The General Terms and Conditions establish a general basis for the legal relationship between AltPay LTD (hereinafter AltPay) and its Customer (hereinafter the Customer).
The General Terms and Conditions stipulate the general principles for relations between the Customer and AltPay, including the General Terms and Conditions of the Service Agreements, concluded between AltPay and the Customer. The General Terms and Conditions shall be applicable in respect of all valid contractual relationships established prior to the date of entry into force of the General Terms and Conditions. If the General Terms and Conditions conflict with the Service Agreement, the provisions of the Service Agreement shall have priority. The Customer confirms that it has examined the General Terms and Conditions and agrees with them and undertakes to follow them at all times.
Third parties services
Identification and verification
A natural person may enter into transactions personally or through a lawful representative.
A legal person shall enter into transactions via their lawful or contractual representative. A power of attorney proving the right of representation prepared outside AltPay should be notarised.
The Customer can authorise other persons to use the Services of AltPay made available to that Customer under the Service Agreements concluded between the Customer and AltPay. Authorisation offers the authorised person an access and power to do transactions on behalf of that Customer and access information related to that Customer’s account.
The Customer is liable for any use of the Services, including for any use of the Services by persons to whom it has given the authorisation to. If the Customer has authorised a person to use Services (incl. that Customer’s Payment Account), the authorised person needs to be registered as a Customer of AltPay (i.e. the person has a business relationship with AltPay). Authorisation can be granted by using the Electronic Channels.
The Customer confirms that before authorising any other person, it has given the General 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.
The Customer is obligated to inform AltPay in writing or by using Electronic Channels instantly of the termination of representation or about any changes of right(s) of representation. The Customer is obligated to inform AltPay 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.
The orders given to AltPay by the Customer must be unambiguous and executable. The Customer shall confirm all Operations performed by using the Customer Credentials or in another manner required by AltPay (e.g. by signing a hard copy) and such confirmation shall be deemed as the Customer’s consent to the performance of the respective Operation.
The Customer submits its orders to AltPay electronically or in another manner agreed between AltPay and the Customer and in the form developed by AltPay (e.g. electronically being logged in to the Electronic Channels).
Orders are prepared, confirmed and submitted in accordance with the applicable legislation, the General Terms and Conditions of the Service Agreement and other relevant requirements, customs and practices applicable to that order. By submitting an order, the Customer unconditionally and irrevocably consents to the Operation to be made under the given order.
AltPay shall have the right to require documented certification of the legal origin of the funds and is not obliged to execute an order before receiving the relevant justification(s).
If the Customer makes an Operation or uses its Payment Account via Third Party Services (e.g. e-wallets), authorization of Payment Order will be completed and submitted to AltPay in accordance with the conditions regulating the Third-Party Services (e.g. by using security credentials and means applicable to the Third-Party Services).
If funds, not belonging to the Customer, are transferred to the Payment Account of the Customer by mistake, the Customer is obligated to notify AltPay thereof immediately, after having discovered the mistake and shall immediately return the money to the account indicated by AltPay. AltPay has the right to debit funds transferred by mistake to the Payment Account from the Payment Account, without asking nor notifying the Customer about it.
The Customer, as a holder of a Payment Instrument shall:
Security guidelines concerning the use of the Payment Instrument will be published by AltPay on the AltPay webpage.
For security purposes, AltPay may demand that different Customer Credentials or their combinations are used for different transactions and limits.
In order to use the Payment Instrument, the means and of communications of the Customer must be in conformity with the technical and security requirements established by AltPay and other reasonable security measures to protect its Payment Account and Payment Instrument in set out in the security guidelines.
The Customer is liable for the security and operations of the means of communication (incl. computer, Internet and telephone connection) used by the Customer for using a Payment Instrument.
Without being obligated to compensate for any possible damage, AltPay has the right to block the Customer’s Credentials or Payment Instrument atany time for security purposes, including without limitations, when AltPay has any reason to believe that the Payment Instrument or the Customer is in danger.
The Customer shall immediately notify AltPay of a loss or theft of the Payment Instrument or Customer Credentials or of loss of possession thereof against the will of the Customer in any other manner. After submitting the notice, the Customer shall provide AltPay with additional information about the circumstances of the abovementioned events, if necessary.
The Customer must follow the security guidelines published by AltPay from time to time relating to the security protection of its Payment Accounts. AltPay shall not be liable for any loss or damages in case the Customer does not follow the security guidelines published by AltPay.
If the Customer uses its Payment Account or Payment Instrument via Third-Party Services (e.g. e-wallets) the Customer must follow the security guidelines applicable to Third Party Service.
