Algemene voorwaarden

1. Definitions & Interpretation

SEFIDE is authorized to issue electronic money, understood as any monetary value stored by electronic or magnetic means that represents a credit on the issuer, which is issued upon receipt of funds to carry out operations of payment as defined in article 2.5 of the Payment Services Law, and that is accepted by a natural or legal person other than the issuer of electronic money.

I. SEFIDE, also has developed and owns a technology platform called and known in the market as Momo Pocket (hereinafter " Technology Platform SEFIDE " or " Technology Platform Pocket Momo "), which can be integrated and provide services to other entities through an-API (Application Programming Interface), or similar means. This platform allows the issuance of electronic money making the fiat money into electronic money managed by SEFIDE through an account of electronic money (hereinafter " e-money account " or " EDE Account "), allowing users (in hereinafter " User (s)") can make payments.
II. That the Client is interested in opening an-Electronic Money account in SEFIDE, authorizing SEFIDE to process the electronic money transactions authorized by him.

Hereinafter, the Client and SEFIDE will also be referred to individually as the " Party " and jointly as the " Parties ". Consequently, with the foregoing, the parties signing this contract, carry it into effect, per the provisions of the following

1. Request account opening electronic money

By this contract, following the provisions contained therein and, where appropriate, with the particular conditions agreed by the parties, the opening of an Electronic Money account is formalized in favor of the Client.

2. Object of the Contract

2.1 The provision of services by SEFIDE will allow the client to have an electronic money account to which a “mirror account” in Banco Inversis SA will be associated, with which they will have an IBAN in the National Electronic Compensation System that It will allow you to have direct debit and transfer issuance and receipt services.
2.2 By operation of the Entity, SEFIDE has signed an agreement whereby Banco Inversis makes available and property of SEFIDE an omnibus account through which the debt service will be provided. Through this omnibus account, each client will have an account in Banco Inversis, called a “mirror account” that will be the one used to carry out payment services, since this account will have an IBAN recognized in the system of exchange.
2.3 In case it is requested by the customer, may be available the model contract between the Bank and Banco Inversis for the provision of the service. The Entity guarantees the absolute separation of funds from clients in the Banco Inversis account and will be responsible for any damages that their confusion may cause to clients.
2.4 The client consents, by signing this contract, to the transfer to Banco Inversis, of those personal data that are strictly necessary for the performance of the operations that are the object of this contract.
2.5 These mirror accounts will have a single IBAN, will be owned by SEFIDE, and will be linked to the settlements made in the user's accounts as a result of the operations carried out by the latter. In this way, SEFIDE will make information about the IBAN code available to the user so that the following operations can be carried out:
i. Execution of debits and transfers made or received on behalf of the user.
ii. The realization of SEPA CREDIT TRANSFER and INSTANT SEPA CREDIT TRANSFER, as soon as capacity is available for their treatment.
iii. The issuance of SEPA CREDIT TRANSFER from the user.
iv. SEPA DIRECT DEBIT (debits)
SEFIDE guarantees that, in the cases of use of Mirror Accounts, the obligations of separation and control of funds are fulfilled as indicated in the following fifth point.
2. 6 The electronic money account will be operational once the necessary documentation requirements are met to caary out corresponding client registration process,(“onboarding” for its Anglo-Saxon terminology), corresponding to the identification and verification of the identify of the client, the beneficial owner and the purpose and nature of the business relationship.
2. 7 Once the electronic money account is operational, the Client will be able to exchange fiat money into electronic money through recharging through various means of payment, from an account opened in a credit institution operating in Spain, being able to expand it to any country of the European Union or Economic area European should have expressly agreed in the Special Conditions. Once the funds received, SEFIDE issue to the corresponding electronic money SEFIDE complying always with the obligation to safeguard imposed by the Law 21/2011, of 26 July, electronic money.

