out of Your Account.
a personalised device (e.g. Your Visa Card, desktop computer, mobile phone, tablet or any other such device) or a set of procedures (e-channels) that allow You to access and use Your e-funds, to make a Payment in accordance with these Terms and Conditions and information published on the Website.
Your instruction to Us to execute a Payment.
any information or data which can be used to identify an individual. Further information on Personal Data can be found in Our Privacy Policy in the Legal section of the Website.
the e-platform that holds Your Account to which You have remote access via the Mobile App or Website portal.
The Remote System is developed and managed by Us via Third Party Services provided by Iorys. See relevant website https://iorys.com/.
Terms and Conditions regarding Our Remote System are set out in section 3 (Remote System) below.
means a separate agreement governing any specific Service offered to a Customer. It is understood that these Terms and Conditions form an integral part of any such Service Agreement. Unless otherwise specifically stated in the Service Agreement, in the event of a conflict, these Terms and Conditions prevail.
MAAYAN’s services or products that it offers to its Customers, as these are set out in section 1 (MAAYAN Services) below.
means the current version of these Terms and Conditions and any policy, notice and statement referred to herein (all of which form an integral part of these Terms and Conditions) as these documents may be amended from time to time and posted in the Legal section of the Website.
Services made available to a Customer via a third party. Provisions regarding Third Party Services are set out in section 2 (Third Party Services) below.
Our website www.maayanpayments.co.uk
1.1. MAAYAN’s main Services are:
| SERVICE | DESCRIPTION |
|---|---|
| Personal Account |
|
| Business Account |
|
| Execution of Payments |
|
Currency exchange |
|
| Visa Card |
|
| Acquiring Services |
|
1.2. In addition to the above Services, MAAYAN may from time to time offer any auxiliary services to its Customers. Any such auxiliary services, for such time as they are available and offered, will be governed by the existing Agreement with the Customer and any supplementary terms that may be offered to the Customer together with any such services.
1.3. Certain Services may be provided via or supplemented with Our partners and professionals providing Third Party Services. More information on Third Party Services can be found in section 2 (Third Party Services) below.
1.4. Section 9 (Restrictions on use of Services) below contains restrictions to the Services We offer.
1.5. For the avoidance of doubt We do not provide advice or consulting services.
2.1. We contract with third party partners and companies that offer professional solutions to provide the range of Services to Customers. We take care to contract with third parties that can meet Our Service levels and quality.
2.2. We may use Third Party Services to support Our Services. We undertake responsibility and accountability only for any operational functions of any Service that is provided to You via Third Party Services. You acknowledge and accept that certain aspects of a Third Party Service may be beyond Our reasonable control and hold Us harmless for any Third Party Service liability, defect, failure or breach which does not affect the operational function of the Service provided to You. We will at all times maintain transparency and open communication regarding all Third Party Services affecting You and You may contact Us for any concerns or questions You may have regarding Our Third Party Services.
2.3. Specifically, We may use Third Party Services for Our Website hosting, cloud database storage, cloud workspace, the Remote System, payment gateway, IT security, KYC tools and certain payment processing, monitoring and control functions. The majority of Our partners are professional technical providers offering IT functions and solutions.
2.4. Further, We maintain relationships with Third Party Service payment providers, safeguarding or other partner banks for the purpose of processing and safeguarding Your Payment transactions and funds. These partners are regulated by their local financial authorities.
2.5. Finally, We maintain relationships with Third Party Service providers of payment infrastructure, such as card schemes, payment instrument issuers and SEPA, directly or indirectly via Our Third Party Service payment providers, safeguarding or other partner banks, for the purpose of processing Your Payment Orders. These partners are regulated by their local financial authorities, EU directives and regulations.
2.6. Where Third Party Services are used, MAAYAN may share Customer Personal Data, including sensitive payment data with those third parties as set out in section 25 (Data protection). MAAYAN’s data sharing arrangements are more particularly set out in the Privacy Policy found in the Legal section of the Website.
3.1. We will provide You with Our Services related to Your Account remotely via the Remote System.
3.2. To use the Remote System, You must meet and comply with the following minimum system requirements:
3.3. To access the Remote System We will identify You through multi-factor authentication (MFA) using Your Customer Credentials and Authenticator.
3.4. Your Customer Credentials are private and unique to You. You must at all times keep Your Customer Credentials confidential and safe. You must not disclose Your Customer Credentials to any person or allow any person to access or view them.
3.5. If You believe Your Customer Credentials may have been compromised, You must immediately notify Us by e-mail or telephone so that We can block access to Your Services in the Remote System until new Customer Credentials are created by You.
3.6. Access to the Remote System will be automatically blocked if wrong Customer Credentials are inserted four times in a row. Following repeated failed attempts, We may require You to reset Your password, complete MFA, pass additional verification, or contact customer support before access is restored.
3.7. We may block Your access to the Remote System (partially or entirely) if we have reason to believe that Your Customer Credentials may have been compromised (based on Your activity in the Remote System), to ensure safety, integrity and confidentiality of the Services, You and/or other users, or to prevent possible damage or losses.
3.8. You are prohibited from performing any action or allowing, through Your action or inaction the spreading of a virus or malware or any other event that could cause a malfunction, information or data damage, loss, destruction or other harm to the Remote System or which could otherwise disturb the proper functioning of the Remote System.
3.9. From time to time We may limit access to the Remote System temporarily, but not longer than for twenty-four (24) hours, due to Remote System downtime for maintenance, repair, update or development works. We will inform You about any such scheduled events at least two (2) Business Days in advance. Such scheduled events are not deemed Remote System operation disorders or disruptions.
3.10. You are prohibited from having more than one profile in the Remote System.
3.11. You are prohibited from providing incorrect data when registering in the Remote System. If You provide incorrect data, You are obligated to correct it. If, due to inconsistent data, You have created several profiles in the Remote System, You must inform Us, so that We can merge all profiles created into one profile that contains the correct data.
3.12. In case of a breach of provisions 3.10 or 3.11 above, You may be blocked, Your transactions may be invalidated and Your information may be transmitted to law enforcement agencies where required or permitted by law.
4.1. For all incoming funds for Your Account, We issue e-money to Your Account .
4.2. Upon receipt of funds for Your Account, We will immediately credit Your Account with the equivalent e-money at par value. The monetary value of any e-money in Your Account from time to time may be redeemed at Your request at any time at par value subject to these Terms and Conditions and applicable law..
4.3. E-money stored in Your Account is issued or accepted in accordance with the Electronic Money Regulations 2011 and can only be used for the making of Payment transactions.
4.4. No interest or other benefit applies to any e-money in Your Account, irrespective of the length of time it remains there.
4.5. All e-money in Your Account belongs to You, the Account holder. Unless You appoint an authorised representative under section 8 (Authorised representative) below, no other person has any rights over the e-money in Your Account and You may not assign or transfer Your Account to any person or otherwise grant any person any rights over the e-money in Your Account.
4.6. We are not obligated to redeem the monetary value of any e-money in Your Account in the event that You request redemption more than six (6) years after the date that Your Account is terminated or closed for any reason. See section 24 (Suspending, freezing, blocking or terminating use of or rights over Our Services) below regarding termination or closing of Your Account.
