Legal Agreement iCard for Business Account

Last update: 08.08.2024

1. Legal relationship and Service

1.1 This Agreement is concluded between the Client – a legal entity or individual, performing commercial activity (referred to as “You”) on one side and iCard AD, having its seat and registered office at: Bulgaria, Business Park Varna, PO 9009, UIN: 175325806, authorized and regulated by the Bulgarian National Bank as an Electronic Money Institution under the Payment Services and Payment Systems Act (implementing Payment Service Directive (EU) 2015/2366 and Electronic Money Directive 2009/110/EC ) with license No. 4703-5081/25.07.2011 Principal Member of Mastercard and VISA (hereinafter referred to as “us”, “we”, “our”, “iCard” or “Financial Institution”), entitled to provide e-money, payment services and card services under EU Payment Services Directive and EU E-money Institutions Directive. 

A copy of the Public Register of the Bulgarian National Bank of licensed E-money Institutions can be seen at:

http://www.bnb.bg/PaymentSystem/PSPaymentOversight/PSPaymentOversightRegisters/index.htm?toLang=_EN;

Important Legal Notice: The e-money issued by us does not qualify as a deposit or an investment service in the sense of the Law and the Client is not protected by any Depositor Compensation Schemes provided by the competent compensation Schemes. Client is not entitled to interest on the balance of e-money or money collected and kept by us under this Agreement.

1.2 You acknowledge and agree that a condition for registering and using the Service with us is to fulfil the following steps:

(i) Register for the Service through the Website for the Service and enter valid and accurate information that may be requested by us.

(ii) Agreeing with the present Legal agreement and the other legal documents if applicable.

(iii) Protecting your privacy is very important to us. You must read the iCard Privacy Policy, to better understand our commitment to maintain your privacy, as well as our use and disclosure of your information;

(iv) Verifying the Mobile phone number and e-mail address for the Service as indicated by us;

(v) Choosing and entering secret passcode for the mobile app, which is required for using of the Service;

(vi) You must pass successfully the identification and verification procedure for client verification, as required by us and explained in this Legal Agreement and the Privacy Policy, inseparable part of this Legal Agreement.

1.3 The Agreement will be effective from the date on which you have successfully completed all of the steps, described above, including successful due diligence ("Effective Date"). By clicking “Accept” or “Agree” where this option is made available to you via the Website for the Service and which you hereby adopt as your electronic signature you consent and agree to the terms and conditions of the present Legal Agreement and therefore the electronic document of the Agreement is deemed as duly signed by you.

1.4 A link of the Agreement will be provided to you in your Online account for the Service or the iCard Mobile App from where you may download the Agreement in printable form during or immediately after the sign-up process. A copy of the Agreement, as amended from time to time, is available to you on Website of the Service You may request to be provided with a copy of the Agreement, and a link to the Agreement will be sent to your registered mobile number for the Service.

1.5 The Agreement and all communication between you and us will be in English language. Where we have provided you with a translation of the English-language version of the Agreement or communication in other languages, this translation is only for your convenience and you explicitly agree that the English-language version of the Agreement and communication will govern the relationship with us. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence.

1.6 You declare that you are registering for the Service on behalf of your business only and not on behalf of a third party.

2. Eligibility for the Service. Identification and Verification:

2.1 To be eligible for the payment and e-money Services: (i) you must be established in one of the countries, listed on the Website; and (ii) you must have full legal capacity and power to enter into contractual relations; and (iii) you, including your legal representatives, beneficial owners and legal representatives must not be present on any black list or sanctions lists, related to AML/FT purposes, officially published and notified by Regulators or black lists of card fraudsters or similar; and (iv) to use the Service for the legal business or professional activity in the country, in which you are established.

2.2 Identification and verification: We are legally obliged to perform due diligence check of our clients in compliance with the applicable AML/FT laws, our Internal AML/FT rules and procedures and the applicable rules of the Card Organizations. Some of the checks include gathering, requesting and storing information and documents, including copies certified by your legal representative or by a duly authorised proxy, about you and your business, including about your legal representatives, beneficial owners and authorized persons (if there are such), about your business activity, about your articles of association and others, identification via video or image recording, application of software tools for verification of video or images and for verification of the validity of documents, checks in official public registers or data bases, inquiries for additional information and documents, including of tax number or identifier, or other similar checks.

2.3 We reserve our right to request at any time additional documents or information as a condition for providing the Service to you. You agree to provide such information without undue delay, as we may require in this regard.

2.3.1. By clicking “I AGRREE” button, which action and phrase you hereby adopt as your electronic signature in your legal relationship with iCard, you consent and agree to provide iCard with the documents required by iCard and to certify their authenticity with simple electronic signature and via iCard online platform and/or iCard Mobile App and sign them, and by performing these actions it shall be deemed that electronic document is created and duly signed and certified by you.

2.3.2. By clicking “I CONFIRM AND CERTIFY” button, which action and phrase you hereby adopt as your electronic signature in your legal relationship with iCard, you confirm and certify that the provided information and documents by you via iCard online platform and/or iCard Mobile App are true and verifiable and sign them, and by performing these actions it shall be deemed that electronic document is created, duly signed and duly verified by you.

2.3.3. Hereby You confirm and agree that for the purposes of identification and verification for the Service, we may require, and You and all persons who have to be identified and verified, must download and use an additional mobile app, pointed by us, for the use of which separate terms and conditions apply.

2.4 For regulatory, risk and security reasons we may impose or change the limits of the Service unilaterally and without your consent for which we shall inform you with a notification unless we are not permitted by law to notify you in certain cases. We are entitled at our sole discretion to decide whether to change the limits after a customer request for change of limits and we shall not be liable in case of decline of request.

2.5 Upon registration for the Service and during this Agreement, you must provide current, complete and accurate information as requested by us and maintain that information as current and accurate during use of the Service. In case of any changes in information you initially provided, you agree to immediately inform us and update the information.

2.6 Set-off. You agree that iCard Service may set-off any of the amounts held in your e-money accounts or currency balances held or controlled by you with any fees, charges or other amounts you owe to us or our Affiliates. In simple terms, our right to set-off means that we may deduct such fees, charges or other amounts due by you to us or our Affiliates. If such set-off includes a currency conversion we will convert the amount that you owe us according to our currency exchange rate for the date of the operation.

3. Funding of Account and Receipt of money:

You may purchase or receive e-money in the following ways, as allowed by the Service.

3.1 Funding with a Linked Card:

3.1.1 You may designate a valid payment card issued by another payment service provider under your name (“Linked Card”)to be used to fund your Account by purchasing of e-money. Purchase of e-money via Linked Card may be for amount defined by you or for the amount determined by us, necessary for crediting of your Account, in order to collecting fees as per this Agreement. By adding a Linked Card, you give us consent to verify if the Linked Card is in good standing with the issuing institution. The limits for Funding via Linked Card are set out in the Online account.

3.1.2 We will store and process information about your Linked Card as described:

a) To debit the Linked Card for the purchase of e-money and/or processing of a funding transaction, including all related fees, as applicable;

b) To debit the Linked Card for payment of all fees with which you are charged for the use of the Service;

3.2 Funding via transfer: You can order a money transfer from a payment account to your iCard for Business Account. Upon receipt of the amount of the transfer by us, we will issue electronic money the amount and currency received by us and in the same business day as the date of receipt of the funds. We are not responsible for and do not control when we are going to receive the funds from your payment services provider and whether your payment services provider or correspondent banks will charge you fees for the transfer and will transfer the full amount to us. 

3.3 In order to fund the Account via money transfer, you must provide the correct payment details of your iCard for Business Account, as described in your Online account. The limits for Funding via money transfer are set out in the Online account.

3.4 We will credit your iCard for Business Account with value date no later than the business day on which the account is credited with the amount of the transaction, unless we are required by law to hold a particular transaction for anti-money laundering or other risk reasons.

3.5 Funding in cash: You will be able to fund your Account in cash only in the places where this funding is allowed by us and only for type of Accounts and limits, approved by us. Funding in cash is possible in the offices of some of our authorized agents and is available in limited places and countries, stated on the Website for the Service (“authorized points for cash-in”). At the authorized points for cash-in you may be charged for the funding in cash on top of the amount to be funded in cash. We shall issue e-money in the same amount as the amount paid in cash by you, less fee for cash-in (if there is such) and shall make the amount available to you immediately after the receipt of funds or at latest on the next Business Day after the receipt of the funds. In some cases, such as co-branded programs with agents, upon our sole discretion, we may make the amount available to you earlier than the receipt of funds by us. Limits on funding in cash operations may vary depending on place and country and are provided to you on the Website for the Service or on spot.

3.6 You agree that we may impose different limitations on the funding transactions via any of the funding methods or in some cases to reject a funding transaction due to regulatory reasons such as compliance with AML/FT regulations, risk measures and fraud prevention.

3.7 Receipt of money: Your Account may be funded with e-money by receiving transfers from payers other than you, who have opened accounts with us or who have accounts in other payment service providers. In order to receive money transfers from another payer, you have to provide to the payer your correct IBAN, as well as other e-money account details which are available in your Online account.

3.7.1 Your Account may be funded with e-money also through receiving a payment after you send a Payment Request to your contractors, customers or any third party that owes you money (referred to as “payers” in this section). The Payment request is a one-time personalized link for payment, sent from iCard Platform via SMS, or email, or mobile application for communication (such as Viber, WhatsApp or similar).

You may create and send a Payment Request to a third party after you have activated this functionality of your Account in the relevant currency, for which currency the financial institution provides this functionality.

When you use the Payment Request you must provide certain information required by us such as name of the third party – payer (recipient of the payment request), amount, term for payment, reason for payment and any other as may be required. Once you create and send a Payment Request to a third party you may not change any of its details, but you may cancel it at any time before you have received the requested payment.

