1. General provisions
1.1. The present Agreement is concluded between the Client and the EKTICO Group of companies (hereinafter referred to as the “Group,” “we,” “us,” or “our”). The Group includes, but is not limited to: Ektico Pay Ltd, Ektico Holding Limited, and Ektico Limited., as well as any other entities owned or controlled by the Group that are licensed to provide regulated services. Depending on the service scope and the Client’s jurisdiction, a specific licensed entity within the Group shall provide the services under this Agreement in accordance with applicable law. All companies within the Group operate and trade under the Ektico brand.
1.2. Object of the Agreement: This Agreement sets forth the principal terms and conditions governing the relationship between the Client and the Group when the Client registers in the System, opens an Account with any entity of the Group, and utilises the services provided by us. The terms applicable to specific services may be defined in separate agreements, policies, or supplements. These terms become binding upon the Client upon their review and commencement of use of the relevant services. In addition to this Agreement, the legal relationship between the Client and the Group concerning the provision of services shall be governed by applicable legislation, agreements concluded with the Client, and general principles of law, including reasonableness, good faith, and fairness. Where the Group acts as a technical interface or commercial facilitator for services provided by duly licensed payment service providers (such as Electronic Money Institutions or banks), including the issuance of IBANs or execution of payment transactions, all client funds are safeguarded in accordance with the applicable regulatory requirements of the licensed provider’s jurisdiction. The Group does not act as a deposit-taking institution and does not itself hold client funds.
1.3. The present Agreement is a document of significant importance, which shall be carefully examined by the Client before the Client decides to register in the System, open an Account with any entity of Group, or use other Services provided by Group. Please read the terms of the present Agreement carefully before you decide to agree with them. The present Agreement together with its Supplements defines the specific risks which may arise when using the System and provides guidelines for safe use of the System.
1.4. The Supplements to the Agreement are agreements, under which the Client and the Group agree on the usage of respective services specified in the Supplements. Conditions set in the Supplements are special provisions which prevail over other provisions of the Agreement. When the Client starts using services which have not been used before, the respective additional Supplements to the Agreement shall apply. In case there is a need for additional verification or additional documents of the Client are required for the provision of newly selected services, the services shall only be activated after the Client performs all the actions specified by Group.
1.5. Basic concepts of the Agreement:
Personal Data – any information related to the natural (private) person whose identity is known or can be directly or indirectly determined by using a personal code (national ID number), date of birth and one or more physical, physiological, psychological, economic, cultural, or social features specific to the individual.
Business Day – a day on which a relevant entity of the Group provides services. Group can set different business days for different services, specifying them together with Pricing.
Group or Ektico Group – the group companies, operating under the Ektico brand, including but not limited to Ektico Holding Limited, EKTICO Pay Ltd, and EKTICO Limited., as well as any other affiliated entities that are used to provide services. Depending on the Client’s country of residence and the nature of the services, the relevant licensed entity within the Group shall provide the services. All payment services are provided exclusively by duly licensed entities. An initial Account is opened by the relevant EKTICO Group entity, Client Identification is performed, and an Account in IBAN format is provided.
Recipient – a natural or legal person, or another organisation or its branch, specified in the Payment Order as a recipient of the funds of the Payment Transaction.
Statement – a document prepared and provided by the Group, which includes information about Payment Transactions executed during a specific period of time.
Pricing – prices for the Group services and transactions confirmed by the Group in accordance with the established regulations.
Client – a legal person or an individual who runs a sole proprietorship who has concluded the Agreement with the Group entity for services.
Client’s Representative – the executive manager of the Client, or the Client’s other representative, who is authorised to represent the Client in cooperation with the Group under legal acts and/or activity documents of the legal person. In case of Client who is an individual who runs a sole proprietorship – Client is a Client’s Representative as well.
Client Identification – verification of the identity of the Client and/or their Representative and/or their beneficial owners under the procedure laid down in the System.
Commission Fee – a fee charged by the Group for a Payment Transaction and/or related services.
Payment Transfer – a payment transaction wherein funds are transferred to a payment account of the Recipient under the initiative of the Payer.
Payment Order – an order (payment transfer) from the Payer or the Recipient to the Provider of Payment Services to execute a Payment Transaction.
Payment Transaction – a money transfer operation initiated by the Payer, in the Payer’s name, or by the Recipient.
Payment Service – services, during the provision of which conditions to deposit to and send money from the payment account are created, as well as all transactions related to the management of the payment account; payment transactions, including transfer of money held on the payment account opened in the institution of the payment service provider of the User of payment services, or in another payment institution; including periodic transfers; issuance and/or acceptance of payment instruments; money remittances; payment initiation services; account information services.
Payment Instrument – any payment instrument which the System allows to link to the Group Account and use it to perform Payment Transfers.
Payer – a natural (private) or legal person, or other organisation or its branch, that has a payment account and allows to execute a payment order from this account, or, in the absence of a payment account, submits a Payment Order.
Clients Account or Account – an account opened in the System in the name of the Client and used to make payments and other Payment Transactions. An Account is opened only upon identification of the Client.
Account Transfer – transfer of the Group entity Account to another payment service provider or another licensed company, which is carried out by the initiative (request) of the Group entity or of the Client.
Service – service provided by the Group under this Agreement and (or) its Supplements, including Electronic Money issuance and redemption services, the Payment Service, and any other service provided by the Group.
Profile – the result of registration in the System after logging into the website ektico.com, during which Personal Data of the registered person is saved, a login name is created, and the person’s rights in the System are defined.
Acceptable Language – English.
Supplement – an agreement between the Group and the Client on the provision and use of separate services provided by the Group. A Supplement can be identified as an agreement, rules, declaration, plan, or in any other way. A Supplement is an integral part of the present Agreement.
Strong Customer Authentication – the procedure of verification of the identity of a natural or legal person based on the use of two or more elements categorised as knowledge (e.g. static password, code, personal identification number), possession (e.g. token, smart card, mobile phone) and inherence (e.g. biometric characteristics). This procedure is applied when the Client is logging in to their payment account online or through other means of remote access, initiates an electronic payment transaction and, through the means of remote access, carries out any action that might be related to the risk of fraud in carrying out a payment or any other types of misuse.
System – a software solution on the Group web pages, developed by the Group and used for the provision of the Group entities services.
Agreement – the agreement between the Client and the Group, which includes the present General Payment Services Agreement for clients, and any other conditions and documents (supplements, agreements, rules, declarations, etc.), including but not limited to, information on the websites, referred to in the present General Payment Services Agreement for business clients.
Consent – consent of the Payer to perform a Payment Transaction submitted under the procedure set forth by Article 8 of the Agreement.
Password (Passwords) – any Client code created in the System, Client code created in the System used during the Strong Customer Authentication procedure or a one-time security code provided to the Client by the Group for access to the Profile and/or the Group entities Account or for the initiation, confirmation and/or management of individual services provided by the Group, Payment transactions for initiation, authorisation, execution, approval, or payment receipt.
Party – the Client or the relevant licensed entity within the Group acting as the service provider.
Unique Identifier – a combination of letters, numbers, or symbols which the Group, as a provider of payment services, provides to the User of payments services, and which is used to identify the User of payment services participating in the Payment Transaction, and/or the account of the User used in the Payment Transaction.
2. Registration in the System
2.1. In order to begin using the services of the Group, the Client must register in the System. Each licensed entity within the Group reserves the right to refuse registration of a new Client without providing specific reasons. However, the Group assures that any such refusal will be based on legitimate and substantiated grounds, which the Group is not obligated, or may not be legally permitted, to disclose.
2.2. When registering in the System, first of all, a Profile for Client is created. After passing KYC/ Due Diligence procedure the Profile access is gained to the legal representative of the Business Client.
2.3. The Account for the Client can be opened by the Client’s Representative. By registering the Client in the System, the Client's Representative confirms that they are duly elected or appointed to represent the Client, also that the legal entity represented by them is properly established and operates lawfully. The Client’s Representative must provide the documents specified in the System in order to be duly verified under the procedures laid down in the System. The Client's Representative opening the account has the right to grant the rights to manage the Account to other authorised persons of the Client after they register in the System and create their own personal Profiles.
2.4. The Agreement comes into force before the Business Client’s Representative has registered the Client in the System. After learned the terms and conditions of the present Agreement, and electronically expressed their consent to comply with them. The Agreement is valid for an indefinite period; however, it may be terminated in the event of a breach by the client and/or upon termination by either party.
2.5. Before registering in the System, the Client confirms that they have familiarised themselves and agrees to the terms of the Agreement and undertakes to observe them.
2.6. The Client confirms that they have provided the correct data when registering in the System and, if there is a need to change or add data, the Client will submit correct data only. The Client shall bear any losses that may occur due to the submission of invalid data.
2.7. In order for the Group to start or continue the provision of Services, the Client and/or the Client’s Representative shall confirm the Profile, the provision of a new Service or a part of a Service, and perform the client identification procedure under the circumstances and procedures set out in the Agreement or in the System. The client identification procedure, confirmation of the Profile, and provision of new Services is performed in order to ensure the protection of the interests of the Client and the Group.
