MAAYAN PAYMENTS LTD TERMS AND CONDITIONS

MAAYAN’s main Services are as follows:

We may also provide auxiliary services to the mentioned above, provided that these additional Services are technically available and allowed by law.

MAAYAN is an Electronic Money Institution and, therefore, funds on Your payment account shall not be deemed to be a deposit or other repayable funds or e-money. Funds on Your payment account may be used only for the execution of payment transactions.

The UK deposit guarantee scheme does not apply to the Accounts opened with MAAYAN. However, We will ensure that Our customers’ funds are kept in a segregated bank account opened for the benefit of Our customers and it will not be used to keep Our own funds or other parties which are not considered to be Our Customers.

¹ Please note: In accordance with our policies We do not open Accounts and do not process transactions for companies, citizens and residents of, as well as people staying in, countries where transactions are prohibited by international sanctions or their internal law regulations, or countries which based on various criteria selected by our AML team (for example Corruption Perceptions Index by Transparency International, FATF warnings, countries with weak anti-money laundering and terrorist financing regimes determined by European Commission or United Kingdom) impose high AML / CTF risk.

• 2.12.1. In addition to MAAYAN, third parties are also providing You with their services through Our Remote System. We do not bear any liability for the services of third parties. We do not act as a broker or intermediary for any services provided by third parties; We merely provide third parties with an opportunity to provide their services via the electronic platform developed and managed by Us. Third Parties Services may be governed by their own terms and conditions which supplement these Terms and Conditions and which You accept in connection with the subscription of the respective service. Some third-party services will require You to enter into a direct agreement with the third party, in which case the Your rights and obligations in respect of the third-party service are solely specified in such agreements. In case of any conflict between the supplementary terms or third-party terms and conditions and these Terms and Conditions, third-party terms and conditions on supplementary services shall prevail.
• 2.22.2. Under no circumstances will MAAYAN be liable to You or anyone else for any decision made or action taken in reliance on the information from the third-party services.
• 2.32.3. We grant You rights to use MAAYAN Services in accordance with the provisions of this Terms and Conditions.

• 3.1We will provide You with Our Services remotely via Remote System.
• 3.2To use Our Remote System, You must meet and comply with the following minimum system requirements:
  • Processor: Intel Core i3 or better
  • Memory: 2 GB RAM 4.13.2.
  • Operating system: Windows 7 / Linux up to date distro / OSX
  • Browser: Firefox / Chrome / Edge 4.13.3.
  • Operating system for mobile devices: iOS 12 or higher / Android 8.0 or higher.
• 3.3 We will identify You through two-factor authentication for accessing the Remote System with a Login (Your e-mail specified during registration), unique password created by You and one-time password generated in Our Mobile app (the “Customer Credentials”).
• 3.4 You shall keep confidential Your Customer Credentials for the Remote System
• 3.5 Your Customer Credentials are confidential, and You shall not disclose them and shall keep protected against third party access; shall keep them safe.
• 3.6If Your Customer Credentials are disclosed or could have been disclosed to a third party, You shall immediately notify Us in writing or by telephone and We will block access to Our remote services without undue delay until the new Customer Credentials are supplied.
• 3.7Access to the Remote System will be blocked if You will erroneously enter Your Customer Credentials five times in a row.
• 3.8We have the right, but not the obligation to completely or partially block Your access to Remote Services if we believe that Your Customer Credentials were released or could have been released to a third party or illegal actions have taken place, to ensure safety, integrity and confidentiality of services, You and / or other Users, or to prevent possible losses to Us or You, as well as to execute decrees and orders of government bodies and/ or officials that are subject to mandatory enforcement according to the respective law. In case We completely or partially block Your access to Remote Services to prevent possible losses to You, We will notify You as soon as practically possible via Your email.
• 3.9From time to time, the parties (You and Us) will send each other documents / notifications / requests / applications via Remote System and the parties (You and Us) agree that all these documents are considered sent and received by the parties at the moment of respective transmission if they are sent at Business Day or the next day if they are sent during non-Business Day. We will consider any documents / notifications / requests / applications received via Remote System with Your Customer Credentials, as sent by You.
• 3.10You agree that the main and official communication channel for receiving any types of documents / notifications / requests / applications is the messaging system in the Remote System and all documents / notifications / requests / applications and information reflected in the Remote System will be considered binding for You, and that such information is equivalent to the information issued by Us as a written document, statement or acknowledgement.
• 3.11Cases, when We limit access to the Remote System temporarily, but not longer than for 24 (twenty-four) hours, due to the Remote System repair, development works and other similar cases, and if We have informed You about such cases at least 2 (two) Business Days in advance, shall not be considered the Remote System operation disorders.

• 4.1All funds in Your Account are legally defined as electronic money.
• 4.2Upon receipt of funds, We must issue without delay electronic money at par value and You as an electronic money holder may request to redeem at any time and at par value the monetary value of the electronic money held.
• 4.3We must not award interest in respect of the holding of electronic money or any other benefit related to the length of time during which an electronic money holder holds it.