4.7. Further information regarding Your e-money can be found in Our Safeguarding Statement in the Legal section of the Website.
4.8 Your e-money is not a bank deposit and is not protected by the Financial Services Compensation Scheme. We safeguard relevant funds in accordance with the Electronic Money Regulations 2011 and applicable regulatory requirements.
4.9. Further conditions regarding the Use of Your Account are set out in sections 14 (Account terms) to 24 (Suspending, freezing, blocking or terminating use of or rights over Our Services), both inclusive, below.
5.1. If You wish to request use of any Service, You must apply through the ‘log in’ portal of the Website or through the Mobile App. As part of the application process You will be requested to provide information and documents related to You.
5.2. When considering Your application and from time to time after We have established You as Our Customer, We shall perform due diligence checks on You and may require You to supply any further information and documentation for Us to be able to carry out any necessary checks in accordance with applicable laws and regulations, for identification or verification purposes, or as may be determined by Us at Our sole discretion. You shall provide Us all necessary assistance, information and documentation in that regard. Further information on this is found in section 6 (Prevention of money laundering and terrorist financing) below.
5.3. If You are a natural person, by applying for Our Services, You confirm to Us that You act in Your personal capacity for Yourself and not for another person.
5.4. If You are a legal entity, by applying for Our Services, You confirm to Us that You are duly authorised to act for and represent that legal entity.
5.5. In the event that We accept Your application, You will receive a confirmation e-mail of the applicable Fee Schedule. This confirmation e-mail constitutes Our offer for You to enter into this Agreement with Us.
5.6. If You agree to the Agreement offered by Us, meaning:
A. You have received and accept Our Fee Schedule;
B. You have visited the Legal section of the Website and have carefully read and fully understood Our Terms and Conditions;
C. In the event that You have requested a Visa Card, You have visited the Legal section of the Website and have carefully read and fully understood the relevant Service Agreement;
D. You wish to receive MAAYAN’s Services according to these Terms and Conditions, the Fee Schedule and any applicable Service Agreement;
E. You may access Your Account via the Website portal or Mobile App, using Your Customer Credentials and Authenticator. For the use of the Authenticator You will be required to download the Mobile App to Your mobile device.
5.7. If You follow the link provided in Our offer and accept the Fee Schedule, Terms and Conditions and (if applicable) Service Agreement, We will register / onboard You as a Customer. Upon Your subsequent entry to the Remote System and/or use of the Services You are deemed to have entered into this Agreement with Us.
5.8. The Agreement, between You and Us, once concluded, remains in force and effect until terminated.
5.9. We have the right and absolute discretion to decide with whom to conclude or not this Agreement and have no obligation to provide a reason to reject an application or terminate any existing business relationship or Agreement.
5.10. We do not maintain business relationships with persons listed in section 9 (Restrictions on use of Services) below.
5.11 This business relationship does not, and shall not be deemed to, make You Our agent or legal representative for any purpose whatsoever. Nor shall You have the right or authority to assume or create any obligations or responsibility whatsoever, express or implied, on Our behalf or in Our name, or to bind Us in any respect whatsoever. You are obliged to at all times respect our business relationship and are prohibited from misleading or misrepresenting to third parties the correct nature of Your relationship with Us.
6.1. We follow Know Your Customer (KYC), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) principles when performing checks at the start and during the business relationship with Our Customers. Under these principles, We verify Your identity and monitor Your transactions and behavior for suspicious activity as required by law.
6.2. We may at any time request information from You to ensure compliance with applicable laws and regulations, as may be determined by Us at Our sole discretion. Such information can include:
6.2.1. Documentation verifying Your identity.
6.2.1.1. For any natural person this includes full legal name, date of birth, country of nationality, home address, whether You are a politically exposed person (PEP), whether you are a U.S. person, a clear and legible copy (picture or scan) of an identification document (such as passport, ID, UK driving licence), a facial picture identification and to confirm home address by one of the following:
6.2.1.1.1. a utility bill (electricity, gas, water), an insurance policy bill or a landline phone bill (We do not accept mobile phone bills);
6.2.1.1.2. a bank account or credit card statement (not a copy of the credit card itself); or
6.2.1.1.3 a letter from a public authority (for example, in relation to taxes paid or refunded).
6.2.1.2. In the event that You are a legal entity, documentation identifying and verifying You, Your authorised representatives and Your owners.
6.2.2. Documentation regarding source of income.
6.2.2.1. For any natural person to confirm Your source of income at any time.
6.2.2.2. In the event that You are a legal entity, documentation regarding Your business activity, such as turnover, the share of cash and non-cash transactions, financial statements and other relevant information regarding Your business activities.
If You intend to provide any regulated, licensed activities or activities requiring a permit using Our Services, You must have a valid licence, issued in the UK or a member state of the European Union or another jurisdiction that imposes equivalent or substantially similar requirements and is monitored by the competent authorities with respect to compliance with these requirements.
6.2.3. Documentation to assess the purpose and intended nature of a transaction or business relationship in the case of a series of related transactions.
6.2.4. Data, information and documents on the contractual parties to a transaction and frequency of transactions.
6.3. Under Know Your Transaction (KYT) principles, all incoming funds into Your Account and Payments are subject to inspection, and We reserve the right to request additional information on a case-by-case basis.
6.4. You agree to immediately and without any undue delay provide all information and documents We may reasonably request and otherwise assist in obtaining any such information and documents and ensuring that they be provided to Us.
6.5. You hereby verify and confirm that all information and documents submitted by You is complete, correct and true. Under no circumstance will You provide Us with information or documents You have reason to believe are false, misleading or inaccurate. It is Your responsibility to ensure the accuracy of the information provided, and We shall not be held responsible for any losses resulting from incorrect information.
6.6. We may at any time share Your information or documents with Third Party Service providers (see section 2 Third Party Services above), correspondent banks and to payment intermediaries, for the purpose of and with a view to performing Our Services or if required to do so under applicable law. Further details on data sharing are provided in Our Privacy Policy in the Legal section of the Website.
6.7. If we have reason to suspect that prohibited activities may be involved or if we do not receive satisfactory evidence that may be requested under this section, We have the right to suspend any Services or refrain from executing Your Payment Order for such period of time as We may deem necessary in order to allow Us to request, obtain and assess the information and documents to Our satisfaction and/or to proceed to any further action We deem appropriate under any applicable law.
6.8. Furthermore, if You fail to provide any requested documents or information, We reserve the right, without further notification to You, to cease the provision of any Service and if We at Our absolute discretion deem reasonable, to immediately terminate Our Agreement.
7.1. We accept documents in English or translated into English. We may request You to provide these documents translated by a sworn translator and notarised.
7.2. We have the right to request any documents issued abroad to be translated, legalised and apostilled, except where applicable law provides otherwise.
7.3. All documents and information requested are prepared and provided at Your expense.
8.1. If You are a natural person, You may enter into transactions personally or through an authorised representative.
8.2. If You are a legal person, You may enter into transactions via Your legal or authorised representative.
8.3. A power of attorney must be provided in respect of any authorised representative. A power of attorney prepared outside MAAYAN must be notarised.