2.8. The Group has the right to demand data and/or documents that would help the Group entity to identify the Client and/or receive significant information necessary for proper provision of the Group entity Services to the Client. Specific data and/or documents to be submitted shall be indicated in the message to the Client about the necessity to perform client identification or other verification procedures.
2.9. For the purpose of performing Client identification, the Group has the right to demand the Client to perform the following actions:
2.9.1. provide originals of the documents required by the Group entity and/or their copies and/or copies of documents approved by a notary or another person authorised by the state sent via post or provided electorally, digitally signed;
2.9.2. Group entity, in performing the obligation to identify the beneficiary, has the right to require the Client to submit a valid list of participants of their legal entity. When submitting this list, the Client must confirm that it is relevant and accurate and that the listed persons control the shares of the legal person in their own name and not in the name of third parties. If the shares of the legal person are controlled in the name of third persons, the Client must indicate these circumstances in addition, also specifying the third parties who are actually managing the shares. The Group entity has the right to refuse to provide services if it turns out that it is not possible to identify the beneficiaries of the legal.
2.10. In separate cases, when performing duties established by the legislation or if it is required due to the type of the document (e.g., the original of the document has to be provided), The Group has the right to demand from the Client to perform the Client identification procedure by a specific method indicated by the Group.
2.11. The Parties agree that the Client can confirm (sign) documents (e.g. agreements, consents, etc.) by electronic means (including, but not limited to, signing with a stylus pen on the screen).
2.12. Group entity has the right to demand additional information and/or documents related to the Client or transactions executed by them, and has the right to suspend a transaction of the Client until the Client provides additional information and/or documents related to the suspended transaction. Group also has the right to request the Client to fill in and periodically update the Client's questionnaire. If the Client does not provide additional information and/or documents within a reasonable time period set by the Group entity, entity has the right to suspend the provision of all or a part of the Services to the Client. The Group entity has the right to demand copies of the documents certified by a notary and/or translated into at least one of the Acceptable Languages. All documents and information are prepared and provided at the expense of the Client.
2.14. The Client shall receive a notification about the confirmation of the Profile, provision of a new Service, or renewed provision of a suspended Service via the online bank, email address that was specified by the Client’s Representative during registration in the System or via SMS message if only a mobile telephone number was provided during registration.
3. Prices of Services and the Payment Procedure
3.1. Unless explicitly stated by us that a Service is provided free of charge, it is presumed that all Services are subject to a Fee. The Fees for individual Services and Service bundles are specified in the Price List, which is published on the Ektico Website and within the Ektico System.
3.2. If Ektico reduces the general prices for the provision of Services stated in the System, the new prices will take effect only after being published at least 14 (fourteen) calendar days before their enforcement. Information about such changes will be made available either on Ektico’s website or through the online banking system. Ektico is not permitted to introduce new pricing for Clients immediately without prior publication and notification. This applies unless the Prices are changed in the manner stated in Article 11.
3.3.Ektico Commission Fees are deducted:
3.3.1. at the time of the Payment Transaction;
3.3.2. if Commission Fees were not deducted when executing a Ektico Transaction, Ektico has the right to deduct them later, but not later than within 2 (two) years after the Payment Transaction was executed; The Client is informed about the Commission Fees deducted under the procedure laid down in this item by the commission fees report for the period of time when the Commission Fee was deducted;
3.3.3. the Commission Fee for the transaction is indicated to the Client before the Payment Transaction (unless otherwise stated in the rules of the particular Payment Instrument or Service.
3.4. The Client confirms that they have carefully studied the Price list and other Ektico Services that are applied and relevant to the Client.
3.5. Ektico has the right to deduct a Commission Fee from the Account of the Client where the Payment Transaction has been performed or from any other Ektico Account opened by the Client.
3.6. The Commission Fee shall be paid in the currency indicated in the Agreement, the Supplement to the Agreement, or on the websites referenced in the present Agreement or its Supplement.
3.7. The Client undertakes to ensure a sufficient amount of money in their account to pay or deduct the Commission fee. If the amount of funds in the indicated currency is insufficient to cover the Commission fee, Ektico has the right, but not the obligation, to deduct the Commission Fee from funds held in the Account in another currency, converting the currency into the necessary one in accordance with the currency exchange rate applied by Ektico to the Client. The standard Ektico currency exchange rate is according to Europe Central Bank. If there is money in several different currencies, Ektico may exchange it to the payable currency by the alphabetical order of the international abbreviations of the currencies.
3.8. The Client, having failed to pay Ektico the remuneration for provided Services, at the demand of Ektico must pay 0.05% interest for each day overdue, but in no case more than the amount of the maximum interest.
4. Ektico Account Opening. Methods of keeping the Client's funds in the Ektico Account. Conditions for depositing, transferring, and withdrawing funds
4.1. Under the present Agreement, a Ektico Account is opened for the Client in the System for an indefinite period of time.
4.2. The Ektico Account allows the Client to deposit, transfer, and keep in the Account funds intended for transfers, carry out local and international money transfers, receive money to the Account, pay for goods and services, and perform other operations directly related to money transfers.
4.3. Depending on the available licence of the Ektico or company that registered the Client and granted them a Ektico Account, the Client’s funds in the Ektico Account may be held in one of the following ways:
4.4. Funds (amount of money) whose nominal value corresponds to the nominal value of the funds (amount of money) deposited, received, or transferred to the Ektico Account.
4.5. The specific method of keeping Electronic money or funds (amount of money) (hereinafter together – the funds) to the Ektico Account is selected by the Client in the Account by selecting the "Add Funds" section, which contains instructions for depositing funds for each payment method. The fund deposition instructions and the data provided therein shall be deemed Unique Identifiers, required in order to carry out a payment transaction in a proper manner.
4.6. The nominal value of the funds coincides with the nominal value of funds deposited or transferred to the Ektico Account.
4.7. The funds kept in the Ektico Account do not constitute a deposit and shall not accrue interest, unless explicitly stated otherwise in a separate Supplement concluded with the Client. EKTICO does not act as a deposit-taking institution under Canadian law. Any references in this Agreement to “Electronic Money” shall refer exclusively to payment services provided via duly licensed third-party Electronic Money Institutions or Payment Institutions that are contractually engaged by EKTICO and regulated under applicable laws in their respective jurisdictions (e.g., under Directive (EU) 2015/2366 (PSD2) or equivalent). In such cases, the issuance and safeguarding of Electronic Money is the responsibility of the licensed provider, and EKTICO acts solely as a technical intermediary or commercial facilitator. EKTICO does not, under any circumstances, pay interest or provide benefits linked to the duration of the funds held in the Account.
4.8. The Client can open two Ektico Accounts, in specific cases more, but needs additional verification.
4.9. At the request of the Client, the funds held in the Client’s Ektico Account shall be withdrawn (redeemed) at their nominal value at any time, except for cases set forth in the Agreement when limitations are applied to the Account of the Client.
4.10. The Client submits a request for withdrawal (redemption) of funds by generating a Payment Order to transfer the funds from their Ektico Account to another account specified by the Client or by using other withdrawal methods supported by Ektico and indicated in the System. Ektico reserves the right to impose limitations on the withdrawal (redemption) of funds. No specific conditions for withdrawal (redemption) of the funds that would differ from the standard conditions for Payment Transfers and other Payment Transactions performed on the Ektico Account shall be applied. The amount of withdrawn (redeemed) or transferred funds is chosen by the Client.
4.11. Provided If the Client terminates the Agreement and requests the closure of their Ektico Account, or if Ektico terminates the provision of Ektico Account services to the Client as specified in the Agreement, the funds held in the Ektico Account shall be transferred to the Client’s bank account or to another electronic payment system account indicated by the Client. Ektico has the right to deduct from the repaid funds any outstanding amounts due to Ektico, including fees for services provided, unpaid expenses, fines, and damages incurred due to the Client’s breach of the Agreement. These may include penalties imposed by international payment card organizations, other financial institutions, and/or state authorities. In the event of a dispute between Ektico and the Client, Ektico reserves the right to withhold the disputed funds until the dispute is resolved. Client data will be retained for the legally required period of 5 years after account closure, in accordance with applicable regulations.
4.12. In case Ektico fails to repay the money to the Client due to reasons beyond the control of Ektico, the Client shall be notified thereof immediately. The Client shall immediately indicate another account or provide additional information necessary to repay the money (execute a payment).
4.13. All Client funds processed under this Agreement are handled exclusively through duly licensed third-party financial institutions (e.g., EU-based Electronic Money Institutions or Payment Institutions) that maintain segregated accounts and comply with applicable safeguarding obligations under their respective regulatory frameworks. EKTICO does not act as a deposit-taking institution under Canadian law and does not hold client funds directly. The safeguarding of client funds is ensured contractually via regulated infrastructure partners under PSD2 (Directive (EU) 2015/2366) or equivalent.
4.14. The Client acknowledges that funds processed via the System are not insured or protected under the Canada Deposit Insurance Corporation (CDIC) or similar schemes. EKTICO is not a bank, credit union, or trust company under the Bank Act (S.C. 1991, c. 46), Trust and Loan Companies Act, or provincial equivalents, and client funds are not covered by any statutory deposit insurance.
4.15. Where applicable and commercially reasonable, EKTICO may maintain insurance coverage for cyber risk, fraud protection, or professional liability. Such insurance, if in place, does not constitute a statutory guarantee or customer fund insurance under Canadian law.
