Date of last revision: 29 May 2018 (v1)
1. About Valyuz
1.1. Valyuz, UAB, a private limited liability company, established and operating under Lithuanian law, legal entity code 304782929, registered address at Gedimino Ave. 44, 01110, Vilnius, Lithuania, is an electronic money institution authorized and supervised by the Lithuanian financial supervisory authority the Bank of Lithuania, legal entity code 188607684, address Gedimino str.6, Vilnius, the Republic of Lithuania (webpage: www.lb.lt); in accordance with the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania. You can review Valyuz EMI license here.
2. DEFINITIONS AND INTERPRETATION
(a) Account or Valyuz Account has the meaning of the account created by Valyuzto the Client;
(b) Electronic money has the meaning of electronically stored value corresponding to the par value of the funds stored in Valyuz clients’ bank account represented by a claim against Valyuz.
(c) Client has the meaning of an individual or legal entity holding Valyuz Account;
(g) Token App has the meaning of the mobile application accessible through your mobile app that generates passwords required to authorize your payments (you can find Token App here [add reference link]);
(i) Valyuz App has the meaning of the mobile application accessible through your mobile phone in order to access our Valyuz Account and use our Services (you can find our App here [add reference link]);
(j) Website Valyuz Websitehas the meaning of the website available at http://www.Valyuz.com/;
(k) We has the meaning of Valyuz;
(l) You has the meaning of the Client.
2.2.2. References to legal acts (if any) shall include references to any amendment, modification, extension, consolidation, replacement or re-enactment of any such legal act.
(a) words importing the masculine gender include the feminine and the neuter and vice versa;
(b) words in the singular include the plural and vice versa;
(c) references to persons shall include legal persons, unincorporated associations and partnerships, in each case whether or not having a separate legal personality;
2.3. words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
4. Description of Valyuz Services
4.1. To our Client we offer a payment accountwith a shared or dedicated IBAN. The payment account enables the Client with an extensive range of Services to support the Client’s daily financial operations, including:
4.1.1. issuance and redemption of Electronic money, as well as services enabling withdrawals from the payment account and all operations required for operating a payment account;
4.1.2. execution of payment transactions, including international, domestic and local transfers, as well as SWIFT and SEPA payments:
220.127.116.11. execution of direct debits, including one-off direct debits;
18.104.22.168. execution of payment transactions through a payment card or similar device;
22.214.171.124. execution of credit transfers, including standing offers;
We will be solely entitled to add other methods of transfer from time to time.
4.1.3. online currency conversions.
4.1.4. prepaid debit cards.
5. Valyuz Account
5.1.2. Valyuz as electronic money institution operating under requirements of Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania, is required to implement safeguard measures to protect Clients’ funds. Valyuz has taken the appropriate step of safeguarding your and its other clients’ funds by segregating and placing them in protected clients’ funds bank account. You shall retain the ownership of the funds transferred to Valyuz for issuance of Electronic money. In the unlikely event that Valyuz becomes insolvent, your Electronic money may become valueless and unusable, and as a result you may lose your Electronic money. Nevertheless, funds placed on Valyuz clients’ funds bank account are protected against any claims made by creditors;therefore, you can be assured to suffer no losses should such situation occur.
5.1.3. Electronic money on your ValyuzAccount belongs to the person which is registered as the ValyuzAccount holder. No person other than the ValyuzAccount holder has any rights in relation to the funds held in a ValyuzAccount, except in cases of succession. You may not assign or transfer your ValyuzAccount to a third party or otherwise grant any third party a legal or equitable interest over it.
5.1.4. You will not earn interest against the Electronic money held in your Valyuz Account.
5.2. Opening Valyuz Account
5.2.2. You will have to verify your e-mail address and mobile number in accordance with the instructions provided to you by Valyuz. Failure to do so will result in unavailability of our Services.