8.4. Through the power of attorney You may authorise a third person representative (individual) to use Our Services made available to You on Your behalf. Any such authorisation allows the authorised representative access to Your Account and the power to perform Payments on Your behalf based on the specific powers granted under the power of attorney. We may communicate with You on a case-by-case basis according to Your needs, to ensure that any authorised representation is in the appropriate form and contains the necessary requirements.
8.5. You are fully responsible for any use of the Services by You or Your representative and You agree to bear personal liability for the performance and/or non-performance of any contractual obligations by Your representative.
8.6. Authorisation is granted to a representative over Your Account via the Remote System.
8.7. You confirm that before authorising any representative You have made available to them any Service Agreement or other documents governing Our business relationship with You and applicable to the use of the Services by You.
8.8. You are obligated to inform Us in writing or via the Remote System instantly of the termination or revocation of any representation or about any changes of the representative’s right(s) of representation. In the case of a legal representative, You are obligated to inform Us notwithstanding the fact that such information may be publicly available and could be found in the records of the Companies House or any other public register.
8.9. If at any time for any reason We have any doubts about who is legally permitted to represent You, or We receive conflicting instructions from different representatives, We may request from You to provide us with such evidence that We may require to ascertain whose instructions We may follow. In this case, We may temporarily freeze Your Account without prior notice until We have a clear understanding of who is duly authorised to represent You.
8.10. We are not obliged to verify the validity of a power of attorney or of any revocation thereof.
8.11. We are not responsible for transactions that occur within the Account by a representative if You have not duly notified Us in writing about the revocation or termination of the representation.
9.1. We do not open Accounts and/or process Payments and/or offer Services:
9.1.1. for companies (includes the legal entity, its legal representatives and owners), citizens and residents of, as well as individuals staying in, countries or jurisdictions where transactions are prohibited by international sanctions or local applicable laws,
9.1.2. if You or any of Your legal representatives or owners are subject to UK, European Union or United Nations sanctions,
9.1.3. based on various criteria determined by our AML team, persons, countries or jurisdictions that impose high AML / CTF risk based on:
9.1.3.1. the Corruption Perceptions Index by Transparency International,
9.1.3.2. Financial Action Task Force (FATF) warnings,
9.1.3.3. countries with weak anti-money laundering and terrorist financing regimes determined by the UK or the European Commission.
9.2. We do not provide Services to any person(s) in the event that You carry on any of the following activities or are involved in any of the following industries: adoption agencies/charity organisations; artefacts, culturally valuable art and historical objects located/stored at the country of the consumer; bearer share bonds; cash businesses; CBD, marijuana seeds, psilocybin mushrooms, and all other illegal substances; dangerous and hazardous goods, perishable or restricted items (for example explosives, radioactive materials, toxic substances, batteries, fireworks, freon); extractive industries (oil, gas, mining); human parts and remains; pyramid / ponzi schemes; shell companies; tobacco and tobacco products; trading of wild animals, animal furs or bones; ivory; weapons, firearms, munitions of any sort; websites promoting hatred, racism or religious persecution.
9.3. We do not provide Services to any person(s) that do not have the appropriate licence or permit required to operate in the chosen field of activity and/or country;
9.4. We do not provide Services to any person(s) that have a U.S. person status (person related to the USA*);
9.5. We do not provide Services to any natural or legal person(s) that: have been subject of a criminal investigation; are currently in insolvency or analogous proceedings in any jurisdiction.
9.6 We do not allow the use of Our Services for providing any service or goods that are prohibited by law or contradict public order, moral or principles.
We may at any time impose or change limits on transactions as set out in this section.
10.1. We at all times reserve the right, at our sole and absolute discretion each time, to impose or change, at any time, limits on any type of transactions. We may from time to time impose or adopt any criteria under which any such limits may be set or changed. Furthermore, We do not have an obligation to disclose to You what limits have been set or the reason for these. Even following Your request to be informed, We may choose not to disclose this information to You for security purposes.
10.2. Generally, limits may be placed on Your Personal Account depending on Your country of residence, the results of verification checks (set out in section 6 Prevention of money laundering and terrorist financing above), legal or other considerations. To manage Our risk, particularly with respect to money laundering, fraud or security concerns, We may apply as part of Our internal controls, transaction amount limits for certain types of transactions from time to time, and change these limits as We may deem appropriate.
10.3. If You wish to be informed of or alter any limits imposed from time to time, You may place a request with Us, and We will examine Your request. We have the right, at Our discretion, to accept or reject, in part or in whole, any request, without any need to provide reason for Our decision.
10.4. To make any request to be informed of or alter any limit, You will be required to fill in a questionnaire and, at Our discretion We may request that you provide Us with any information or documents to support Your request that We may deem appropriate.
10.5. Depending on different factors, for example, country, business profile, transaction volumes, main transaction parties, We may set limits for the maximum total amount of payment transactions for Business Accounts. Limits may be revised from time to time based on business needs.
10.6. Generally, any limits will be agreed with You, however, irrespective of any agreed limits, We may at Our discretion alter these to comply with applicable laws or Our obligation to reduce the risk of financial crime or otherwise. If We alter the Business Account limits, we will notify You of the revised limits for Your Business Account.
10.7. To agree any limit, We may from time to time ask You for information and supporting documents about the nature of Your business. If You refuse to provide any requested information or document, We have the right at Our discretion to not apply or alter Your requested limit or to terminate Your Business Account.
11.1. In the use of Our Services or when making a Payment, You are prohibited from:
11.1.1. conducting any unlawful or illegal activities, including but not limited to, money laundering, terrorist financing, circumventing national or international sanctions or prohibitions.
11.1.2. using or reproducing in any way MAAYAN’s Website, Mobile App or trademarks or in any other way infringing any intellectual property rights of MAAYAN or of Third Party Service providers or arising from the Services;
11.1.3. executing or receiving transfers of illegally acquired funds, if You are aware of or should be aware of it;
11.1.4. using Our Services in a way which causes losses, liability or other negative legal consequences or harm to the business reputation of MAAYAN;
11.1.5. using Our Services in countries or jurisdictions or for activities that are not acceptable to MAAYAN, as set out in section 9 (Restrictions on use of Services) above;
12.1. You shall pay charges and fees for the Services provided by Us as set out in the Fee Schedule and/or any separate Service Agreement that We may have entered into with You.
12.2. In the event You are a natural person holding an Account acting for purposes other than Your trade, business or profession, We shall not charge You redemption fees as per Our Fee Schedule in the event that Your Account is terminated or closed provided that You request the redemption within one (1) year from the date of termination. For termination or closure of Your Account see section 24 (Suspending, freezing, blocking or terminating use of or rights over Our Services)
12.3. Within fourteen (14) days from the date of opening Your Account, You have the right to request to close Your Account at any time and at no cost, following that in the event of termination of this Agreement by You at any time, We may charge You Our actual costs for such termination. In the event that You fall into the category of Consumer, We will only charge You these costs if You terminate within 6 (six) months of entering into this Agreement.