• 5.1 If You wish to use Our Services, You must register through Our Website www.m-pay.me and accept these Terms and Conditions by clicking the "I confirm" button. You confirm that all information submitted by You is valid at the time of entering into the Agreement.
• 5.2 When You have registered for Our Services and accepted these Terms and Conditions and fee schedule, We may perform due diligence and may require You to supply additional documentation for Us to be able to carry out any necessary steps in accordance with applicable laws and regulations as determined by Us in our sole discretion. You shall assist Us in that regard.
• 5.3 If You need any authorisation from any state institution for opening an Account and/or for performing any operations on Your MAAYAN Account, You are obligated to obtain it prior to entering into business relationships with Us.
• 5.4 Upon establishment of a business relationship, You must submit to Us an application or register within MAAYAN and provide all the information that we require (according to the legislation and other laws and acts) in connection with the registration and/or establishment or monitoring of business relationship.
• 5.5 Upon submission of an application through Our website You are obligated to provide all the information set out by Us including but not limited to scans of original documents for a purpose of relevant verification.
• 5.6 Upon registering via Our Electronic Channels (Non-Face-to-face), You confirm to Us Your full legal capacity and the fact that You act in person. You being a natural person confirms that there is no Ultimate Beneficial Owner other than Yourself.
• 5.7 You confirm and guarantee that all information You have provided is complete, accurate and true.
• 5.8 Upon successful registration, You will receive a confirmation email of the conclusion of the Agreement to Your registered email address.
• 5.9 The Agreement is concluded for an indefinite period. We shall have the right to decide with whom to conclude or not to conclude any agreement. Amongst other, We may refuse to conclude a business relationship and/or conclude any agreement with a natural or legal person or to provide Services to a natural or legal person in the following cases:
  • 5.9.1 You do not or may not meet the requirements stipulated in the legal acts regulating the prevention of money laundering and terrorist financing;
  • 5.9.2 We suspect that You wish to use the Services for any restricted or prohibited activities in accordance with Section 11;
  • 5.9.3 You have caused or may cause direct or indirect damage to MAAYAN;
  • 5.9.4 You have been punished for a financial or economic crime, fraud or another crime with regard to the abuse of trust;
  • 5.9.5 You do not present information and/or documents required by Us;
  • 5.9.6 You have provided to Us incorrect information and/or documents;
  • 5.9.7 You do not present sufficient information and/or documents to confirm legal origin of the funds;
  • 5.9.8 You belong to a risk group with regard to which We have set out restrictions on establishing a business relationship according to Our risk appetite.
  • 5.9.9 For other good reasons for not establishing a business relationship or concluding an agreement, including in case of legal obstruction, such as restricted active legal capacity, lack of authorisation or ambiguous authorisation;
• 5.10 We do not have obligation to give a cause for refusal to establish of a business relationship unless otherwise provided by law.

• 6.1We follow the Know-Your-Customer (KYC) principle upon the establishment of and during the business relationship with Our Customers. Under the KYC principle, You must be identified, and the appropriateness of transactions must be assessed based on the Your principal business and/or prior pattern of transactions.
• 6.2We have the right to request additional information (e.g. documents serving as grounds for the transaction) from You at any time to allow it to comply with its anti-money laundering obligations e.g. information concerning the following:
  • 6.2.1 The owners and Ultimate Beneficiary Owners.
  • 6.2.2 Your business activity, including:
    • 6.2.2.1 data on the contractual partners;
    • 6.2.2.2 turnover;
    • 6.2.2.3 the share of cash and non-cash transactions;
    • 6.2.2.4 frequency of transactions;
    • 6.2.2.5 contracts of sale, lease;
    • 6.2.2.6 supply, documents pertaining to goods etc.;
    • 6.2.2.7 key financials;
    • 6.2.2.8 other relevant information on the Your business activity.
• 6.3 You agree to immediately comply with and without any undue delay grant all needed information and documents related to any request for further information We reasonably require. If You, regardless of the respective request, do not submit to Us the documents and relevant information We requested, You shall be deemed to have fundamentally breached the Terms and Conditions and We may, without following the terms of prior notification, extraordinarily terminate the Terms and Conditions and any other agreement which serves as a basis for the business relationship.
• 6.4We also have the right to ask from You to provide all other data that We consider necessary and forward any information accumulated about You under the legislation to correspondent banks and to payment intermediaries, with a view to perform the obligations stemming from the legislation.
• 6.5We have the right to refrain from executing the Your Payment order, if You have failed to perform the obligations or if, based on the information and/or documents provided, We has suspect that money laundering or terrorist financing may be involved.
• 6.6 Based on the Terms and Conditions and Our AML policy, We may block access to the Remote System/Our Services from certain countries.

• 7.1 We accept documents translated into English. We may request You to provide these documents translated by sworn translator or the translator’s signature shall be notarised.
• 7.2 We have the right to request the documents issued abroad to be translated, legalized or confirmed with an Apostille, except where legal acts state otherwise.

• 8.1 If You are a natural person, You may enter into transactions personally or through a lawful representative.
• 8.2 If You are a legal person, You may enter into transactions via Your lawful or contractual representative. A power of attorney proving the right of representation prepared outside MAAYAN should be notarised.
• 8.3 You can authorise other persons to use Our Services made available to You under the Terms and Conditions concluded between the You and MAAYAN. Authorisation offers the authorised person an access and power to do transactions on Your behalf and access information related to Your account.
• 8.4You are liable for any use of the Services, including for any use of the Services by persons to whom You have given the authorisation to. If You authorised a person to use Services (including Your Payment Account), the authorised person needs to be registered as a Customer of MAAYAN (i.e., the person has a business relationship with Us). Authorisation can be granted by using the Remote System.
• 8.5You confirm that before authorising any other person You have given the Terms and Conditions and other terms and conditions applicable to the use of the Services to the persons to whom the authorisation is to be given for examination, and shall bear liability for the performance and non-performance of the contractual obligations by the authorised person.
• 8.6You are obligated to inform Us in writing or by using Remote System instantly of the termination of representation or about any changes of right(s) of representation. You are obligated to inform Us notwithstanding of the fact that such information is public and could be found in Companies House or any other registrar of companies with public access. If there are doubts about who is legally permitted to represent You, We may request from You to provide us with some evidence and/or freeze Your Account until We have a clear understanding of who can represent You.