5.2.3. To use Valyuz Services as an individual, you must be at least 18 years old to accept the documents indicated in Art. 5.2.1 and use ValyuzServices.We are entitled to set different age limits to different Services and/or products offered by us to the clients at our sole discretion.
5.2.4. You may only open one ValyuzAccount unless we approve opening of additional accounts. Upon opening of your Valyuz Account you will be assigned an IBAN number and funds in your Valyuz Account will be denominated in euro. Should you require additional Accounts with assigned IBAN numbers and/or funds in your Valyuz Account to be denominated in other currencies (subject to availability), you have to specify this during the process of opening of the Account with us or, if such a need occurs once after your Valyuz Account has been opened, you should contact our Support Service.
5.2.5. Your corporate Valyuz Account will allow up to 4 (four) signatories who you will indicate during the process of opening of your Valyuz Account. If the need to add signatories to your corporate Valyuz Account will occur later, during the course of relationship with us, and/or you will require adding other special features to your corporate Valyuz Account, you should contact our Support Service. You understand that additional signatories and other features will be subject to the risks posed by you to us.
5.2.7. By opening Account with us you represent and warrant that you are familiar with legal requirements of the country, tax payer of which you are, including, but not limited to, submission of information to state authorities and compulsory registration with state authorities, as well as your obligations in relation to your status as tax payer. By opening the Account, you represent and warrant that you are fully compliant with such requirements.
5.2.8. All information you provide during the process of opening your Valyuz Account or any time thereafter must be accurate and correct. By registering with the Website, you represent and warrant to us that the information and/or data and/or documents provided to Valyuzis accurate and up to date and will remain so each day until closing of your Valyuz Account. In addition, you undertake to inform Valyuzabout any changes in the information and/or data and/or documents provided by you to us. If you fail to comply with the foregoing, Valyuz will not be held liable for the losses suffered by you in relation to such failure.
To ensure that the information and/or data and/or documents are accurate and correct, Valyuzhas the right at any time to request you to confirm the accuracy of the information and/or data and/or documents provided by you to us or to provide additional information and/or data and/or documents to support the already obtained information, data and documents.
5.2.9. As an individual you will not be entitled to use your private Valyuz Account for business purposes. If you want to benefit from our Services for business purposes, you will have to request opening of the corporate Valyuz Account in advance. In the event, you are using your private Valyuz Account for business purpose, we will retain the sole right to apply to you the terms and conditions (including, but not limited to, fees) applicable to our business clients and request to open a corporate Valyuz Account with us or terminate your Account or apply other measures available to us. For the purpose of this provision, business related payments will mean any payments received in connection with your business activities.
5.2.10. Valyuz will retain the right to refuse to open Valyuz Account for you at its soul discretion without providing you a reason.
5.3. Adding funds to your Valyuz Account
5.3.2. Valyuz will have no responsibility over thefunds in transit, i.e. until respective funds have been credited to Valyuz clients’ funds bank account. Electronic money will be issued only to your Valyuz Account, only after the respective amount of funds was credited to Valyuz clients’ funds bank account and only in the amount of funds received to Valyuz clients’ funds bank account.
5.3.3. Valyuzwill retain a right to impose additional authorization for adding of funds to your Valyuz Account.
5.3.4. Valyuzwill have a right, at its reasonable discretion, impose limits on the amount of the funds you will be allowed to add to your Valyuz Account. We may ask you additional information, data or documents to lift these limits.
5.3.5. You are solely responsible for the accuracy and completeness of the payment details entered for the purpose of adding funds to your Valyuz Account. In no event Valyuz will be held liable for any losses you may suffer as a result on inaccuracy of the payment details.
5.3.6. You understand and accept that your payment services provider may charge you fee for making a transfer to Valyuz clients’ funds account. You understand that Valyuz will not be responsible for the term withinwhich the funds will be credited to Valyuz clients’ funds account.