12.4. If You are a Consumer You agree that for the following matters We shall not charge You any fees reflected in the Fee Schedule but We may at Our discretion each time charge You Our actual costs incurred. The matters referred to are: in the event that You revoke a Payment Order in accordance with section 16 (Adjusting or revoking a Payment Order issued); or if We refuse to execute a Payment Order and such refusal is justified as per section 15 (Issuing a Payment Order); or for Our efforts to recover funds as a result of non-execution or defective execution of a Payment Order in which You have entered an incorrect unique identifier.
12.5 You agree that We may charge You a fee in the event that We must investigate a chargeback requested by You in accordance with section 13.11 (Chargeback).
12.6. If We provide You the Service of a Visa Card as a Payment Instrument connected to Your Account, use of the Visa Card shall be subject to such additional fees and charges as may be applied by the Third Party Service issuer. In the case that We replace it with a new Visa Card, under section 13.4 (Obligations associated with Payment Instruments, Customer Credentials) below, we may charge You Our actual costs for replacement of the Visa Card.
12.7. All charges and fees paid are non-refundable. Provided that charges and fees paid in advance for Services terminated shall be apportioned up until the time of the termination and be reimbursed proportionally.
12.8. All applicable fees and charges payable to Us will be deducted by Us directly from Your Account. You shall ensure that sufficient funds are available in the Account to cover such fees and charges.
12.9. You are obligated to pay all fees and charges applicable for Our Services regardless of any suspension, delay, freezing or blocking of Your Services at any time for any reason.
12.10. In the event that there are unknown incoming funds, i.e. funds received which do not accurately identify You as recipient or their source and purpose, such funds will remain in Our possession until either (i) We have sufficient information and documentation in accordance with section 6 (Prevention of money laundering and terrorist financing) to allocate those funds to Your Account or (ii) the funds are returned to the sender. If We hold those funds for more than ten (10) Business Days, We may charge You a reasonable amount to cover our expenses, until those funds are allocated to Your Account or returned to the sender.
12.11. You agree to reimburse Us any taxes, fees, costs, fines, expenses, damages, interest or penalties of any kind that We may incur relating to Your use of Our Services.
12.12. You further agree to pay all taxes, fees, costs, fines, expenses, damages, interest or penalties imposed by any government, governmental agency, court or other authority of any country or jurisdiction to which You are subject to. In the event that We are demanded to proceed to any such payment, We may proceed to do so and not give advance notice of these charges.
12.13. We may unilaterally amend the Fee Schedule at any time. The amended Fee Schedule will be notified to You via the Remote System and/or by e-mail communication, at Our discretion. The new Fee Schedule will apply from the date set out in the notice.
12.14. You shall be solely liable for any charges or fees of the sending or receiving credit / payment / money institution applicable in sending or receiving funds / e-money in Your Account.
12.15. We will provide to You all clearing banks’ or banking systems’ charges and fees incurred or suffered by Us on following Your instructions at any time. This includes but is not limited to Your instruction to reverse, recall or modify any Payment Order. If Our Third Party Service payment providers, safeguarding or other partner banks charge Us more to process any Payment Order, We shall pass this cost onto You. All costs applied on all Your Payment Orders or e-money top ups are available in Your Account statement in the Remote System.
12.16. All foreign exchange transactions will be exchanged at the rates provided by www.xe.com plus Our margin set in the Fee Schedule. See section 21 (Currency exchange transactions) for further information regarding foreign exchange transactions.
12.17. Any changes in exchange rates www.xe.com will be applied immediately and without notice.
13.1. You, as a holder of a Payment Instrument shall in the use of the Services and access to the Remote System, apply the following security guidelines, which include measures of good practice You can follow to take all reasonable steps to keep the Payment Instrument and Customer Credentials protected and safe:
13.1.1. ensure that Your Customer Credentials are kept safe and secure and are not accessible by any third party;
13.1.2. ensure that Your Payment Instrument is not left unattended and is not capable of being unlocked and accessed by any third party;
13.1.3. use strong password features for Your Customer Credentials and Payment Instrument and apply multi-factor authentication for accessing Your Payment Instrument;
13.1.4. ensure that Your Payment Instrument contains current and regularly updated operating software and security features such as firewalls and anti-virus software;
13.1.5. immediately change Your password and promptly notify Us if You have lost or forgotten Your Customer Credentials or if You suspect that any third party may have viewed or accessed them;
13.1.6. promptly notify Us if You have lost or misplaced Your Payment Instrument or You suspect this may have been stolen or that any third party may have it in their possession and there is a possibility they may use it to access or use Your Account or the Remote System.
13.2. Any notification provided to Us in accordance with this section should be made as soon as You become aware of the event.
13.3. If You have been issued a Visa Card, You will use this in accordance with the Service Agreement governing its issue and use.
13.4. Subject to Your Service Agreement, in the event that use of Your Card has been stopped whether as a result of any reason under this section or section 24 (Suspending, freezing, blocking or terminating use of or rights over Our Services) below or otherwise, We will allow its use or replacement with a new Card as soon as practicable after the reasons for stopping its use cease to exist.
13.5. In the event any unauthorised Payment Order was effected from Your Account, You may be entitled to a refund.
13.6. In order for You to be eligible for a refund in respect of any unauthorised Payment, We must receive the notification within thirteen (13) months from the date of the unauthorised transaction that You are claiming. Note that any intended delay or gross negligence on Your part to notify Us, even within the prescribed thirteen (13) months, may result in Us declining Your right to a refund.
13.7. You may also be eligible for a refund in the event that We execute a Payment for You that was not duly authorised. If this is the case, We will refund the amount to You promptly, but in any case by the end of the Business Day following the day on which We establish that the Payment transaction was not duly authorised.
13.8. Unless You are a Consumer, it is Your burden to prove that a Payment was not duly authenticated by You and/or accurately recorded and/or entered in Your Account and hold us harmless of any technical breakdown or deficiency that caused the error.
13.9. Unless You are a Consumer, You will be solely liable for the first £35 for any losses incurred in respect of unauthorised Payment transactions arising from the use of a lost or stolen Payment Instrument, or from the misappropriation of the Payment Instrument where this was detectable by You but You failed to notify Us appropriately as set out in Your obligations in this section above.
13.10. Unless You are a Consumer, You will be solely liable for all losses incurred in respect of an unauthorised Payment transaction where You have acted fraudulently; or have with intent or gross negligence failed to comply with the provisions set out in Your obligations in this section above.
13.11. Some payment methods You may use to put funds into Your Account(s) may allow You to reverse (or ‘chargeback’) a transaction after the event. You agree to only exercise such rights when You have not authorised a payment of funds into Your Account(s) using the relevant payment method, and You will not exercise any chargeback rights for other reasons, including if You are in dispute with a third party or if You do not have enough money in Your Account(s). If We need to spend time investigating a chargeback instructed by You then We may charge You a fee for doing so.
14.1. We undertake to open and maintain the Account for You and You are authorised to use the Account to receive funds and execute Payment Orders in compliance with these Terms and Conditions.
14.2. Only You or Your duly authorised representative in accordance with section 8 (Authorised representative) above may effect Payment Orders and give instructions regarding Your Account.
14.3. You can freely and instantly send and receive funds to and from Your Accounts or other Customer Accounts within Our Remote System (internal payments).