5. The Use of the Ektico Account
5.1. The Client’s Representative who is authorised to manage the Ektico Account can manage it via the internet by logging in to the personal Profile of the Client’s Representative with the personal login name and Password of the Client’s Representative through a web browser.
5.2. Ektico sends a one-time security code to the Client’s Representative via authorised/ verified device SMS/ email in the following cases:
5.2.1. when the Client’s Representative logs in to the personal Profile from a different device than usual;
5.2.2. when the Client’s Representative changes the Password of the Profile;
5.2.3. when the Client’s Representative changes the email address specified in the Profile;
5.2.4. when the Client’s Representative changes the phone number specified in the Profile;
5.2.5. in the cases specified in the legal acts of the country in which the licensed Ektico company that registered the Client is located and (or) the European Union, when it is mandatory to apply a more secure authentication procedure;
5.2.6. when the Client’s Representative logs in from the same device, if the Client’s Representative had previously logged out of the Profile;
5.2.7. when the Client’s Representative confirms the phone number.
5.3. The Client’s Representative must take all possible security measures, check the ektico.com website certificate and make sure that the one-time security code received via SMS/email is used correctly and the one-time security code is entered or the function is used in the Ektico Profile. Ektico is not responsible for the Client’s losses caused by use of the one-time security code or verification function in fake Ektico web pages created by third parties by fraud or in other illegal ways, disclosure of the one-time security code to third parties who do not have the right to access the Client’s Profile, or other conditions specified in Clause 14.4 of the Agreement of non-compliance with obligations of the Client.
5.4. Payment Transactions from the Client's Ektico Account can be executed:
5.4.1. to another user’s account in the System;
5.4.2. to accounts in other electronic payment systems specified in the System.
5.4.3. Currency exchange is based on the exchange rate of Ektico valid at the moment of conversion and is constantly updated and published on website.
5.5. Ektico Account opening and maintenance prices are provided on the Pricing page. If the Client did not log in to the Profile and perform transactions in the Account of the Client for more than a period of six months, Ektico shall deem the Profile and the Account(s) are not in use (inactive). Ektico has the right to terminate the Agreement and close the Profile and the Account(s), informing the Client about the inactive Profiles and Accounts 30 days prior to termination, provided the Profiles and Accounts are not in use and there are no funds in the Accounts. If at least one inactive Account has funds in it, Ektico shall leave the Profile open and close the inactive Account(s) only. If the Client’s Profile and the Account(s) with funds in them remain inactive for six months, Ektico shall begin applying the Commission Fee for the maintenance of the inactive Profile and Accounts with funds in them, which is provided Price list.
5.6. A bank or another electronic money transfer system may apply fees for transferring money from the Client's Ektico Account to the Client's bank account, card, or payment account of another electronic payment system, as well as for transferring money from a bank account, card, or another electronic payment system to the Ektico Account.
5.7. Fees for Ektico Services are deducted from the Client's Ektico Account. In case the amount of funds in the Ektico Account is less than the amount of the Payment Transfer and the price of the Ektico Service, the Payment Transfer is not executed.
5.8. When a transfer other than a SEPA, TARGET2, or SEPA Instant is performed and the Client transfers money from their Ektico Account to accounts in banks or other electronic payment institutions, Ektico is indicated as the Payer. Together with the Payment Transfer, the Recipient is given the following information, which in dependence on technical options can be transferred in one or several of the ways below:
5.8.1. detailed information about the Payer-Client is given in the field of the primary Payer, provided such a system is supported by the relevant e-banking or payment system;
5.8.2. detailed information about the Payer-Client is given in the field of payment purpose;
5.8.3. along with the Payment Transfer, the Recipient is given a unique link for that particular transfer only, which redirects them to the website where detailed information about the payment and the Payer is provided.
5.9. In case the Payer indicates incorrect data of the Recipient (unique identifiers), and the Payment Order is executed according to the data provided by the Payer (e.g. the Payer indicates a wrong account number), it shall be considered that Ektico has fulfilled its obligations properly and shall not repay the transferred amount to the Payer. Ektico commits to take all necessary actions to track the payment transaction and will seek to return the funds of the payment transaction, however, in the event of failure to do so, Ektico will take necessary steps to determine the payee's data that enable the Payer to directly contact the person who has received the transfer, on the issue of returning the money.
5.10. The Client is required to submit a Payment Order for the execution of a Payment Transaction in accordance with the instructions specified in the System, which are valid at the time of transfer. A Payment Order is typically valid for 5 (five) business days. If the Client is the Recipient, they must provide the Payer with detailed and accurate information to ensure that the Payment Order complies with the System’s instructions and remains valid at the time of transfer. Before submitting a Payment Order for execution or providing payment details to another Payer, the Client must verify and update the account top-up instructions. The instructions and the data provided therein shall be considered Unique Identifiers required for the proper execution of a Payment Transaction. Additionally, for the successful execution of a Payment Transaction, the Client must ensure that their account holds sufficient funds to cover both the transaction amount and any applicable Ektico fees.
5.11. If the Payer submits an incorrect Payment Order or indicates incorrect data for the Payment Transfer, but the Payment Transfer has not been executed yet, the Payer may request to correct the Payment Order. In this case, a fee for the correction of the Payment Order is applied, as indicated in the System.
5.12. Ektico has received the funds, but is unable to credit the funds indicated in the Payment Order to the Recipient’s account (e.g. the Recipient’s account is closed, the indicated IBAN number does not exist, or else), Ektico shall return the transaction amount to the sender not later than within two business days. In this case, charges for returning a Payment Order provided for in the System may be applied. If Ektico cannot credit the funds indicated in the Payment Order to the Recipient due to errors the Payer made in the Payment Order, but the Payer requests to return the funds indicated in the Payment Order, the Payment Order may be cancelled and funds may be returned to the Payer, but only under a written request of the Payer sent by the electronic means and if the Recipient agrees to return the funds to the Payer (if the Recipient can be identified). In such a case, the fees for the cancellation of the Payment Order indicated in the System are applied. In all cases, when Ektico receives a Payment Order but the funds cannot be credited due to errors in the Payment Order or insufficiency of information, and neither the Payer nor the Recipient have contacted Ektico for specification of the Payment Order or return of the funds, Ektico undertakes all possible measures to track the Payment Transaction in order to receive accurate information and execute the Payment Order. To track the Payment Transaction, the following measures may be used:
5.12.1. If Ektico has the contact details of the Payer (email address or phone number), Ektico contacts the Payer for the Payment Order specification.
5.12.2. If Ektico cannot contact the client – client is not responding - and neither the Payer nor the Recipient contact Ektico regarding the funds indicated in the Payment Order, Ektico contacts the provider of payment services of the Payer who has sent the funds indicated in the Payment Order with a request to contact the Payer for the information specification. This measure is applied if there are possibilities to contact the provider of payment services of the Payer by electronic means.
5.13. In all cases specified in Clause 5.15 of the Agreement, the fee for specification of the Payment Order indicated in the System is applied by debiting it from the amount of the transfer before crediting the transfer to the Account of the Client-Recipient.
5.14. In case it is impossible to apply any of the measures listed in Clause 5.15 of the Agreement for tracking the Payment Transaction, and in other cases when it is still impossible to identify the Recipient according to the indicated or corrected data, the funds are stored in the Ektico system until the Payer or the Recipient contact and additional data allowing to credit the funds to the Recipient is provided (after debiting the fee for specifying or correcting the Payment Order from the transferred amount before crediting it to the Account of the Client-Recipient). Such funds may also be returned to the Payer under a written request of the Payer. In this case the fee for returning the funds, which is indicated in the System, will be debited from the transferred amount before returning it to the Payer.
5.15. The Client, having noticed that money has been credited to or deducted from their Ektico Account by mistake or in other ways that have no legal basis, is obliged to notify Ektico about it. The Client has no right to dispose of funds mistakenly made available to them. In such cases Ektico has the right, and the Client gives an irrevocable consent to deduct the money from their Ektico Account without the Client's order. If the amount of money in the Ektico Client's Account is insufficient to debit the money credited to or deducted from their Ektico Account to their other accounts by mistake, the Client unconditionally commits to repay Ektico the money credited to or deducted from the Ektico Account to their other accounts by mistake in 3 (three) business days from the receipt of such request from Ektico. If the Client fails to return the money credited by mistake in time, at the request of Ektico, the Client shall pay Ektico daily penalties of 0.05 per cent for each day by which the time limit has been exceeded.
5.16. After opening an Account, standard limits for transfers shall be applied towards the Client. The Client has the right to change the Payment Transfer limits by logging in to their Account and setting other limits at their own discretion. Ektico has the right to limit the amount of transfer limits and request the Client to complete additional client identification in accordance with the procedure, as laid down in the System.
5.17. The Client can check the account balance and history by logging in to the Profile. There is also information about all applied Commission Fees and other fees deducted from the Account of the Client during a selected period of time.
5.18. The Client ensures that:
5.18.1. The Client confirms that the funds in their Ektico Account are not derived from criminal activity;
5.18.2. the Client will not use services provided by Ektico for any illegal purposes, sanctions violation, terrorist financing, Money laundering, including actions and transactions in order to legalise funds derived from criminal or other illegal activities.