• 9.1 We do not provide Services to any natural or legal persons in the following situation:
  • 9.1.1 You or Your Ultimate Beneficial Owners (UBOs) reside or are registered in FATF`s High-Risk jurisdictions subject to Call for Action Other countries deemed prohibited as a result of internal country risk assessment;
  • 9.1.2 You or Your UBOs are subject to European Union or United Nations sanctions;
  • 9.1.3You are a legal entity or other association of persons without the status of a legal entity that is engaged in personal asset management or private banking;
  • 9.1.4You or Your companies have bearer shares;
  • 9.1.5You, a member of Your management body or Your beneficiary have been convicted or are suspected of money laundering or terrorist offenses, tax evasion or corruption.
  • 9.1.6 You do not have the appropriate license or permit required to operate in the chosen field of activity and / or country;
  • 9.1.7You are a shell bank;
  • 9.1.8You are a foundation;
  • 9.1.9You are an extraterritorial organisation or entity;
  • 9.1.10You have a U.S. person status (person is related to a USA#); etc.
• 9.2We shall block the Service on Your written request (unless otherwise agreed) and release blocked Service on Your written request (unless otherwise agreed).
• 9.3We shall block the Services on the request of a third party only in the cases and pursuant to the procedure provided by law. We shall release the Service from blocking on the basis of the resolution of the competent body, or the respective judicial decision which has entered into force.
• 9.4We shall have the right to block the Service while one more of the following conditions exists:
  • 9.4.1Your Account has funds to perform obligations;
  • 9.4.2We suspect You of money laundering, terrorist financing or other crime or illegal activity (e.g. fraud) or Prohibited Activity;
  • 9.4.3You have not submitted data or documents requested by Us in due time;
  • 9.4.4We become aware of any circumstances which have caused the necessity to examine the legal origin of Your funds or assets;
  • 9.4.5We become aware that You are a legal person who has been dissolved from the register;
  • 9.4.6In Our opinion, freezing of an account is necessary in order to prevent damage to You, MAAYAN or a third person;
  • 9.4.7There is suspicion that Your Customer Credentials and/or the Payment Instrument have been used without Your consent or these are stolen;
  • 9.4.8There is suspicion that Your Customer Credentials and/or Payment Instrument have been used fraudulently;
  • 9.4.9We shall not be held liable for any damage arising from blocking Your Payment Account or Payment Instrument.

Transaction limits

We reserve the right to impose at our sole and absolute discretion limits on transactions, based on criteria determined by Us which do not have to be disclosed.

Personal account

• 10.1The Personal Account is only available to Customers who are private persons (consumers) and may not be used for any business or commercial purposes.
• 10.2Certain limits may be placed on Your Account depending on Your country of residence, verification checks or other legal considerations.
• 10.3We have the right to demand data and/or documents that would help US identify You and/or receive significant information necessary for proper provision of Our Services to You. Specific data and/or documents to be submitted shall be indicated in the message to You about the necessity to perform identification or other verification procedures.
• 10.4We have the right to establish amount limitations for certain operations. You have the right to change the limitations established by Us to the extent and pursuant to the terms and procedures established by M-PAY.
• 10.5To change the transfer limit, You must fill in a short questionnaire and, in some cases, upload documents to verify this information.
• 10.6 You must verify Your identity by submitting Your legal full name, date of birth, country, home address, mark the status of Politically Exposed person, mark the status of U.S. person, take a picture of Your identification document (passport, ID card UK driving license) and make a photo identification. To confirm Your home address, take a photo of any one document from the list:
  • 10.6.1a utility bill (electricity, gas, water supply), an insurance policy bill, or a landline phone bill (We don’t accept mobile phone bills);
  • 10.6.2a bank or credit card statement (not a photo of the card itself);
• 10.7A letter from a public authority (for example, in relation to taxes paid or refunded).
• 10.8In addition to the above, You may be required to confirm Your source of income at any time.
• 10.9We have the right to demand additional information and/or documents related to You or Your transactions executed by You and We have the right to suspend Your transaction(s) until You provide additional information and/or documents related to the suspended transaction. We also have the right to request from You to fill in and periodically update Our Customer questionnaire. If You do not provide additional information and/or documents within a reasonable time period set by Us, We have the right to suspend the provision of all or a part of the Services to You. We have 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 Your expense.
• 10.10To manage Our risk, particularly with respect to money laundering, fraud or security concerns, We also apply internal controls, including limits, to certain types of payment. We change these as necessary but for security purposes, We do not disclose them.
• 10.11 You are prohibited from having more than one profile in the Remote system and providing incorrect data when registering in the Remote system. If You provide incorrect data, You are obligated to correct it. If, due to inaccurate data, You have created several profiles, You shall inform Us thereof, so that all created profiles would be merged into one profile. In case of a breach of this provision, You may be blocked, Your transactions invalidated, and We may transmit the related information to law enforcement institutions, if necessary.

Business account

• 10.12Depending on the different factors, for example, country, business profile, transaction volumes, main partners etc. We have the right to set a limit for the maximum total amount of payment transactions for Business Account. Limits may be revised and changed over time.
• 10.13We can change limits by setting them higher or lower. For example, We may have to lower limits to comply with Applicable Laws or reduce the risk of financial crime. If We change the Business Account limits, we will notify You of the revised limits for Your Business Account.
• 10.14All incoming payments and withdrawals are subject to inspection, and We reserve the right to request additional information on a case-by-case basis.
• 10.15We may ask You for more information about You or Your business and ask You to fill in the questionnaire. If You refuse, We have the right to apply for lower or higher limits depending on Your business needs or We might need to shut down Your Account.
• 10.16You agree that the reporting and payment of any applicable taxes in the UK and any other country where this arises is Your responsibility in relation to the use of an MAAYAN Business Account and any other MAAYAN Account. All tax obligations therefore fall under Your responsibility and that of any authorised person within Your company. We assume no responsibility with regards to the execution of tax obligations, or calculation and transfer of taxes relevant and applicable to You and Your company in any of the countries in which You operate.