When the Payment Request is received by the payer, the payer may follow the payment link and the payer will be invited to make a card payment to your Account on a secured online platform.

Once created and sent, the Payment Request is only valid for a certain time during which the recipient may execute the payment under the Payment Request. After its expiry, including in case there was no payment executed, the link is deactivated and the Payment Request is automatically cancelled.

You understand and agree that when you send a Payment Request, the receipt of money in your Account under this request is conditional upon the willingness of the receiver of the request to pay the requested amount. We may not debit the card of the recipient of the Payment Request if the recipient does not agree to pay the requested amount.

The Financial Institution is not liable for any late payments or for any refusals to pay via sent Payment Requests.

In any case your Account has been funded via a payment made by a third party under received Payment Request, you may refund the whole amount or part of it to the payer in the same currency as the currency of the payment received if you have enough funds in it for this and by pointing the relevant information, including reason for refund.

3.8 We shall keep you informed about any funding of your Account through your Online account.

4. Outbound money transfers. SEPA credit transfer, International transfers Domestic transfers and SEPA Direct Debit:

4.1 SEPA Credit Transfer: You can make outbound money transfers via the Service from your Account to any payment account account in EUR in SEPA country. We will perform correct payment orders for such transfers in compliance with EU Regulations on SEPA credit transfers. To make a correct payment order for SEPA credit transfer you must provide full and correct names of beneficiary, correct beneficiary IBAN in EUR in SEPA country and BIC of PSP of beneficiary (bank of recipient). We will not carry out an EUR credit transfer to a payment service provider in EEA that is not SEPA-reachable as per the terms of Regulation (EU) 260/2012.

4.1.1. SEPA Instant Credit Transfer: Subject to all terms and conditions of this Agreement and in particular the terms concering SEPA transfers hereinabove, you may execure SEPA Instant Credit Transfers via your iCard for Business Account. Unlike the default money transfers, the SEPA Instant transfers are accepted for exectution immediately and therefore cannot be revoked once the order is submitted to us for execution. SEPA Instant transfers will be executed no later than 5 (five) minutes after a correct SEPA instant payment order has been received by us. 

4.2 International transfer: You can make outbound money transfers via the Service from your Account and Balances to any payment account, except for accounts in countries or of persons or entities, which are blacklisted in accordance with the applicable regulations. We will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer you must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN and BIC for PSP of beneficiary or other number of beneficiary account and SWIFT code of PSP of beneficiary, and other data, as requested by the Service in your Online account. 

4.3.1 Domestic transfer: For some countries, we may support the functionality for domestic transfer. You have to check the Tariff and the Online account for availability of domestic transfers. To make a correct payment order for domestic transfer you must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN in domestic currency and BIC of the payment service provider of beneficiary in the country, where domestic transfer is available via the Service, or other data, as requested by the Service in your Online account.

4.3.2. Domestic Transfers in BGN through blink („blink transfers”): For BGN transfer, the Service supports the functionality for blink transfers. To make a correct payment order for blink transfer you must provide full and correct names of beneficiary, correct IBAN in BGN currency and BIC of the payment service provider of beneficiary, who must be integrated in for receiving blink transfers, or other data, as requested by the Service in your Online account.

4.4 iCard SEPA Direct debit (SDD): Payments made by you to Payees by SEPA direct debit through your iCard for Business Account shall be subject to the following terms and conditions.

4.4.1 The SEPA Direct Debit Service enables you to make payments in EUR currency to the Payee through our Service within the Single Euro Payments Area (SEPA) where the payments are initiated by the Payee on the basis of a prior consent given by you. SEPA comprises the countries and territories described above in the List of SEPA countries and territories.

4.4.2 You understand and agree that in order to execute payments by SEPA Direct Debit Service: 

(i) The Payee and the Payee’s payment service provider must use the SEPA Direct Debit Core Scheme and

(ii) You must give the SEPA direct debit mandate to the Payee when entering into contractual relations with the Payee or at least 14 days before the due date of the payment transaction under the contractual relations.

(iii) The Payee initiates the respective payment transaction by submitting orders (“Collection”) for direct debit transaction to us via your payment service provider. The direct debit transaction may be recurrent or one-off payment as determined by you in the Mandate provided to the Payee.

4.4.3 When applying SEPA Direct Debit Service you must use the generated IBAN and BIC provided by us as your unique identifier vis-à-vis the Payee. You understand and agree that we shall perform the payment under SEPA direct debit solely on the basis of the unique identifier provided in the Collection submitted by Payee’s payment service provider.

4.4.4 SEPA direct debit mandate

4.4.4.1 You understand that the SEPA direct debit mandate must be provided to the Payee as a paper document, physically signed by you or in any durable electronic format according to the agreement between you and the Payee and subject to the national legal requirements.

4.4.4.2 The Mandate must contain the following statements of yours:

(i) a statement authorizing the Payee to collect payments via SEPA direct debit from your Account held with us; and

(ii) a statement instructing us to pay SEPA direct debits drawn by the Payee on your Account.

The Mandate must contain the following authorization data and attributes:

your unique identifier (IBAN and BIC code)

(iii) unique mandate reference

(iv) identification of your Payee (name, address and country of the Payee);

(v) Payee’s identifier;

(vi) type of payment (indication of whether the Mandate is for a one-off or recurrent payment);

(vii) your identification (name, address and country);

(viii) name of your payment service provider (our name as described in the present Legal Agreement); and

(ix) date and time;

(x) your signature.

The direct debit mandate may contain additional details supplementing the authorization data.

4.4.4.3 You understand and agree that the Mandate given by you to the Payee shall remain with the Payee. You agree that the Payee shall take over the authorization data and enter any additional details in the data set of the instruction for the Collection of SEPA direct debit such as the amounts to be collected.

4.4.4.4 You acknowledge that the Payee shall send the instruction for Collection of the SEPA direct debit to us through the payment service provider of the Payee. This instruction shall also represent your authorization given to us to perform the respective SEPA direct debit and collect the funds specified in the Collection from your Account.

4.4.4.5 We reserve our right to approve or decline the form of the mandate and/or when necessary to request from you or from the payment service provider of the Payee a verification of the Mandate given by you to the Payee in order to protect your interests from any attempt for fraud.

4.4.5 Collection authorization as a SEPA Direct Debit Mandate. You understand and agree that by providing the Mandate to the Payee you authorize the Payee to request Collection of payments from your Account held with us under SEPA direct debit and at the same time thereby instructs us upon receipt of a Collection by us to pay the direct debit by withdrawing the specified funds from your Account and transfer them to the payment service provider of the Payee.

4.4.6 Refusals, Limitations and other instructions

4.4.6.1 Refusals of the SEPA direct debit mandate

1) You are entitled to refuse at any time the SEPA direct debit Mandate given to Payee or certain payment under SEPA direct debits mandate by submitting a request to us via email sent from your registered Email for the Service or in other manner as may be provided by the Service where you must specify the details of the Mandate or of the payment which is refused by you and/or other details as may be requested by us.

2) Where you have refused a Mandate you understand and agree that after submitting a Refusal to us, we shall consider any subsequent Collection received by us from the payment service provider of the Payee under this Mandate as no longer authorized.

3) You must submit the Refusal to us at least two business days before the due date of the payment transaction under the Mandate so that we may effectively reject the Collection under the refused Mandate/payment.

4) You are responsible to communicate the Refusal to the Payee so that the Payee does not continue to send to us instructions for Collection for further direct debits via your payment service provider.

4.4.6.2 You are entitled to limit any payment under SEPA Direct Debit Service in terms of frequency and/or amounts by sending us an instruction via your register Email address or in another manner as allowed by the Service. You understand that the limitation has to be communicated to us at least two Business days before the due date of the payment under specific SEPA direct debit mandate otherwise we shall not apply the limitation to the specific payment transaction/s. You are responsible to communicate the limitation to the Payee as we are not obliged to notify the Payee. By receiving instruction for limitation we shall perform the collection of SEPA direct debit in accordance with the limits set in the instruction.

4.4.7 Blocking payments under SEPA direct debit. You are entitled at any time during the use of the iCard Direct Debit Services to block your Account as allowed by the Service for any Collections of SEPA direct debit received from your Payees. You understand that by choosing this option you are disabling your SEPA Direct Debit Service and instructs us to reject any collection of direct debit received from the service providers of any of your Payees.

4.4.8 Payment transaction based on the SEPA direct debit

4.4.8.1 Debiting the direct debit amount to your iCard for Business Account.

You agree that upon receipt by us of Collection for payment under SEPA direct debit sent your Payee, we shall debit the amount specified in the Collection from your Account on the due date of the Collection. You agree that the due date of the Collection sent by the Payee coincides with the due date specified in the Mandate provided to that Payee. If the due date is not a business day we shall debit your Account on the following Business day. You agree that the cut-off time for settlement of SEPA direct debit is 15:00 CET.

4.4.8.2 Non-execution and return of payments by us:

1) Your iCard for Business Account shall not be debited or a Collection for debit shall be rejected, or shall be returned no later than the fifth business day after its due date if:

• We have received prior notice of Refusal of the SEPA direct debit mandate in accordance with the rules in this Schedule;
• the IBAN indicated by the Payer in the Collection for direct debit does not coincide with the unique identifier of the Account held by you with us; or
• Your Account is closed; or
• The Account is blocked for direct debit payments or blocked for other reasons; or
• You do not have enough money for the direct debit operation or we have blocked amounts of money expecting your identification or verification as per our rules and the applicable laws; or
• You are not identified or verified by us as per the rules described in the Legal Agreement for iCard Service and the applicable laws; or
• Operation code/transaction code/sequence type incorrect, invalid File format sent by the Payee’s payment service provider.
• For risk and compliance reasons at our sole discretion.
• For regulatory reasons.
• The direct debit cannot be processed by us because the direct debit data set:
• does not contain a creditor identifier or contains one which is evidently wrong to us; or
• does not contain a mandate reference; or
• does not indicate the date on which the mandate was given; or
• does not indicate the due date.
• Or for any other reason as specified in the SEPA Direct Debit Core Rulebook.

