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.
- 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.
