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Mundas online Solution Provide for Europe and United Kingdom.

Terms And Conditions Agreement

Read our legal terms and conditions

Mundas Limited

These terms and conditions (the “Terms and Conditions” or “Agreement”) set out the terms on which the Services (as defined in Clause 3 hereof), including the provision of an electronic money account for our business or sole trader clients and associated payment services, are provided to you (the “Client”) by Mundas Limited (“Mundas”, “us”, “we”).

By applying for and using the Services, you confirm agreement with these Terms and Conditions, and therefore you agree to comply with same accordingly. If you do not agree with these Terms and Conditions, you must not use our website or Services.

THE PARTIES AGREE AS FOLLOWS:

1. Definitions - In this Agreement

  • 3DS - means the EMV 3DS service offered for you or a Cardholder to use when you or a Cardholder make a purchase or place an order on the internet with your Card.
  • Account - The electronic money account, provided in accordance with these Terms and Conditions.
  • Account Information Service Provider – means a third-party payment service provider who is authorised by or registered with an European regulator to provide online account information services, who, with your permission will be able to access certain online account information on one or more payment accounts held by you to give you a consolidated view of your payment accounts.
  • Account Limits – any limit that applies in relation to your Account and/or Card, such as account maximum balance, and limits on receiving and sending payments from your Account as referred in Clause 2 of Terms and Conditions for Accounts.
  • Account Manager - The individuals elected by the Account Owner to be responsible for the management of the Account, also known as an “Authorised User”.
  • Account Owner – The entity legally responsible for an Account.
  • Agreement - The agreement for your Account made up of these Terms and Conditions.
  • Application Programming Interface (API) – means the interfaces provided to the Client to directly instruct Accounts via the Client’s own application.
  • AML Policy - Mundas written policy on anti-money laundering and counter terrorist financing as may be amended from time to time by Mundas.
  • Applicant – A customer who applies for the Services but is yet to be accepted by Mundas as a Client.
  • Available Balance - The value of funds available on your Account.
  • Bacs Credit – Means Bacs Direct Credit. A service enabling organisations to make payments to an account which takes 3 Business Days for the funds to be cleared.
  • Business Days - Monday to Friday between the hours of 9am-5pm Central European Time (CET) but does not include bank holidays, or public holidays in Cyprus.
  • Card – means a Virtual Card or a Physical Card.
  • Cardholder - means the individual authorised to use the Physical or Virtual Card issued to you.
  • Card Scheme - Mastercard and/or Visa or such other payment network through which Card Transactions are processed as may be made available to you from time to time.
  • Card Transaction –means a Virtual Card Transaction or a Physical Card Transaction.
  • CHAPS – the Clearing House Automated Payment System, a service enabling organisations to make same-day payments to an account within the UK, within the CHAPS operating days and times.
  • Chargeback has the meaning given to it in Clause 3 of Terms and Conditions for Accounts.
  • Charges – means the charges payable by you for the Services.
  • Client – Any client which has been accepted by Mundas and whose account is operated by Mundas based on instructions received from the Client on Mundas Platform.
  • Consumer - means a natural person not acting in the course of its business or profession.
  • Confidential Information - any information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to: the business, products, affairs, strategy, contracts, customer relationships, commercial pipelines, business contacts, prospective customers, existing customers, business models, customer pricing, management systems, business methods, corporate plans, maturing new business opportunities, research and development projects, marketing and sales information, sales targets and statistics, discount structures, suppliers and potential suppliers, source codes, computer programs inventions, know-how, technical specifications and other technical information relating to products and services.
  • Customer Services - The contact centre for dealing with queries about your Account.
  • Data Protection Laws – means all laws relating to the processing of Personal Data, privacy and security, including, without limitation, the EU Data Protection Directive 95/46/EC (as may be amended from time to time), the General Data Protection Regulations (EU) 2016/679 (“GDPR’’), together with equivalent legislation of any other applicable jurisdiction, delegated legislation of other national data protection legislation, and all other applicable law, regulations and approved codes of conduct, certifications, seals or marks in any relevant jurisdiction relating to the processing of personal data including the opinions, guidance, advice, directions, orders and codes of practice issued or approved by a supervisory authority or the Article 29 Working Party or the European Data Protection Board.
  • Due Diligence Procedure - Procedures for carrying out due diligence on Clients to comply with its policies and regulatory obligations.