• 11.1You are prohibited from using Your Account or other Services for conducting any unlawful activities, including for money laundering or terrorist financing related operations, as well as for any activities aimed at circumventing international sanctions or prohibitions, or national sanctions or prohibitions of the United Kingdom.
• 11.2We have the right to suspend execution of Services or payment transactions for a time period as may be necessary for obtaining and assessing the information and documents, for fulfilment of requirements of legislation governing the area of anti-money laundering and counter-terrorist financing or other legislation, as well as the requirements or restrictions imposed by correspondent credit/payment institutions.
• 11.3When You are using Our Services, You are prohibited from:
  • 11.3.1not complying with the Terms and Conditions, agreements on Services, legislation and other legal acts, including but not limited to, anti-money laundering and counter-terrorist financing acts;
  • 11.3.2violating the rights of MAAYAN and third parties to trademarks, copyrights, commercial secrets and other intellectual property rights;
  • 11.3.3providing false, misleading or incorrect information to Us; refusing to provide information or undertake other actions that are reasonably requested by Us;
  • 11.3.4providing to third parties false, misleading or incorrect information about Us and Your cooperation with Us;
  • 11.3.5executing or receiving transfers of illegally acquired funds, if You are aware of or should be aware of it;
  • 11.3.6using Our Services in a way which causes losses, liability or other negative legal consequences or damage to the business reputation of MAAYAN or third parties;
  • 11.3.7using Our Services in countries that are not acceptable to MAAYAN;
  • 11.3.8spreading computer viruses and undertaking other actions that could cause System malfunctions, information damage or destruction and other damage to the System, equipment or Our information;
  • 11.3.9undertaking any other deliberate actions which could disturb the provision of Our Services to You or the proper functioning of the Remote System;
  • 11.3.10organising 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 trade of tobacco products, alcohol, prescription drugs, steroids, weapons, narcotic substances and their attributes, pornographic production, unlicensed lottery, illegal software and other articles or products prohibited by the law;
  • 11.3.11without Our prior written consent providing financial services and/or legally organising 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. If You intend to provide financial services using Your Account, You must have a valid license, issued in the UK or a member state of the European Union or a third country that has imposed equivalent or substantially similar requirements and is monitored by the competent authorities with respect to compliance with these requirements;
  • 11.3.12 without Our prior written consent organising lotteries, other specially licensed activities or activities requiring a permit. If You intend to provide the indicated services using Your Account, You must have a valid license, issued in the UK or a member state of the European Union and shall be monitored by the competent authorities with respect to compliance with these requirements;
  • 11.3.13 registering an Account by fictitious information or someone else's name without having the power of attorney; registering an Account using services of anonymous phone numbers or e-mail addresses provided by other individuals or websites;
  • 11.3.14 providing services that are prohibited by the law or contradict public order and moral principles;
  • 11.3.15disclosing authorisation codes, passwords, PIN and other authentication means to third parties and allowing other persons to use Services under Your name.

• 12.1 The Standard Fees We charge for Our Services are available on the MAAYAN Fees webpage: https://m-pay.me/fees.html
• 12.2With the consent of the both Parties, We may apply different Fees, in the form of a special agreement.
• 12.3You shall pay charges and fees for the Services provided by Us pursuant to the Standard Fees /the other agreed or the Terms and Conditions. All Our charges and fees are non-refundable.
• 12.4You shall pay Us fees and charges for the Services provided as set in the Standard Fees /the other agreed Fees as at the moment of provision of the respective service by Us.
• 12.5All applicable fees and charges payable to Us will be deducted from Your Account.
• 12.6If You do not have a sufficient balance on Your Account to pay the fees and charges due to Us in the currency You were charged, then We may use Your funds in other currencies held in Your account at the rate of Bank of England on the date of payment to settle these fees and charges.
• 12.7Subject to this Agreement, You are obligated to pay all fees and charges due for Your use of Our Services regardless of the suspension or the services blocking.
• 12.8In case of an unidentified amount, i.e. from the moment We receive a transfer which We cannot allocate to any of our existing Customers, after 10 (ten) Business days, We have the right to charge a reasonable amount covering our expenses, until the payment is allocated to You or returned to the sender.
• 12.9You agree to pay taxes and costs, fines, or penalties that We incur relating to Your use of our Services.
• 12.10You agree to pay all taxes and fees imposed by governments or governmental entities of Your jurisdiction. We may not give advance notice of changes to these charges.
• 12.11We may unilaterally amend the Service Fees at any time. You will be notified of the amendment via MAAYAN Remote system. The amendment enters into force on the date set out in the notice.
• 12.12It is Your responsibility to stay informed and review these changes once We have provided You notice of a change to our fees.

• 13.1You, as a holder of a Payment Instrument shall:
  • 13.1.1 use the Payment Instrument in accordance with the security guidelines published by Us on the MAAYAN webpage governing the use thereof, which includes taking, as from receipt of the Payment Instrument, all reasonable steps to keep the Payment Instrument safe as well as taking steps to keep the means which enable it to be used, including Customer Credentials, safe;
  • 13.1.2 promptly notify Us or a third party designated by Us for this purpose, of loss or theft of the Payment Instrument and or Your Customer Credentials and of unauthorised or incorrect use of the Payment Instrument after becoming soon as You become aware of them, but no later than 13 (thirteen) months after the transaction date, to be eligible for any refund from Us.

• 14.1Under the Terms and Conditions, We undertake to open and maintain the Account for You and You are authorised to use the Account to execute Payment orders in compliance with the Terms and Conditions.
• 14.2Only You are authorised to dispose the Account. Other person than You may dispose the Account only based on specific power of attorney granted by You in the appropriate form and requirements, which We will inform on a case-by-case basis. This authorised person will also be named "Customer", "User", "You" or "“Your" within this Terms and Conditions. We are not obliged to verify the validity of a power of attorney (including the fact of revocation thereof), except if the power of attorney was issued to a third party in the presence of Our employee and certified by Our employee. We are not responsible for transactions with the Account if You have not notified Us in writing about the revocation of a power of attorney in writing.