3. Deposit and refund of funds for the issuance of electronic money

3.1 SEFIDE offers different options for the Client to recharge the funds from their electronic money account, among others, by bank transfer and by transfer from another electronic money account opened in SEFIDE or, using a card issued by a Credit Institution. The funds that the Client delivers will be exchanged immediately for electronic money. These funds will not constitute deposits or other reimbursable funds from the public in the sense of what is established in banking legislation. Likewise, no interest of any kind will be generated in favor of the Client.
3.2 The ownership of the electronic money account is non-transferable and may be subject to certain income, payment, and refund limitations under the legislation in force, especially the legislation on the prevention of money laundering and the financing of terrorism.
3.3 The Client from his electronic money account may make transfers to other users who have an electronic money account also open in SEFIDE.
3. 4 The client may require the reimbursement of their electronic money balance in the terms provided in this contract, in such a way that SEFIDE will reimburse the holder of the electronic money when he so requests, at all times and for its nominal value, that is, the monetary value of the electronic money that you have at the time of requesting the aforementioned refund. If the Client does not indicate otherwise, the refund will be made to the same account from which the funds were deposited. If not, the funds can only be reimbursed to another account owned by the Client and opened in a Credit Institution within the Spanish national territory.
3. 5 The Client will be able to access the history of the movements and transactions carried out in their electronic money account. The movements in your electronic money account will be identified with their corresponding day and time and will appear in your transaction history. It is recommended to periodically check the balance of your electronic money account and its transaction history, as well as read the messages related to your account sent by SEFIDE, immediately communicating any irregularities to SEFIDE through the email address atencionalcliente@sefide.com.

4. Guarantees of the funds received

4.1 SEFIDE safeguards the funds received from its clients, in exchange for the electronic money issued in their favor, by depositing them in a separate account in a Credit Institution under the applicable legislation. SEFIDE has published on its website ( www.sefide.com ) the asset safeguarding policies.

5. Responsibilities

5.1 The Client is responsible for the proper use of their electronic money funds. Its fraudulent use, both of the electronic money account itself and the means of recharging, will be considered a very serious fact and will constitute a violation of contractual good faith, without prejudice to the legal responsibilities that this entails. SEFIDE reserves the right to block and / or restrict the functionality of the electronic money account opened by the Client.
5.2 To avoid fraudulent actions, the Customer must notify SEFIDE any message you receive or website you visit, other than www.sefide.com, with a request passwords or personal data on your account with SEFIDE. If you suspect that someone has accessed your e-money account, you should immediately contact SEFIDE. On the other hand, if SEFIDE suspects that someone has accessed your electronic money account without your authorization, or that your security has been affected in any other way, at any time it may suspend or restrict the functionality of the account until the security of the same is restored. Transactions managed by SEFIDE may require additional security measures, which will be notified at the respective time.
5.3 Likewise, the Client must notify SEFIDE without undue delay, as soon as he becomes aware of the unauthorized use of his electronic money account. If an unauthorized transaction is executed, SEFIDE will return to the Client, once the necessary investigations and inquiries have been made, the amount of the unauthorized operation. However, the Client will bear the total of the losses that it faces as a result of unauthorized transactions that are the result of its fraudulent action or the breach, deliberate or due to gross negligence, of one or more of its contractual or legal obligations.
5.4 SEFIDE reserves the right to block the use of the electronic money account for objectively justified reasons related to security, such as the suspicion of unauthorized or fraudulent use. Likewise, you can block it if you have reason to believe that, in any way, the Client is involved in any fraudulent activity, money laundering, terrorist financing or other criminal activity, if you have justified reasons to believe that your electronic money account has been seen violated or for any other security reason. The suspension will be notified before it is carried out, and if the notification is not possible according to the circumstances of the moment, it will be notified as soon as possible after it is carried out unless there is a legal impediment to make said notification.