2) In cases where you do not have a sufficient Balance in your iCard for Business Account for payment of the direct debit we shall return the collection for payment to the Payee if you do not provide sufficient funds. We shall not pay partial amounts under SEPA direct debit.

3) In cases where your iCard for Business Account is blocked by us, you acknowledge and agree that we shall not debit your iCard for Business Account and shall keep the debit entry as pending for a period of 3 (three) business days as of the due date after which we shall return the collection for payment to the Payee if the reason for blocking the iCard for Business Account is not rectified.

4.4.8.3 Notification of non-execution or cancellation of the debit entry or refusal of payment

1) We shall immediately inform you without delay of non-execution or rejection, or return of the Collection for payment under SEPA direct debit via Email sent to your registered Email address or in another manner as provided by the Service. We shall, if possible, state the reasons and indicate ways in which errors that led to the non-execution, cancellation or refusal can be rectified. You are able to view all your payments under SEPA Direct Debit Service in your online Account provided by us.

2) We shall charge you with a fee set out in the “Tariff” when informing you of a rejection to perform a Collection of payment under a duly authorized SEPA direct debit due to a lack of funds provided by you.

4.4.8.4 Execution of the payment

1) You understand that we shall debit your Account the amount specified in the Collection under SEPA direct debit mandate on the due date of the Collection/Mandate and we shall transfer it to the service provider of the Payee. 

2) If the due date is not a business day the execution period shall commence on the following business day.

3) You will be informed of the execution of the payment through the agreed Account information channel and at the agreed frequency.

4.4.8.5 Inactivity under SEPA direct debit mandate

1) You agree that we are entitled to reject a collection for payment transaction under specific Mandate and to cancel that Mandate if we have not been presented by the Payee’s Service Provider with a Collection under the specific Mandate for a period of 36 months (starting from the date of the latest Collection presented, even if rejected, returned or refunded). If you wish to further use SEPA direct debit Service regarding this particular Payee we shall require you to prepare and provide a new Mandate for the Payee.

4.4.9. Right of Refund and Compensations under SEPA Direct Debit

4.4.9.1 Refund for an authorized payment

1) In case of a payment initiated by a Payee under SEPA Direct Debit Service as a result of which your iCard for Business Account has been debited, you are entitled to request from us a Refund of the amount debited without being required to provide us any reasons or explanation to your request. Such request for Refund must be made within eight weeks starting from the date on which your iCard for Business Account was debited. We shall restore the Balance of your iCard for Business Account to what it would have been before the payment under the SEPA Direct Debit.

2) You agree that the right to a Refund under the paragraph above shall be precluded as soon as the payment according to the Collection for SEPA direct debit has been explicitly approved by you.

4.4.9.2 Refund for an unauthorized payment

1) In the event of an unauthorized payment initiated by a Payee under SEPA Direct Debit Service as a result of which your Account has been debited, you are entitled to dispute the payment and request us a Refund for unauthorized transaction.

2). Your right for a refund for unauthorized or incorrectly executed payment shall be precluded if you fail to inform us thereof within a period of 7 (seven) days as of the day of debit of your Account or in case you act in the capacity of a Consumer - within 13 months at the latest after the Account was debited for an unauthorized or incorrectly executed payment under SEPA Direct Debit Service

3) You shall bear all the losses relating to any unauthorized payment under SEPA Direct Debit Service if they are incurred as a result from a fraudulent act or you have acted with intent or gross negligence in the failure to perform any of your obligations under Legal Agreement.

4.4.9.3 Refund for non-executed or incorrectly executed authorized payments

1) If an authorized payment is not executed or not executed correctly, you are entitled to request us to refund the amount of the payment under the SEPA direct debit in full without delay insofar as the payment was executed incorrectly. We shall then restore the Balance of your iCard for Business Account to what it would have been without the debit for the incorrectly executed payment transaction.

2) We agree that over and above the right under paragraph 1, you may request us to refund the charges and interest levied on you or debited from your iCard for Business Account in connection with the non-execution or incorrect execution of the payment.

3) In case a payment transaction was not executed or not executed correctly, we shall immediately make all reasonable efforts upon your request to trace the payment transaction and notify you of the outcome.

4) You acknowledge and agree that our liability shall be precluded if we prove to you that the full amount of the payment reached the Payee’s payment service provider in due time or if the payment was executed in conformity with the incorrect unique identifier of the Payee provided by the Payee.

5) Any claims and any objections by you against us as a result of non-execution or incorrect execution of payments shall be precluded if you fail to inform us thereof within a period of 13 months at the latest after being debited for an unauthorized or incorrectly executed payment. The starting moment of this period shall be deemed the moment you were notified by us for the payment via your Online account on via any other manner as agreed by the parties but no later than one month after your Account was debited.

5. Payment orders for transfers:

5.1 You may submit payment orders to transfer money to payees with accounts opened in iCard or to payees with accounts opened in other payment service provider via your Online account or via the Mobile app with the“Send” functionality. You are fully liable for providing full and correct payment details of the payee.

5.2 Receipt of payment order and Irrevocability: By clicking the button “Confirm” or “Yes” in the Online account for the Service or Mobile app, and if requested by the Service, after entry of a OTP (one time password) or a secured code for confirmation of the payment order, You confirm that you are making an explicit and irrevocable payment order to us to execute the payment order and debit your Account with the amount of the transfer, and all applicable fees. Confirmed order received by us cannot be revoked by you.

5.3 We shall execute your authorized payment order, provided that you have enough Balance in the designated account from which the payment order is being placed to cover the amount of the transfer and the applicable fees. We may refuse to execute a specific transaction if there is not enough Balance of e-money in the respective currency, or we reasonably believe that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present Agreement or any law or regulation.

For some specific types of payment orders such as payments for utility bills or budget transfers we reserve our right to request you additional information and documents before we execute your payment order.

5.4 We shall not debit nor credit your account with any amount, which is related to a payment order, made from or to a payment service provider, established in a country that is not included in the list of approved countries from/to which iCard processes transfers. This list can be found on the following link. In case you receive a payment transfer from a country that is not in the aforementioned list, we shall return the respective payment and this may lead to additional fees imposed by the payment service provider of the payer.

5.5 Deadline for performance of correct payment orders for money transfers:

(i) Send money to payee with account in iCard – We usually shall make the funds available to the recepient with account in iCard instantly after you execute the payment. In any case, the funds of the transfer will be available to the recipient within the same day of the order;

(ii) Deadline for performance for SEPA credit transfers and SEPA Instant Credit Transfer

SEPA Credit Transfer: we shall execute the order and credit the amount of the transfer in the payee’s payment service provider account at the latest by the end of the Business day following the day of receipt of your payment order. The receipt of money in the payment account of the payee (recipient) depends on the agreement between the payment service provider of payee and the payee.

SEPA Instant transfers: SEPA instant transfers will be executed no later than 5 (five) minutes after a correct SEPA instant payment order has been received by us but in any case no later than the same day in which the order is received.

(iii) Deadline for performance of International money transfers: we shall execute the order and credit the amount of the transfer in the payee’s payment service provider account by the end of the Business day following the day of receipt of your payment order unless the International money transfer is not in EUR in which case the deadline shall be not later than 4 (four) days after the receipt of the order. The receipt of money in the payment account of the payee (recipient) depends on the agreement between the payment service provider of payee and the payee. You agree that we may set other deadlines for performance for International money transfers (non SEPA transfers), for which you shall be notified on the Website for the Service or in the Online account.

(iv) Deadline for performance of Domestic money transfers: Payment orders for Domestic money transfers received by 5:25 p.m. on a Business Day will be executed on the same Business Day. Payment orders for Domestic transfers, received by us after 5:25 pm or in a day, which is not Business day for us, shall be executed at 00:25 a.m. on the following the Business day. The receipt of money by the Payee (recipient) depends on the PSP of Payee. You agree that we may set other deadlines for performance for Domestic money transfers, for which you shall be notified on the Website for the Service or in the Online account.

With regards the execution of the Domestic money transfers in currecny other than BGN the rules of the International money transfer shall apply.

(v) Deadline for performance blink transfers: blink transfers will be executed no later than 5 (five) minutes after a correct blink transfer payment order has been received by us but in any case, no later than the same day in which the order is received.

(vi) Deadline for performance of payments under Standing orders: We shall debit the account specified by the Standing order on the due date for execution specified in the Standing order. The above rules for deadlines apply accordingly.

(vii) Deadline for cross-border payments inside the territory of the EU in currency other than EUR: in case of any payment transfer which may be considered to be a cross-border payment taking place inside the territory of the EU, the amount of the payment transaction will be credited to the payee’s payment service provider’s account by the end of the following business day but in any case, not later than 4 (four) days after receiving the payment order.

5.6 Payment order for purchase of e-Vignette for the territory of Bulgaria: Notwithstanding the conditions set in clauses 5.1. to 5.5. above when you purchase an e-Vignette by tapping "Buy Now" or similar in your Online account the payment order will be immediately executed and will become irrevocable. While purchasing an e-Vignette you undertake to fill-in the correct details of your vehicle, the type of e-Vignette you are willing to purchase, as well as the validity period, activation date, the e-money account you want to pay with and any other required information. We will give you the possibility to review once again the details and to make corrections where necessary before making the payment. In case you submitted incorrect details for your e-Vignette while purchasing it in your Online account, you will not be granted free reissuance of correct e-Vignette or a refund for the incorrect e-Vignette you purchased. You will be required to place a new payment order for e-Vignette with correct details.