• 15.1The Payment transaction is authorised if You give Us Your consent. Your consent (authorisation) is given to Us through the Remote System with an Authenticator created via Our Mobile app. Consent to execute Payment transaction can be given also via the payee or the payment initiation service provider, on condition that We provide such option to execute payment.
• 15.2You must give Your consent (authorisation) to execute payment transaction prior to its execution.
• 15.3The Payment order is considered submitted to Us by assigning the status “PROCESSING” to the Payment order in the Remote System.
• 15.4You are entitled to withdraw Your consent (authorisation) to execute a payment transaction by withdrawing the Payment order. You are entitled to withdraw the Payment order while this Payment order has the status “PROCESSING”. In case that the Payment order was submitted for a transaction that is due to be executed on a specific day or at the end of a certain period of time before the agreed day, unless the agreed day is a Business Day (i.e., the day We are open for business), then Your consent may be revoked before the following Business Day. In case of a direct debit Payment order, the withdrawal of Your consent can be carried out at the latest by the end of the Business Day preceding the day agreed for debiting the funds.
• 15.5In case the consent to execute a payment, transaction is given through the payment initiation service provider, by the moment the payment order is submitted to the respective provider.
• 15.6To withdraw the Payment order You shall submit to Us the withdrawal notice via Remote System. The withdrawal notice shall refer to the transaction number assigned to the respective payment or specify any other information requested by Us.

• 16.1You shall submit to Us the Payment order in a form pursuant to the Agreement, Our and law requirements.
• 16.2You are solely responsible for the accuracy and completeness of the information You have indicated in the Payment order, as well as for the legality of the purposes of the Payment order initiated by You. The information typically required to initiate a payment includes the account number, codes associated with the account number or financial institution (e.g., sort code in the United Kingdom), the amount to be transferred, and the currency. Additionally, supporting documents may be requested to verify the payment transaction and its purpose. It is Your responsibility to ensure the accuracy of the information provided, and We shall not be held responsible for any losses resulting from incorrect information.
• 16.3To execute the Payment order You need to specify all requested information in the Payment order form. The requested information in the Payment order form may differ depending on the type of payment, payment currency, the payee's account jurisdiction and other payment details.
• 16.4If We have established that not all information necessary for Us for execution of the Payment order has been indicated in the Payment order form or the Payment order form contains errors or other faults, We will request from You further information or ask You to adjust the information provided in the Payment order within the term specified by Us. In such case, We shall execute the payment after provision of the requested information or after You adjust the information provided in the Payment order form, if this information is received by Us within the term specified by Us and the Payment order is authorised. Otherwise, We are entitled to refuse the execution of the Payment order and We shall not be held responsible for any loss inflicted on You or any third parties.
• 16.5If You have established that the Payment order contains erroneous or incomplete information, You may ask Us to adjust the submitted Payment order while this Payment order has the status “PROCESSING”. In such case You shall submit to Us the information on adjustments to be made in the Payment order via Remote System.
• 16.6You may submit the Payment order in the currency We execute payments only. Information on the respective currencies is available on Our website. Payment orders shall be completed in English or another language if such a condition for the execution of the payment follow the requirements of the payment scheme, the jurisdiction of the payee's account, or from a specific payment currency or due to other requirements. Unless We specify otherwise, the Payment Order must be completed in the language in which the Payment order form is developed.

• 17.1You shall ensure that the amount necessary for the execution of the Payment order and for payment of the related Fees is available in the Account, which is to be debited for the respective payment. If there are insufficient funds on the Account, We are entitled to refuse such Payment order any time.
• 17.2You can send and receive funds within Our Remote Systems (Internal payments).
• 17.3The execution time of Payment orders is specified in these Terms and Conditions and Your Fee schedule.
• 17.4Please note that the execution time set out in this chapter and in the agreement are binding on us and can only be met if You have fulfilled and complied with the terms of the agreement. If the Payment is made within the United Kingdom in sterling or involving only one currency conversion between the euro and sterling, is made within the EU/EEA, then the maximum period of time during which the funds are credited to the payee's payment service provider's account may not exceed 4 (four) Business Days from acceptance. The maximum execution time for a Payment order may vary depending on the currency, country of destination, and payment system. In any case, the maximum execution time shall be at most 14 (fourteen) Business Days. If the execution of a payment order takes longer than 14 (fourteen) Business Days, You must immediately contact Us.
• 17.5If the execution time of the Payment transaction is a date that is not a Business Day for Us or the payment initiation service provider, the Payment transaction execution can be started on the following Business Day.
• 17.6If You have submitted the Payment order on a Business Day after the cut-off time for acceptance of payment orders, the Parties agree that the Payment order is submitted on the next Business Day.
• 17.7If You fail to comply with the Terms and Conditions or should the execution of the payment order be prohibited by the law, We or the financial institution participating in the Payment order execution chain are entitled to refuse execution of the Payment order.
• 17.8We shall have the right to refuse execution of the Payment order that requires a currency exchange if We do not carry out the exchange of the respective currency.
• 17.9We inform You that when We are executing the Payments and performing other services upon Your instruction, We may use services of third parties including services of the correspondent partners.

• The Payment Systems Regulator in the UK introduced a new mandatory reimbursement framework for victims of Authorised Push Payment (APP) scams which came into effect on October 7th 2024.
• Under the APP Scam Reimbursement Rules, if You are a consumer, micro-enterprise or charity and have been the victim of an APP Scam from 7 October onwards, You may be able to submit a reimbursement claim to Us up to a value of £85,000.
• You can find more information about APP scams in our Fraud Prevention Notice on Our website: https://m-pay.me/fraud.html