14.4. When We are executing a Payment Order or performing other services upon Your instruction, We may use Third Party Services as set out in section 2 (Third Party Services) above.
15.1. You may issue Payment Orders via the Remote System by completing all requested information in the Payment Order form.
15.2. You are solely liable for the legality of the purpose of the Payment Order initiated by You and shall take care to comply at all times with sections 6 (Prevention of money laundering and terrorist financing) and 9 (Restrictions on use of Services) above and take note of Our Fraud Prevention Notice to avoid being scammed into making fraudulent Payments.
15.3. You are solely responsible for the accuracy and completeness of the information You enter into the Payment Order form. The information typically required includes the payee’s name, account number, codes associated with the payee’s account or receiving financial institution (e.g. sort code in the UK), the amount to be transferred and the currency. The information required may differ depending on the type of payment, payment currency, the payee’s account jurisdiction and other payment details.
15.4. You may submit the Payment Order either (i) in the currency We execute Payments or (ii) in any currency in which We support an embedded foreign exchange option to a currency that We execute Payments. Information on available currencies and options can be found on Our Website.
15.5. Payment Orders shall be completed in English.
15.6. Once authorised by You via the Authenticator, the Payment Order is assigned the status “PROCESSING” in the Remote System.
15.7. Irrespective of the time that the “PROCESSING” status is assigned, where You specify in Your Payment Order that the execution of the Payment is to take place on a specific day; or on the last day of a certain period; the time of receipt is deemed to be the day specified.
15.8. Irrespective of the time that the “PROCESSING” status is assigned, where there are not sufficient e-money in Your Account to process a Payment Order, the status is changed to “ON HOLD” and We may, at Our discretion each time, either:
15.8.1. refuse to process the Payment Order, in which case the status will change to “CANCELLED” or
15.8.2. process the Payment Order as soon as sufficient e-money is available in Your Account and in this case the day of receipt of the Payment Order will be deemed to be the day that there are available e-money for processing the Payment Order in Your Account.
It is at all times Your responsibility to ensure that there are at any time sufficient funds in Your Account for the processing of a Payment Order and to cover any applicable fees (as set out in section 12 Charges and fees) in respect of that Payment.
15.9. Irrespective of the time that the “PROCESSING” status is assigned, any Payment Order submitted on a non-Business Day or after Our working hours on any Business Day will be deemed received (for the purpose of execution as per section 17 Execution of Payment Orders below) on the following Business Day.
16.1. If at any time You discover that the Payment Order You authorised contains erroneous or incomplete information, You may ask Us to cancel the submitted Payment Order, via the Remote System or by email while this Payment Order is in the status of “PROCESSING”. You may then resubmit an adjusted Payment Order via the Remote System. However, in some cases cancellation or adjustment may no longer be possible despite the Payment Order remaining in “PROCESSING” status, and We shall not be held responsible for any loss suffered by You or any third person as a result.
16.2. You may revoke the Payment Order while this Payment Order is in the status of “PROCESSING”. If the Payment Order has already been received by Us then irrespective of the “PROCESSING” status, revocation may not be possible and We shall not be held responsible for any loss suffered by You or any third person as a result.
16.3. In the event that the Payment Order was made for a Payment that is due to be executed on a specific day or at the end of a specific period of time, You may revoke the Payment Order at any time before the end of Our working hours of the Business Day prior to the Business Day that the Payment is due to be executed.
16.4. To revoke the Payment Order You shall submit to Us the revocation notice via the Remote System. The revocation notice shall refer to the transaction number of the Payment Order and any other information requested by Us.
16.5. We may charge You fees for revocation as per the Fee Schedule.
17.1. If We determine that not all information necessary for Us to execute the Payment Order has been indicated in the Payment Order form or if the Payment Order form contains inconsistencies with the payee’s details as these appear in the payee’s receiving institution, We will request from You further information or ask You to check the accuracy of the information You have provided, accordingly. It is Your obligation to check the accuracy of any details of the payee. We will only execute the Payment once We are satisfied that all fields are duly filled in by You and the Payment Order is authorised by You via the Authenticator.
17.2. We may refuse to process any Payment Order submitted by You where this is not duly completed, sent and authorised in accordance with these Terms and Conditions or where its processing may be unlawful. In either case, unless it is unlawful to do so, We will notify this refusal to You together with the reason by the end of the Business Day following the date of deemed receipt of the Payment Order. If the refusal is due to a factual error, We will in the notification include the procedure for You to rectify the error. Where our reason for refusal is justified, we may charge you fees in accordance with the Fee Schedule.
17.3. We shall not be held responsible for any loss suffered by You or any third person as a result of our refusal.
17.4. For Payment Orders:
we will ensure that the Payment Order is processed so that funds may be credited to the payee’s account by the end of the Business Day following deemed receipt of the Payment Order.
We may delay the execution of a Payment Order for such time as is reasonable in the event that We need to contact You or other relevant party to make further enquiries in order to establish whether We should execute the Payment Order, where we establish that there are reasonable grounds to suspect that Your Payment Order has been placed subsequent to fraud or dishonesty perpetrated by a third party.
Where We delay, unless it is unlawful to do so, We will notify You of this as soon as possible, together with the reason and any information We deem relevant to enable Us to decide whether We will process the Payment transaction.
We will provide the above notification no later than the end of the Business Day following deemed receipt of the Payment Order and will ensure that the maximum period by which We delay processing the Payment Order for the funds to be credited to the payee’s account shall not exceed four (4) Business Days following deemed receipt of the Payment Order.
17.5. For all other Payment Orders (outside the UK or EU/EEA, or involving currencies other than GBP and EUR) the execution time for a Payment Order may vary depending on the currency, country of destination, and payment system. In any case, the maximum execution time shall not exceed fourteen (14) Business Days. If for any reason funds have not been credited to the payee’s account within fourteen (14) Business Days, You should immediately contact Us.
17.6. If You fail to comply with these Terms and Conditions, We are entitled to refuse execution of the Payment Order.
17.7. The payee’s receiving institution participating in the Payment Order execution chain may refuse execution (receipt) of the Payment Order for any reason. We shall not be held responsible for any loss suffered by You or any third person as a result of this.
18.1. If You are a Consumer and believe You have been the victim of an APP Scam, check Our Fraud Prevention Notice to see whether You are eligible to submit a reimbursement claim and for details on how and where to submit such a claim to Us.
19.1. We will credit Your Account with the e-money due to You as the recipient of any incoming funds as per section 4 (Issue and redemption of e-money) above.
19.2. We will make the e-money available to You by crediting Your Account specified in the payment order immediately following the receipt of the funds, freely available and cleared of any encumbrances, restrictions or otherwise. If any funds received are cleared on a non-Business Day, such funds will be deemed to have been received by Us on the following Business Day.
19.3. If fees are applicable as per section 12 (Charges and fees) above, such fees will be deducted from Your Account, after crediting the e-money to Your Account.
19.4. We may refuse to receive any incoming funds or postpone execution thereof and request detailed information from You or the sending payment service provider if We have received any incoming funds with erroneous, inaccurate, or incomplete information.