5.7 Payment transactions initiated by or through the payee. We shall execute a payment transaction initiated by or through the payee in accordance with your consent given before the payment service provider of the payee. In cases where the amount of the transaction is not known at the moment of providing the consent, you may be provided with an option to agree to the blocking of a specific amount for the purposes of the execution of the transaction in question. In case you have agreed to said blocking, we shall unblock the amount at the moment of the initiation by or though the payee.

5.8 You may submit Standing orders for money transfers within the limits allowed by the Service. You have to specify the Account, which has to be debited, frequency, amount of the payments, currency to be debited, beneficiary’s payment details (names, Account number/IBAN and other as requested by the Service) start date and expiry date of the Standing order. You understand and agree that OTP may be requested by the Service upon setting up of the Standing order and not upon execution of the future transfers from the Standing order, which will be executed automatically without need of entry of OTP.

5.9 Upon setting up the Standing order you are able to see our applicable fees in the Tariff. However, we can amend the Tariff as allowed by this Agreement and the law, and this will not suspend or terminate the Standing order automatically and the new fees will apply for the Standing order as of the moment of their entry into force. The funds in the Account to be debited for execution of the Standing order have to be sufficient to cover the amount to be transferred and our applicable fees. In case the funds in the Account to be debited for execution of the Standing order are not enough to cover the amount of the transfer and/or the applicable fees, we shall perform automatic currency conversion at the currency exchange rate for the date of the conversion with the available funds in other Accounts opened in iCard for Business in order to complete the transfer. We shall not execute a specific transaction if there are not enough funds in your Account, for which we shall not be liable for whatsoever damages or compensations.

5.10 You are entitled to withdraw a Standing order before the expiry date has come into effect via your Online account with entry of valid OTP and as provided by the Service. You understand and agree that all payments executed by us according to the Standing order until the date of the withdrawal or expiry date are irrevocable and correctly executed by us and we shall not be liable for unauthorized transactions.

5.11 You acknowledge and agree that a payment order, including from a Standing order, shall be deemed to be executed correctly by us, even if you have submitted a payment order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong Payee and/or was returned to us, as a result of which you have to cover the charges for the return, reversal or cancellation of incorrect payment order.

5.12 All terms and conditions regulating the use of the payment card issued as part of iCard for Business are subject to a separate Legal Agreement iCard for Business Card.

6. Refusal, reversal of unauthorized transaction and reversal of incorrect payment orders:

6.1 Where we refuse to execute a payment order, you shall be notified for the refusal and the reasons for it unless it is prohibited by any relevant EU or national legislation. We shall provide or make available the notification to you via mail or via the Online account at the earliest opportunity and no later than the deadlines set out in the Deadlines section of the present Agreement. We may charge a fee for providing additional information for such a notification if the refusal is objectively justified.

6.2 In the event of unauthorized transaction or incorrect payment order you may submit a Request for reversal of unauthorized transaction or reversal for reversal of incorrect order to us via email, without undue delay the moment you are aware of the transaction but not later than 13 (thirteen) months after your Account was debited with the amount of the unauthorized transaction or the incorrect payment order. This term shall not release you from your obligation to notify us immediately and without delay in case of loss, theft, misappropriation or unauthorized use of Identifying Credentials and/ and to take all preventive and security measures as allowed by the Service or us to limit the risks and damages. In case you are not a Consumer the term for the notification and Request for reversal of unauthorized transaction or reversal for reversal of incorrect order that must be sent to us is no longer than 7 (seven) days after your Account was debited with the amount of the unauthorized transaction or the incorrect payment order. 

6.3 We will assist you to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by EU and applicable national law. In case of incorrect payment order, such as wrong account identifier, wrong name, wrong BIC, wrong name of payment service provider of the Payee, wrong amount, or other incorrect data, submitted by you, we may assist you to submit a new and correct payment order if we have not yet executed the incorrect payment order, for which we may charge you a fee. In case we have already executed the incorrect payment you can make a request for reversal via email to us and we will initiate a reversal procedure, for which we will charge you with the respective fee. We cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to your Account the payment service provider of the Payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond our control of.

6.4 Liability for transactions initiated by or through the payee. Where your account was charged with an amount in relation to a transaction initiated by or through the payee, you shall have the right to request us restore the amount charged under the following conditions:

i) the amount of the transaction was not shown or known to you at the moment of authorizing the transaction;

ii) the amount of the transaction is significantly higher than the expected amount which was usually charged by the payee for similar transactions, or on the basis of your arrangement with the payee. This shall not apply to cases where the amount of the transaction differs due to exchange of currency costs.

iii) Deadline. You may demand restoring the amount of the transaction within 56 days as of the date of the debiting of your account by providing also documents evidencing the circumstances described above;

When the consent for the transaction was made directly before us and, if applicable, the payee or its payment service provider had provided you with information about the transaction at least 28 days before its execution you shall not be entitled to request restoring of the transaction initiated by or through the payee.

6.5 You agree that in case a payment transaction is not approved by the payee for some reason or the merchant to whom you paid wishes to refund full or partial amount, then the following rules shall apply: 

(i) Reversal or refund of full amount of transaction – the amount of the transaction is refunded in the original type of currency; or

(ii) Partial reversal or refund of amount of transaction – the amount subject to reversal or refund is refunded in the currency of the transaction;

6.6 Other rules for use of the Service:

6.6.1 Without prejudice to the above, you agree and acknowledge that the reporting and payment of any applicable taxes arising from use of the Service and which by law are your obligations, are your exclusive responsibility and liability. You hereby agree to comply with any and all applicable tax laws. 

6.6.2 We may at our sole discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. We may, at our reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money you can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service.

6.6.3 You acknowledge and agree that: (a) The sales of Goods and Services are transactions between the Merchant and you and not with us or our sub-contractors unless we are expressly designated as a seller (merchant) in the transaction (for example, purchase of our prepaid cards). We are not liable for the performance of obligation of Merchants.

6.6.4 We provide to you information on Balance/s, IBAN numbers and other unique Account identifiers, information on transactions, history of transactions, status of Account, status of other payment instruments, your status from customer verification point of view, notifications to you and other important information via email to your registered email or via your Online account, via SMS to your registered Mobile phone number or via the Website for the Service.

6.6.5 You will be able to view your transactions free of charge in your Account transaction history, which is updated regularly, and you agree not to receive paper statements. We may send to your registered e-mail on a monthly basis a link to your Online account to check your Balance and/or transaction history. Upon your request we may, at our discretion, provide you with additional statements, paper or otherwise, of the transactions, but in this case, we may charge you a reasonable administration fee in accordance with the Tariff. We may charge you a fee for other information services, different from the standard information services, provided via the Service or additional services provided by us, as provided in the Tariff.

6.6.6 In case you wish to use an alternative method for two-factor authentication and receipt of one-time password, as may be required by the Service, you have to select this option from your Online account. Transactions, operations and activities confirmed with the one-time password, generated via each of the available two-factor authentication methods, supported for the Service, will be considered as valid and binding to you. 

6.6.7 You acknowledge and agree that we are required to comply with legally-binding requests for garnishments and other similar orders of competent authorities. In case that a garnishment order is placed over your account, we shall block the respective amount (if applicable), by withholding it. You will not be able to use the withheld amount for any payment transactions. In case the funds in your account, are not sufficient to satisfy the garnishment order, you agree and confirm that we are also legally obligated to block the amounts in your other accounts as well. In case they are in a different currency from the garnishment amount, we shall apply the daily foreign exchange rate at the moment of the processing of the garnishment order.

7. Personalized security features. Security measures and Safety Requirements:

7.1 We have provided to you Personalized security features which comply with the principles of strong customer authentication for using all payment instruments, included in the Service, such as, but not limited to authentication messages, passwords, OTPs (one-time passcodes). The Personalized security features may be received via messages in your Online account, the Mobile App or via third parties’ communication apps (such as Viber or Whatsapp). We will make sure that the Personalized security features are not accessible to parties other than you or the entitled persons to use the payment instrument.

Where the Personalized security features are received via third parties’ communication apps we do not warrant and shall not be held not liable for the security of these communication apps. You are responsible to safeguarding the technical devices, which provide you access to the respective communication apps, such as but not limited to smart phones, tablets and PCs and other similar.

7.2 You are able to control the security of the payment instruments, by enabling or disabling them for certain transactions, such as Internet transactions, ATM cash withdrawal or other, receipt of notifications after each transaction with Card, and imposing limits, which are more stringent than our default spending limits via the Service (Online account, Mobile App or in other available ways).

7.3 You agree to use your credentials, such as username and password and other Personalized Security Features for your payment instruments only in accordance with this Agreement and with the law. You must not provide and must not allow disclosure of the personalized security features to a third party. The breach of this obligation is breach of your obligation for protection of personalized security characteristics of payment instrument and you will be fully liable for unauthorized transactions as a result of your breach of this obligation wilfully or with gross negligence.

7.4 By using the Service for business purposes, you agree that:

(i) all employees, agents, representatives and others that you have appointed to have access to your Credentials or Personalized Security Features, will be considered as properly authorised to use your Account and/or make any payment orders via all payment instruments and perform all actions to which you are entitled and will legally bind you, business, partnership or other legal entity concerned;

(ii) In order to allow your employees, agents, representatives to have access to your Personalized Security Features and use the Service on your behalf as authorized users, these persons must be approved by us in advance. For that purpose, you must provide evidence for their representative powers and these persons must undego successfully our due diligence.