  • Faster Payment - A service allowing you to make and receive electronic GBP payments in the which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
  • Inbound Payment – an inbound payment (in such currencies as may be supported by Mundas from time to time) made via SWIFT, or any other service provider which may be used from time to time.
  • Information – Means any information related to the organisation, and any personal information related to Account Manager or the Cardholder.
  • Intellectual Property Rights – means without limitation all patents (including models and inventions), trademarks, service marks, trade names, internet designations including domain names, business names, copyrights, design rights, database rights, rights to or in computer software, know-how, trade secrets, rights to or in confidential information and all other intellectual property rights and rights or forms of protection of a similar nature or effect which may subsist anywhere in the world whether or not registered or capable of registration, together with all applications for registration of, and any licence to use, any of the foregoing and "Intellectual Property" shall be construed accordingly;
  • Merchant - means a merchant authorised to accept Card Scheme-branded Cards.
  • One-Time Passcode – means the six-digit passcode sent to your mobile phone number by us, via SMS.
  • Online Portal – means the interface provided by Mundas for the Client to access via the public internet, subject to applicability based on the Client’s relationship with Mundas and can be used for the management of accounts.
  • Outbound Payment – an outbound payment (in such currencies as may be supported by Mundas from time to time) made via SWIFT, or any other service provider which may be used from time to time.
  • Payments – means, together, Inbound Payments and Outbound Payments (and Payment shall be construed accordingly).
  • Platform – means Mundas platform
  • Payment Initiation Service Provider – means a third-party payment service provider authorised by or registered with an European regulator to provide an online service to initiate a Transaction at your request on your Account.
  • Physical Card - means a physical card-based payment instrument issued to you which uses the Card Scheme payments network, as well as any version or record of such an issued payment instrument stored on an app or other platform, and which may be used to make Physical Card Transactions.
  • Physical Card Transaction - means the use of a Physical Card to make a payment to a Merchant.
  • Regulator – Cyprus Securities and Exchange Commission (CySEC), 19 Diagorou Str., 1097 Nicosia, Cyprus or any authority, body or person having, or who has had, responsibility for the supervision or regulation of any regulated activities or other financial services in Cyprus.
  • SEPA – the Single Euro Payments Area is the area where citizens, companies and other economic actors can make and receive payments in euro, within Europe, whether within or across national boundaries under the same basic conditions, rights and obligations, regardless of their location. SEPA is driven by the European Commission and the European Central Bank, amongst others, as a key component of the EU Internal Market. SEPA shall be deemed to encompass the countries and territories which are part of the geographical scope of the SEPA Schemes, as listed in the EPC List of SEPA Scheme Countries, as amended from time to time.
  • SEPA Credit Transfer - a service allowing you to make and receive non urgent EUR electronic payments within SEPA provided that the receiving organisation or bank is part of the scheme.
  • SEPA Instant Credit Transfer - a service allowing you to make and receive near real time EUR electronic payments within SEPA provided that the receiving organisation or bank is part of the scheme.
  • SEPA Transfers – means, together, SEPA Credit Transfer and SEPA Instant Credit Transfer.
  • Services – those products, including but not limited to the Account described by Mundas in the application process.
  • SWIFT – the global member-owned financial telecommunications system used to facilitate the secure transfer of messages, including payment instructions, between financial institutions.
  • Transaction – any debit, credit or other adjustment to an Account that affects the balance of monies held in it, including a Card Transaction.
  • TPP (Third Party Provider) – means an Account Information Service Provider or a Payment Initiation Service Provider.
  • Virtual Card – means a virtual card-based payment instrument consisting of (amongst other things) a unique 16-digit account number issued to you which uses the Card Scheme payments network, as well as any version or record of such an issued payment instrument stored on an app or other platform, and which may be used to make Virtual Card Transactions.
  • Virtual Card Transaction – means the use of a Virtual Card to make a payment to a Merchant.
  • Mundas Terms and Conditions - This agreement, between Mundas and the Client which governs the terms on which the Client may use its Account.
  • we, us, our or Mundas – Mundas Limited, a limited liability company registered and incorporated under the laws of Cyprus with company registration number 900508, whose registered office is situated at 2nd Floor, International House, 1 St Katharine's Way, London, E1W 1UN, United Kingdom.
  • Website – means the customer portal that Clients can login into in order to use the Services.
  • you, your - The Account Owner, also referred to as a Client.