5.18.3. The Client can manage the Ektico Account and perform Payment Transactions from the Ektico Account in the following ways:
5.18.4. via the Internet, when the Client’s Representative logs in to their personal Profile;
5.18.5. by Payment Instruments linked to the Ektico Account (Supplement Payment Instruments is applied after the Client has agreed to the conditions of the Supplement);
5.18.6. by other instruments indicated by Ektico after the Client has agreed to the conditions of using such instruments.
5.19. Confirmations, orders, requests, notifications, and other actions performed by the Client through websites of third persons or other places by logging in to their Ektico Account and identifying themselves in this way are treated as conclusion of a deal confirmed by electronic signature.
5.20. Execution of Payment Orders from a Ektico Account via the Internet:
5.20.1. In order to execute a Payment Transaction via the Internet, the Client’s Representative must fill in a Payment Order in the System and submit it for execution, electronically confirming in the System the Client’s Consent to execute the Payment Order.
5.20.2. Submission of a Payment Order in the System is an agreement of the Client to execute the Payment Transaction which cannot be cancelled (cancellation of the Payment Order is only possible until the execution of the Payment Order has been started – the status of the Payment Order and the possibility of cancellation are visible in the Profile of the Client).
5.20.3. In case the Payment Order has been filled in incorrectly, the Payment Transfer is not executed, unless Ektico, at its own initiative, in exceptional cases corrects the Payment Order or has a sufficient amount of information to determine the correctness of information to execute the payment order under a regular procedure.
5.20.4. If the balance in the Client’s Ektico Account is insufficient to execute the Payment Transfer and cover applicable Ektico fees, the Payment Transfer will not be executed. However, the System will attempt to process the Payment Order for 5 (five) additional business days after its receipt. If, during this period, the balance remains insufficient, the Payment Order will be cancelled, and no further attempts will be made to execute it. If the available balance is insufficient in the payment currency but sufficient in another currency, the Payment Transfer will not be executed until the Client converts the funds into the required currency. This restriction does not apply if the Client has enabled an automatic currency exchange function or if the transfer is intended for the payment of goods or services via the Ektico system.
5.21. The terms of use of Ektico Account management means, other than those indicated in Clause 5.21 of the present Agreement (except for managing the Ektico Account via the Internet), are set out in separate Supplements governing specific means of Ektico Account management. Specific Supplements regulating other means of Ektico Account management shall apply in case the Client chooses to use the respective Ektico Account management means. The Supplement shall apply to the Client from the moment the Client has electronically or in another way confirmed that they have learned the terms of the Supplement and expresses their will to use the Service indicated in the Supplement.
5.22. Information on executed and received transactions is Provided by Ektico in the Account Statement of the Client. The Client may log in to their Account and view this information free of charge or have it printed out at a selected frequency.
6. Payment Order Receipt, Requirements Applied to the Payment Order, and Refusal to Execute the Payment Order
6.1. When the Client is a Payer, the Payment Order is considered received by Ektico (calculation of the time period of execution of such Payment Order starts) on the day of its receipt, or, if the moment of receipt of the Payment Order is not a business day of Ektico, the Payment Order is considered received on the nearest business day of Ektico.
6.2. A Payment Order received by Ektico on a business day of Ektico, but not during business hours set by Ektico, is considered received on the nearest business day of Ektico
6.3. Payment Orders for payments within the Ektico System are executed unless there are restrictions, a request for communication with the client, or the Payment Transaction is suspended due to cases set forth by legal acts and this Agreement, during Ektico’s business hours.
6.4. Ektico has the right to record and store any Payment Orders submitted by any of the means agreed on with Ektico, and to record and store information about all Payment Transactions performed by the Client or according to Payment Orders of the Client. Records mentioned in the present clause may be submitted by Ektico to the Client and/or third persons who have the right to receive such data under the basis set forth in the legislation, as evidence confirming the submission of Payment Orders and/or executed Payment Transactions.
6.5. Payment Orders submitted by the Client shall comply with the requirements for the submission of such Payment Orders and/or content of the Payment Order set by legal acts or Ektico. Payment Orders submitted by the Client shall be formulated clearly and unambiguously, shall be executable, and contain the clearly stated will of the Client. Ektico does not undertake responsibility for errors, discrepancies, repetitions and/or contradictions in Payment Orders submitted by the Client, including but not limited to, correctness of the details of the Payment Order submitted by the Client. If the Payment Order submitted by the Client does not contain enough data or contains deficiencies, Ektico informs the Client about such deficiency. Ektico, in case of non-completion of the deficiency in the Payment Order, can refuse to execute such Payment Order, or can execute it in accordance with the data provided in the Payment Order. Ektico informs the Client about such refusal or execution.
6.6. Ektico has the right to refuse to execute a Payment Order in case of a reasonable doubt that the Payment Order has been submitted by the Client’s Representative, or that submitted documents are not in line with the requirements set forth by legislation and/or Ektico, or Ektico has reasonable doubt regarding the authenticity and veracity of said documents. If Ektico has reasonable suspicion that the Payment Order has been submitted not by the Client or the Client’s legal representative, or suspicion regarding the authenticity of the submitted documents, or other suspicion regarding the legitimacy or the content of the submitted Payment Order, Ektico has the right to demand from the Client to additionally confirm the submitted Payment Order and/or submit documents confirming the rights of persons to manage the funds held on the Account or other documents indicated by Ektico in a way acceptable to Ektico at the expense of the Client. In cases mentioned in this clause, Ektico acts with the aim to protect the legal interests of the Client, Ektico, and/or other persons, thus, Ektico does not undertake the responsibility for losses which may arise due to refusal to execute the submitted Payment Order.
6.7. The Client shall ensure a sufficient amount of money in a relevant currency on their Account to execute the Payment Order.
6.8. Before executing a Payment Order submitted by the Client, Ektico has the right to require the Client to provide documents proving the lawfulness of the origin of funds related to the Payment Order. In case the Client fails to submit such documents, Ektico has the right to refuse to execute the Payment Order.
6.9. Ektico has the right to involve third parties to partially or fully execute the Payment Order of the Client, if the Client's interests and/or the essence of the Payment Order require so. In cases where the Payment Order of the Client requires sending and executing the Payment Order further through another financial institution, but this institution suspends the Payment Order of the Client, Ektico is not responsible for such actions of the financial institution, but makes attempts to find out the reasons for the suspension of the Payment Order. Ektico has the right to suspend and/or terminate the execution of the Payment Order of the Client, if required by law or in case it is necessary for other reasons beyond the control of Ektico.
6.10. In case Ektico refuses to execute a Payment Order submitted by the Client, Ektico shall immediately notify the Client thereof, or create the necessary conditions for the Client to get acquainted with such a notification, except when such notification is technically impossible or forbidden by legal acts.
6.11. Ektico shall not accept and execute Payment Orders of the Client to perform operations on the Account if funds on the Account are arrested, the right of the Client to manage the funds is otherwise legally limited, or in case operations are suspended by applicable legal acts.
6.12. If money transferred by the Payment Order is returned due to reasons beyond the control of Ektico (inaccurate data of the Payment Order, the account of the Recipient is closed, etc.), the returned amount is credited to the Account. Fees paid by the Payer for the Payment Order execution are not returned, and other fees related to the returning of money and, applied to Ektico, can be deducted from the Account.
6.13. Payment Transfers initiated by Ektico may be standard (non-urgent) and urgent (if there is a technical possibility for that). The method of the Payment Transfer is selected by the Client (if there is a technical possibility for that). If the Client does not select the Payment Transfer method, it is considered that the Client has initiated a standard Payment Transfer that will be executed by automatically selecting the most favourable conditions for the Client.
7. Provision and Cancellation of the Consent, Cancellation of the Payment Order, Execution of the Payment Order
7.1. The payment transaction is considered authorised only if the Payer provides Consent. Consent given to a Ektico agent is considered to be given to Ektico. The Client (Payer) may provide consent in the manner determined by Ektico or agreed upon with the Client. Consent submitted in writing must be signed by the Client or their legal representative. Consent may also be confirmed by electronic signature, password, codes, and/or other identity verification means. Consent to execute a payment transaction or several payment transactions can also be granted through the Recipient or the payment initiation service provider. In all cases stipulated in this clause, the Consent shall be deemed duly approved by the Client (Payer), having the same legal validity as the paper document (the Consent) signed by the Client (their representative), and is permissible as a means of proof in resolving disputes between Ektico and the Client in courts and other institutions. The Client shall not be entitled to contest the Payment Transaction executed by Ektico, if the Payment Order has been approved by the Consent provided in the manner set out in this clause.
7.2. The Consent of the Client (Payer) is submitted prior to the execution of the Payment Transaction. Under an agreement between the Client (Payer) and Ektico, the Payment Transaction may be authorised, i.e. such Consent of the Client may be given after the execution of the Payment Transaction.
7.3. The Client agrees that, in executing Payment Orders, Ektico will transmit information specified in the Payment Order, to persons directly related to the execution of the Payment Transaction, such as international payment card organisations, companies processing information about payments by payment cards, the provider of payment services of the Recipient, the operator of the payment system for execution of the Payment Transaction, agents of the provider of payment services, the payment initiation service provider of the Recipient, and the Recipient.