5.4. Using Valyuz Account
5.4.1. You must take all reasonable steps to keep your Valyuz Account password safe at all times and never disclose it to anyone. Our personnel will never ask you to provide your password to us or to any third party. If you receive a request to disclose your password or other login information anywhere else than on the Website, you must not disclose your password or other login information at any event and must immediately report to us of such incident. Such a report can be made here email@example.com.
5.4.2. We advise you to change your password regularly in order to reduce the risk of a security breach in relation to your Valyuz Account. We also advise you not to choose a password that is easily guessed from information someone might know or gather about you or a password that has a meaning. You must never allow anyone to access your Valyuz Account or watch you accessing your Valyuz Account.
5.4.3. If you have any indication or suspicion of your Valyuz Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, you are advised to change your password. You must contact Valyuz without undue delay on becoming aware of any loss, theft, misappropriation or unauthorized use of your Valyuz Account, login details, password or other security features. Any undue delay in notifying us may not only affect the security of your Valyuz Account but may result in you being liable for any losses as a result. If you suspect that your Valyuz Account was accessed by someone else, you should also contact your local police and report the incident.
5.4.4. You must take all reasonable care to ensure that your e-mail account (which you indicated in your Valyuz Account)is secure and only accessed by you, as your e-mail addressmay be used to reset passwords or to communicate with you about the security of your Valyuz Account. In case any of the e-mail addresses registered with your Valyuz Account during the term of our relationship are compromised, you should inform Valyuz without undue delay after becoming aware of this and also contact your e-mail service provider.
5.4.5. You must regularly review your transactions history and in the event of discrepancies, to clarify those with us or report to us, depending on the case may be.
5.4.6. Irrespective of whether you are using a public, a shared or your own computer to access your Valyuz Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows login details or passwords to be stored by the computer you are using.
5.5. Sending/receiving payments within your Valyuz Account
5.5.1. You will be able to send/receive payments through your Valyuz Account. To do so, you will have to login into your Valyuz Account and initiate the payment in accordance with the instructions recorded on the Website. You will have to authorize each of the payment initiated by you with a password generated by the Token App.
5.5.2. You take full responsibility to enter correct payment details. In such an event, we completed payment initiated by you on the details provided by you and such payment was received by wrong payee, we will not be held liable for any losses you may suffer therewith.
5.5.3. Sending payments is subject to fees and currency conversion fees depending on the type of payment you make.
5.5.4. If you are willing to send a payment in different currency than your Account with us is denominated, you first have to exchange the respective amount of Electronic money into the required currency and then send a payment. Fees in relation to such payment will be set off in the currency the payment is being made and therefore, you are solely responsible to make sure that the amount of Electronic money in currency in which the payment will be made is sufficient to pay the respective fees. In the event, there is not enough Electronic money in your Account to set off the respective fees, we will not execute the payment and shall take no responsibility for such payment to be not executed.
5.5.5. We will use third party payment services providers to complete payment initiated by you.
5.5.6. Due to the requirements imposed on us by the laws on prevention of money laundering and terrorist financing, we may request additional information regarding the payments initiated by you and suspend your payment until you satisfy our request. Failure to furnish us with the requested information, data and/or documents or failure to meet the terms introduced by us, will result in your paymentto be not completed. We will not be held anyhow liable in the foregoing event.
5.5.7. Valyuz has a right at its sole discretion to refuse to execute any payment when execution of such payment violates or could violate the applicable law or the activities with your Valyuz Account are suspicious.
5.5.8. You will not use your Valyuz Account for any unlawful or illegal purpose. In the foregoing event, we may report you to relevant authorities.
5.5.9. You must monitor your Valyuz Account so there would be sufficient funds to make payments. Valyuz will be entitled to reject your payment in the event if the amount of the initiated payments exceeds the total amount in your Valyuz Account or if there are not enough funds to settle respective fees.