2. Regulatory Information

  • 2.1. Mundas is a private limited liability company registered and incorporated under the laws of Cyprus with company registration number and having its registered office at CYPRUS.
  • 2.2.Your Card is issued pursuant to the license and approvals from Visa. EU issuance is conducted by Mundas Limited (“Mundas”) or any other providers used by Mundas, including Mundas under the appropriate licenses and Scheme memberships, from time to time, in which case reference throughout the document shall be made to the relevant card issuer as the context may apply.

3. Interpretation

  • 3.1. In these Terms and Conditions: (a) a reference to a clause is a reference to a clause in these Terms and Conditions;
  • (b) headings are for reference only and shall not affect the interpretation of these Terms and Conditions;
  • (c) the singular shall include the plural and vice versa;
  • (d) a reference to a person includes a natural person, corporate or unincorporated body
  • (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns;
  • (e) a reference to a party shall include its personal representatives, successors and permitted assigns;
  • (f) reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

4. Services

  • 4.1. Mundas will make available to the Client such services as described by Mundas in the application process or on the Website https://Mundas.io.
  • 4.2. The Client agrees that Mundas can provide all such information to any card providers, payments, banking or other service providers, who will check and verify the identity of the Client, its directors, beneficial owners and Authorised Users as required by law.
  • 4.3. The Client acknowledges that a search on the available public registers may take place for anti-money laundering purposes on the individuals listed in clause 4.2 above.
  • 4.4. The Client acknowledges that the individuals noted in clause 4.2 above may have their personal details accessed by third parties for the specific purpose of anti-money laundering and countering the financing of terrorism (AML/CFT), identity verification and fraud prevention.
  • 4.5. The Account is provided by Mundas in accordance with these Terms and Conditions. The Services provided to the Client under these Terms and Conditions are for the sole use by the Client.
  • 4.6. The Client can use the Account and Cards (where applicable) to make Transactions on the terms and conditions set out in these Terms and Conditions. A record of all Transactions relating to the Account can be viewed on the Website or accessed via Mundas’s platform.
  • 4.7. The Client shall promptly notify Customer Services as soon as it becomes aware login and security information enabling access to its Services have been lost, stolen or compromised.
  • 4.8. From time to time, additional checks may be carried out on the Client, including the identity of its directors, beneficial owners and the nature of its business in accordance with its Due Diligence Procedure and as required by law. The Client may be contacted for such purposes. The Client agrees to provide such information as necessary.
  • 4.9. The Client shall comply with all legislation and regulation as it applies to the Client. Any failure to comply with relevant legislation or regulation shall be considered a material breach of the Agreement and may result in Mundas discontinuing the provision of the Services as set out in clause 7.
  • 4.10. The Client shall implement as appropriate Mundas’s reasonable security recommendations it notifies to the Client from time to time.

5. Authorised Users

  • 5.1. Access to the Services is restricted to individuals that have been designated by the Client as Authorised Users.
  • 5.2. The Client must notify Mundas of all individuals it wishes to be an Authorised User.
  • 5.3. Each Authorised User is permitted to access and use the Services in accordance with these Terms and Conditions.
  • 5.4. The Client will be responsible for training its Authorised Users in the appropriate use of the Services.
  • 5.5. The Client shall ensure its Authorised Users;
  • 5.5.1. take all reasonable care to ensure access credentials, including login details to the Website, where applicable, are kept confidential to each Authorised User;
  • 5.5.2. Do not share any information that would enable another party to access the Client’s Account.
  • 5.6. The Client acknowledges and agrees that each Authorised User is authorised by the Client to act on its behalf. Mundas shall deem any instruction given by an Authorised User is an instruction given by the Client.
  • 5.7. The Client will be responsible for timely notification to Mundas of any revocation of Authorised User access and will be liable for Transactions made, Fees incurred and use of the Services by an Authorised User until Mundas has had two (2) full Business Days to act on any received notice. This clause shall not apply to Clients accessing the Services via Mundas’s Platform.

6. Customer Services

  • 6.1. The Client can contact Customer Services if it has any queries about the Services. Information which may be requested from the Client, includes but is not limited to, its Authorised Users, Cardholders or Transaction information so that it can verify the identity of an Authorised User, the Cardholder and/or the Services provided to such Client.
  • 6.2. Any information shared by the Client will be kept strictly confidential. Where such information is provided in connection to a service provided by a third party, for example, the Account, then the Client’s information will only be used in accordance with instructions of such third party and only for the purpose of providing Customer Services to the Client on behalf of such third party.
  • 6.3. As part of Mundas’s commitment to providing a quality customer service, its managers periodically monitor telephone communications between its employees and Clients to ensure that Mundas’s high quality service standards are maintained. The Client consents to such monitoring and recording of telephone communications and agrees to make its Authorised Users aware of such practice.