6.- Privacy Policy

6.1 SEFIDE will comply at all times with the provisions of the regulations in force on data protection, in particular, the provisions of Regulation (EU) 2016/679, of April 27, 2016, regarding the protection of natural persons regarding the processing of personal data (“RGPD”), as well as Organic Law 3/2018, of December 5, on the Protection of Personal Data and guarantee of digital rights (“ LOPDGDD ”).
6.2 The personal data collected will be treated fairly and lawfully under the principles and rights outlined in the LOPD and other development regulations.
6.3 For account opening electronic money management account of electronic money and payment transactions and redemption, SEFIDE use, if any, personal data of the Customer.
6.4 The Client accepts that their data and information, collected by SEFIDE for the purposes of this document, will only be transmitted to the operational providers with whom they have contracted to execute the Payment Operations and provide the services, provided that third parties recipients of this personal data are subject to a regulation that guarantees a sufficient level of protection.
6.5 SEFIDE will not carry out any transfer of personal data outside the European Union. If SEFIDE needs to make a transfer of personal data outside the European Union, it will inform the Client in advance. In this case, SEFIDE always undertakes to respect the legal framework in force and to implement any necessary measures to guarantee the security and confidentiality of the data thus transferred.
6.6 Some data collected and kept by SEFIDE for the purposes of this contractual relationship may give rise to the exercise of access and rectification under the conditions provided in Organic Law 3/2018, of December 5, on the Protection of Personal Data and guarantee of rights digital. The Client may obtain at any time a copy of the personal data that they agree on, by only requesting it to the Data Protection Delegate at the following address dpo@sefide.com, likewise, they may request it in writing to the address of Avenida de la Ciencia number 2, 3rd floor, CP 1800 6, Granada.
6.7 SEFIDE will keep the information and personal data for the maximum legal or regulatory period applicable, depending on the purpose of each specific data process. In particular, SEFIDE must keep for ten years the documentation that formalizes compliance with the obligations of due diligence for the prevention of money laundering and terrorist financing, under the provisions of law 10/2010.

7. Conditions of the electronic money account

7.1 The conditions that currently apply to the electronic money account will be those agreed by the Parties in the Particular Conditions, if applicable.

8. Non-remuneration of electronic money funds

8.1 Under the legal provisions, the granting of interest or any other benefit related to the time during which a holder of electronic money has it is prohibited.
8.2 Concerning the balance that the Client has in the electronic money account, at no time can it be understood as capturing deposits, so that the funds in electronic money cannot be and will not be, in any case, remunerated, As expressly stated in article 8 of Law 21/2011, of July 26, on electronic money.
8.3 Likewise, no debit positions will be possible in the electronic money account opened by the Client in SEFIDE.

9. Revocation of payment orders and returns. I do not repudiate

9.1 The Customer may not revoke any authorization of payment by electronic money that has given SEFIDE once such transaction was processed. The Client may not revoke a payment order after it is received by SEFIDE.
9. 2 Following the principle of authenticity and non-repudiation in the payments of the security system used, the parties agree that the use of SEFIDE electronic money in the conditions indicated in this contract, authentically identifies the User, not allowing that the latter later repudiates the transactions carried out, considering that said transactions have been carried out by persons with sufficient powers for this purpose.

10. Blocking of electronic money accounts

10.1 SEFIDE can block an e-money account and any payment instrument linked with it to where it has reason objectively justified related to the security of e - money account and any payment instrument linked to it, or when SEFIDE have suspected unauthorized or fraudulent use. In this case, SEFIDE will inform the Client, in the agreed manner, of the blocking of the electronic money account and any linked payment instrument and of the reasons that have given rise to it. This communication will occur before blocking and, if not possible, immediately thereafter, unless the communication of such information is compromised for objectively justified security reasons or is contrary to any other regulatory provision.
10. 2 SEFIDE may block electronic money accounts when it can be deduced from the transaction history that the Client is using the electronic money account for an illicit purpose.
10. 3 The blocking of electronic money accounts, temporary or indefinite, will not generate any type of compensation or economic remuneration in favor of the Client.

11. Documentation necessary to register the electronic money account

11.1 This stipulation regulates the documentation necessary to open the electronic money account at SEFIDE:

Register natural person clients:
a) Full name.
b) Valid document proving identity, with the following valid documents:
a. In the case of Spanish citizens, it will be necessary to provide the DNI;
b. In the case of citizens of the European Union. the European Economic Area and the UK, it will be necessary to provide a NIE document (Spanish tax registration) and an ID document, letter or official personal identity card issued by the authorities of origin, their passport will also be valid;
c. in the case of non-EU/EEA/UK passport holders it is required to be a Spanish resident documented with a TIE card;
d. In the rest of the cases it will be necessary to provide a valid passport of your nationality.
c) A copy of an IBAN in which SEFIDE can exchange electronic money for fiduciary money when required by the User.