(iii) You or a person explicitly authorized by you has the right to authorize users of your iCard for Business Account and of the payment instruments related to it. Their rights for executing payment transactions, reversals, requests for information, authorizing or removal of other users and other rights may be individualized or limited by you or a person explicitly authorized by you via your Online account in accordance with the functionalities of the Service.

(iv) Each payment order from authorized user will be considered as approved by you and irrevocable according to the rules on Receipt of Payment Order and Irrevocability above.

7.5 You acknowledge and agree that all Cards linked to your Account are providing access to the e-money balance in your Account and you shall be liable for all transactions and charges arising of the use of Cards, associated with your Account.

7.6 If you believe that your Account or other payment instruments have been used in an unauthorized manner or in case of unauthorized transactions, you have to contact us without undue delay. You agree to notify us via the customer support contacts on our Website or via support@icard.com, immediately and without delay in case of loss, theft, misappropriation or unauthorized use of the Personalized Security Features and/or payment instruments, including, but not limited to Cards, and to take all preventive and security measures as allowed by the Service, including to disable the compromised payment instruments via the Service, or allow us to do it and limit the risks of unauthorized transactions and damages. You also agree to notify us without undue delay and in the same manner of any other breach of security regarding the Service of which you have knowledge.

7.7 We may suspend the use of the Service in part of wholly, including block the Card, or Account, where we suspect that their security may have been compromised or that unauthorized or fraudulent use has taken place. We will inform you in advance or, if that is not possible, immediately after, of the suspension of the use of the Service, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. We will provide you the Service again or will replace the Personalized Security Features to you, as soon as practicable after the reasons for the suspension cease to exist and on condition that you have satisfied all obligations towards us.

8. Protection of your personal information and our Professional Secrecy Obligation:

8.1 We are authorized to store and process your data, including personal data in terms with the applicable legislation and the terms of the present agreement to the extent that this is necessary for the appropriate conduct of the business relations. For information about our data protection Policy, you have to read the Privacy Policy available on the Website for the Service.

8.2 Financial Secrecy: we are bound, in accordance with the applicable laws and agreements, to observe secrecy and confidentiality with regards to all information which Client discloses to us about the Client (“Secret Information”). However, in some cases we are authorized and required by the applicable laws to disclose Secret Information. You can read more about our data processing practices in the Privacy Policy. For the avoidance of any doubt, we are authorized and required by the applicable laws to disclose information about you, your transactions and funds you hold with us upon request of a competent regulator, bank, other entitled supervisory authority. Where national or international laws impose obligations on us for automatic reporting of information to regulators, such as but not limited to tax authorities, we shall disclose information about you, your accounts, your transactions and funds you hold with us, as well as other required information on automatic basis and to comply with the laws and regulations.

8.3. You agree and confirm that in cases where you have had to provide us with any kind of personal data of any third person, such as any legal representative or holder of power of attorney, employee, beneficial owner or other similar, you are obliged to inform these persons about iCard’s Privacy Policy and to receive their confirmation that they have informed themselves about the latter.

9. Our Acceptance Policy and permissible transactions:

9.1 You agree to use the Service only as permitted by:

(i) The Agreement;

(ii) The characteristics, settings and limits of the Service, including setting of limits and options by you as allowed by the Service, as published and updated by us from time to time on our Website for the Service or in the Online account for the Service; and

(iii) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions.

9.2 It is strictly forbidden to use the Service in violation of the Agreement, or for any illegal purposes including but not limited fraud, money laundering, tax evasion or other illegal activities. In particular, you shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following:

a) Breach of this Agreement (including, without limitation, providing false identifying data, such as false names, e-mail address, multiple mobile numbers or other data, with the aim or resulting in opening of multiple Accounts for a single user or avoiding the limits imposed by us in another way); or

b) Breach or risk of breach by you of any law, statute, contract, or regulation applicable (for example, those governing payment services including anti-money laundering or terrorist financing, or similar regulatory requirements, including where We cannot verify the identity or other data about you according to regulatory or our Internal requirements, Consumer protections, unfair competition, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any Goods or Services according to all applicable laws); or

c) Abuse of the reversal or chargeback process provided by your card issuer company; or

d) Use of the Service in a manner that results in or may result in complaints, disputes, claims, reversals, fees, fines, penalties and other liability to us; or

e) Execution of transactions by you that may be considered to be cash withdrawals or assisting in cash withdrawal from Merchants or to facilitate the purchase of cash equivalents (travellers' cheques or money orders, etc.); or

f) Infringement of ours or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy; or

g) Use the Service in connection with any other underlying illegal transaction;

9.3 You may not use the Service and/or may not accept the Agreement and we may temporarily stop or terminate the Service or Agreement immediately and without prior notice to you, if:

a) You are a barred from receiving the Service under the applicable laws or Regulations of Card Organizations or other Organizations or our rules or policies;

b) You have not been dully identified or verified by us, upon our sole discretion; or

c) Other important reasons, upon our sole discretion, such as risk and compliance;

d) You have been added or you have been added to iCard’s internal blacklists due to suspected malicious, fraudulent, or analogous behavior;

9.4 You authorize us to obtain a credit report and/or to otherwise make credit or other background enquiries from time to time, as we may deem appropriate, to evaluate your registration for or continued use of the Service.

9.5 You agree not to access (or attempt to access) any of the Service by any means other than through the Online account of the Service and Card that we have provided for the Service, unless you have been specifically allowed to do so in a separate agreement with us. You acknowledge that this restriction will apply to use of the Service by any automated means.

9.6 You agree that you will not engage in any activity that interferes with or disrupts the Service (or the servers and networks which are connected to the Service).

9.7 You agree that you will not reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.

9.8 You agree that you are fully responsible for (and that we have no responsibility to you or to any third party for) any breach of your obligations under the Agreement and for the consequences (including any loss or damage which we may suffer) of any such breach.

9.9 You acknowledge and agree that in order to meet all obligations after the anti-money laundering legislation and other official orders and acts related to their execution, we may establish general practices and limits concerning the use of the Service without prior notice to you, including, without limitation, individual or aggregate transaction limits on the value or turnover of e-money, transaction or other limits on the value, type or number of funding transactions or Payment Transactions during any specified time period(s). We shall notify you for every amendment in the common practices and limitations within reasonable time unless such notification is prohibited by aforementioned anti-money laundering legislation.

9.10 We may refuse to execute any funding or payment transaction, payment order or other use of the Service if we have reasonable grounds to suspect fraud, a breach of the applicable Agreement by you or the Merchant, or a violation of law or regulation of Card Organization or other Organization. Transactions may also be delayed due to our compliance with our obligations under applicable anti-money-laundering legislation, including if we suspect that the transaction involves fraud or illegal or non-acceptable activities. In the event that we refuse to execute a Funding or Payment Transaction or Payment Order, you will be notified, unless it is unlawful for us to do so or would compromise reasonable security measures.

9.11 You acknowledge and agree that if we disable access to E-money account or to any payment instrument by stopping the use of your Personalized Security Features or blocking the Card/s, you may be prevented from accessing the Service, your Account details or any files or other content which are contained in your Account or connected to your e-money or payment instruments.

10. Service Fees. Currency Conversion Fees:

10.1 We will charge you fees to use the Service, as specified in the Tariff. Tariff may be changed by us unilaterally with 2-month notice to you. The changes will come into force automatically with the expiry of the 2 months’ period unless you object within this period in which case you have the right to terminate the use of the Service. Updates in Tariff will be indicated on the Website for the Service or via the Online account, and you will be duly notified in accordance to the Agreement.

10.2 Currency conversion: If transaction involves a currency conversion, it will be completed at a foreign exchange rate determined by us plus a Currency exchange fee expressed as a certain percentage above the exchange rate and as specified in the Tariff. Foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which we obtain foreign currency). The exchange rate may be applied immediately by us and can be viewed in the Online account. The Currency exchange fee is retained by us and will be applied whenever we perform a currency conversion according to your payment instruction. You may calculate via your Online account what foreign exchange rate apply for a certain transaction, involving currency exchange, as well as what is the amount of the Currency exchange fee if there is such specified as per Tariff.

10.3 Where a currency conversion is offered at the point of sale by the Merchant, not by us, you choose to authorize the payment transaction on the basis of the Merchant's exchange rate and charges, we shall have no liability to you for that currency conversion. Where your payment for e-money is funded by a Linked Card and involves a currency conversion, by entering into this Agreement you consent to and authorize us to convert the currency in place of your Credit or Debit card issuer.

10.4 In case where the Balance in your Account in certain currency is not enough to cover the amount of a certain transaction or your obligation, you agree and authorize us to debit the necessary amount from available Balance in your Account held in other currency, applying our foreign exchange rate for the date of the conversion, notified on our Website for the Service. The priority order for conversion of currencies in your Account is given after System’s default order.

10.5 In case you receive e-money in Currency, supported by us, different from the currency of your Account, you agree that we shall issue e-money in the received currency, where the total Balance of e-money held by you shall be shown in the Principal currency of your Account at the foreign exchange rate, applied by us at the date of check of Balance. 

10.6 Payment transactions with Card, made in a currency other than the currency of the issued Card, will be converted by us applying foreign exchange rate determined by us plus a Currency exchange fee (if applicable and as specified in the Tariff) expressed as a certain percentage above the exchange rate for day in which the payment transaction has been executed, cleared or settled with the Card Organization. The foreign exchange rate is adjusted regularly based on market conditions at which we obtain foreign currency. The exchange rate may be updated daily by us and can be viewed in the Online account. Currency exchange fee (if applied) is shown in the tariff and retained by us. All fees shall be charged to you in the currency of the issued Card.