Notices to the Customer
The Customer must have internet access and an e-mail account to receive communications and information relating to the Services (incl. notification of any amendments to the General Terms and Conditions, Service Agreements, Fees etc.; notifications concerning any Services).
The Customer agrees that AltPay may provide notice or other information to the Customer via one or several of the channels mentioned below:
By providing contact details of the Customer to AltPay, the Customer grants a consent to use those contact details to provide also information (e.g. advertising) from third parties that are partners of AltPay.
A notice sent electronically (e.g. SMS, e-mail, notification in Electronic Channel) shall be considered received by the Customer on the day it was published. Notices sent by post are deemed to be received by the Customer on the fifth (5) calendar day as of posting the same.
AltPay may send any information and notices to the Customer by using the contact details (e.g. e-mail or residency address, phone number) which have been provided by the Customer.
Notices to AltPay
The Customer shall send information to AltPay electronically in writing (e.g. through the Electronic Channels, by e-mail) or by using any other agreed channels or means.
The Customer shall be obliged to immediately notify AltPay of the loss or theft of its personal identification document or another means of identification or loss or theft of the Customer Credentials or Payment Instrument or loss of possession thereof against the will of the Customer in any other manner.
The Customer must inform AltPay in case of changes of the Customer’s representative(s) or the limits of their powers.
The Customer is obliged to immediately notify AltPay, in accordance with previously agreed means, of any circumstances which are relevant to the relationship between AltPay and the Customer, and which affect or may affect the fulfilment of the obligations of the Customer or AltPay specifically:
For private person:
For legal person:
The Customer must inform AltPay even if any of the aforesaid information has been or may be made public (e.g. judicial decision, notification to public registers or publishing through the mass media).
The Customer shall pay a fee for the rendered service established in the Fees section and/or the Service Agreement.
AltPay has the right to debit all service fees and other sums and arrears payable that result from the applicable Service Agreement from the Customer’s payment account.
AltPay and the Customer are entitled to negotiate different fee rates from those provided in the Fees section.
The Customer shall pay services not provided in the Fees section, according to actual outgoings of AltPay. The Customer is entitled to demand an invoice for such related services.
The Customer shall pay for any expenses, not provided in Fees section, connected in the Customer’s interests (e.g. postal or telephone costs, state fees, unforeseen additional expenses etc).
AltPay debits account service fee for the previous month on the first business day of the current month fee period. The account service fee shall be calculated for each calendar month and shall not be refundable.
AltPay may apply a trial period with no account service fee by a separate agreement with the Customer.
If a payment account associated with the service fees and other sums and arrears payable, has no sufficient funds then AltPay has the right to debit service fees and other sums and arrears payable from any other payment account owned by the Customer, including any foreign currency on a payment account and from the amounts received in the payment account at any given time and even if after the amount has become collectible and before its actual collecting by AltPay the Customer has made other transactions.
AltPay has the right to deduct amount of service fee from any amount credited on Customer account, if the Customer is in arrears for fees to AltPay.
Payable amounts, calculated in a foreign currency, shall be converted into euro applying the exchange rate established by AltPay in Service Agreement.
The service Fees in force at any given time is available on the AltPay Fees webpage.
AltPay may unilaterally amend the service Fees at any time. The Customer shall be notified of the amendment via AltPay in accordance with Section 7. The amendment enters into force on the date set out in the notice.
AltPay reserves the right to apply an additional fee for client positive account balance. The additional fee will be based on current official euro area interest rate set out by European Central Bank.
Restrictions on use of services
AltPay follows the Know-Your-Customer (KYC) principle upon the establishment of and during the business relationship with the Customer. Under the KYC principle, the Customer must be identified, and the appropriateness of transactions must be assessed based on the Customer’s principal business and/or prior pattern of transactions.
AltPay has the right to request additional information (e.g. documents serving as grounds for the transaction) from the Customer at any time to allow it to comply with its anti-money laundering obligations e.g. information concerning the following:
The Customer agrees to immediately comply with and without any undue delay grant all needed information and documents related to any request for further information AltPay reasonably requires. If the Customer, regardless of the respective request, does not submit to AltPay the documents and relevant information requested by AltPay, the Customer shall be deemed to have fundamentally breached the Service Agreement and AltPay may, without following the terms of prior notification, extraordinarily terminate the Service Agreement and any other agreement which serves as a basis for the business relationship.
AltPay has also the right to ask the Customer to provide all other data that AltPay considers necessary and forward any information accumulated about the Customer under the legislation to correspondent banks and to payment intermediaries, with a view to perform the obligations stemming from the legislation.