19.5. If You suspect that any e-money may have been mistakenly credited to Your Account, You are obliged to immediately notify Us about it no later than one (1) Business Day after noticing the error. You acknowledge and understand that You have no right to dispose of e-money that does not belong to You. If such an event occurs, You hereby irrevocably consent and We are entitled without any notice to You or order from You, to correct the error by debiting (withholding) an equivalent value from Your Account of any e-money You so disposed of. If at any time Your Account has insufficient balance for Us to debit (withhold) the equivalent value of e-money, You unconditionally commit to ensure that You will send sufficient balance to Your Account to cover the amount that must be debited from Your Account within three (3) Business Days from the receipt of such a request from Us.
19.6. We have the right not to credit the received funds amount in Your Account, if in the payment order accompanying the funds received, Your Account number is correctly indicated, but other information / data concerning You does not correspond with the information / data We have concerning You. In this case, either the funds / incoming payment will be returned to the payer’s sending payment service provider or a request shall be sent to the payer’s payment service provider to clarify Your inconsistent details. We have the right to suspend crediting of any e-money to Your Account for such time as is necessary for Us to obtain and evaluate all information and documents pertaining to the incoming payment.
19.7. Where We are obliged to return any funds or We have decided to return a payment for any reason, regardless of whether e-money was credited to Your Account or not, We may charge You a fee according to the Fee Schedule.
20.1. Details regarding all transactions to and from your Account are readily available to You via the Remote System. Your periodic Account statement is also accessible and may be generated by You for any previous or current period via the Remote System. As soon as We make the Account statement or transaction details available to You, You are deemed to have been informed of the transactions contained therein.
20.2. If You are a Consumer, on Your request we may provide You monthly Account statements by e-mail, without charge.
20.3. You should regularly review and check the accuracy of Your Account statement and any notices We may send You related to Your Payment Orders.
21.1. We conduct currency exchange to the currencies stipulated by Us.
21.2. The exchange rate applicable to Your currency exchange is provided to You in the Remote System prior to Your approval of the order to perform the currency exchange.
21.3. If at any time there are insufficient available funds in Your Account in the required currency for the execution of any Payment Order in the currency You have ordered, We may convert and use any available funds in any other currency that may at any time be held in Your Account, in the amount necessary to cover the transaction, at the exchange rate applicable on the date of conversion as set out in section 12.16 (Charges and fees) above.
21.4. We shall have the right to refuse execution of a Payment Order that requests a currency exchange if We do not carry out the exchange of the required currency.
21.5. In the event that any funds are received in a different currency than a currency applicable to Your Account, We will make the currency exchange to any currency applicable to the Account, at Our discretion, at the exchange rate applicable on the date of conversion in accordance with Our current foreign exchange policy, and credit the equivalent monetary value of e-money to Your Account, unless We have agreed otherwise for any specific funds/e-money in communication with You.
21.6. All fees and charges shall be debited in the currency specified in the applicable Fee Schedule. You must ensure that sufficient funds are available in the Account in the relevant currency to cover such fees and charges. If the Account does not hold sufficient funds in the required currency at the time of the transaction, the Payment Order may be rejected.
21.7. Regarding transactions in foreign currency, We are entitled to apply conditions and restrictions imposed by the country of origin of the respective currency and applicable to Us when conducting transactions or providing services involving such currency.
22.1. We use Third Party Services for Account information services. These Third Party Services are provided via Salt Edge. See relevant website https://www.saltedge.com/.
22.2. We ensure that Our Third Party Services for Account information services operate and communicate in accordance with appropriate technical standards.
22.3. Any data request received through this Third Party Service is treated as provided in section 26 (Data protection) below and Our Privacy Notice .
22.4. Our Third Party Service Account information services do not:
22.4.1. access any information other than information from Your designated Account;
22.4.2. request sensitive payment data linked to the Account; and
22.4.3. use, access or store any information for any purpose except for the provision of the Account information service requested.
22.5. In the event that we have reason to believe that request for access to Your Account by the Third Party Service Account information services is unauthorised or fraudulent, we shall deny this access. Provided that notifying You is not unlawful under any applicable law and would not compromise any security reasons, We will notify You of any denial and, if possible, Our notification to You will be made prior to the denial of the access.
22.6. By using Our Services You consent to these Account information services.
23.1. If no transactions (other than fee deductions) are made to or from an Account and You have not accessed Your Account in the Remote System for over a consecutive twelve (12) month period, the Account may be considered dormant.
23.2. Prior to assigning Your Account a “DORMANT” status, We will provide You with sixty (60) days’ notice. If within this notice period You access Your Account or perform a transaction, Your Account will remain “ACTIVE”, alternatively, upon the expiration of the notice period it will be classed “DORMANT”.
23.3. If Your Account is classed as “DORMANT”, it will be locked for security reasons. If You wish to access Your Account, You will need to pass Our security controls. As soon as You do, Your Account will revert to “ACTIVE”. Locking of Your Account means that You will not be able to access or perform transactions to or from Your Account, to prevent any risks from fraud.
23.4. If Your Account is classed as “DORMANT”, You will be charged the corresponding fees in accordance with the Fee Schedule, provided the Account has a positive balance.
23.5. Accounts with a status “DORMANT” for a consecutive period of six (6) years may at Our discretion be closed. If We decide to close a dormant Account, We will provide You with ninety (90) days prior notice.
24.1. We may block any Service(s) on Your written request and at Our sole discretion release any such blocked Service(s) on Your written request.
24.2. We may from time to time block access to the Remote System and/or any Service from certain countries, based on any current sanction lists.
24.3. Our right to block any Service is notwithstanding that Your Account may have available e-money to cover Your obligations.
24.4. Unless closed in accordance with section 23 (Inactive or dormant Account) above, Your Account does not expire and will remain open until closed by either You or MAAYAN.
24.5. Within fourteen (14) days from the date of opening Your Account, You have the right to request to close Your Account at any time and at no cost by contacting Us and requesting this in writing; provided, however, that You will be liable for all transactions made via Your Account during this period and any charges and fees that arise from these. Following this initial fourteen (14) day period, You may request to close Your Account at any time by providing one (1) month’ written notice to Us via e-mail.
24.6. We may also at any time at Our discretion close Your Account by giving You notice of this. If You are a Consumer, We will give You at least ninety (90) days’ notice of this. In either case, We have no obligation to provide a reason for Our decision.
24.7. The right to close Your Account, cease the provision of all Services and terminate this Agreement shall not stop You or Us from being entitled to exercise any other right or remedy available in respect of any breach of these Terms and Conditions.
24.8. When Your Account is closed, it cannot be used, however, You remain liable for all obligations relating to Your Account regardless of the fact that it has been closed.