10.7 You acknowledge and agree that we are authorized to satisfy immediately as they become due any obligations of you towards us under this Agreement or other, by debiting or withdrawing directly funds from your Account or by offsetting outstanding sums owed by us to you, including by debiting or charging your Funding instrument. We will inform you on the ground, amount and value date of such withdrawals.

10.8 You agree and understand that the payment service provider who issued the Linked Card or provided you with payment account, used for funding transactions, may charge you a fee and/or currency conversion fee in connection with the debiting or charging of the funding instrument resulting from the funding transaction. You should consult the terms and conditions governing your funding instrument for more information about any such fees. We are not liable for taxes, fees or costs imposed by third parties.

10.9 In cases where your Account is blocked or closed by us due to any breach of this Agreement or of any laws or for risk or security reasons, or because you have not provided us with some requested information, or you have provided us with false or insufficient information, we are entitled to start charging you with a monthly No-cooperation fee in the amount specified in the Tariff. The No-cooperation fee shall start to be applied after expiry of 2-month prior notification sent to your email. The No-cooperation Fee shall be charged until your status is rectified according to our internal risk and compliance rules. You will be charged with a No-cooperation fee in the following cases:

• We have asked you multiple times to provide us with an updated and valid and non-expired copy carrying your business information or an up – to date and valid and non – expired copy of the official ID of your legal representatives, beneficial owners and other natural persons who are subject to identification and verification and you failed to do so within the specified period;
• We have asked you for supporting documentation or a reasonable explanation in relation to a specific transaction on your account, and you have failed to do so within the specified period;
• We have notified you that you behave in a manner that is in breach of the present legal agreement or any other related legal agreement for the use of the iCard Service and you have failed to remedy the said behavior within the specified period.

10.10 Fee for processing of public authority requests. In case we receive a legally-binding request from a public authority, which we are obliged to comply with, in example a garnishment order over your account, or a request for detailed information from a tax or other public authority, we shall have the right to charge you with a fee for processing the request, specified in the Tariff.

10.11 In case you have not made any Valid Transaction for more than 10 (ten) months (“Inactivity Period”) during your use of the Service you will be charged with a monthly Inactivity Fee as defined in the Tariff. The Inactivity Fee shall start to be applied after 2-month notification sent to your email. You can rectify your status and stop the charging of the Inactivity Fee if you make at least one Valid Transaction. Otherwise, the Inactivity Fee will be charged until the depletion of the remaining balance.

11. Your liability

11.1 In case you are using the Service as a Consumer, you shall be liable for all losses incurred in respect of unauthorized transactions, as a result of use of lost or stolen payment instrument or from its misappropriation, before it is reported for up to a maximum of 50 EUR. In case you are not using the Service as a Consumer, you shall be liable without limitation for all losses incurred in respect of unauthorized or incorrect transactions, as a result of use of lost or stolen payment instrument or from its misappropriation or incorrect payment orders. 

In case that the unauthorized transaction was made through a third-party payment service provider approved by the payment initiation service, we shall immediately refund the amount involved in said unauthorized transaction no later than by the end on the next working day. If applicable, the status of the debited account shall be restored to the state it would have been had the unauthorized transaction not been made, notwithstanding any rights of recourse to which we may be entitled against the payment service provider. Your liability cap of 50 EUR maximum arising from unauthorized transactions under the terms set out in the above paragraph shall likewise apply in the event of transactions made through a third-party payment service provider.

11.2 However, you shall be fully liable for all losses incurred in respect of unauthorized transactions and/or all damages, notwithstanding the amount of the losses or damages, if you have acted fraudulently or has, with intent or gross negligence, failed to comply with the Agreement or law, including your obligations to preserve the security of your Personalized Security Features, providing access to your Account, e-money or Card or other.

11.3 You shall be entitled to redress losses incurred by you in respect of unauthorized or incorrectly executed transactions, which shall not include any fees, interest or losses (unless you use the Service in the capacity of a consumer) incurred by you in relation to unauthorized or incorrectly executed transactions performed with the payment instruments provided under the Service whereas the redress is due under the condition that you have notified us for the unauthorized or incorrectly executed transaction no within 7 (seven) after the unauthorized or incorrectly executed transaction and in case where you have acted as a Consumer, no later than 13 (thirteen) months as of the date on which the account was debited with the unauthorized or incorrectly executed transaction. Where you are entitled to redress, we will refund the amount of the unauthorized transactions, less applicable fees as per Tariff, by crediting your Account.

11.4 You agree to indemnify, defend and hold us harmless, from and against any losses or negative Balance on Account or Cards, resulting from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, "Claim" or "Claims") which we may at any time during the term of this Agreement or within 5 (five) years after its termination incur, sustain or become subject as a result of any Claim and: (a) connected to your or your employees’, agents’ or sub-contractors’, or 3rd parties’ use of the Service, including, but not limited to Accounts or Cards, breach of any provision, warranty or representation in this Agreement, or regulations of Card Organizations or other Organizations; or (b) arising out of your or your employees’, agents’ or sub-contractors’, or end customers’ or 3rd parties’ use of the Service, including, but not limited to Accounts or Cards, wilful acts or omissions, gross negligence, or other similar wrongdoings or claims, or fraud, charge back, including, but not limited to amounts and fees debited or charged by Card Organizations for charge back, initiated by you or 3rd parties, offline transactions, recurring transactions, currency conversions, pre-authorization, manual operations, stand-in process, system malfunction, or other unlawful use of the Card and/or e-money; or (c) arising from your or your employees’, agents’ or sub-contractors’, or end customers’ or 3rd parties’ use of the Service, including, but not limited to Accounts or Cards, failure to comply with any law or regulation including but not limited to AML, data protection laws, Cardholder´s data information and other rules and regulations. You agree that we are authorized to satisfy immediately as they become due any of your obligations by debiting or withdrawing directly funds from your Account, or any outstanding sums owed by us to you, including by debiting or charging your Funding instrument. We shall inform you on the ground, amount and value date of such withdrawals, unless it is forbidden by law or regulations for AML or security reasons to make such notice.

11.4.1. In case of outstanding obligations of yours towards us or any of our Affiliates, you consent explicitly and irrevocably and authorize us to debit the amount of your obligations from your account/s with us without prior notice and pay your obligations on your behalf. The information on the debit transaction value and date will be shown in the Client’s online account.

11.5 In case of delay for payment of amounts due to us you shall owe a penalty for delay in the amount of the statutory interest rate for each day of delay from the date of delay until payment of the full amount.

11.6 Right of Retention: Unless otherwise agreed between the parties in writing, according to applicable law we may exercise a right of retention over all your money in your account/s with us or our Affiliates until all outstanding fees, costs, charges, expenses and liabilities owed to us have been paid in full.

11.7 In addition to our right of indemnification, in case where your iCard Account has been blocked by us for compliance or security reasons, or under order by a regulator, due to your breach of this Legal Agreement or use of the Service by you in breach the applicable laws or the Rules of the Card Organizations, we shall be entitled to block your iCard Account and all or part of the Services, without prior notice to you and we shall be entitled to receive as a penalty for each breach by you, equal to 20% of your turnover via iCard Service for a period not exceeding the last 12 (twelve) months prior to the blocking of the account, and per each breach. We reserve our right to withhold amounts and/or seek higher compensation for our actual damages.

11.8 Right of Withhold or Set-off: Unless otherwise agreed between the parties in writing, according to the applicable law we may exercise a right of withhold and/or set-off over all your money in your Account/s with us until all outstanding fees, costs, charges, expenses and liabilities due to us have been paid in full.

11.9 Your liability in relation to Intellectual property rights and publicity:

11.9.1 Intellectual property rights in (1) any software or documentation supplied by us to you for or in connection with the Service, and (2) any custom graphic interfaces, design elements, graphics or other applications or content which we or our licensors may provide and which are placed on or incorporated into your Website, remain our property or of our licensors. You are not authorized in any way to copy, reproduce, disassemble, sell, lease or in any other way provide the use of the payment instruments, online accounts, software, platforms, APIs or mobile POS devices or any other our development or material. 

11.9.2 Where any software, documentation, API, applications or other materials or developments are developed or provided by us to enable you to use the Service, we shall be the exclusive owner of such software developments and materials and grants to You for the duration of this Agreement a non-exclusive, non-transferable license to use the software, documentation or other materials for that purpose only and in accordance with this Agreement.

11.9.3 You will not, without our prior written consent, copy or (except as permitted by law) decompile or modify the software, nor copy the manuals or documentation.

11.9.4 The right to use the Marks and any software, documentation or other materials supplied under this Agreement shall last only for the duration of this Agreement and may not be assigned or sublicensed in full or in part.

12. Termination of Agreement

12.1 You acknowledge and agree that we may stop providing the Service to you, as provided in the Agreement. You may stop using the Service at any time, without need to inform us when you stop using the Service. The Agreement will continue to apply until explicitly terminated either by you or us, as set out below.

12.2 If you want to terminate legal Agreement with us, you may do so immediately and without charge for termination at any time by:

a) Notifying us, in accordance with clauses for communication below; and

b) Closing your Account for the Service, including withdrawing or redeeming the available balance of e-money; and

12.3 In case of any risk of Damages for us, resulting from reversals, chargebacks, claims, fees, fines, penalties, your non-compliance with AML/FT or other regulations and other similar liabilities arising from your use of the Service, We may hold your funds for up to 180 Days even after Termination of Agreement or shorter or longer period, as required by the law, including laws in favor of the Consumer. You will remain liable for all obligations arising under this Agreement even after Termination of Agreement and/or closing of Account.