• 19.1We will credit Your Account with the funds due to You as the recipient of the incoming Payment.
• 19.2We will make the amount of the incoming payment available to You by crediting the Account specified in the payment order immediately after the receipt of the respective payment amount on Our account, unless the mentioned funds are freely available / without any encumbrances and restrictions or otherwise specified in regulatory enactments. We shall establish a cut-off time for acceptance of payment orders within the Business Day, specifying it on Our website and / or the Fee schedule. If the payment amount is transferred to Our account after the cut-off time for acceptance of payment orders or on the day that is not a Business Day, such payment amount is deemed to have been received on Our account on the following Business Day.
• 19.3If applicable, after crediting the Payment amount to the Account, We will deduct the commission fee specified in Your Fee schedule (if the fee is intended).
• 19.4If the currency of an incoming payment differs from the Account currency, We will make the currency exchange pursuant to the exchange rate determined by Us on the date of payment, unless We have agreed otherwise.
• 19.5We may refuse to execute an incoming payment or postpone execution thereof and request detailed information from You or the sending payment service provider if We have received an incoming payment with erroneous, inaccurate, or incomplete information.
• 19.6If You have noticed that the funds have been credited to Your Account by mistake or due to Our error, or in any other way that have no legal basis, You are obliged immediately notify Us about it no later than within 1 (one) Business Day after noticing the wrongly credited funds. You acknowledge and understand that You have no right to dispose of funds that does not belong to You. In such cases, You give irrevocable consent and We are entitled without any additional consent from You or order from You to correct the error and debit (withhold) such funds from Your Account. If the amount of funds on Your Account is insufficient to debit the funds credited by mistake, error or without legal basis, You unconditionally commit to ensure that there is sufficient balance in Your Account to repay to Us money credited by mistake in 3 (three) Business Days from the receipt of such a request from Us.
• 19.7We have the right not to credit the received Payment amount in Your Account, if Your Account number is correct, but the rest of information does not match with the existing data available to Us. If We exercise Our rights under this Clause, then the funds received from other payment service providers shall be transferred back to the Payer's payment service provider or a request shall be sent to the Payer’s payment service provider to clarify the Payee’s details. We have the right to suspend crediting for the time necessary for obtaining and evaluating information and documents.
• 19.8Where We are obliged to return a payment or We have decided to return a payment for any reason, regardless of whether the payment was credited to Your Account or not, We may charge You a fee according Your Fee schedule.

• 20.1Information on payments is accessible to You through the Account statement. As soon as We make the account statement accessible to You, it is assumed that You have information on payments specified therein.
• 20.2You should review Your account statement and other Our notices, which are related to the transactions made, and to ascertain correctness of the transactions and their compliance with authorised payments at least once every calendar month.
• 20.3We have the right to record and store any Payment Order submitted by any of the means agreed on with Us and to record and store information about all Payment operations performed by You or according to Your Payment Orders. Records mentioned in the present clause may be submitted by Us to You and/ or third persons, who have the right to receive such data under the basis set forth in the law, as evidence confirming the submission of Payment Orders and/ or executed Payment operations.

• 21.1 We conduct currency exchange to the currencies whose exchange rate is stipulated by Us. If the currency of the Account indicated in the payment order that shall be debited for the payment differs from the currency of the payment indicated in the payment order, We will perform currency exchange of the funds freely available in the Account in the amount necessary for the execution of the payment to the payment currency as indicated in the Payment order. The applicable exchange rate may vary from the exchange rate set by Us specified in the Payment order, if by the time of currency exchange the exchange rate set by Us has changed and You will be appropriately notified at the time of submitting the Payment order or shortly thereafter but in any case, prior to the execution of the Payment
• 21.2 If the currency of an incoming payment differs from the currency of the Account indicated in the payment order, We are entitled to convert the currency of the incoming payment to the currency of the respective Account.
• 21.3 Where We are obliged to return a payment that has been executed involving currency exchange, We are entitled to revert the currency of the payment according to the currency exchange rate set by Us and applicable at the moment of such reversion and charge You a fee for the return a payment according Your Fee schedule.
• 21.4 You will receive the information on the currency exchange rate applied to a particular payment upon executing an order on the respective currency exchange transaction.
• 21.5 Regarding transactions in foreign currency, We are entitled to apply conditions and restrictions imposed by the country of origin of the respective currency and applicable to Us when conducting transactions or providing services involving such currency.

• 22.1We may be liable to You where We perform a Payment transaction for You that You did not authorise Us to perform. We will refund the Transaction amount to You promptly, but at the latest by the end of the Business Day following the day on which We were notified the Payment transaction concerned has not been authorised or otherwise became aware of the unauthorised Payment transaction.
• 22.2We may be liable to You where We fail to perform, incorrectly perform a Payment transaction that You authorise Us to perform unless it was due to Your fault.
• 22.3The fact that We have not charged You a fee within the Agreement or We otherwise delay the exercise of Our rights under this Agreement does not release You from Your obligations under this Agreement and from any subsequent performance of this Agreement. If We do not immediately insist on performance of the Agreement by You or if We delay in taking steps against You to comply with Your obligations under this Agreement, it does not mean that You are not obliged to fulfil these overdue obligations and does not prevent us from contacting You later.
• 22.4We will have no liability if We fail to perform or incorrectly perform the Payment transaction where the reason for this was due to events outside Our control or Our statutory obligations.
• 22.5We shall not be liable for any charges of the correspondent partners that You may incur in sending funds to or receiving funds from Us.
• 22.6We will pass on to You all correspondent partners, clearing banks or banking systems charges and any other costs incurred or suffered by Us or by Your instruction, to reverse, recall or modify any Payment except as the result of any error on Our part. Some of these charges are levied by Us to offset the costs We incur from Our banking providers for making Payments. If Our correspondent partners, clearing banks or banking systems We use charge Us more to process any Payments, We shall have to pass this cost onto You. We shall provide You with as much notice as We can.
• 22.7We do not assume liability for damage that is due to any unusual and unforeseeable events over which We have no control and whose consequences, in spite of exercising due care, We could not have avoided (caused, for example by events vents outside Our control, including any failure or delay in performing an obligation under this Terms and Conditions due to force majeure events such as: acts of God, accident, riots, war, terrorist act, epidemic, pandemic, quarantine, civil commotion, breakdown of communication facilities, breakdown of web host, breakdown of internet service provider, natural catastrophes, governmental acts or omissions, changes in laws or regulations, national strikes, fire, explosion, generalised lack of availability of raw materials or energy. For the avoidance of doubt, Force Majeure shall not include (a) financial distress nor the inability of either party to make a profit or avoid a financial loss, (b) changes in market prices or conditions, or (c) a party's financial inability to perform its obligations hereunder.
• 22.8We do not exclude or limit in any way Our liability to You where it would be unlawful to do so. This includes liability for death or personal injury caused by Our negligence; for fraud or fraudulent misrepresentation.
• 22.9Some payment methods You may use to put funds into Your Account(s) may allow You to reverse (or ‘chargeback’) a transaction after the event. You agree to only exercise such rights when You have not authorised a payment of funds into Your Account(s) using the relevant payment method, and You will not exercise any chargeback rights for other reasons, including if You are in dispute with a third party or if You do not have enough money in Your Account(s). If We need to spend time investigating a chargeback instructed You then We may charge the You a Fee for doing so.