24.9. We may suspend, freeze, block or terminate Your Account and/or access to the Remote System and/or representation rights over Your Account and/or Card linked to Your Account and/or any transaction to or from Your Account and/or Your right to perform any action concerning Your Account and/or any action via any Payment Instrument and/or the provision of any Services for any period of time We deem necessary, immediately and without notice, in the event that:
24.9.1. You violate any provision of this Agreement and fail to resolve the matter in a timely manner from when We request You to do so, within the notice period provided in Our request;
24.9.2. You act in a manner that is threatening or abusive to Our staff or representatives;
24.9.3. You fail to pay or to have available in Your Account sufficient amounts to cover any Payment Order, charges and fees that are payable;
24.9.4. You gain or attempt to gain unauthorised access to the Remote System or another customer’s Account or provide any assistance to another to do so;
24.9.5. You overcome or attempt to overcome Our software security features;
24.9.6. We are concerned about the security of Your Account or Payment Instrument for any reason;
24.9.7. the freezing of Your Account is necessary in order to prevent actual or threatened perceivable damage or harm to You, MAAYAN or any other person;
24.9.8. We suspect Your Account and/or Customer Credentials and/or Payment Instrument are being used by an unauthorised person or by a person other than You or Your representative or without Your consent or are being misused or that these have been stolen. This includes cases where there is no or ambiguous authorisation;
24.9.9. We suspect that the Services and/or Your Customer Credentials and/or Payment Instrument are being used fraudulently or illegally or for the benefit of someone other than You.
24.9.10. We suspect that You may wish to use any Service for money laundering, terrorist financing or other crime or illegal activity (e.g. fraud) or any restricted or prohibited activity (as per section 9 Restrictions on use of Services above);
24.9.11. We need to do so to comply with applicable law or regulation or with a lawful request of any law enforcement or government agency or regulatory authority. Any such action may be released or reversed pursuant to applicable law, which may be on the basis of an order of a court or other authority having jurisdiction in the matter;
24.9.12. We are legally obliged to do so by a subpoena, court order, decree, judgement or similar. Any such action may be released or reversed pursuant to applicable law, which may be on the basis of an order of a court or other authority having jurisdiction in the matter;
24.9.13. You take any action that We deem as circumventing our controls, including without limitation opening multiple Accounts;
24.9.14. use of Your Account is subject to any threatened or pending mediation, arbitration, litigation, investigation, inquiry of any government authority or analogous proceeding in any jurisdiction;
24.9.15. We perceive a heightened risk of legal or regulatory non-compliance associated with Your Account activity;
24.9.16. any circumstance arises which has caused Us to deem it necessary to examine the legal origin of Your funds or assets or You do not present sufficient information and/or documents to confirm legal origin of funds;
24.9.17. Our Third Party Service providers are unable to support Your use of the Services for any reason;
24.9.18. We believe that You adversely affect Our reputation for any reason or that You have caused or may cause direct or indirect damage to MAAYAN;
24.9.19. You have been accused or convicted of a financial or economic crime, fraud or another crime related to the abuse of trust;
24.9.20. We reasonably believe that Your Account is associated with any Account that has been frozen, blocked, suspended or closed for breach of this Agreement or any other reason;
24.9.21. You do not provide information, documents or data upon Our request in due time or the information, documents or data provided is incorrect or incomplete or otherwise does not meet Our requirements;
24.9.22. due to an event beyond Our control, i.e. a force majeure event;
24.9.23. You are a natural person and You die or enter an insolvency event such as making a bankruptcy order, insolvency administration order or sequestration order; or undergo insolvency proceedings such as administration of Your estate or any analogous procedure in any other jurisdiction;
24.9.24. You are legal entity, and You enter an insolvency event such as making a winding-up order, passing a resolution for winding-up, entry into administration or special administration, appointment of a receiver or manager, making or approval of a proposed voluntary arrangement or trust deed for creditors, making a bankruptcy order, award of sequestration, concluding a composition contract with creditors; or undergo insolvency proceeding such as winding-up, administration, receivership, bankruptcy, sequestration, voluntary arrangement, deed of arrangement, trust deed for benefit of creditors, or any analogous procedure in any other jurisdiction;
24.9.25. You belong to a risk group with regard to which We have set out restrictions on establishing a business relationship according to Our risk appetite; or
24.9.26. You are a legal entity and You undergo a change of control or Your business activities change.
24.10. To the extent that We are not legally prohibited from doing so and are reasonably able to do so and doing so would not cause Us to breach any obligation or cause any harm to any person or compromise Our security measures, We will notify You of any suspension, freezing, block or termination of any Services or Your Account or Payment Instrument or access to Our Remote System, as above, as soon as practically possible by e-mail, either prior to or following the enforcement of the action, together with the reason why this action was taken.
25.1. We undertake to keep Your confidential information provided to Us for the provision of the Services to You secure. Confidential information is Your Personal Data and your sensitive payment data, being information, including Your Customer Credentials, which could be used to carry out fraud. Your account name and number are not deemed confidential information.
25.2. You acknowledge that confidential information provided by You may be shared with Our staff, representatives and Third Party Service providers for the purpose of provision of Our Services.
25.3. We have the right to record and store any Payment Order submitted and to record and store information regarding all Payment operations performed by You or according to Your Payment Orders. Such records may be shared with payment/ credit/money institutions/card schemes and other persons who have the right to receive such data under the basis set forth in the law for the purpose of processing and effecting any transaction.
25.4. Your confidential information may also be shared with third parties, if We have a legal obligation to disclose this, which may be pursuant to a court order or valid request from Our regulating or other authority.
25.5. We may disclose Your confidential information, which includes any activity in Your Account, to law enforcement agencies, where We have a reporting obligation to do so by any applicable law.
25.6. You grant Us the right to undertake necessary measures, including but not limited to, submitting requests to third parties directly or via Third Parties Service providers in order to determine Your identity and accuracy of other data submitted by You.
25.7. You acknowledge and accept that We may collect, record, store, manage, process, disclose and transfer Your Personal Data in accordance with Our Privacy Notice published in the Legal section of Our Website.
25.8. Closing Your Account does not mean that We delete the Personal Data that We hold on You and We will continue to store such data, in accordance with Our Privacy Notice published in the Legal section of Our Website.
26.1. From time to time, We may send to You or receive from You documents/ notifications/requests/applications/orders via the Remote System and/or via e-mail to the e-mail address indicated by You at the time of registration in the Remote System (unless an alternative e-mail is provided by You at any later time for this purpose).
26.2. All information and documentation concerning Your Account and Payments at any time available to You via the Remote System to view and/or download in any medium is deemed information and documentation duly notified to You.
26.3. You agree that all communication sent to You is considered received by You within twenty-four (24) hours from the time it was sent either via the Remote System or to Your e-mail.
26.4. All communication You send to Us is considered received within one (1) hour of its transmission. In the event that this falls outside Our working hours, then it is deemed received on the following Business Day. We will deem any communication received via the Remote System using Your Customer Credentials, as duly sent by You.
27.1. Subject to applicable law, We reserve the right to amend these Terms and Conditions and Fee Schedule at Our sole discretion.
27.2. For Consumers, in case of any essential amendment to these Terms and Conditions or the Fee Schedule, You will receive notification of the intended amendments at least two (2) months in advance of the intended amendments coming into force and effect. In the event that any changes to these Terms and Conditions or the Fee Schedule concern corresponding changes made by Our Third Party Services, we will try to notify You at least two (2) months in advance, or, in the event that this is not possible, as soon as practical.
