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PAXUM BANK LIMITED Terms and Conditions

Last update: 2nd of May, 2017

These Terms and Conditions, including any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Tariff and other agreements, are the Legal Agreement between Paxum Bank Limited, an international bank existing under the Commonwealth of Dominica, and having its registered office at Centre Cross Lane, Roseau, 00152, Commonwealth of Dominica, licensed as a bank institution under the Offshore Banking Act (the “Law”), fully authorized to provide services to clients worldwide, except for Commonwealth of Dominica citizens and residents, under the prudential supervision of the Financial Services Unit (FSU – http://fsu.gov.dm/). A copy of the Public Register of FSU of licensed Offshore Banks can be seen at: http://fsu.gov.dm/index.php/registered-entities/offshore-banks

Definitions:

The following defined terms are used in these General Terms and Conditions:

"Account" means all current and future accounts opened by the Bank in the name of its Customers and includes all monies or balances thereof, deposited therein, all accrued and accruing interest and all related rights.

"Bank" or "Paxum Bank" means Paxum Bank Limited, a banking institution existing under the laws of Commonwealth of Dominica, and having its registered office at Centre Cross Lane, Roseau, Commonwealth of Dominica, together with its successors in title and assigns, and in so far as these General Terms and Conditions stipulate the giving of notices or information or other communications from the Client to the Bank.

"Balance" means any money in any currency, supported by Paxum Bank that Client has in the Client’s account.

"BIN Sponsor" or “Issuer” or “Acquirer” means a company different from Paxum Bank, Principal Member of the Card Organizations, MasterCard, VISA, JCB and other, licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with Paxum Bank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.

"Business account" means an account opened by a Legal Entity and used for business purposes and not for personal, family, or household purposes.

"Business Day" means Mondays to Fridays excluding public and bank holidays in Commonwealth of Dominica, and on which day the Bank is open for business.

"Business Hours" means 09:00 hours to 18:00 hours Caribbean Eastern Time or as may be otherwise determined by the Bank from time to time.

"Card" means "Paxum Bank Card", or "Paxum Bank Virtual Card", issued as part of the Service, when available, collectively called "Card" means a payment instrument with the logos of Paxum Bank and one of the Card Organizations, providing possibility for the cardholder to submit payment orders for payment on POS and in Internet, or ATM transactions, such as cash withdrawal or balance check. The Card is linked to the account of Client. Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics, and is with or without cardholder names embossed.

"Client" or “User” means a natural or legal person or other type of entity, that registers for the Service as Client or actually uses the Service as Client. A natural person can also have a Business account, such he/she is not using primarily for personal needs.

"Corporate customer" or "Corporate Client" means a client that is a legal entity established under the laws of a certain jurisdiction.

"Client e-mail address" means the e-mail address provided by Client in the Account opening application or later amended by Client via the Service, which Paxum Bank will use for communication with Client, or for sending OTP to Client and for communication with Client.

"Client mobile phone number" means the mobile phone number provided by Client in the Account opening form or later amended by Client via the Service, which Paxum Bank will use for sending OTP to Client and for communication with Client.

"Currencies, supported by Paxum Bank" means various currencies, supported by Paxum Bank for the Service, in which Paxum Bank holds Client’s balance.

"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 these Terms and Conditions do not apply to persons who are not consumers or are dealt with differently.

"Disputes" means any disagreements, complaints, litigation, arrangements and/or other such disputes between Paxum Bank and Client arising from these Terms and Conditions or in relation to the use of Service, or any applicable law.

"General Terms and Conditions" or "Terms and Conditions" shall mean these General Terms and Conditions of Business as the same may from time to time be amended.

"International Transfer" and "SHA, BEN or OUR" means an international outbound money transfer ordered by Client from Client’s account to any bank account of a payee, executed via SWIFT system (international communications platform, products and services that allow banks and financial institutions to connect and exchange financial information securely and reliably, www.swift.com), to which Paxum Bank is a member. "SHA, BEN or OUR" are codes of SWIFT rules, meaning that:

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

"Non-payment transaction" means operation for check of balance, history of transactions, statements, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;

"Online account" or "Online banking" is a personalized payment instruments via which Client can provide instructions to Paxum Bank for payment orders. It is a personalized online page, provided by Paxum Bank to a Client, who successfully registers for the Service, which can be accessed by Client with Client’s Identifying credentials and is used for making payment transactions online, as allowed by the Service;

"Payment Order" means all instructions validly made from the Payer or the Payee to Paxum Bank, ordering execution of payment transaction; "Payment transaction" means the transactions for money transfer or any other payment transactions with payment instrument available for the Service;