12.4 We may, at any time, terminate the Agreement without notice if:

a) You have breached any material provision of the Agreement or law, including but not limited to the AML/KYC and/or FT laws and regulations or our internal rules, or Regulations of Card Organizations or other Organizations; or

b) We are required to do so by law or Regulations of Card Organizations or other organizations (for example, where the provision of the Service to you becomes non-compliant with the Regulations); or

c) You are in delay of payment of amounts due to us, including administrative fees, for more than 2 (two) months or you are in delay of payment of amounts due to us for more than 1 (one) month twice or more during 6 (six) consecutive months, after you have been duly invited to pay the due amounts.

d) it is found that you have been added to iCard’s internal blacklists due to suspected malicious, fraudulent, or analogous behavior.

12.5 Unless a shorter period is provided in this Agreement, as permitted by law, we may, at any time, terminate the Agreement by giving you two (2) months' notice.

12.6 If upon closing of the Account, there is a remaining balance it will be withdrawn and kept into a Holding account. In case that you receive a refund by a merchant or any other payment after we have closed the account, the amount will be held in the Holding account. In case of closed account with remaining balance, you are still entitled to receive back your funds to a payment account opened under your name in compliance with the Agreement and after successfully completing our KYC procedure.

12.7 Redemption of e-money upon closing of Account:

12.7.1 You are entitled to request from us to redeem (buy back) part or all available Balance of your e-money, less all applicable fees. Subject to the successful completion of applicable anti-money-laundering, fraud, risk and other by us we will redeem the amount of the outstanding e-money, less the applicable fees, such as redemption fee, determined in Tariff or currency conversion fee. You are required to provide us with payment account opened under your name, which would be the name of the entity that is our Client, to which we shall initiate transfer of the remaining amount. The provided payment account mustbe in the same currency as the currency in your account or in one of the currencies, supported by us, as notified by us on our Website for the Service.

12.7.2 You cannot request and is not entitled to e-money redemption if there is no Balance available in your Account for whatsoever reason or Balance is not enough to cover the fees for redemption.

12.8 Death and Change in Legal Status

12.8.1 Individuals: We will assume that the relationship between us persists until we are notified in writing about your death. We must be notified by who is legally vested with the rights and obligations to act on behalf of your affairs and will take instructions from him/her/them. Such person may be the heir, legatee, administrator, executor or otherwise. We shall be entitled to receive to its satisfaction such evidence, at your cost, as may be required by us to establish the proper entitlement and authority of the person claiming to be in charge of acting on behalf of your affairs and the Bank shall not be bound to act upon such instructions until such time as we are satisfied of such authority.

12.8.2 Legal Entities: In the event that you are placed into liquidation, bankruptcy or administration or any other analogous process wherein a liquidator, curator or trustee or similar officer is appointed and in whom legal authority and representation is vested, to the exclusion of the persons you may have nominated, we shall be entitled to receive to its satisfaction such evidence, at your cost, as we may require to establish the proper entitlement and authority of the person claiming power to give us instructions and we shall not be bound to act upon such instructions until such time as we are satisfied of such authority. In case where the legal entity or organization is dissolved, the successor of the assets (money) in the Account has to provide to us a legal document, proving that he is the successor of the assets in the Account and you are entitled to these assets. We may have additional requirements for identification and verification of a successor of the assets in the Account or other documents prior to providing access to the Account or order of the money to the successor.

13. Limitation of Warranties:

13.1 We make no express warranties or representations with respect to the provision of the Service. In particular, we do not warrant to you that:

(a) Your use of the Service will meet your requirements or expectations;

(b) Any information obtained by you as a result of use of the Service will be accurate or reliable.

13.2 No conditions, warranties or other terms (including any implied terms as to satisfactory quality, fitness for purpose or conformance with description) apply to the Service, except to the extent that they are expressly set out in the Agreement.

14. Limitation of Liability:

14.1 Nothing in the Agreement will exclude or limit our liability for losses which may not be lawfully excluded or limited by this Agreement or by applicable law.

14.2 Subject to the previous Clause, we will not be liable to you for:

a) Any indirect or consequential losses which may be incurred by you. This will include any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, or any loss of data suffered by You;

b) Any loss or damage which may be incurred by you as a result of:

(i) Any reliance placed by you on the completeness, accuracy or existence of any advertising, or as a result of any relationship or transaction between you and any advertiser whose advertising appears on the Service;

 (ii) The deletion of, corruption of or failure to store any communications data maintained or transmitted by or through your use of the Service;

(iii) your failure to provide us with accurate account information; and

(iv) Any fraudulent use of the Service by you or third parties;

15. Changes to the Agreement:

15.1 You agree that we may make changes to the Agreement from time to time. We shall give you two (2) months' notice of changes in the Agreement, unless shorter period is necessitated by a Regulatory change, or is allowed by law, by email sent to your email address and/or by notifying you in the Online account or the Website of the Service before their proposed date of entry into force. 

15.2 You understand and agree that you will be deemed to have accepted the changes unless you notified us to the contrary by notice, as provided hereinunder, prior to the date on which the changes are to come into effect, in which case the Agreement will terminate without charge for termination immediately before the effective date of the changes.

15.3 Nothing in this Section will limit:

a) Our right to update and revise its policies from time to time or to add new features to the Service from time to time without prior notice, which may be accepted by you by using the new feature. Such revisions may take place using a method chosen at our discretion, and such method may include email communication or publication on our Website for the Service; and

b) The parties' right to vary the terms of this Section, where the variation is not prohibited by law and both parties agree to it.

16. Communications and Notices

16.1 All information will be made available or provided to you in an easily accessible manner, in easily understandable language, in a clear and comprehensible form and in English language or other language supported by us. For each transaction made through the Service we shall provide to you information about its execution deadline, the fees to which you shall be subject and, if applicable, a breakdown of the fees, provided such information is requested prior to execution. Furthermore, once the fees have been debited from your iCard account, we shall provide you with the following information: (i) a reference number that enables you to identify each payment and, if applicable, information about the beneficiary; (ii) the amount involved in each payment; (iii) the amount of any fees charged and, if applicable, the corresponding breakdown; and (iv) the date of debit or receipt of a payment order. You are entitled to request this information to be provided or made accessible regularly, at least once a month, free of charge, provided you are allowed to store this information and reproduce it without changes.

16.2 Statements, notices and other communications to you may be made in writing, by email, postings on our Website for the Service or other reasonable means.

16.3 We may communicate with you regarding the Service by means of electronic communications, including (a) sending email to your email address or (b) posting notices or communications on our Website for the Service. You agree that we may send electronic communications to you in relation to any matter relating to you use of the Service, including the Agreement (and revisions or amendments to the Agreement), notices or disclosures regarding the Service and payment authorisations. Particular communications will be handled as follows:

(i) The Agreement will be provided to you at the sign-up in a printable form;

(ii) Changes to this Agreement after the sign-up will be provided in an email sent to your email address and/or on the Website for the Service or the Online account;

(iii) Except where this Agreement provides otherwise, a notice to terminate this Agreement will be provided in an email sent to your email address;

(iv) Information about Balance or transactions or statements will be made available in your Account accessible online via Internet or in the Online account in transaction history;

(v) Information about a suspension of the Service will be made available in your the Online account or via email; and

(vi) Information about the rejection of transactions with e-money will be made available in your Account accessible online via Internet or in the Online account in transaction history.

16.4 You should maintain copies of electronic communications by printing a paper copy or saving an electronic copy, and information that is provided to you in an electronic format is provided under the assumption that you will be able to print or save such information.

16.5 Any notice sent to us under this Agreement should be sent by registered post to our address of registered office, stated above in the Agreement, except that:

(i) Notification of loss, theft, unauthorized use or security breach must be made immediately via the contact details of the customer support centre, available in section “Contacts” on the Website for the Service or in the Mobile App;

(ii) Notification of application for Card, purchase of e-money in a currency other than the Primary currency of the Account, redemption of e-money upon termination of this Agreement should be sent via the contact details of the customer support centre, available in section “Contacts” on the Website for the Service or in the Mobile App.

(iii) Notification by you that you do not agree to the amendment of the Agreement and wish to terminate the Agreement prior to entry into force of the amendments should be sent via the contact details of the customer support centre, available in section “Contacts” on the Website for the Service or in the Mobile App.

(iv) Customers claims for refunds of unauthorized transactions have to be sent to us with clear explanation of the claim, reasons why do you believe that the transaction is unauthorized and a request for refund, via e-mail from your registered e-mail for the Service to the e-mail, published on the website for the Service: support@icard.com. We reserve our right not to honour requests for refunds of unauthorized transactions made via the chat channel of communication.

17. General legal terms

17.1 Sometimes we may use agents to part of the Service to you on behalf of us. You acknowledge and agree that we have the right to use agents or subcontractors to provide the Service. 

17.2 The Agreement, including Privacy Policy, Tariff, constitutes the whole legal agreement between us and governs your use of the iCard for Business Service (but excludes any services which we may provide to you under a separate written agreement). The present Agreement completely replaces any prior agreements between us in relation to the iCard for Business Service.

17.3 You agree that if we do not exercise or enforce any legal right or remedy which is contained in the Agreement (or which we have the benefit of under any applicable law), this will not constitute a waiver of our rights.

17.4 If any court of law having the jurisdiction to decide on a matter relating to the Agreement rules that any provision of the Agreement is invalid, then that provision will be removed from the Agreement without affecting the rest of the Agreement. The remaining provisions of the Agreement will continue to be valid and enforceable.

17.5 You may not assign your rights under the Agreement or otherwise sub-contract or transfer any of your rights or obligations under the Agreement without our prior written consent.

17.6 We may transfer our rights and obligations under the Agreement to third party payment service provider, which is licensed to issue e-money giving to you at least two-month notice previous the date of the transfer per e-mail unless such a transfer is required due to regulatory reasons. In case of such transfer and if you disagree with it, we shall provide you the possibility to terminate the Agreement free of taxes, penalties or other.