7. Term and Termination

  • 7.1. These Terms and Conditions shall commence on the date the Client receives confirmation from Mundas of its successful application for the Services and shall continue until terminated by the Client or Mundas
  • 7.2. The Client may terminate this Agreement immediately by notifying Customer Services in writing by post or email.
  • 7.3. This Agreement may be terminated, and the Client’s Account(s) may be closed by providing the Client with at least one (1) months’ notice.
  • 7.4. This Agreement may be suspended or terminated immediately if, for any reason, the Client (i) is unable to satisfy the Due Diligence Procedures, (ii) is in breach of this Agreement, (iii) has provided false, incomplete or misleading information, (iv) has engaged in fraudulent, money laundering, terrorism financing or other illegal activity or we have reasonable suspicions in respect of same or (v) we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority. Mundas shall notify you as soon as possible, unless prohibited by law, of such suspension or termination of the Agreement.
  • 7.5. This Agreement will automatically terminate when all Accounts of the Client are closed (for any reason).
  • 7.6. Mundas may terminate or suspend this Agreement in whole or in part immediately by giving written notice to the Client if:
  • 7.6.1. Mundas loses the license required for providing the Services; or
  • 7.6.2. Provision of the Services is hindered for reasons beyond the control of Mundas, such as, but not limited to, technical or other issues caused by a partner used in the provision of the Services.
  • 7.7. On termination of this Agreement for any reason, any balance remaining in the Client’s Account(s) shall be returned to the Client in accordance with these Terms and Conditions. The Client shall pay immediately all outstanding Fees due (where applicable) under this Agreement and in the event of a negative balance in an Account, such amount equal to the negative balance shall be reimbursed.

8. Intellectual Property

  • 8.1. The Client acknowledges that all Intellectual Property Rights related to the Services are owned by Mundas or by third parties. Mundas grants the Client a non-exclusive, royalty-free licence for the duration of this Agreement to access and use the Services only for the purpose contemplated by this Agreement.
  • 8.2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to the Client.

8. Intellectual Property

  • 8.1. The Client acknowledges that all Intellectual Property Rights related to the Services are owned by Mundas or by third parties. Mundas grants the Client a non-exclusive, royalty-free licence for the duration of this Agreement to access and use the Services only for the purpose contemplated by this Agreement.
  • 8.2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to the Client.

9. Force Majeure

  • 9.1. Mundas will not be liable for the non-performance or failure to provide any part of the Services occurring as a result of any events that are beyond the reasonable control of Mundas, for example, but not limited to, fire, telecommunications or internet failure, utility failure, power failure, equipment failure, employment strife, riot, war, terrorist attack, non-performance of third party suppliers, acts of God such as storm or lightening damage, or other causes over which Mundas has no reasonable control.

10. Assignment, Transfer and Subcontracting

  • 10.1. The Services provided to the Client are personal to the Client. The Client cannot novate, assign or otherwise transfer this Agreement, any interest or right under this Agreement (in whole or in part) without the prior written consent of Mundas. This clause shall have proprietary effect.
  • 10.2. The Client agrees that Mundas may, in its sole discretion, assign, or transfer some or all its rights and obligations or delegate any duty of performance set out in the documents forming this Agreement. Mundas may subcontract any of its obligations under this Agreement.
  • 10.3. In the event of any transfer of this Agreement by Mundas to another service provider, Mundas will notify the Client no later than two (2) months before the proposed transfer. If the Client does not want to transfer to the new provider, the Client must notify Mundas of its objection in writing to Customer Services. On receipt of such notification, Mundas will terminate this Agreement. Any balance remaining in the Client’s Account(s) will be returned to the Client in accordance with the redemption procedure set out in these Terms and Conditions.

