Terms of Use

SCOPE OF THE TERMS OF USE

These Terms of Use specify the opening and use of your relevant Account (as defined in your agreement with International Fintech UAB) and the IF Online Platform. Together with International Fintech Privacy and Data Protection Policy as well as the agreement concluded with you, they constitute the legal relationship between you (herein referred as “you” or the “Client”) and International Fintech UAB. You are advised to print and keep a copy of these documents for future reference. For the sake of clarity, “International Fintech”, “we” or “us” refers to International Fintech UAB.

IF SERVICES

Your relevant International Fintech Account (as defined under your agreement) is a payment account connected to the IF Online Platform which, in addition to other functionalities, enables you to use the relevant IF service related to SEPA payments. The Account is opened and governed in accordance with the Payment Service Directive 2 (Directive 2015/2366/EC of the European Parliament and of the Council of 25 November on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC) and national laws of the Republic of Lithuania.

Your other IF External Account (as defined under your agreement) opened by us at another credit or payment institution and enabling you to use all relevant IF services related to non-SEPA payments, also appears on the IF Online Platform. When accessing the IF Online Platform, you will open your dedicated web page (IF web account) on which you can follow the activities of all your relevant Accounts.

PRE-CONDITIONS

As pre-conditions to benefit from the IF Services, you shall enter into an agreement with us, pass all relevant compliance procedures that IF follows based on applicable laws on prevention of money laundering and terrorist financing, including and not limited to filling out IF’s application form and submitting it along with the required documents, and accept our Privacy and Data Protection Policy. Besides, you shall read and accept the present Terms of Use.

You will be required to accept both the Privacy and Data Protection Policy and these Terms of Use in your first login on the IF Online Platform.

By accepting those Terms of Use, you hereby reiterate the representations you made in your agreement with us, and especially that all information you have provided to us during the signing process or any time thereafter must be accurate and truthful. You must ensure that the information provided to International Fintech is always accurate and up to date and inform us about any changes in the information and/or documents provided. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.

IF WEB ACCOUNT

You will be sent a link to activate your IF web account. This IF web account is your dedicated page in the IF Online Platform on which you can monitor your relevant Accounts and transmit the orders for the relevant transactions you wish to perform in accordance with the agreement you have with us.

Activation process:

You will receive an activation link on which you will click to proceed with the login page. You shall use the email address under which you received the activation link for the creation of your IF web account, and define your chosen password during this activation process.

Passwords:

You can have multiple usernames and passwords which could be designated to your authorized persons. Our explicit approval is needed and a special fee applies if you request more than 2 usernames and passwords. Passwords will be provided to you during or after signing of the relevant agreement with us. We ask you to change the passwords once in 180 days for security purposes. If you do not change the password yourself during this term, you will be requested to do so by the IF Online Platform.

In order to change your password, go to My profile tab where you will see your personal details. Click on ‘Change Password’ tab, enter the current password and the new password and the system will change it immediately. In case you have problems or concerns regarding your account security, contact your account manager immediately.

Your main contact person is your account manager. If you lost your password, you should contact your account manager or our customer support via e-mail: [email protected] or phone: +37069400234.

Be aware that it is your responsibility to keep your password secure from others and never disclose it to anyone. IF’s personnel will never ask you to provide your password to us or to a third party. You must never allow anyone to access your IF web account on the IF Online Platform or watch you accessing it.

OVERVIEW OF THE WEB ACCOUNT

The “Overview” page on the IF web account shows the current balance of your relevant Accounts. If there are more currencies used in the relevant Account, separate tab will reflect all relevant balances. If the balance is shown in red color, it means that the relevant Account does not have the minimum deposit required for executing transactions (refer to your agreement to see if this is applicable to you).

Overview:

The “Overview” page on the IF web account shows the following information:

  1. The advanced filtering tab allows you to select the date intervals for the transactions overview. It also has various options based on which you can adjust the search (e.g. only Debit transactions or Credit transactions).
  2. ‘Export’ allows you to export summary of transactions in different formats (Excel, PDF, XML etc.) which makes it comfortable to extract statements for your clients or your accounting.
  3. ‘Type’ column shows the type of operation executed:
  • Outgoing – transaction sent from your account
  • Incoming – transaction received to your account
  • Fee – fees charged by International Fintech for receive/sent transactions or account maintenance
  1. ‘Last Modified’ is a time indication of transaction/operation execution or it status change.
  2. ‘Reason’ – this column explains the reason or purpose of the transaction/operation (e.g. International Fintech would provide reason of the deducted fees).
  3. ‘Beneficiary/Sender’ – name of the receiver or sender of the transaction.
  4. Whenever you send a transaction to a new receiver and input its details, you may tick the ‘Star’ as shown which will add this beneficiary to favorites and save a template for the next payments you will record. Once you select the star, it will require you to add name for your favorite.
  5. The last column displays the transaction status:
  • ‘Pending’ – means that your payment has been entered to the system, but was not approved by International Fintech yet. In some cases, you might be requested for additional supporting documents or information in order for payment to be approved.
  • ‘Declined’ – means that the transaction has been rejected. To know the reason please refer to your account manager.
  • ‘Approved’ – means that the payment which was pending in the system was checked and approved by International Fintech. This does not mean that the payment was already executed. It depends on banks and SEPA operation hours on when exactly the payment will be executed.