7.4. The procedure of cancellation of a Payment Order:
7.4.1. the payment order cannot be cancelled after Ektico has received it, except for the cases described in the Agreement;
7.4.2. if a Payment Transaction has been initiated by the Recipient or via the Recipient (e.g. payment using a payment card), or by a payment initiation service provider, the Payer cannot cancel the Payment Order after the Payment Order has been submitted for execution, the Payer has granted the payment initiation service provider the Consent to initiate a payment transaction, or the Payer has granted Consent to the Recipient to perform the Payment Transaction;
7.4.3. when a Payment Transaction is initiated by the Recipient or through the Recipient by performing the Payment Transaction using a payment card, and when the exact amount of the transaction is unknown at the time when the Payer gives their Consent to execute the Payment Transaction, Ektico may reserve the funds in the Payer’s Account only provided the Payer gives their consent to reserve a specific amount. Upon receipt of information on the exact amount of the Payment Transaction, Ektico shall immediately, and not later than immediately upon receipt of the Payment Order, remove the reservation from the Payer’s Account.
7.5. Ektico shall credit funds to an Account and debit funds from an Account according to the Unique Identifier provided in the Payment Order — the Ektico account number or IBAN Account number. Ektico has the right, but not the obligation, to check whether the Unique Identifier given in the Payment Order received by Ektico corresponds to the name and surname (name of the legal entity) of the Account owner. In case the mentioned Unique Identifier is given to Ektico to debit money from or credit money to the Account, the Payment Order is deemed executed appropriately if it has been executed by the indicated Unique Identifier. If Ektico verifies the Payment Order and establishes an obvious discrepancy between the Unique Identifier provided to Ektico and the name and surname (name of the legal entity) of the Account owner, Ektico has the right to refuse to execute such Payment Transaction.
7.6. Provided Ektico receives a Payment Order to transfer money to the payment account of another provider of Payment services, such Payment Transaction is performed by Ektico according to the Unique Identifier provided in the received Payment Order – the account number of the Recipient in IBAN format, except when the provider of Payment services does not use the IBAN account format. Ektico does not hold the responsibility if the Unique Identifier is not provided in the Payment Order, or it is incorrect, and/or the provider of payment services of the Recipient has set a different Unique Identifier for appropriate execution of such Payment Transaction (crediting funds to the payment account of the Recipient).
7.7. If necessary and/or required by institutions of other states, Ektico has the right to receive additional information (e.g. the name and surname or name of the legal entity of the Recipient, a payment code) required for the appropriate execution of the Payment Order.
7.8. The Payment Order is considered executed when Ektico transfers the amount of the Payment Transaction to the account of the Recipient’s Payment service provider. The Recipient’s Payment service provider is responsible for crediting the amount of the Payment Transaction properly transferred by Ektico to the Recipient’s Payment service provider into the Recipient’s payment account.
8. Prohibited Activities
8.1. The Client using Ektico services is prohibited from:
8.1.1. not complying with the Terms of the Agreement, the Supplements to the Agreement, legislation and other legal acts, including but not limited to, anti-money laundering, counters-terrorist financing acts and sanctions violations acts;
8.1.2. violating the rights of Ektico and third parties to trademarks, copyrights, commercial secrets, and other intellectual property rights;
8.1.3. providing false, misleading or incorrect information to Ektico; refusing to provide information or undertake other actions that are reasonably requested by Ektico;
8.1.4. providing to third parties false, misleading, or incorrect information about Ektico and cooperation with Ektico;
8.1.5. executing or receiving transfers of illegally acquired funds, if the Client is aware or should be aware of it;.
8.1.6. using the services of Ektico in a way which causes losses, responsibility, or other negative legal or financial consequences or damage to the business reputation of Ektico or third persons;.
8.1.7. using Ektico services, if the Client, their representative, beneficial owner, the executed or received Payment Transfer matches the criteria indicated in the list of limitation to the provision of Ektico services;
8.1.8. spreading computer viruses and undertaking other actions that could cause System malfunctions, information damage or destruction and other damage to the System, equipment, or information of Ektico;
8.1.9. undertaking any other deliberate actions that could disturb the provision of Ektico Services to the Client or third parties or proper functioning of the System;
8.1.10. organising illegal gambling, illegal trading of stocks, indices, raw materials, currency (e.g. Forex), options, exchange-traded funds (ETF); providing of trade, investment, or other services on currency exchanges, Forex markets, and other electronic currency trading systems; engaging in illegal trades of tobacco products, alcohol, prescription drugs, steroids, weapons, narcotic substances, and its attributes, pornographic production, unlicensed lottery, illegal software, outside of risk appetite of Ektico and other articles or products prohibited by the law;
8.1.11. accepting payments in unregulated and/or unsupervised virtual currency, buying, converting, or managing it in any other ways (the prohibition includes execution or receipt of transfers from virtual currency exchangers, i.e. cases where a transfer in a regulated currency is sought to be carried out or received, however, such transfer is related to digital currency exchangers);
8.1.12. without a prior written consent of Ektico providing financial services and/or legally organizing trading in stocks, indices, raw materials, currencies (e.g. Forex), options, exchange-traded funds (ETFs), providing trade, investment, or other services on currency exchanges, Forex markets, and other electronic currency trading systems. In case the Client intends to provide financial services using the Account, they must have a valid license, issued by a member state of the European Union or a third country that has imposed equivalent or substantially similar requirements and must be monitored by the competent authorities with respect to compliance with these requirements;
8.1.13. without a prior written consent of Ektico to organise legal gambling, lotteries, other specially licensed activities or activities requiring a permit. In case the Client intends to provide the indicated services using the Account, they must have a valid license, issued by a member state of the European Union and monitored by the competent authorities with respect to compliance with these requirements;
8.1.14. having more than one Profile; registering a Profile by a fictitious or someone else's name without having the power of attorney; registering a Profile using the services of anonymous phone numbers or email addresses provided by other individuals or websites;
8.1.15. providing services that are prohibited by the law or contradict public order and moral principles;
8.1.16. connecting to the System anonymously (e.g., through public proxy servers), except in cases when VPNs used are defined by individual characteristics such as the use of a static (permanent) IP address, to ensure data transmission security;
8.1.17. disclosing Passwords and other personalized safety features of Payment Instruments to third persons and allowing other persons to use the Services under the name of the Client.
8.2. The Client shall reimburse all direct damages, fines, and other monetary sanctions applied to Ektico due to non-observance or violation of the Terms, including but not limited to Clause 9.1 of the present Agreement due to fault of the Client.
8.3. The Client is responsible and undertakes to reimburse any losses incurred by Ektico, other Ektico clients, and third parties due to using Ektico Services and violating the present Agreement or its Supplements by the Client. If it turns out that the Ektico Account was created by submitting forged or false documents, the amount of 100 (one hundred) EUR (an amount equivalent to this amount in other currencies, if the Services are provided in another currency) is considered a minimum loss, which does not need to be proven and which Ektico has the right to deduct from the Client's Account. A higher amount of loss shall be justified by written evidence. In all cases, Ektico shall contact the law enforcement authorities if any signs of illegal activity are detected.
9. Sending Notifications by the Parties, Communication, and Consultation of Clients
9.1. The Client confirms that they agree that Ektico notifications will be provided to the Client by placing them on the website of the System and by sending an email, which was indicated by the Client at the time of registration in the System, or by sending it to the address, indicated by the Client at the time of registration in the System, or by sending an SMS message in cases where the Client has indicated only a mobile phone number. The Client acknowledges that Ektico notifications, submitted in any of the above-mentioned ways, shall be deemed as properly provided. Notifications by post or SMS messages are sent only if the Client has not indicated their email address. If such notifications are not related to the substantive amendment to the Agreement, it shall be deemed that the Client received the notification within 24 hours from the moment it was posted on the website of the System or sent to the Client by email or SMS message. If the notification is sent by post, it shall be deemed that the Client received it within 5 (five) business days after it was sent, unless the Client actually receives the notification later than in the terms specified in this part of the Agreement. It shall be deemed that messages (claims, requests, or complaints) from Clients are received on the day of their submission, if they are submitted during Ektico business hours. Messages submitted outside the business hour’s time frame shall be deemed received the next day.
9.2. If Ektico amends the Terms and Conditions, the updated version shall be published on the official website and shall enter into force 30 (thirty) calendar days from the date of such publication. Should the Client disagree with the amendments, they must notify Ektico by sending an email to [email protected] prior to the effective date. Failure to object within the specified period shall be deemed as acceptance of the amended Terms and Conditions.
9.3. The 30 (thirty) days notification period shall not be applied and notifications shall be provided in accordance with the order laid down in Clause 10.1 of the Agreement, if:
9.3.1. the Terms of the Agreement are changed due to changes in mandatory requirements of the legislation;
9.3.2. the prices of services are reduced, or other favourable conditions are established for the Client;
9.3.3. the prime cost of provided services increases, which leads to an increase in the prices of Ektico services;
9.3.4. a new service or a part of a service appears, which may be used or not used by the Client at their own choice;
9.3.5. a new beneficial owner assume control of Ektico, the terms will be updated accordingly.