5.5.10. In the event, you received funds to your Valyuz Account which you do not own, you must immediately contact our Support Service and inform on the foregoing. Our Support Services will guide you in such a situation. If you claim ownership to the funds you are not entitled to, you will have to return such funds and reimburse the respective damages in relation thereto. Valyuz will be entitled to employ all measures, assigned to Valyuz by applicable law to claimdebt and damages from you.
5.6. Redemption of Electronic money
5.6.1. If you wish to transfer Electronic money held with your Valyuz Account to the bank account held in your name, you will have to request to us to redeem your Electronic money. By redeeming your Electronic money, we will transfer your funds held in our Valyuz clients’ bank account to your bank account.
5.6.3. You can place a request to redeem part or all of Electronic money held with your Valyuz Account to the bank account held in your name.Valyuz is solely entitled to add and respectively, to discontinue any redemption method at any time and Valyuz does not give a guarantee regarding any redemption method available on the Website at particular time, as long as at least one redemption method is available to you.
5.6.4. Your request to redeem Electronic money will be subject to submission of proof that the bank account Electronic money is redeemed to is opened under your name. Failure to do so will result in rejection of your request to redeem Electronic money.
5.6.5. Valyuz will have a right, at its reasonable discretion, to impose limits on the amount of Electronic money held with your Valyuz Account you be allowed to redeem. We may ask you additional information, data or documents to lift these limits.
5.6.6. Valyuz will not charge you for redemption of Electronic money, unless otherwise indicated in the agreement regarding provision of services. Nevertheless, since third party (i.e. payment services providers) performs the redemption request, redemption fees and currency conversion fees (if applicable) may be applied by such third party.
5.6.7. You are solely responsible for the accuracy and completeness of the payment details entered for the purpose of redemption of your Electronic money held with your Valyuz Account. In no event Valyuz will be held liable for redemption of your Electronic money held with your Valyuz Accountto wrong bank account, if such was a result of wrong payment details. If Electronic money held with your Valyuz Account has been redeemed to wrongbank account, you may request Valyuz to assist you in reclaiming such Electronic money, however, Valyuz will charge you an administrative fee. Valyuz will give no guarantee that the reclaim efforts will be successful, nor assume any liability thereof.
5.6.8. Valyuz is not responsible for redemption of your Electronic moneyonce the funds are received by your payment service provider as Valyuz is the payer and not the payment services provider for the purpose ofredemption.
6. Data protection
6.2. Subject to your consent, you can receive e-mail newsletters that shall inform you about new product features, events, promotions, special deals etc. If you do not wish to receive any newsletters from us, you can opt out at any time by contacting Valyuz. Any e-mail newsletter you receive shall also give you the option to unsubscribe from any future newsletter.
7.1. We acknowledge that during provision of our Services, we willreceive information that is of a personal, confidential and/or proprietary nature, including but not limited to, your personal data and/or any other information and documents provided by you, as well as the information related to your and Valyuz relations. We therefore agreeto hold all confidential information in trust and strict confidence and agree that it will be used only for the purposes required to provide the Services, and willnot be used for any other purpose, or disclosed to any third party.
7.2. The duty of confidentiality shall apply unless otherwise agreed and in cases where Valyuz will be required to disclose such information by law, regulation or a decision taken by public authority, or where the information in question shall be already publicly available.
8. Intellectual property
8.1. The contents of the Website, such as text, graphics, images, trademarks, service marks, logos and other material, are protected by copyright and other intellectual property laws under Lithuanian and European laws and are owned by Valyuz. Unauthorized use of the such content may violate copyright, trademark, and other laws. You may not sell, modify, reproduce, display, publicly perform, distribute, create derivative works or otherwise use or exploit the content of the Website in any way for any public or commercial purpose. The use of the contents of the Website on any other website or in a networked computer environment for any purpose is prohibited.