AltPay has the right to refrain from executing the Customer’s order, if the Customer has failed to perform the obligations listed in Section 11 of General Terms and Conditions of AltPay or if, based on the information and/or documents provided, AltPay has come to suspect that money laundering or terrorist financing may be involved.
The Customer has the right to terminate the Service Agreement with immediate effect at any time by a notice to AltPay.
AltPay has the right to terminate the Service Agreement for convenience at any time by giving one (1) month notice to the Customer.
AltPay has the right to terminate the Service Agreement with immediate effect in the event where:
AltPay has grounds to suspect the Customer in money laundering or terrorist financing;
The Customer has submitted incorrect, misleading or insufficient data and/or documents to AltPay or refuses to submit the requested data and/or documents in due time;
AltPay suspects the Customer of using Services in any restricted or prohibited activities in accordance with Section 9 or other illegal activities;
The Customer has intentionally or due to gross negligence failed to perform its obligation arising from the Service Agreement or General Terms and Conditions;
The termination of the Service Agreement is lawfully required by UK or a foreign supervisory authority, other state authority, the international settlement system administrator, AltPay’s correspondent bank or other credit/Electronic Money Institution;
The Customer has not provided the data or documents needed to certify the legal origin of funds or other assets used in a transaction;
The Customer fails to notify AltPay of changes in data contained in documents presented to AltPay;
Failure to present AltPay, during establishing business relationship, true, complete and trustworthy information and documents;
The Customer has not used Payment Account (i.e. given the orders to use the funds for payment transaction) in 90 consecutive calendar days;
There is some other reason provided by legislation preventing continuation of the agreement.
Before the termination of a Service agreement with immediate effect, AltPay shall consider all the circumstances and makes a decision based on the principle of reasonableness.
AltPay drafts and establishes the General Terms and Conditions, the Service Agreements, the Fees and other terms applicable to the Services.
Any amendments made to the terms applicable to the Services shall be notified to the Customer electronically in accordance with the Section 7 below. The amendments shall enter into force on the date set out in the respective notice, however, at the earliest of two (2) months from the date of the notification, unless specified in the Service Agreement otherwise.
If the Customer does not agree with the amendments, it shall have the right to cancel the amended Service Agreement by notifying AltPay in accordance with the Section 7 below and, performing all outstanding duties arising from the Service Agreement prior to the termination of the respective Service Agreement. The Customer shall be regarded as having accepted the amendments if the Customer does not object to them before the date of entry into force. A two (2) month notice period shall not apply where an amendment is required by the law or it is related to an addition of a new service or product, an extra functionality to the existing Service or any other amendment which neither reduces the Customer’s rights nor increases the Customer’s responsibilities. In such instances, the amendment will be made without prior notice to the Customer and shall be effective immediately after its publication.
The Customer shall have the right to submit AltPay complaints about the services provided to the Customer by submitting a respective e-mail to AltPay’s customer support.
The claim shall be submitted within the Compliant form set out by AltPay at the website.
The Parties shall resolve any dispute arisen under a Service Agreement by negotiation. If the parties are unable to resolve the dispute by negotiation, then the dispute shall be resolved in the London courts of the UK, unless in case applicable law imperatively stipulates otherwise.
If AltPay has not replied to a duly submitted consumer complaint within 15 days, then the Customer has a right to seek recourse from the Financial Services Ombudsman (FOS). The terms for seeking recourse from the Financial Services Ombudsman (FOS) are stipulated in more detail on the website of the at Financial Services Ombudsman (FOS).
Law of the United Kingdom applies to the relationship between AltPay and the Customer, including all terms and conditions regulating the Services. The relationship between AltPay and the Customer shall be regulated by the law of a foreign state if it is so prescribed by the law or international agreement. If the Customer is a consumer, the mandatory laws of the Customer’s domicile may also apply. The Customer is solely responsible for understanding and complying with any and all laws, rules and regulations of the Customer’s specific jurisdiction that may be applicable to the Customer in connection with the Customer’s use of the Services, including but not limited to those related to taxes or any other fees.
Any court action between AltPay and the Customer shall be resolved in a court of the registration of AltPay unless agreed otherwise by the Customer and AltPay or provided otherwise in the law. An agreement on jurisdiction applies also if the Customer settles in to a foreign state after entry into the Service Agreement.
If any provisions of any Service Agreement is void, then it shall not cause the entire Service Agreement to be void or release the Parties from performing the remaining obligations of the Service Agreement.
The Customer shall not have the right to transfer any rights or obligations under any Service Agreement to a third party without AltPay’s consent. AltPay shall have the right to transfer any rights and obligations under any Service Agreement to a third Party without the Customer’s consent.