• 23.1 You can give permission to open banking provider Volt.io to access to Your MAAYAN Account information or make payments on Your behalf.
• 23.2 Once You’ve given a third-party provider consent to provide You with their services, We have to provide access to certain aspects of Your Account if they request it.
• 23.3 If You don’t want to use services provided by a third-party provider on Your Account, You don’t need to give them Your consent. If You want to withdraw Your consent, You will need to contact them directly. And if You think one is acting without Your consent, You should contact our Customer Services straight away.

• 24.1 If no transactions are made to or from an Account over a 12 (twelve)-month period, Your Account is classed as dormant.
• 24.2After a 12 (twelve)-month period of dormancy, to prevent any risks from fraud, We close Your account.
• 24.3If You do not process any transactions on Your Account within 90 (ninety) days, Your Account is classed as inactive.
• 24.4If Your account is classed as inactive, You will be charged inactivity fees per month in accordance with Fee schedule.

• 25.1Your Account does not expire and will remain valid until cancelled by either You or MAAYAN.
• 25.2Within 14 (fourteen) days of the date of opening Your Account, You have the right to close Your Account at no cost by contacting Us and requesting that in writing; provided, however, that You will be liable for all transactions made by You during such period. After the initial 14-day period, You may close Your Account at any time by giving 1 (one) months’ notice to Us in writing via email at: [email protected]
• 25.3When Your Account is closed, it cannot be used. You will remain liable for all obligations relating to Your Account even after Your Account has been closed. Closing Your Account does not mean that We delete the personal data that We hold on You and We will continue to store such data, including the history of Your transactions for a minimum period of 5 (five) years as required by law.
• 25.4We may terminate this Agreement and close Your Account by giving You a 2 (two) months’ notice via email with or without reason, unless otherwise stated in these terms and conditions.
• 25.5We may suspend, freeze, block or terminate this Agreement and/or Your right to use Your Account, or refuse to reactivate Your Account, immediately upon a notice given to You via email:
  • 25.5.1 if You violate any provision of this Agreement and fail to resolve the matter in a timely manner;
  • 25.5.2 if You act in a manner that is threatening or abusive to our staff or any of Our representatives;
  • 25.5.3 if You fail to pay commission or any part of the transaction Fees;
  • 25.5.4 if Your Account is dormant and its balance has reached zero;
  • 25.5.5 if You attempt to gain unauthorised access to the software or another Customer's Account or provide an assistance to others attempting to do so;
  • 25.5.6 if You overcome our software security features;
  • 25.5.7 if We are concerned about the security of Your Account;
  • 25.5.8 if We suspect Your Account is being used in an unauthorised manner, including without limitation, by a person other than You, or that the Services are being used for the benefit of someone other than You, or used to commit fraud or for other illegal purposes;
  • 25.5.9 if We need to do so to comply with the law or with a request of law enforcement or other government agencies;
  • 25.5.10 We are so required by a subpoena, court order, order or request of a government authority or regulatory authority;
  • 25.5.11 You take any action that We deem as circumventing our controls, including without limitation opening multiple Accounts;
  • 25.5.12 use of Your Account is subject to any pending litigation, investigation, or government proceeding or We perceive a heightened risk of legal or regulatory non-compliance associated with Your Account activity;
  • 25.5.13 our service partners are unable to support Your use of the Services;
  • 25.5.14 We believe that You adversely affect our reputation;
  • 25.5.15 We reasonably believe that Your Account is associated with any account that has been suspended or terminated for breach of this Agreement or suspended for any other reason;
  • 25.5.16 if You do not provide information upon Our request or the information provided does not meet Our requirements; or
  • 25.5.17 due to a Force Majeure event;
  • 25.5.18 if You become insolvent or bankrupt, or go into or commence proceedings for the liquidation or make an agreement with Your creditors generally;
  • 25.5.19 if You are a partnership, and the partnership ends; or
  • 25.5.20 If You are a legal entity and control of You or Your business changes.
• 25.6 We will notify You on the above circumstances as soon as We can before We do this, if possible, or otherwise immediately afterwards, giving our reasons, unless letting You know would compromise reasonable security measures or be otherwise unlawful.
• 25.7 The right to terminate this Agreement and to close Your Account shall not stop You or Us from exercising any other right or remedy in respect of the breach concerned (if any) or any other breach.

• 21.1Both Parties (You and Us) undertake to keep technical and commercial information of each other secret, except for publicly available information, which has become known to them while executing the Agreement, and not transfer it to third parties without a written consent from the other party or its legal representatives.
• 26.2You agree that We may manage Your Personal data with an aim to provide Services to You and execute other responsibilities under the Agreement. Both Parties (You and Us) guarantee security of Personal data received while executing the Agreement. Personal Data is used to the extent necessary to execute the Agreement. The above-mentioned Personal data may not be disclosed to third parties without a consent from the subject of this data, except for cases stated by the law or the Agreement.
• 26.3You grant Us the right to undertake necessary measures, including but not limited to, submitting requests to third parties directly or via third parties in order to determine Your identity and accuracy of other data submitted by the You.
• 26.4We point out that in all cases We operate only as a service provider for You, which sends money to the recipient at the Your request (money sender) and does not provide or offer any services to the recipient until they become a Customer of MAAYAN.
• 26.5We may record, store, process and transfer Personal data in accordance with the Privacy Policy published on MAAYAN Privacy Policy webpage.
• 26.6The principles on the processing of Customer data are an integral part of the Terms and Conditions and according to the aforesaid, You grant Us Your consent to process and forward the Your data in accordance with the provisions established in the MAAYAN Privacy Policy.
• 26.7We may collect and disclose personal information to third parties as explained in our Privacy Policy. We collect personal information, for example, when You transact with Us (e.g., using the Services) and other companies; submit information on applications, forms, and by other means; use or visit our or other apps or online sites; enter a promotion; register for communications; or join a loyalty program. We also collect information from many sources and may collect, track and combine information across devices, platforms and channels. Information disclosed may include financial data (e.g., information on transactions with Us and other financial matters), contact information, identification, computer, mobile device and social network information. Recipients may include financial and non-financial companies, service providers, government agencies and direct marketers. You may direct Us to limit certain disclosures, and Your choice will apply until You change Your choice or We delete Your data. To limit disclosures (opt out), email [email protected].
• 26.8We reserve the right to transmit the Information or Personal data about You as well as activity in Your Account to law enforcement institutions, state authorities and financial institutions, if such is necessary to comply with relevant legislation, and in order to identify whether these Terms and Conditions and relevant legislation have not been violated.