9.4. Non-essential amendments of the Agreement are style and grammar corrections, paraphrasing and moving a sentence, a clause, or an article of the Agreement for the sake of better understanding; provision of examples for articles and other changes which do not reduce or limit the rights of the Client and do not increase the liability of the Client or aggravate their situation.\
9.5. The Client undertakes to check their email and other instruments for reception of notifications indicated on the Account, as well as websites of the System, on a regular basis, i.e. at least once a business day, in order to notice notifications about amendments to the Agreement in a timely manner.
9.6. All messages of the Parties shall be sent in the Acceptable language or in the language in which the written Agreement was presented to the Client to get acquainted with.
9.7. The Client undertakes to publish on their Profile and, in case of amendments, immediately update the contact data (telephone number, email address, and post address), which Ektico could use to urgently contact the Client or representatives of the Client. In case the Client does not update the contact data on their Profile, all consequences due to the failure of Ektico to submit notifications to the Client shall fall on the Client.
9.8. In order to protect the money of the Client from possible illegal actions of third persons, the Client shall also immediately inform Ektico about theft or other loss of the personal identity document of the Client’s Representative or Representatives.
9.9. The Client can receive a consultation regarding all issues related to the System and execution of the Agreement by sending their question to the email address indicated on the Ektico website, phoning Client Support, or filling in a request on the Account. Client messages related to the present Agreement shall be sent to the email address given on the Ektico website or to the Ektico post address indicated in the Agreement. All messages shall be sent to Ektico, regardless of who is the direct provider of Ektico Services defined in the Agreement.
9.10. Ektico shall notify the Client in advance, in accordance with the procedure stated in Clause 10.1. of the Agreement, about known and possible technical failures of the System and systems or equipment of third parties involved by Ektico in the provision of services, which have an impact on the provision of Ektico Services.
9.11. Ektico may change the solution for technical integration of services without constraint and at any time. Notification about any changes which require corrections in the software of the Client shall be sent at least 30 (thirty) days in advance. Changes, required from the side of the Client, shall be made at the expense of the Client.
9.12. The Parties shall immediately inform each other about any circumstances significant for the execution of the Agreement. The Client shall submit documents substantiating such circumstances (e.g. changes in the name, address, email address, phone number, and other significant data; changes of UBO and shareholders, changes of the Client’s Representatives authorized to manage funds on the Account; changes in signatures of representatives of the Client; initiation and opening of restructuring or bankruptcy proceedings against the Client; liquidation, reorganization, or restructuring of the Client, etc.), regardless of whether this information has already been transferred to public registers or not.
9.13. The Group has the right to demand the documents concluded abroad to be translated, legalized, or confirmed with the Apostille, except when legal acts state otherwise.
9.14. All costs for conclusion, submission, confirmation, and translation of documents provided to Ektico shall be covered by the Client.
9.15. The Client has the right to consult valid amendments to the Agreement, its Supplements, and Pricing on the Ektico website at any time.
9.16. It is Client’s responsibility to promptly update any information provided to Ektico in the event that it has changed. If Client provide knowingly false, inaccurate, or misleading information, Client may bear criminal liability and/or be subject to civil penalties according to applicable laws and regulations. Ektico reserves the right to take necessary legal actions, including but not limited to terminating your account, refusing the provision of services, and reporting to relevant authorities to ensure compliance with the law.
10. Amendments to the Agreement
10.1. Ektico has the right to unilaterally amend and/or supplement the conditions of the Agreement according to the procedure set forth in Article 10 of the present Agreement.
10.2. The Client has no right to unilaterally change and/or amend the conditions of the Agreement.
10.3. The Client has the right to agree or disagree to the amendments prior to the suggested day of the changes, notifying Ektico thereof in advance. If the Client fails to notify Ektico about their disagreement to the amendments by the suggested day of their entry into force, it shall be deemed that the Client accepts the amendments to the Agreement, and the amendments shall enter into force on the specified day of their entry into force. If the Client informs Ektico about their disagreement to the changes of the Agreement, they thereby terminate the Agreement pursuant to the procedure stipulated by Clause 12.12 of the Agreement, and the existing terms of the Agreement shall be valid to the Client throughout the said period of 30 (thirty) calendar days.
10.4. Supplements to the Agreement are amended according to the procedure laid down in the respective Supplement. If no amendment procedure is laid down in the Supplement, the procedure for amendment and the procedure for informing about amendment, stated in this Agreement, shall apply.
10.5. The Parties may agree to additional conditions which are not provided in the Agreement or the Supplements, or other conditions which are not stated in the Agreement or Supplement, by a separate written agreement. Such agreement shall become an integral part of the Agreement. Upon a request of the Client, a draft agreement shall be prepared by Ektico and sent to the Client by email (the agreement may also be concluded in the form of a declaration). If the Client agrees with the draft provided, the Client shall sign the draft and forward a scanned copy of the document to Ektico by email. Ektico has the right to require the Client to send the agreement by post with the original signature of the Client. Such agreement shall enter into force after the signed agreement has been sent to Ektico, i.e. the signature of Ektico on the agreement is not required and Ektico is not obliged to send the signed agreement back to the Client.
11. Suspension of Service provision. Termination of the Agreement
11.1. Ektico, at its own discretion, in case of unlawful activities, and taking into consideration a specific situation, giving preference to execution of legal acts applied to the activity of Ektico, and interests of the Client, has the right to unilaterally and without a prior notice apply one or several of the following measures:
11.1.1. to suspend execution of one or several Payment Transfers;
11.1.2. to suspend the provision of all or part of services to the Client;
11.1.3. to detain the Client's funds that are a matter of dispute;
11.1.4. to block the Account (i.e. fully or partially suspend Payment Transactions on the Account) and/or the Payment Instrument (i.e. fully or partially prohibit to use the Payment Instrument);
11.1.5. to refuse to provide services;
11.2. Measures indicated in Clauses 11.1.1–11.1.5 of the Agreement –may be applied only in the following exceptional cases
11.2.1. if the Client essentially violates the Agreement or its Supplements, or a real threat of essential violation of the Agreement or its Supplements by the Client arises;
11.2.2. if the activities of the Client using a Ektico Account have the potential to harm Ektico’s business reputation;
11.2.3. if the Client fails to complete the necessary identification procedures, or submit information required by Ektico, or the Client provides information that does not conform to the requirements stipulated by legislation or Ektico, or doubts concerning the veracity and authenticity of submitted documents arise to Ektico, also if Ektico has reasonable suspicion that the Client does not observe the requirements set forth in Article 9 of the Agreement;
11.2.4. if, due to further provision of services and activity of the Client, justified interests of third parties may be harmed;
11.2.5. if, due to objectively justified reasons related to the safety of funds on the Account and/or the Payment Instrument, unauthorized or fraudulent use of money on the Account and/or the Payment Instrument is suspected;
11.2.6. if Ektico finds out about theft or loss of the Payment Instrument, suspects or finds out about illegal purchases or unauthorized use of the Payment Instrument, also in case of facts or suspicions that personalized safety data of the Payment Instrument (including identity confirmation instruments) have become known or may be used by third persons, Ektico has reasonable suspicion that funds or the Payment Instrument may be illegally used by third persons, or the Account and/or the Payment Instrument may be used for illegal activity;
11.2.7. if Ektico receives substantiated information about the Client's liquidation or bankruptcy case;
11.2.8. in cases specified by legislation;
11.2.9. in other cases stated in the Agreement or its Supplements.
11.3. If Ektico has reasonable suspicion that the Client is engaged in fraudulent activities, appropriate measures may be applied. In such cases, the funds of the primary payers in the Client’s Account may initially be suspended. If the Client fails to take the necessary actions (such as completing an additional identification procedure or providing the requested documents) or does not provide a reasoned explanation within the required timeframe, the suspended funds may be returned to the primary payers. This measure also applies when Ektico receives a law enforcement order to return the suspended funds to the primary payer.
11.4. The purpose of the limitations set forth in Clause 12.1 of the Agreement is to protect Ektico, third persons, and the Client from potential monetary sanctions, losses, and other negative consequences.
11.5. Ektico shall inform the Client about the measures indicated in Clause 12.1 of the Agreement immediately (within one hour). If there is a possibility to return the funds of the Client, they will be informed in 2 (two) business days from the moment of suspension of service provision, except for cases when provision of such information would weaken safety measures or is forbidden by the law.
11.6. In the event of a reasonable suspicion that money laundering, terrorist financing, breach of sanction list or other criminal activity is being executed through the Client or the Account of the Client, Ektico has the right to partially or completely suspend provision of the services to the Client for a unspecified period of time until the charges are fully withdrawn or confirmed.
11.7. In case of reasonable suspicion by Ektico that the Account or the Profile of the Client have been hacked, Ektico has the right to partially or completely suspend provision of services to the Client without prior notice. In such case, Ektico will inform the Client about the suspension and provide further information on actions that have to be performed by the Client in order to resume provision of services to the Client.
11.8. Ektico cancels blockage of the Account and/or Payment Instrument (or replaces it with a new Payment Instrument) when the causes for blockage of the Account and/or Ektico Instrument cease to exist.
