Effective August 25, 2022

This document sets out the terms and conditions for your Elyps account and its related services (the “Terms”).

These terms and conditions, Privacy Policy and any other terms and conditions that apply to our services, form a legal agreement between : you (the “Customer”) and ELYPS S.A. (“Elyps”, “we”, ”us”, “our”).

You can ask for a copy of these terms and conditions through the Elyps app at any time. To use all the functions of the app, you must be connected to the internet.

1. General Information

1.1. Elyps contractual information

Elyps S.A. is a company incorporated in Belgium with company number BE 0695 741 309, and whose registered office is at 54 Avenue Louise, 1050, Brussels, Belgium. You should read this document along with our Privacy Policy.

Elyps S.A. is an issuer of electronic money and payment accounts and performs the payment services and Card services related to these payment accounts and electronic money.

Within the European Union, ELYPS SA is authorised as an electronic money agent registered with the Bank of Lithuania (registration number 0695.741.309), agent of UAB PayrNet, authorised institution. In the United Kingdom (UK), ELYPS SA is authorised as an electronic money agent registered with the UK Financial Conduct Authority (registration number 902806), agent of PayrNet Limited, a licensed institution. Please find UAB Payrnet terms and Conditions here.
Please find Payrnet Limited terms and Conditions here.

The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be held in one or more segregated bank accounts with a regulated third party credit institution, in accordance with the provisions of the Electronic Money Regulations 2011.

1.2. How we contact you?

We contact you via the Elyps app, or through your phone, mailbox, or email. We also send you instant notifications to your phone to inform you about your payments and other important information. In our communication, we use the language the mobile application is set up in. You may request, at any time during the extent of these Terms, a copy of these Terms.

1.3. How to contact us?

You can contact us through the Elyps in-app chat or you can send us an email at complaints@elyps.com.

1.4. Can I open the Elyps account?

Applicants must be UK / EEA residents aged 18 or over. Subject to successful identity and residency verification.

When you open an Elyps account, we or a third-party provider acting on our behalf will ask for your personal information and the source of your funds. We do this in order to meet legal and regulatory requirements and also to protect ourselves against fraud. Our Privacy Policy explains more about how we use your information for these and other purposes. When we have the information we need, we will open your account.

You cannot open :

• more than one Elyps account ;

• a new Elyps account if we have previously closed a Elyps account, unless agreed by Elyps.

2. Payment services and electronic money

2.1. General information

The Elyps Payment Account is an account in which funds, received from you or on your behalf, are wired in order to perform payments. Elyps performs the payment services related to your Elyps Payment Account with a use of third-party provider, Payrnet. The funds in your Payment Account may only be used to initiate payments or debit Card transactions.

The funds corresponding to the amount placed on the payment account will be held in one or more segregated bank accounts separately from Elyps’ funds, in accordance with the provisions of the European Commission, until the payment transactions are executed.

When using prepaid Cards, the funds are stored directly on the prepaid Card and transformed into electronic money. The funds are not placed on the payment account, but immediately available on your prepaid Card.

The funds on the payment account or the electronic money on your prepaid Card cannot be used to invest or lend to other persons or entities

The funds / electronic money will not accrue interest

The funds / electronic money is not covered by the Financial Services Compensation Scheme / “Garantie de fond” / “Garantiefonds scheme”.

The Elyps cards are provided by Visa. Please find the Visa Terms and Conditions - here.

2.2. Payment services and issue of electronic money

By agreeing to these terms & conditions, the Customer has access to the following payment services and issue of electronic money:

• Card: the Customer shall receive a personal Visa debit card along with an associated PIN (personal identification number) that is only known to the Customer. The PIN will be available through the mobile application. The Card can be used for ATM withdrawals and Card payments,

• Foreign Exchange payments: the Customer may instruct Elyps to process foreign exchange payments. In such a case, the foreign exchange rate to be used and associated fees will be presented to the Customer before the payment is authorised by the Customer,

• Account top up with an external wire transfer.

2.3. Identity of the Customers and consent to payments services

The Customer shall authorise the payment order in the manner agreed with Elyps (using an e Banking PIN/TAN, for example).

The authorisation of the payment also contains the Customer’s express consent to the retrieval (from Elyps’ database), processing, transmission and storing of the Customer’s personal data which are necessary for the execution of the credit transfer.

The Customer must ensure the legibility, completeness and correctness of the payments information. Illegible, incomplete or incorrect information may lead to delays or misrouting of credit transfers, possibly resulting in loss or damage for the Customer.