17.7 Any claim or dispute arising under the Agreement or as a result of the provision of the Service should, in the first instance, be referred to us your registered and verified e-mail address for the Service. You have to submit Complains in writing and clearly stating the reasons for complaint. We may not respond to a complaint if you have not been successfully identified and verified, unless the complaint is related to the process of identification and/or verification. All complaints shall be reviewed in within 15 of their receipt, in case the received complaint is clearly outlined and is sent to the appropriate channels. You will be informed of the outcome of our investigation. In case its applicable and necessary, we shall take immediate measures in order to rectify the situation. In case there is no answer to your complaint in the 15-day term, which is due to obstacles beyond our reasonable control, we shall send you an answer, which includes the reasons for the delay and the reasonable period, in which your complaint will be resolved. In any case, our resolution to your complaint shall be sent no later than 35 days as of the registration of your complaint. In case you are still dissatisfied from the result of our investigation, you have the right to direct your complaint to the following regulatory body:

For Complaints related to e-money and payment services, provided by iCard AD:

Conciliation Commission for Payment Disputes on the following address:

Bulgaria, Sofia, 1 Vrabcha street, fl. 4, Phone: +359 2 9330565;

Telefax: +359 2 9884818;

E-mail: adr.payment@kzp.bg;

Website: www.kzp.bg and http://abanksb.bg/pkps.

Conciliation Commission for Payment Disputes is authorized to offer out-of-court solution, which have to be accepted by both parties.

In case the country of your permanent residence is different from Republic of Bulgaria, you may address your complaints related to e-money and payment services, provided by iCard, to the following online platform for out-of-court settlements: National Association for out-of-court settlements (NAOCS): https://nais.bg/en; - member of Fin-Net or to the following online platform for out-of-court settlements: https://ec.europa.eu/consumers/odr/main/index.cfm?event=main.home2.show&lng=EN.;

In case the country of your permanent residence is different from Republic of Bulgaria and you sent a complaint related to e-money and payment services, provided by iCard, to your local competent authority for out-of-court settlements, such authority is obliged to forward your complaint to the competent authority in Republic of Bulgaria or through the online platform for out-of-court settlements: National Association for out-of-court settlements (NAOCS):https://nais.bg/en; - member of Fin-Net.

17.8 Both Parties agree that the authentic and/or correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from our IT systems, such as your online account, our Website for the Service, our Card System of or the Member’s, our Register of E-money of or other software systems or platforms used by us in the capacity of regulated Financial institution or its sub-contractors, licensed to use our software or platforms. 

17.9 “iCard”, “iCard Card”, www.icard.com and all related URLs, logos, marks or designs, software, interfaces or other related to the Services, including logos and marks of Card Organizations are protected by copyright, trademark registration or Patent or our other intellectual property rights or third-party Licensor’s. You may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without our prior written explicit consent to do.

17.10 The Agreement and our relationship under the Agreement will be governed in all cases by Bulgarian law. For complaints arising out of or relating to this Agreement or the provision of our Service that cannot be resolved otherwise, you submit to the non-exclusive jurisdiction of the competent Court in Sofia, Bulgaria. In simple terms, “nonexclusive jurisdiction of the competent Court in Sofia, Bulgaria” means that if you were able to bring a claim arising from this Agreement against us in Court, an acceptable Court would be a Court located Sofia, Bulgaria, but in case you are using the Service as a Consumer you may also elect to bring a claim in the Court of the country as per your permanent residence.

18. Definitions

The following defined terms are used in this Agreement:

“iCard for Business”, or the “Service” is an e-money and payment service, which provides the possibilities of instant issuing and loading of electronic money, as well as payment services such as issuing of payment cards, execution of card payment transactions, execution and receipt of money transfers, including instant transfers to other users of the iCard e-money account, SEPA transfers, international transfers.

“iCard for Business Platform” or “Platform” is a web-based Platform, operated by us, which you as a client may use as a gateway for enrolment for the Service and access to your Account/s, payment instrument and other functionalities part of iCard for Business.

"iCard for Business Account", “Е-money Account” or “Account” means an account for electronic money, provided by us. iCard Account can be Personal for your personal needs or Business Account for your professional or business needs. In case you are using iCard Account for your business or professional needs, then you are not considered as a consumer. For the purposes of the present Agreement, all consumer-related protections shall apply to Clients which are micro-enterprises and are protected as Consumers under the payment services legislation of their domicile

"Balance” means electronic money (monetary value) issued by us on receipt of funds by us as described in detail in this Legal Agreement;

"Business Card", “Card” or "iCard for Business Card" is a payment instrument, which bears the logo of the Card Organizations used for payments on POS or Internet or cash withdrawals on ATMs. The Card is a plastic card, CHIP & PIN based, embossed with names of the cardholder (or if it is Additional Card it is not embossed with names of the cardholder) issued with the logo of the Card Organizations. Your use of iCard Card is regulated under a separate Legal Agreement iCard for Business Card;

“Business Day” means any day other than a Saturday, Sunday or the official public holidays in Bulgaria;

"Card Organizations" means MasterCard International (“MasterCard”), VISA Europe (VISA), JCB Europe (“JCB”), UnionPay or any other card association or organization applicable hereunder, including any parent, affiliate, subsidiary, or successor, of any of them.

"Cardholder" means a person to whom a Card has been issued and/or any authorized user of such Card;

"Consumer" means a natural person, who uses the Service for personal needs, different from his/her business, commercial or professional needs or activities. Any other natural or legal person, using the Service mainly for business, professional, commercial or other purposes, different from personal, family or households needs, is not a Consumer, and some parts of this Agreement do not apply to persons who are not Consumers or are dealt with differently.

"Electronic Money" or “e-money” means monetary value issued by us on receipt of funds, registered in electronic form in our Register of e-money in our IT System, which are indicated as a Balance, which represents your claim towards us for redemption and is accepted as means of payment by persons other than us.

"Email address" or „Email” means the email address provided by you during sign-up for the Service or later amended by you via the Service, which we will use for communication with you;

“International Transfer” and “SHA or OUR” means an international outbound money transfer ordered by you from your account to any payment account of a Payee, executed via SWIFT system (international communications platform, products and services that allow payment service providers and financial institutions to connect and exchange financial information securely and reliably,), of which we are a member. “SHA or OUR” are codes of SWIFT rules, meaning that: (i) in case you select code SHA (shared) the expenses of the corresponding banks and/or the payment service provider of the recipient for the international transfer will be shared between you (Payer) and recipient (Payee) and as a result the Payee may receive an amount equal to the original amount of the transfer less the expenses of the payment service providers charged to the Payee; or (ii) in case you select code OUR (our) the expenses of the corresponding banks and/or the payment service provider of the recipient for the international transfer will be at your expense (Payer) and the Payee may receive an amount equal to the original amount of the transfer made by you. You can see these expenses in our Tariff.;

"Inactivity Period" means a period of more than 10 (ten) months during which the Client has not made any Valid Transaction.

"Mass transfer" or "Mass payment" is part of the Service, available to Business accounts, which enables you to submit payment orders for mass payments (multiple money transfers to various Payees) via the Service;

“Mobile Application” or “Mobile App”, such as iCard Mobile App, means a software application, a part of the Platform, for smartphones, allowing access to your iCard account and managing the settings of your Card and Account;

"Mobile phone number" means the mobile phone number provided by you during sign-up for the Service or later amended by you via the Service, which we will use for sending OTP to you and for communication with You;

“Online account” means your personalized interface for the Service that gives you online access via the Website or the Mobile App to the e-money and payment services part of iCard of Business and to any information and records for your use of the Service. Through your Online account you may execute payment transactions online, such as money transfers or funding via Linked Card, check of Balance and history transactions, check of funding limits, receiving limits and spending limits, control of the security of the account and card, choosing and changing the primary currency of the account, providing information on the Legal Agreement and Tariff, details on number of account and IBANs, providing important notifications to you and other functionalities, as allowed by the Service;

"Payment Order" means all instructions validly made from the Payer or the Payee to us, ordering execution of payment transaction;

"Payment transaction" means the transactions for payment on POS, payment in Internet for Goods and Services, ATM withdrawal, electronic money transfers or any other payment transactions with e-money or with payment instrument available for the Service;

"Payer" means a client that submits or on behalf of whom is submitted the payment order;

"Payee" means a client that is a recipient of the amount of the payment transaction;

“Personalized security features” or "Identifying Credentials" means all personalized security characteristics of all payment instruments, such as the username and password, Cardholder’s data, PAN, expiry date, CHIP & PIN, CVV, CVC or similar codes, OTP (one time password), security codes and all other unique and/or identifying information that we provide to you to access your account and payment instruments and use the Service under this Agreement. The Personalized security features may be delivered to you via authentication messages sent via third-parties’ communication apps;

“Send Money” means a transfer of electronic money within our system from your Account to another client’s account for e-money opened with us;

“Standing order” means a payment order that you give to us to perform a set of recurring money transfers or a payment with future date with defined amount, currency, beneficiary, start date and expiry date.

"Linked Card" means the credit card, debit card, or other payment card, which you register for use with the Service and which will be used by us to receive funds against which we shall issue e-money for you or for other purposes under this Agreement;

"Valid Transaction" means a payment transaction made to or from any of the Client's accounts in good standing amounting to at least 50.00 EUR/ 50.00 GBP/ 50.00 BGN /50.00 CHF/ 50.00 USD or the equivalence of 50.00 EUR if the account is opened in another currency supported by our service.

“Website for the Service” means the website www.icard.com or other website(s), as indicated to you, and all related URLs, provided by us, accessed by you via Internet, which is a part of the Platform;

"You" or “Client” means a natural or legal person performing business or professional activity that registers for the Service or actually uses the Service;