11.9. The Account and/or the Payment Instrument may be blocked at the initiative of the Client if the Client submits an appropriate request to Ektico and informs Ektico that the Payment Instrument of the Client has been stolen or lost, or funds on the Account and/or the Payment Instrument are used or may be used illegally. Ektico has the right to demand from the Client to later confirm the orally submitted request to block the Account and/or Payment Instrument in writing or another way acceptable to Ektico. If the Account and/or the Payment Instrument have been blocked at the initiative of the Client, Ektico has the right to cancel the blockage only after receiving a written request from the Client or apply other Client identification procedures, unless the Agreement states otherwise. Ektico has the right to replace a blocked Payment Instrument with a new one.
11.10. Ektico is not liable for losses incurred by the Client due to suspension of service provision, blockage of the Account and/or Payment Instrument, or other actions, if those actions have been performed in accordance with the procedures stated in the Agreement or its Supplements and under circumstances on the basis specified in the mentioned documents. 11.11. Following the procedure set forth by the law, Ektico has the right to withhold money of the Payment Transaction for up to 10 (ten) business days or for a longer period of time stated by the law, the Agreement, or its Supplement.
11.12. The Client has the right to terminate the Agreement unilaterally without appealing to the court, by providing Ektico with a written notice at least 30 (thirty) calendar days in advance. Upon termination, the issued electronic money is returned to the Client using the method chosen by them, as specified in the Agreement, and in accordance with its terms. The Client must ensure that all outstanding fees, charges, and debts are fully settled before the Agreement is terminated.
11.13. Ektico has the right to terminate the Agreement and its Supplements unilaterally and refuse to provide services without indicating the reason, notifying the Client thereof 30 (thirty) days in advance by means provided in Article 10 of the present Agreement. Ektico also has the right to terminate the Agreement and its Supplements unilaterally and refuse to provide services for the reasons stated in Clause 12.2 of the present Agreement, notifying the Client thereof 10 (ten) days in advance by the means provided in Article 10 of the present Agreement. In cases when it turns out that the Client is committing a criminal and/or illegal activity using the Account, Ektico has the right to terminate the Agreement with 3 days' notice.
11.14. In case of termination of the Agreement, Ektico deducts from the Account of the Client the money amounts payable for Ektico Services provided to the Client, also fines, forfeits, losses, and other amounts paid to third parties or the state, which Ektico has incurred due to the fault of the Client. In case the amount of money on the Ektico Account(s) of the Client is insufficient to cover all payable amounts specified in this clause, the Client undertakes to transfer the provided amounts to the account of Ektico within 3 (three) business days. In case Ektico regains a part of the amounts paid to third parties, Ektico undertakes to return the regained amounts to the Client immediately.
11.15. Termination of the General Agreement does not exempt the Client from appropriate execution of all liabilities to Ektico that were applicable towards the Client before the termination.
11.16. After terminating the Agreement between Ektico and the Client, the Client shall choose the means for the redemption of their electronic money. The Client agrees to perform the actions necessary to redeem the electronic money and understands that by such means Ektico aims to reduce the risk of fraud and seeks to comply with anti-money laundering and other legal requirements.
11.17. In case, after terminating the Agreement between Ektico and the Client, the Client does not choose the means for electronic money redemption and/or does not complete an additional identification procedure for increasing the limits, Ektico may (but is not obligated to) redeem the electronic money of the Client by means of electronic money redemption, which is available at the moment of redemption.
12. Ektico Account Transfer
12.1. A Client who wishes to have their Account transferred to another payment service provider must submit a corresponding request. The Client's request to transfer the Account to another payment service provider must meet the requirements of the state where the Ektico company that registered the Client is licensed and/or the requirements established by the legislation of the European Union.
12.2. In exceptional cases, Ektico may transfer the Client’s Account from one licensed Ektico company that registered the Client to another licensed Ektico company. Account Transfers in such cases are carried out without the separate consent of the Client and without applying the procedure of prior notification of the Client specified in Article 10 of the Agreement.
13. Confidentiality and Data Protection
13.1. The Parties undertake to keep the technical and commercial information of each other secret, except for publicly available information which has become known to them while executing the present Agreement, and not transfer it to third parties without written consent from the other Party or its legal representatives.
13.2. The Parties unanimously declare that Ektico has its own legal basis under General Data Protection Regulation to process the Client’s Representative’s Personal Data with an aim to provide services to the Client and execute other responsibilities under the present Agreement. If the consent for Client’s Representative’s is needed to provide Services to the Client, the Client undertakes to provide such a consent under penalty of no access to such service. The Parties guarantee the security of Personal Data received while executing the present Agreement.
13.3. The data retention and protection issues are governed by the Supplement to the Agreement Privacy Policy, which the Client read and commits to adhere to.
13.4. The Client undertakes to protect and not to disclose any Passwords, created by them or provided to them under the present Agreement, or other personalised security features of Payment Instruments to third persons and not to allow other persons to use services under the name of the Client. If the Client has not complied with this obligation and/or could, but has not prevented it and/or performed such actions on purpose or due to own negligence, it is acknowledged that the Profile is accessed and the relevant Ektico Services are used on behalf of the Client. In this case, the Client fully assumes the losses and undertakes to reimburse the losses of other persons incurred due to the indicated actions of the Client or their failure to act.
13.5. In the event of loss of an Account Password or other Passwords by the Client or the Password(s) are disclosed not due to the fault of the Client or Ektico, or in case a real threat has occurred or may occur to the Profile of the Client, the Client undertakes to change the Passwords immediately or, if the Client does not have the possibility to do that, notify Ektico thereof immediately (not later than within one calendar day) by the means indicated in Article 11 of the Agreement. Ektico shall not be liable for the consequences originating due to the notification failure.
13.6. After Ektico receives the notification from the Client as indicated in Clause 14.5 of the Agreement, Ektico shall immediately suspend access to the Profile of the Client and the provision of Ektico services until a new password is provided or created for the Client.
13.7. Ektico draws the attention of the Client to the fact that the email linked to the Ektico Account and also other instruments (e.g. a mobile telephone number), which by the Client's choice are linked to their Ektico Account, are used as instruments for communication or identification of the Client, therefore these instruments and login credentials shall be protected by the Client. The Client is completely responsible for the safety of their email passwords and all the other instruments used by them, as well as their login passwords. The Passwords are secret information, and the Client is responsible for its disclosure and for all operations performed after the Password used by the Client for a relevant Profile or another Payment Instrument is entered. Ektico recommends to memories the Passwords and not to write them down or input to any instruments where they can be seen by other persons.
13.8. The Group reserves the right to transmit any material information collected about the Client and their activities to competent law enforcement agencies, regulatory authorities, and other relevant public bodies, depending on the jurisdiction of the licensed Group entity providing the services. This may include, but is not limited to, the Malta Financial Services Authority (MFSA), the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as well as other financial institutions and supervisory authorities as required by applicable legislation in the relevant jurisdiction.
13.9. The Group points out that in all cases, services are provided by the relevant licensed entity within the Ektico Group acting as the service provider for the Client, which does not provide or offer any services to the Recipient until they become a Client of Ektico.
13.10. The Parties agree that messages transferred via mail, email, chat and other telecommunication means may be deemed evidence when settling disputes between the Parties. The Client also has the right to store email, chat and other correspondence for the purposes of lawful objectives set forth by the Client’s privacy policy and rules for processing Personal Data.
13.11. The Client agrees that their Account number and data required for the execution of a payment transfer may be detected and displayed to another Ektico user, who intends to make a payment transfer to the Client if another Ektico user enters a confirmed identifier of the Client (the legal person’s name, bank account number, email address or phone number).
13.12. Under the Client’s consent, the Client’s data may also be transmitted to payment initiation or account information service institutions. Ektico may refuse to provide an account information service provider or a payment initiation service provider with access to the Client’s Account based on objective and duly reasoned grounds relating to unauthorized or unfair access to the Account, gained by that account information service provider or payment initiation service provider, including unauthorized or unfair payment transaction initiation. In such cases, Ektico shall inform the Client about the refusal to grant access to the Account and indicate the reasons for such action. This information should be provided to the Client prior to refusal to grant access to the Account, if possible, and not later than upon refusal to grant it, unless the provision of such information could weaken the safety measures or was prohibited under legislation.
13.13. In order to protect the legitimate interests of Ektico, the Client’s data may be transferred to public information means when the Client applies to these means without using the remedies provided for in Clause 16.6 of the Agreement and when the information about the dispute provided to the public information means does not correspond to the information available to Ektico and harms Ektico's business reputation.
14. Liability of the Parties
14.1. Party is liable for all fines, forfeits, and other losses which the other Party incurs due to violation of the Agreement by the guilty Party. The guilty Party undertakes to reimburse direct damage incurred due to such liability to the affected Party. In all cases, the liability of Ektico under the Agreement is limited by the following provisions:
14.2. Ektico shall only be liable for direct damages caused by direct and essential breach of the Agreement made by Ektico, and only for damages which could have been foreseen by Ektico at the time of breaching of the Agreement;
14.2.1. the amount of compensation for damages caused by violating the Agreement by Ektico shall not exceed the average of Commission Fees for the last 3 (three) months paid to Ektico by the Client for provided services. This restriction is applied for the total amount of all violations of the month. In case the average of 3 (three) months cannot be calculated, the compensation cannot exceed 2 000 (two thousand) EUR (an amount equivalent to this amount in other currencies, if the Services are provided in another currency);
14.2.2. in all cases, Ektico shall not be liable for non-receipt of profit and income by the Client, loss of reputation of the Client, loss or failure of the Client's business, and indirect damages;
14.2.3. limitations of liability of Ektico shall not be applied if such limitations are prohibited by the applicable law.