Where illegible, incomplete or incorrect information is given, Elyps may refuse to execute the credit transfer.

2.4. Payments cut offs and execution times

You can give a payment order within the Elyps app. We will only execute the payment order after your approval via the app. Most payments will be executed instantly. However, we cannot guarantee that all payments initiated between 6:00 PM and 9:00 AM CET will be executed.

2.5. Limits on accounts

Elyps reserves the right to impose at its sole discretion, Transaction Limits, based on criteria determined by Elyps during onboarding, which do not have to be disclosed. Elyps may, from time to time, provide the Customer with procedures or methods to remove or increase such limits.

2.6. Information provided when making / receiving a payment

2.6.1. Outgoing payments

At the time of the payment initiation, the following information will be provided to the Customer:

(a) the maximum execution time,

(b) the charges payable by the Customer,

(c) where applicable, a breakdown of the amounts of any charges.

After the payment has been processed, the following information will be provided to the Customer:

(a) a reference enabling the Customer to identify each payment transaction and, where appropriate, information relating to the payee,

(b) the amount of the payment transaction in the currency in which the Customer’s payment account is debited or in the currency used for the payment order,

(c) the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the Customer,

(d) where applicable, the exchange rate used in the payment transaction and the amount of the payment transaction after that currency conversion,

(e) the debit value date or the date of receipt of the payment order.

Monthly statements will be made available to the Customer through the mobile application.

2.6.2. Incoming payments

After receipt of a payment on the Customer's account, Elyps will provide the following information:

(a) a reference enabling the Customer to identify the payment transaction and the payer, and any information transferred with the payment transaction,

(b) the amount of the payment transaction in the currency in which the Customer payment account is credited,

(c) the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the Customer,

(d) where applicable, the exchange rate used in the payment transaction and the amount of the payment transaction before that currency conversion,

(e) the credit value date.

This information can also be found in the statements provided through the mobile application.

2.7. Fees

Charges and details on fees are available on request.

Account maintenance fees may be charged on a monthly basis in accordance with the maintenance of the account.

Any changes in the charges in the area of credit transfers shall be announced to the Customer in text form no later than one month before their proposed date of entry into force. The changes shall be deemed to have been approved by the Customer, unless the Customer has indicated disapproval before their proposed date of entry into force. Elyps shall expressly draw the Customer’s attention to this consequent approval in its communication with the Customer.

2.8. Using your card abroad

Your Elyps card should work anywhere where Visa cards are accepted. In order to use your card abroad, you might need to activate payments abroad. You can do this in the Cards section of the Elyps app.

3. Protection of payments services - safeguards and corrective measures

3.1. Loss, theft and misappropriation

In the event of a problem with a Elyps card (loss, theft, misappropriation), the Customer should notify elyps, within 72 hours of becoming aware of the incident or unauthorised use of the Elyps Card, the Mobile PIN or the Card PIN which relates to those problems. The Customer can block or permanently delete a card in the Cards section within the Elyps app, or notify Elyps via the chat function on the Elyps website. Any complaints made more than 13 months after the debit date will not be accepted.

3.2. Fraud or security threats

Elyps will notify the Customer in the event of suspected or actual fraud or security threats via the mobile application.

Elyps reserves the right to block the card for objectively justified reasons relating to the security of the card and/or the suspicion of unauthorised or fraudulent use of the card. The Customer will be informed where possible before the card is blocked and at the latest immediately thereafter, unless providing such information would compromise objectively justified security reasons or is prohibited by other relevant European Union or national law.

Elyps shall unblock the card or replace it with a new card once the reasons for blocking no longer exist.

3.3. Transaction liabilities

Where a payment order is initiated directly by the payer, the Elyps customer, Elyps shall be liable to the payer for correct execution of the payment transaction, unless it can prove to the payer and, where relevant, to the payee’s bank, that it executed the transaction received by the instructing party.

In case of liability, Elyps will, without undue delay, refund the amount of the non-executed or defective payment transaction to the payer, and, where applicable, restore the debited payment money account to the state in which it would have had the defective payment transaction not taken place. The credit value date for the payer’s payment money account shall be no later than the date on which the amount was debited. In addition, Elyps shall be liable to the Customer for any charges for which they are responsible, and for any interest to which the Customer is subject as a consequence of non-execution or defective, including late, execution of the payment transaction.