11. Liability

  • 11.1. Nothing in this Agreement will operate to limit either party’s liability with respect to fraud or for death or personal injury resulting from negligence, in either case whether committed by that party or its employees, agents or subcontractors.
  • 11.2. Mundas makes no warranty that access to and use of the Services will be uninterrupted or error free.
  • 11.3. The Client acknowledges and agrees that Mundas is not liable to the Client for any loss, liability or damages the Client suffers which result from, are related to, or in any way are connected with any fraud control, restriction measures, or other measures implemented from time to time including as required for compliance with legal and regulatory requirements, unless such loss, liability or damage is a direct result of Mundas’s fraud, gross negligence or willful misconduct in procuring the implementation of fraud control or purchase restriction measures that Mundas has expressly agreed in writing to procure for the Client.
  • 11.4. Mundas shall not be liable to the Client for any loss or damage the Client may suffer as a result of any act or omission of an Authorised User or Cardholder or an Authorised User’s use or Cardholder’s use or inability to use of the Services.
  • 11.5. The Client agrees to indemnify Mundas against any and all actions, claims, costs, damages, demands, expenses, liabilities, losses and proceedings Mundas directly or indirectly incurs, or which are brought against Mundas if the Client, or an Authorised User, or a Cardholder has acted fraudulently, been negligent or has misused the Services provided under this Agreement.
  • 11.6. Mundas shall not be responsible in any way for any interest or claims of any third parties in respect of the Services, except as required by law or regulation.

12. Reports

  • 12.1. Certain management or other reporting or business administration functionality may be made available via the Website.
  • 12.2. Mundas may from time to time amend, modify, replace or withdraw in whole or in part such reporting it provides without further notice.

13. Data Privacy

  • 13.1. Mundas will collect and retain personal information about the Client and each Authorised User and Cardholder to enable Mundas to deliver the Services, other services linked to it and deal with any enquiries that the Client may have about it. Mundas is the data controller of the personal information gathered by Mundas for such purpose. If Mundas uses a third party to provide a part of the Services then that provider will be the owner and controller of the personal information they require to collect in order to operate the relevant service. The use of personal information by third- party service providers will be set out in their service terms and conditions of use. Mundas will, at such third-party provider’s direction, process personal data on its behalf, for example, to enable Mundas to provide Customer Services to the Client.
  • 13.2. Mundas processes personal information in accordance with relevant laws on the protection of personal data.
  • 13.3. If Mundas transfers the Client’s information to a third party in a country outside of the European Economic Area, Mundas will ensure that the third party agrees to apply the same levels of protection that Mundas is legally obliged to have in place when it processes personal data.
  • 13.4. Further information about how Mundas uses personal information can be found in Mundas’s Privacy Policy, which can be accessed on: https://Mundas.io/privacy/

14. Changes to the Agreement

  • 14.1. Mundas may amend or modify this Agreement by giving two (2) months’ notice to the Client unless Mundas is required to make such a change sooner by law. All proposed changes will be posted on the Website and communicated to the Client by such other means that Mundas agreed with the Client, for example by email or through Mundas’s Platform.
  • 14.2. The Client has no obligation to accept such amendments proposed by Mundas.
  • 14.3. The Client will be taken to have accepted any change to this Agreement that Mundas notifies to the Client unless the Client tells Mundas otherwise before the relevant change takes effect. In such circumstances, Mundas will treat notice of objection by the Client as notification that the Client wishes to terminate this Agreement and the use of the Services immediately. All Accounts of the Client will be closed and any balance remaining in the Client’s Account will be returned to the Client in accordance with the redemption procedure set out in these Terms and Conditions. In such circumstances, the Client will not be charged a fee for the Account closure and return of any balance.

15. General

  • 15.1. In these Terms and Conditions, headings are for convenience only and shall not affect the interpretation of these Terms and Conditions.
  • 15.2. Any delay or failure by Mundas to exercise any right or remedy under this Agreement shall not be interpreted as a waiver of that right or remedy or stop Mundas from exercising its rights at any subsequent time.
  • 15.3. In the event that any part of this Agreement is held not to be enforceable, this shall not affect the remainder of the Agreement which shall remain in full force and effect.
  • 15.4. The Client shall remain responsible for complying with this Agreement until its Account(s) are closed (for whatever reason) and all sums due under this Agreement have been paid in full.
  • 15.5. This Agreement – and any contractual and non-contractual obligation pursuant hereto - is governed by the laws of Cyprus and the Client agrees that any disputes hereunder (including non-contractual disputes) shall be under the exclusive jurisdiction of the competent Courts of Cyprus.

TERMS AND CONDITIONS FOR ACCOUNTS

  • Please read these Terms and Conditions carefully before you agree to use an Account or any related services provided by or through us.
  • These Terms and Conditions, together with the Card Obligation, constitute the entire agreement between Mundas and you.
  • By accepting the Mundas Terms and Conditions you accept the terms of the Agreement, or by agreeing to open an Account and/or using our services, you accept these Terms and Conditions. If there is anything you do not understand, please contact Customer Services.