14.3. Ektico does not guarantee uninterrupted System operation, because System operation may be affected (disordered) by many factors beyond the control of Ektico. Group shall put all efforts to secure as fluent System operation as possible, however, the Group shall not be liable for consequences originating due to System operation disorders, if such disorders occur not due to the fault of the Group.
14.4. The System may not operate due to reasons under the control of Ektico and Ektico shall not provide any compensation for malfunctions if the System has been accessible for more than 99% (ninety-nine per cent) of all time, calculating the average of at least 3 (three) months.
14.5. Cases, when Ektico limits access to the System temporarily, but not longer than for 24 (twenty-four) hours, due to System repair, development works, and other similar cases, and if Ektico informs the Client about such cases at least 2 (two) calendar days in advance, shall not be considered System operation disorders.
14.6. Ektico is not liable for:
14.6.1. money withdrawal and transfer from the Ektico Account and for other Payment Transactions with funds held in the Client's Ektico Account if the Client had not protected their Passwords and identification instruments, and as a result they have become known to other persons, and also for illegal actions and transactions of third persons performed using counterfeited and/or illegal documents or illegally received data;
14.6.2. errors and late or missed transactions made by banks, billing systems, and other third parties;
14.6.3. consequences arising due to disturbances of fulfilment of any Ektico obligations caused by a third party which is beyond the control of Ektico;
14.6.4. consequences arising after Ektico legally terminates the Agreement, cancels the Client’s Profile or limits access to it, also after reasonable limitation or termination of provision of a part of the Services;
14.6.5. goods and services purchased using a Ektico Account, and also for the other party, which receives payments from the Ektico Account, not complying with terms of any agreement;
14.6.6. for a failure to fulfil its own contractual obligations and damages, in case it was caused due to Ektico fulfilling duties determined by the law.
14.7. The Client assures that all actions of the Client related to the execution of the Agreement will comply with the applicable law.
14.8. The Client bears full responsibility for the accuracy, completeness, and correctness of all data, instructions, and documents submitted to Ektico. The Client is also fully responsible for the timely and immediate provision of any updates or changes related to its legal or factual status, including but not limited to changes in ownership, registered address, company directors, or corporate documentation. Failure to notify Ektico of such changes without undue delay may result in civil, administrative, or criminal liability under applicable laws. In addition, a fee may be charged in accordance with the Price List if the Client fails to provide such information in a timely manner.
14.9. If Ektico becomes aware of an unauthorized Payment Transaction, Ektico shall return the amount of the unauthorized Payment Transaction to the Client and, where appropriate, restore the balance of the Account from which the amount has been debited, to the point before the unauthorised transaction was carried out, except for cases where Ektico has reasons to suspect fraudulent activity and reports these reasons to the supervisory authority.
14.10. The Client bears all the losses that have arisen due to unauthorized Payment Transactions if these losses have been incurred due to: the use of a lost or stolen Payment Instrument; illegal acquisition of a Payment Instrument if the Client has not protected their personalized security features (including identity confirmation instruments).
14.11. The Client may bear any losses incurred due to unauthorized Payment Transactions if the Client has suffered the losses as a result of acting dishonestly or due to their gross negligence or intentionally not fulfilling one or several of the duties indicated below:
14.11.1. to comply with the rules regulating the issuance and usage of the Payment Instrument provided in the present Agreement or its Supplements, when using the Payment Instrument;
14.11.2. if the Client finds out about a loss, theft, illegal acquisition, or unauthorised usage of the Payment Instrument, about facts and suspicions that personalised security features of their Payment Instruments have become known to or can be used by third persons, the Client shall notify Ektico or the subject indicated by Ektico immediately, in accordance with the rules regulating the issuance and usage of the Payment Instrument provided in the present Agreement and its Supplements;
14.11.3. to undertake all possible measures to protect the personalised security data of the Payment Instrument after the Payment Instrument has been issued.
14.12. The Client shall check information about Payment Transactions performed in the Account at least once a month and notify Ektico about unauthorised or improperly executed Payment Transactions, also about any other errors, inconsistencies or inaccuracies in the Statement. The notification shall be submitted not later than 30 (thirty) calendar days after the day when Ektico, according to the Client, has performed the unauthorised Payment Transaction or has performed the Payment Transaction improperly. If the Client does not submit the specified notifications within the time period indicated, it is considered that the Client has unconditionally agreed to the Payment Transactions that had been executed on the payment account. The Client shall submit to Ektico any information about illegal logins to the Account or other illegal actions related to the Account, and undertake all reasonable measures indicated by Ektico in order to help in investigating the illegal actions.
14.13. The Party is relieved from the liability for failure to comply with the Agreement in case the Party proves that the Agreement has not been executed due to circumstances of force majeure, which are proven in accordance with the procedure established by the law. The Client shall notify Ektico about the force majeure in writing within 10 (ten) calendar days after the day of occurrence of such circumstances. Ektico shall notify the Client about force majeure circumstances via email or websites of the System.
15. Settlement of Disputes between the Client and Ektico, Procedure for Filing Claim
15.1. Ektico aims to settle all disputes with the Client amicably, promptly, and on terms acceptable to both Parties, thus, in case of a dispute, Clients are encouraged to first address Ektico directly. Disputes are solved by negotiation.
15.2. The Client may submit any claim or complaint regarding the payment services of Ektico by sending a notification via email, calling Client Support, or sending a notification from the Profile.
15.3. The complaint shall contain a reference to the circumstances and documents that served as a basis for the complaint. If the Client bases their complaint on documents which Ektico does not possess, the Client shall also submit such documents or their copies.
15.4. Ektico shall examine a written claim or complaint of the Client not later than within 15 (fifteen) business days from the day the claim was received, and provide the Client with a detailed, motivated response, grounded by documents. In exceptional cases, when due to reasons beyond the company’s control, Ektico is not able to provide a response within 15 business days, Ektico shall provide the Client with a non-final response, indicating the reason for the delay and the deadline for submitting a final response. The deadline for providing a final response shall not exceed 35 (thirty five) business days. A response shall be provided to the Client through the official communications channels of the Agreement, unless the Client requests a response to their claim or complaint to be provided through other means.
15.5. Examination of Client claims by Ektico is free of charge.
15.6. If the Client is not satisfied with the decision made by Ektico, the Client has the right to use other legal remedies to protect their rights and submit a claim to the supervisory authority under the procedure established by the supervisory authority.
15.7. In case of failure to settle a dispute amicably or in other extrajudicial methods of dispute resolution, the dispute shall be settled by the courts according to the headquarters of Ektico following the procedure established by the law.
15.8. This Agreement, its Supplements, and relations of the Parties that are not regulated by this Agreement shall be subject to the law of the country in which the licensed Ektico company that registered the Client is located, including cases when a dispute between the Client and Ektico falls within the jurisdiction of a court of another state.
16. Final Provisions
16.1. Each Party confirms that it possesses all permissions and licenses required under the applicable law that are necessary for the execution of the present Agreement.
16.2. Titles of articles and paragraphs of the Agreement are intended solely for the convenience of the Parties and cannot be used for the interpretation of the provision of the present Agreement.
16.2.1. The Customer and Ektico declare that, with regard to matters regulated and expressly not regulated in this Agreement, they exclude the application of any national laws not applicable to the jurisdiction where the regulated services are provided, to the fullest extent permitted by law. The applicable legal framework shall be determined in accordance with the regulatory requirements of the competent authority in the relevant jurisdiction, including but not limited to Maltese and Canadian law.
16.3. The Parties are independently liable to the state and other subjects for the fulfilment of all tax obligations. Ektico shall not be liable for the execution of tax obligations of the Client, calculation, or transferring of taxes applied to the Client.
16.4. Ektico in all cases acts as an independent Party of the Agreement that shall not control or undertake liability for products and services which are paid for using Ektico Services. Ektico does not undertake liability that the buyer, seller, or another party will fulfil the terms of a bargain clinched with the Client.
16.5. The Client does not have the right to assign their rights and obligations arising out of this Agreement to third parties without a prior written consent from Ektico. Ektico reserves the right to assign its rights and obligations arising out of this Agreement to third parties at any time without a consent from the Client, if such transfer of rights and obligations does not contradict the legislation
16.6. If any provision of the Agreement becomes invalid, other provisions of this Agreement remain in force.
16.7. The Agreement shall come into force in accordance with Clause 2.4 of the present Agreement. The Client may save the text of the Agreement at the time of registration in the System.
16.8. This Agreement is provided in the System English. The Agreement applicable to the Client is concluded in a language in which the Agreement was introduced to the Client at the time of registration in the System.
16.9. Links to the Ektico websites given in the Agreement and Supplements regulating provision of separate services are an integral part of this Agreement and are applied to the Client from the moment they start using the respective service.