In the case of an unauthorised payment transaction, Elyps will refund the payer the amount of the unauthorised payment transaction immediately, and in any event no later than by the end of the following business day, after being notified of the transaction, except where Elyps has reasonable grounds for suspecting fraud and communicates those grounds to the relevant national authority, in writing, within the applicable legal delays. Where applicable, Elyps shall restore the debited payment money account to the state in which it would have had the unauthorised payment transaction not taken place. This shall also ensure that the credit value date for the payer’s payment money account shall be no later than the date the amount had been debited.

The payer may be obliged to bear the losses relating to any unauthorised payment transactions, up to a maximum of EUR 50, resulting from the use of a lost or stolen card or from the misappropriation of a card. This does not apply if:

• the loss, theft or misappropriation of a card was not detectable to the Customer prior to a payment, except where the Customer has acted fraudulently, or

• the loss was caused by acts or lack of action of an employee of Elyps or of an entity to which Elyps’ activities are outsourced.

The Customer shall bear all of the losses relating to any unauthorised payment transactions if they were incurred by the Customer acting fraudulently with intent or gross negligence. In such cases, the maximum amount referred here above shall not apply.

Where Elyps does not require strong Customer authentication, the Customer shall not bear any financial losses unless the Customer has acted fraudulently. Where the payee or the bank of the payee fails to accept strong Customer authentication, it shall refund the financial damage caused to Elyps.

The Customer shall not bear any financial consequences resulting from the use of the lost, stolen or misappropriated card after notification, except where the Customer has acted fraudulently.

If Elyps does not provide appropriate means for the notification at all times of a lost, stolen or misappropriated card, the Customer shall not be liable for the financial consequences resulting from use of that card, except where the Customer has acted fraudulently.

3.4. Refunds

3.4.1. Refunds for payment transactions initiated by or through a payee

The Customer is entitled to a refund from the electronic money institution of an authorised payment transaction which was initiated by or through a payee and which has already been executed, if both of the following conditions are met:

(a) the authorisation did not specify the exact amount of the payment transaction when the authorisation was made,

(b) the amount of the payment transaction exceeded the amount the Customer could reasonably have expected taking into account the previous spending pattern, the conditions in the framework contract and relevant circumstances of the case.

The Customer shall bear the burden of proving such conditions are met.

The refund shall consist of the full amount of the executed payment transaction. The credit value date for the Customer’s payment account shall be no later than the date the amount was debited.

However, the Customer shall not rely on currency exchange reasons for requesting a refund as long as the exchange rate had been agreed with Elyps.

3.4.2. Exclusions

The Customer has no right to a refund when:

(a) the Customer has given consent to execute the payment transaction directly to the electronic money institution, and

(b) where applicable, information on the future payment transaction was provided or made available in an agreed manner to the Customer for at least 4 weeks before the due date by the electronic money institution or by the payee.

4. Changes and termination of the framework contract

4.1. Duration of the contract

The contract is concluded for an indefinite period.

4.2. Contractual changes

These Terms may be amended unilaterally by Elyps, by providing the Customer with two months’ notice.

These changes will be deemed to have been accepted by the Customer where the Customer does not, before the proposed date of the entry into force of the changes, notify Elyps of the contrary. If the Customer notifies Elyps of the contrary, the Customer’s notification will be deemed to be a notice that the Customer wishes to close the Customer Elyps Account and terminate these Terms on the date upon which the changes are to take effect.

Where an amendment to the Terms is required by law or relates to the addition of a new service, extra functionality to the existing service, a reduction in the cost of the services or any other change which neither reduces the Customer’s rights nor increases the Customer’s responsibilities, the amendment may be made without prior notice to the Customer and shall be effective immediately.

4.3. Revocation by the Customer

The Customer can revoke the contract with Elyps within 14 days of signing up to the Elyps’ services without justification by choosing a close account option in the Elyps app. The customer will need to repay any money they owe Elyps before closing the account. Once the account is closed, the customer won't be able to access the account, nor use a card for transactions.

4.4. Termination

Elyps, in its sole discretion, may terminate these Terms at any time, by giving the Customer two months’ notice. The termination of these Terms will not affect any of elyps’ rights or the Customer’s obligations arising under these Terms.

The Customer may terminate these terms at any time by providing Elyps with one month’s notice. Such notice is to be provided using the chat function on the Elyps mobile application or via the email provided on the Elyps website.