27.3. For Customers that do not fall into the category of Consumers, We will notify You of any essential amendments, to the extent possible, in advance of the intended amendments coming into force and effect.
27.4. For all Customers, including Consumers, in the event that the Fee Schedule changes concern changes in the exchange rate margin, this may be applied immediately and without notice, where the changes are based on the exchange rates information provided to You; or where such changes are more favourable to You.
27.5. For all Customers, including Consumers, in the event that:
27.5.1. We are required to immediately change the Terms and Conditions or the Fee Schedule in order to comply with any legal or regulatory requirements or with an order of Our regulatory authority;
27.5.2. the intended amendments concern a new Service or ancillary Service that We provide, which is not a mandatory Service (i.e. You have the choice whether You wish to use it);
27.5.3. We impose non-essential amendments to these Terms and Conditions which concern style, grammar corrections, paraphrasing, moving or re-arranging a sentence, a provision or a section; that is amendments that do not affect the Services You are currently receiving, Your legal position, rights or obligations;
then We may provide You with less than two (2) months’ notice, but will notify You at the soonest possible, and accordingly either prior to or upon posting the amendments, depending on the situation.
27.6. If You do not accept any changes made by Us, You may notify Us that You wish to terminate Your Agreement in accordance with section 24 (Suspending, freezing, blocking or terminating use of or rights over Our Services), at any time before the date of their proposed date of entry into force, and in this case Our Services will be terminated based on the current applicable Terms and Conditions and Fee Schedule. In this case no charges will be applied to You for the termination which charges would be effective on the date when the intended change is due to come into force and effect.
27.7. You undertake to check the Remote System, Your e-mail and the Website, on a regular basis, to ensure You remain appraised of all notifications that may be sent to You and of any amendments to these Terms and Conditions and the Fee Schedule in a timely manner.
27.8. Unless We receive notice from You to the contrary as set out above, You will be deemed to have accepted changes in the Terms and Conditions and Fee Schedule from the date that We notify You of their entry into force.
28.1. If You have a complaint, You may direct this to Us or directly to the Financial Ombudsman Service or to the Financial Conduct Authority. You can find details of how and where to submit complaints in Our Complaints Policy in the Legal section of Our Website.
29.1. All communication between You and Us for the transmission and receipt of information or notifications shall be via the Remote System and/or by email.
29.2. Our support hours are the same as Our working hours.
29.3. All communication between You and Us shall be in English. We may provide support to You in alternative languages, please contact Us for any specific request.
29.4. In case of communication in a foreign language, such communication may be officially translated by a qualified translator, and the English translation shall prevail for the purpose of interpretation of the communication.
29.5. Should there be any contradictions or ambiguity between the English version of these Terms and Conditions or any document referred to herein and any such document in any other language, the text in English shall prevail.
30.1. The laws of England and Wales apply to the relationship between You and Us and these Terms and Conditions. If You are a Consumer, the laws of Your place of domicile may also apply. You are solely responsible for understanding and complying with any and all laws, rules and regulations that may be applicable to You in connection with Your use of the Services, including but not limited to those related to taxes.
30.2. Any dispute or claim shall be resolved in an English court having jurisdiction over the dispute or claim.
31.1. We may be held liable in the event that We fail to correctly execute a Payment Order that was duly authorised by You, unless Our failure is due to Your negligence or any other cause that arises from Your action or inaction.
31.2. We will have no liability if We delay, fail to perform or incorrectly perform a Payment Order or any obligation under these Terms and Conditions, where the reason for this was due to events outside Our control or due to Our statutory or regulatory obligations.
31.3. We shall not be held liable for any damage or loss arising from blocking, suspending, freezing or terminating Your Account and/or access to the Remote System and/or representation rights over Your Account and/or any Card linked to Your Account and/or Your right to perform any action concerning Your Account and/or any action via any Payment Instrument and/or the provision of any Services if this is done within Our rights under section 24 (Suspending, freezing, blocking or terminating use of or rights over Our Services).
31.4. We do not assume liability for damage that arises in any way due to any unusual or unforeseeable circumstances over which We have no control and which consequences, in spite of exercising due care, We could not have avoided.
31.5. Events and circumstances outside Our control are force majeure events such as: acts of God, natural catastrophe, extreme weather conditions, earthquakes, floods, hurricanes, cyclones, fire, explosion; riot, war, terrorist act, civil unrest, strike, rebellion, insurrection, blockade, embargo; breakdown of communication facilities, web host or internet service provider, lack of availability of raw materials or energy, failure of public infrastructure; governmental acts or omissions, changes in laws or regulations; epidemics, pandemics, quarantines, chemical or radioactive contamination, sabotage or accidents.
31.6. We do not exclude or limit in any way Our liability to You where it would be unlawful to do so. This includes liability for fraud or fraudulent misrepresentation.
31.7. Under no circumstances will MAAYAN be liable to You or anyone else for any decision made or action taken in reliance on the information from third-party sources.
31.8. You agree that the reporting and payment of any applicable taxes whether in the UK or any other country or jurisdiction applicable to You is solely Your responsibility. In relation to the use of Our Services all tax obligations therefore fall under Your responsibility and that of any legal or authorised representative of Yours. We assume no tax obligations of any kind in any country or jurisdiction applicable to You, Your business or operations.
32.1. Any failure or delay by Us to exercise any right under this Agreement, such as not charging You a fee immediately or taking any action, does not release You of Your obligations under this Agreement. You at all times remain fully responsible for meeting all Your obligations as these are set out in this Agreement. We retain the right to demand full compliance and take action against You at any time for any failure of Yours to meet any obligation. No delay in Our exercise of Our rights acts as a waiver of that obligation.
32.2. If any provisions of these Terms and Conditions are void, then it shall not cause the entire Agreement to be void or release You from performing Your remaining obligations under the Agreement.
32.3. The headings and subheadings of these Terms and Conditions are for reference only and do not limit the scope of any section. Should the context so require, words in singular have the same meaning in plural, and vice versa.
32.4. If any provision of these Terms and Conditions are determined to be unenforceable, the remaining provisions will continue in full force and effect and will be construed as if the unenforceable provision had never existed.
32.5. If You are not a Consumer, the provisions of Part 6 of the Payment Services Regulations 2017 (PSRs) shall only apply to You to the extent that they are not inconsistent with these Terms and Conditions.
32.6. You do not have the right to transfer any rights or obligations under this Agreement to a third party without Our consent. We have the right to transfer any rights or obligations under this Agreement to a third party without Your consent, by notification to You.
The above provision is not withstanding Our right to employ any Third Party Services for the purpose of offering any Service or part.
32.7. This Agreement does not create any rights or benefits in favour of any third party. No person other than You and MAAYAN shall have any right to enforce any of the provisions of this Agreement.
32.8. Links to websites provided in the Agreement are integral part of this Agreement and apply to You from the moment You start using the respective Service.
32.9. All the content, the design and other intellectual property relating to the Service are owned by MAAYAN or Third Party Service providers. You may not copy, imitate, or use it under any circumstances. You only have the right to use the Services, including the Remote System, following the rules provided in the Agreement.
32.10. You may receive a copy of these Terms and Conditions by printing them or by e-mailing Us and requesting a copy.