The IF web account will also provide you with a table displaying the real time currency exchange rates provided by International Fintech.

Send Money:

The “Send Money” page on the IF web account allows you to initiate a wire transfer. To perform an order, you must include the beneficiary details. Fields marked with ‘*’ are mandatory in order to execute the transaction. The Account type must be selected depending on the transaction: SWIFT – for international payment, IBAN – for domestic SEPA payment.

In case you need to complete an urgent payment, you may select this field. This means that the payment will be processed by International Fintech regardless its payments execution hours, yet the final funds arrival may vary on the beneficiary bank or the currency selected. It is important to notice that additional fees will apply as described in the agreement.

World Check:

The “World Check” page on the IF web account is an additional option provided by International Fintech which checks the individual/company to whom you are sending money, whether it appears on them any sanctions, regulatory enforcement, terrorism related, politically exposed persons list. It provides additional layer of security in case you are not certain about the status of ultimate receiver. For pricing and more details about this product, please refer to your account manager.

Statistic page:

The “Statistics” page on the IF web account shows overall statistics of your operations where you may select the date intervals for which you would like the statistics to be displayed, notably the total currencies bought and sold on your relevant Account. Have in mind, that this option is only available if you have it in the agreement. If your relevant Account is only in Euros, the currency conversion option will be disabled.

The ‘Wire In’ table shows the total amount of received transactions, the total volume amount, the fees charged and also the refunded transactions for the selected date intervals.

The ‘Wire Out’ table shows the total amount of sent transactions, the total volume amount, the fees charged and also the refunded transactions for the selected date intervals.

Note that you should often check your relevant Account balances and transaction history. You should report any irregularities or clarify any questions you have as soon as possible by contacting us.

CHANGES TO THE TERMS OF USE

These Terms of Use may be subject to changes and you shall be informed with a prior notice from International Fintech no later than 5 (five) business days prior to the implementation of any intended changes. Such notice will be sent via email to the primary email address registered with us.

In case you disagree with the changes, you may terminate your contractual relationship with us, subject to the conditions provided in the relevant agreement you have entered into with us.

COMMUNICATION

We contact you via e-mail or mobile phone. For this purpose, you must at all times maintain at least one valid email address and one mobile phone number in your profile on the IF web account.

We communicate in English and Lithuanian and accept communications only made in English or Lithuanian. Documents or communications in any other languages are for convenience only and shall not constitute an obligation on us to conduct any further communication in that language.

COMPLAINTS

Disputes are resolved by mutual negotiation. IF strives to settle all disputes in an effective and reasonable manner, therefore Clients are encouraged to contact IF directly in case of a dispute. You should contact your account manager or our customer support via e-mail: [email protected] or phone +37069400234. Claims are considered free of charge.

Client can make a claim or complaint regarding IF services by sending a notification by email, registered mail or submitting it via the IF Online Platform.

The claim must contain a description of circumstances and documents on which the claim is based. If the Client refers to documents that IF does not have, such documents or copies thereof should be provided with the claim.

IF will examine the Client’s claim and provide a comprehensive response within 15 (fifteen) business days as of its receipt. Should IF be unable to stand by the 15 (fifteen) business days time frame, IF will send a provisional response clearly stating the reasons for the delay and the deadline by which the final response will be submitted. In any case, the deadline for submitting a final reply will not exceed 45 (forty five) business days, unless the Client requests to receive the response by means other than email or IF Online Platform.

In case the Client is not satisfied with the decision taken by IF, the Client shall have the right to exercise other legitimate remedies.

In case parties fail to settle the dispute amicably, the dispute shall be resolved by the courts in accordance with the procedure established in section 13 of the Agreement.

COLLABORATION & SECURITY MEASURES

Safety requirements of EU Directives and national legislation of the Republic of Lithuania require that:

  • Clients would collaborate and cooperate in case of a major operational or security incident, including data leakage;
  • Clients would have adequate risk management processes in order to protect, process and, where applicable, transfer sensitive payment data. These security measures should: (a) protect the integrity of the Client’s websites; (b) ensure the “least privileged” approach and protect the access to their sensitive data; (c) ensure that logs and audit trails are recorded and safeguarded; (d) ensure that critical logical and physical assets are properly protected and safeguarded.

By continuing to use our services, you represent that you have implemented adequate security measures in your ICT systems as stated above. Upon observation that you are not following the above requirements, IF shall be free to terminate the contractual relationship with you.

FINAL PROVISIONS

These Terms of Use and the Privacy and Data Protection Policy shall be governed by and interpreted in accordance with the laws of the Republic of Lithuania.

If any part of these Terms of Use is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms of Use, which shall continue to be valid and enforceable to the fullest extent permitted by law.

Complaints and disputes between you and International Fintech are resolved/settled in accordance with the procedures set in the agreement concluded between you and International Fintech.