"Payer" means a Client that submits 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, OTP (one time password), security codes and all other unique and/or identifying information that Paxum Bank provides to Client to access Client’s account and payment instruments and use the Service under these Terms and Conditions;

"Recurring Payment" means a payment under an arrangement where Client provides authorization to Paxum Bank for a third party to collect a series of payments from the Card of Client or to execute transfers from Client’s Account according to a Standing order;

"EFT Transfer" means an outbound money transfer from Client’s account and balance in Payee’s local bank account in payee’s country currency;

"Service" refers to any payment instruments and Account and/or any other service Paxum Bank may provide to Client from time to time, including but not limited to accounts, such as current account or saving accounts, merchant accounts, or accounts for Term Deposits, in multiple currencies, supported by Paxum Bank, identified with unique account numbers and all payment transactions, such as money transfers or others, which can be performed via the accounts, including via the online banking;

"Standing order" means a payment order that Client gives to Paxum Bank to perform a set of recurring money transfers or a payment with future date with defined amount, currency, beneficiary, start date and expiry date.

"Trusted beneficiaries" means payees, which have been approved by the Client, following a procedure in the online banking by the Client, to receive payments from the Client’s account with Paxum Bank only with confirmation from the Client via the online account;

"Website for the Service" means the website of Paxum Bank www.paxumbank.com or other website of Paxum Bank, as indicated to Client, and all related URLs, provided by Paxum Bank, accessed by Client via Internet, which is the interface used by Paxum Bank for Registration of Client for the Service, concluding this General Terms and Conditions, providing information to Client prior to entry into Terms and Conditions and other important information for the Service and notifications, updated exchange currency rates of Paxum Bank, login to Client online account for the Service and other important marketing, financial, legal and security information for the Service.

1. TERMS OF SERVICES

2. Eligibility for the Services. Types of Accounts and Cards:

3. Inward payments:

4. Payments:

##5. Instructions to Paxum Bank:

It is at the Bank’s discretion, whether to act upon any instructions received by electronic mail or other electronic means from the Client from time to time, notwithstanding that the Client may have given authorization to the Bank to do so. When the payment order is submitted via the online banking of Paxum Bank, the payment order shall be considered as authorized by the Client and irrevocable after Confirmation and entry of a valid one-time password (OTP). In some cases, as described below, the payment order will be authorized and irrevocable only after confirmation via the online banking and there will be no need of entry of OTP for each payment order. The Bank shall not be liable for any adversarial effects arising out of the use of such means of communications and must be kept fully indemnified against all claims, damages, charges and expenses which the Bank may incur directly or indirectly in compliance with these instructions or any incorrect or improper authorizations received by the Bank through use of these electronic means of communication.

6. Refusal, reversal of unauthorized transaction and reversal of incorrect Payment Orders:

7. Payment transactions with Cards:

8. Record Keeping and Account Statements:

9. Payment instruments security features. Security measures and Safety Requirements:

10. Protection of Client personal information and Bank Secrecy:

a) to any of the Bank’s professional advisers (including but not limited to financial, legal and other advisers as might be engaged from time to time), or to any actual or potential assignee or transferee of the Bank’s rights against the Client, or to any person who may otherwise enter into contractual relations with the Bank in relation to the business relationship with the Client;

b) when the information is required to be disclosed or is requested in the course of a due diligence exercise;

c) when the information is required in the normal course of business with institutions or other persons who are normally bound by similar obligations of secrecy.

11. Paxum Bank Acceptance Policy and permissible transactions:

(i) These Terms and Conditions;

(ii) Characteristics, settings and limits of the Service, including setting of limits and options by Client as allowed by the Service, as published and updated by Paxum Bank from time to time on Paxum Bank website for the Service or in User Interface for the Service; and

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

12. Bank Charges, Commissions and Fees:

13. Client liability:

14. Termination of the Business Relationship:

15. Limitation of Warranties:

17. Changes to the Terms and Conditions:

18. Communications and Notices:

19. Complaints:

Bank information:

Paxum Bank is a bank established under the Laws of Commonwealth of Dominica

Paxum Bank is licensed to provide current and saving accounts to non-residents and/or citizens of Commonwealth of Dominica.

Registered office and head office is situated at 
Paxum Bank Limited
Centre Cross Lane
Roseau 00152
Commonwealth of Dominica
Telephone Number: +1 (767) 448-8175
Website: www.paxumbank.com 
E-mail: info@paxumbank.com