11.2 SEFIDE will only proceed to open the electronic money account once the Client's registration process (onboarding, in Anglo-Saxon terminology) has been satisfactorily completed.
11.3 The documentation required by SEFIDE indicated above may be unilaterally updated and expanded by SEFIDE, as long as it is necessary for SEFIDE to act diligently, as well as to comply with the regulations on the prevention of money laundering and financing of the terrorism. In particular, you may request additional or updated documentation regarding the obligation of formal identification; identification of the beneficial owner; to obtain information on the intended purpose and nature of the business relationship; the application of continuous monitoring measures to the business relationship, as well as the application of due diligence and enhanced diligence measures.
11.4 Likewise, SEFIDE may require more documentation and information based on the nature of operations, as well as to the volumes of transactions that will be made in the open electronic money account.

12. Duration, modifications and termination of the contract

12.1 The contract is concluded for an indefinite period. However, it may be resolved by either party without the need for any motivation whatsoever, and with a minimum notice of two (2) months in advance, if the resolution is at the request of SEFIDE. The resolution of the contract will determine the full reimbursementç of the monetary value of the electronic money available to the Customer.
12.2 SEFIDE may make changes to the initially agreed conditions at any time, communicating them at least two (2) months in advance of the date on which the new conditions should come into force, by the means agreed for communications. Said modifications will be considered accepted by the Client if he does not expressly communicate his non-acceptance before the proposed date of entry into force. The Client's opposition to said changes and the notification of objection to them will constitute a cause for termination of the contract.
12.3 All modifications that are more favorable to the Client may be applied immediately, without requiring any waiting period or prior notice. Similarly, neither the notice nor the waiting period shall apply in cases where the change relates to a new service to additional functionality to service existing or to any other change that might be considered so reasonable that does not reduce your rights or increase your responsibilities. In these cases, the change will be made without prior notice and will take effect as soon as it is notified or published.
12.4 Either party may terminate this contract. To do this, you must notify the other party at least two (2) months in advance. However, the contract may be subject to immediate termination by SEFIDE in the following cases:
a) The falsity of the orders or the use of names, codes or supposed identification numbers.
b) Breach by the Client of any of the obligations contained in this contract.
c) Failure to comply with the applicable regulations for the prevention of money laundering and the financing of terrorism or market abuse.
12.5 Likewise, the contract may be terminated, without the notification indicated in the previous paragraph, in the following cases:
a) A serious breach of the obligations arising from this contract by any of the parties, in which case the non-breaching party must notify said resolution in writing, offering the possibility of remedying the breach. If the requested Party does not proceed to the correction within the period established in the Regulation for the Defense of the Client, issued by SEFIDE and approved by the corresponding regulatory body, the resolution of this contract will occur automatically.
b) The free will of the parties provided it is an express agreement.
c) In the event of dissolution, liquidation, disappearance, bankruptcy, written acknowledgment of your inability to pay your credits or any other procedures related to any type of insolvency or similar.
d) The Client had carried out any action that would seriously undermine the reputation and good name of SEFIDE and/or its service providers.
e) The Client had provided or helped to provide, false, untrue information or documentation during and after the onboarding process.
f) If the Client, if person s legal, its management or in fact rights or its executives high, were the subject of opening criminal or administrative proceedings regarding money laundering and financing of terrorism.

13. Claims

13.1 If the Client wishes to make a complaint or claim, they may contact the SEFIDE Customer Service, through the email address atencionalcliente@sefide.com and can also present it on paper at the SEFIDE address indicated above.
13.2 The Regulation for the Defense of the Client of SEFIDE is available to the client at www.sefide.com.

14. Contractual documentation

14.1 Notwithstanding that the conclusion of this contract is verified on a durable medium that allows the client to store and retrieve it easily, and its reproduction without changes of the stored information, at any time the Client, who so requests, will have the right to receive in On paper or other durable media, the contractual conditions of this contract.