• 27.1You agree that We may notify You via the Remote System and/or email to the address indicated by You at the time of registration in the System. You acknowledge that an MAAYAN notification submitted in any of the above-mentioned ways shall be deemed as properly provided. If such notifications are not related to a substantive amendment to the Agreement, it shall be deemed that You received the notification within 24 (twenty-four) hours from the moment it was sent via Remote System or to Your-mail.
• 27.2Unless agreed otherwise by both Parties (You and Us), We reserve the right to amend these Terms and Conditions, Fee schedule, charges, or other items described or referenced in this Agreement at its sole discretion.
• 27.3In case an MAAYAN notification relates to essential amendments to this Agreement or the Standard Fees and/or other agreed Fees, You will be informed at least 2 (two) months in advance. The amendments to Terms and Conditions, or the Fee schedule come into force 2 (two) months after the notification sent via Remote System and/or to Your email or via any other means indicated by You during registration, unless other later date is indicated in the notification.
• 27.4The 2 (two) months notification period shall not be applicable and notifications shall be provided if:
  
  • 27.4.1the Terms and Conditions, or the fee schedule are changed due to changes in mandatory requirements of the legislation;
  • 27.4.2 new service or a part of a service appears, which may be used or not used by You at Your choice.
  • 27.4.3If You do not accept any changes proposed by Us, this Terms and Conditions will be automatically terminated on the date when the change is due to come into force without any additional charge in accordance with this Agreement.
  • 27.4.4 Non-essential amendments to the Agreement are style and grammar corrections, paraphrasing and moving a sentence, a clause or a section of the Agreement for the sake of better understanding; provision of examples for articles and other changes which do not reduce or limit Your rights and do not increase the Your liability or aggravate Your situation.
• 27.5 You undertake to check the Remote System, indicated email and other instruments for receipt of notifications indicated in the personal profile, as well as Website, on a regular basis, in order to notice notifications of amendments to the Terms and Conditions, Standard Fees and/or other agreed Fees in a timely manner. You will be deemed to have accepted changes in the Terms and Conditions as well as Standard Fees and/or other agreed Fees unless You notify Us in written form You do not accept them before the date of their proposed date of entry into force. In case Your do not agree to amendments, You the right to refuse Our Services and terminate the Agreement, by submitting a written notice of termination of the Agreement, notifying Us thereof 30 (thirty) days in advance.

• 28.1 If You have a complaint, please contact Us at [email protected]. You will need to tell us: Your name and the Account number, when the problem arose and how You would like Us to put the matter right. We will look into Your complaint and respond to You via Remote System. We will communicate with You in English.
• 28.2 If You are not satisfied with the way We have handled Your complaint, if are an eligible complainant You can refer it to the Financial Ombudsman Service within 6 (six) months of the date We sent (or should have sent) our final response to You. Their address is: Exchange Tower London E14 9SR. Phone from UK: 0800 023 4567. You can find more information on their website https://www.financial-ombudsman.org.uk/ .
• 28.3 If Your complaint is about our service relating to payments or electronic money, You can also make a complaint to the Financial Conduct Authority.

• 29.1Communication between You and Us shall be conducted in English unless the Parties agree on any additional languages for communication. We may provide support to You in various other languages.
• 29.2In case of any discrepancies between the additional languages, an authorised translator shall translate the language into English, and this official translated transcript shall be notarised by the relevant government authorities and shared between the parties to resolve any disputes in relation to this Clause.

• 30.1Laws of England and Wales apply to the relationship between the Parties (You and Us), including all terms and conditions regulating the Services. If You are a consumer, the mandatory laws of Your domicile may also apply. You are solely responsible for understanding and complying with any and all laws, rules and regulations of Your specific jurisdiction that may be applicable to You in connection with Your use of the Services, including but not limited to those related to taxes or any other fees.
• 30.2Any court action between The Parties (You and Us) shall be resolved in a court of the registration of MAAYAN unless agreed otherwise by The Parties (You and Us) or provided otherwise in the law. An agreement on jurisdiction applies also if You have settled into a foreign state after entry into the Terms and Conditions.

• 31.1 If any provisions of any Terms and Conditions are void, then it shall not cause the entire Agreement to be void or release the Parties from performing the remaining obligations of the Agreement.
• 31.2You do not have the right to transfer any rights or obligations under Terms and Conditions to a third party without Our consent. We have the right to transfer any rights and obligations under any Terms and Conditions to a third Party without Yours consent following a notification to You.
• 31.3This Agreement does not create any rights or benefits in favour of any third party. No person other than the You and Us shall have any right to enforce any of the provisions of this Agreement.
• 31.4Links to websites given in the Agreement are integral part of this Agreement and they apply to You from the moment You start using the respective Service.
• 31.5All the content, the design and other intellectual property relating to the Service are owned by MAAYAN or third parties, and You may not copy, imitate, imitate or use it unless We permit You to do so. You have only the right to use the Services, including the Remote Systems, following the rules provided in the Terms and Conditions.
• 31.6You can get a copy of this Agreement by printing or downloading or by emailing Us and requesting a copy of it.