9.1. Valyuz does not warrant that the Website and/or the Services will operate uninterrupted or error-free or that the Services, the Website and its server are free of computer viruses and other harmful goods. Valyuz does not warrant and does not guarantee the absence of errors and failures in the operation of the Website and/or Services, including the correctness of work of the software and availability of the system. Valyuz will not be responsible for any service interruptions, including, but not limited to, system failures or other interruptions that may affect use of Services.
9.2. The Website and the Services are provided on an ‘as is’, ‘as available’ basis without warranties of any kind, whether express, implied or statutory.Valyuz, to the fullest extent permitted by law, disclaims all warranties.
10.1. Valyuz will not be liable for any disruption or impairment of the Services or for disruptions or impairments of intermediary services on which Valyuz relies for the performance of its obligations hereunder, provided that such disruption or impairment is due to circumstances beyond Valyuz’s reasonable control or the control of the intermediary affected.Valyuz shall not be held liable against you or any third party for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputationresulting from the use or inability to use the Website and the Services, whether based on warranty, contract, tort, or any other legal theory, and whether or not the Client is advised of the possibility of such damages. The aggregate liability of Valyuz to you for all claims arising from the Website and the Services and the content is limited to the amount of3 (three) months fees paid by you to us.
10.2. Valyuz will not be held liable against you or any third party for any losses arising from Valyuz compliance with legal and regulatory requirements.
10.3. Valyuz shallnot be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and any third party.
11.1. Valyuzhas the right to immediately terminate your and Valyuz legal relationship in one of the following events:
11.1.1. you fail to make any payment which is due in accordance with the executed agreement regarding provision of Services;
11.1.2. you are in breach of any relevant statute, law, regulation or instruction of public authority;
11.1.3. agreement regarding provision of Services executed between you and Valyuz becomes unlawful or illegal;
11.1.4. Valyuz discontinues its Services irrespective of the reason thereto;
11.1.5. you no longer meet our Client’s profile;
11.1.6. you have provided to us inaccurate information having of which beforehand we would have not accepted you as the Client;
11.1.7. you use your Valyuz Account for unlawful or illegal purposes;
11.1.8. Valyuz has a reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity; or
11.1.9. any other reason specified in the services agreement concluded between Valyuz and you.
11.2. Valyuz may suspend the use of the Valyuz Account if Valyuz reasonably suspects your Valyuz Account has been used or are being used without your authorization or fraudulently.
11.3. You and Valyuz are entitled to terminate the Valyuz Account, including the executed agreement regarding provision of Services with a prior 30 (thirty) days written notice.
12. Communication with you
12.1. To communicate with you, we will use two types of internal messages:
12.1.2. signed messages. Signed messages will be used only when requested by us. I.e. for whatever purpose we may request you to send us a signed message. If you received such a request, you should send us a signed message within the term specified by us.
For the purpose of clarity, you are not allowed to place any payment related request via internal messages (neither regular messages, nor signed messages). If you do so, your request will be reject and we will not accept any liability in relation to that and respectively you will not be entitled to claim any damages in relation to the payment you requested to be made via internal messages. Should you be willing to revoke or recall the payment initiated/made by you, you should send us the regular message.
12.2. We may also send you emails to the verified e-mail address indicated in your Valyuz Account. We can contact you by phone as well, at the number indicated in your Valyuz Account.
12.3. You are required to maintain at least one valid e-mail address in yourValyuz Account. You oblige to check that e-mail constantly. The email send to you by us will be deemed to be received at the same day if sent until 4 pm on business day and on the next business day if sent after 4 pm or not on business day.
12.4. All communication will be conducted in English.
12.6. You can contact us by e-mail or by phone.Please see our contact detail [here].
13.1. Should you be unsatisfied withValyuz or our Services, you can address your complaint to Support Service. You should clearly indicate that you are wishing to file a complaint (for further details refer to [Compalint Policy]). This helps us to distinguish a complaint from a mere query. We will further process your complaint in accordance with our complaint policy.