Without prejudice to any rights that have accrued under these Terms, or any party’s other rights or remedies, either party may at any time terminate these Terms with immediate effect by giving written notice to the other party if:

• the other party commits a material breach of any term of these Terms and (if such breach is remediable) fails to remedy that breach within a period of 30 days after being notified in writing to do so,

• the other party repeatedly breaches any of the terms of these Terms in such a manner as to reasonably justify the opinion that its conduct is inconsistent with it having the intention or ability to give effect to the terms of these Terms,

• the other party is subject to a bankruptcy, insolvency, winding up or other similar event, and/or

• the result of laws, payment scheme rules, regulatory authority rules or guidance or any change in or any introduction thereof (or change in the interpretation or application thereof) means that it is unlawful or contrary to any such law, rules, order or regulations for either of the parties to perform or give effect to any of its obligations hereunder and such obligation cannot be readily severed from these Terms.

Without prejudice to any rights that have accrued under these Terms or any of the party’s rights or remedies, Elyps may at any time terminate these Terms with immediate effect by giving written notice to the Customer if:

• Elyps is unable to verify the Customer's personal information in the manner set out in these Terms,

• the Customer dies,

• Elyps has reason to believe that the Customer’s use of the Elyps services: damages, corrupts, degrades, destroys and/or otherwise adversely affects the Elyps services, or any other software, firmware, hardware, data, systems or networks accessed or used by the Customer,

• there is a significant fluctuation (either positive or negative) in the aggregate number of Elyps Transactions the Customer enters into,

• the Customer has acted or omitted to act in any way which Elyps reasonably determines to diminish Elyps' business operations and/or reputation and/or goodwill and/or which Elyps reasonably determines or suspects to give rise to any offence or any increased risk or liability to Elyps,

Elyps is unable to provide the Elyps services to the Customer through the inability of any third party to provide Elyps with any goods and/or services that Elyps requires in order to provide the Elyps services to the Customer.

Other actions Elyps may take.

If the Customer has breached these Terms (including a breach of the Customer’s obligation to pay elyps any amount owed), Elyps is entitled to terminate these Terms, or Elyps may: suspend the Customer’s use of the elyps Services (in whole or in part) in which case Elyps will not treat any order for a transaction that the Customer may wish to make.

Elyps will report any transaction or any other relevant information about the Customer and the Customer use of the Elyps services to the relevant regulatory authority, law enforcement agency and/or government department; and/or if appropriate, seek damages from the Customer.

Termination of these Terms requires the closing of the Customer’s Elyps payment account and the termination of all Elyps Cards and the associated Elyps Cardholder Terms (as applicable).

5. Disputes

elyps takes all complaints seriously. Any complaints about Elyps or the services Elyps provides should be addressed to the chat function on the elyps application or via the email provided on the elyps website.

The Customer should clearly indicate that the Customer wishes to make a complaint to Elyps. This helps elyps to distinguish a complaint from a mere query. Elyps complaints procedure (available on the Elyps website) sets out the process for submitting and resolving any complaints. The Customer may request a copy of Elyps complaints procedure at any time by contacting Customer services via the chat function.

You can make a complaint by sending an email to hello@elyps.com.

Furthermore the European commission has set up an European online dispute resolution platform (ODR Platform) for businesses in connection with online contracts for services to be settled by Customers out of court. The ODR Platform can be accessed under the following link: http://ec.europa.eu/consumers/odr/.

Please note that these Terms, their subject matter and their formation, are governed by Belgian law. You and we both agree that the french speaking courts of Brussels will have exclusive jurisdiction.

Appendix I - Definitions

“App” or “Mobile App” or “Mobile Application” means the mobile application accessible through your Mobile Device.

“Card” means the tangible plastic Card issued to Customers and allowing ATM Withdrawals and merchant purchases.

“Card PIN” means personal identification number, which is associated with the Customer’s Card.

“Electronic Money” means the monetary value stored against your account and kept electronically.

“Payment Account” means the Elyps’ account of the Customer, which is monitored and kept under record by Elyps.

“Funds” means electronically stored value.

"Information" means any confidential and/or personally identifiable information or other information, including but not limited to the following: name, email address, date of birth, tax identification number, billing/shipping address, phone number and financial information.

“Mobile Device” or “phone” means your smartphone or other electronic device upon which you have downloaded the Elyps application.

“Mobile PIN” means your personal identification number which is entered onto the Elyps application.

“Privacy Policy” or “GDPR policy” means our privacy policy which can be found on our website or in annexes.

“Website” means our general website www.elyps.com