15. Prevention of Money Laundering and Terrorism Financing

15.1 SEFIDE will adopt the technical and operational measures necessary to comply with the obligations derived from the regulations on the prevention of money laundering and the financing of terrorism, under the legislation in force at all times.
15.2 SEFIDE may adopt, among other measures, establish the quantitative limits indicated in article 16 of Royal Decree 304/2014, of May 5, which approves the Regulation of Law 10/2010, of April 28, of prevention of money laundering and terrorist financing.>

16. Non-attributable non-compliance in the provision of the service

16.1 SEFIDE will not be responsible for the total or partial breach of the Contract when this is due to a fortuitous event or force majeure, and without said breach being a cause for termination, SEFIDE must, in any case, take all measures that were necessary to restore service in the shortest time possible.

17. Confidentiality

17.1 The terms of this contract are strictly confidential. Both Parties undertake not to disclose or transmit to third parties (except to collaborators or advisers of the Parties who may need such information only in the context of this contract), without the prior written consent of the other Party, the existence, terms, and content of this contract, as well as the information contained therein, or that had been provided by the revealing party within the scope of this contract.
17.2 The party receiving the information will refrain from using, duplicating, reproducing or keeping all or part of the information provided by the other party for purposes unrelated to the fulfillment of this contract, except for the information that:
a) Upon receiving it, whether it is public knowledge or becomes so without it being due to acts or omissions, negligent, culpable or fraudulent of the receiving party;
b) It is required by legal or regulatory imperative or as a consequence of rules issued by public bodies or authorities (or it is convenient to deliver them to said bodies or public authorities to avoid breaches of applicable regulations), provided that the receiving party, communicate to the other party before delivering the confidential information requested, disclose the minimum amount of confidential information necessary and take the measures within your power to minimize the damage that such disclosure could be derived to the other party;
c) It is necessary to disclose to third parties to make the notifications provided for in this Contract or for its application.

18. Use of the SEFIDE Technology Platform

18.2 The Customer undertakes to refrain from proceeding with any act that may damage, disable or overload the website or the Technological Platform, or that would prevent, in any way, the standard use and operation of the same. Consequently, the following activities shall be prohibited:
a) To reverse engineer, revert, decompile, decrypt, deface, unmask or disassemble in whole or in part any test data from SEFIDE, API's, or any other data provided by SEFIDE in connection with its Technological Platform;
b) To attempt to unauthorized access or use SEFIDE´s systems or services;
c) To damage, interrupt or negatively affect the operation SEFIDE´s services or systems
d) To participate in any activity that prevents any other customer from using SEFIDE´s Technological Platform;
e) To use any robot, spider, site search, or other application to retrieve or index SEFIDE´s content;
f) To collect information about other customers;
g) To introduce any viruses or malicious code;
h) To modify, copy, distribute, transmit, display, publish, lease, sell, license or use the content or access of the SEFIDE´s technology platform.
i) To use SEFIDE's technology platform for scalability testing;
j) To use or send data to the production-environment when performing testing activities on the SEFIDE´s technology platform.
18.3 To the extent Customer obtains or receives confidential information related to SEFIDE's Technological Platform, it must treat such information with strict confidentiality and may not disclose it to third parties,, both during the term of validity of the Customer’s registration on the Technological Platform and after the termination of the registration.
18.4 Upon termination of this Agreement, the Customer shall destroy any copies of the confidential information in its possession and/or that of its subcontractors or agents and, if required, to certify such destruction.
18.5 SEFIDE is the title-owner of the Technological Platform, including the “sandbox” environment and the "API's". The Technological Platform is duly by intellectual property law.
18.6 SEFIDE's Technological Platform and the information contained is provided "as is". The Customer is responsible for evaluating the accuracy, completeness or usefulness of any API information or any other content available on the Technological Platform. SEFIDE shall not be liable when: a) the Customer's use of the Technological Platform not abiding by SEFIDE's instructions; and/or b) the Customer has acted with gross negligence or wishful misconduct.

19. Assignment of the rights derived from the Contract

19.1 The Parties expressly agree that the rights and obligations derived from this Contract may not be assigned, in whole or in part, without the express written consent of the other party.

20. Communications

20 .1 The parties agree that the transmission of information or notifications between them will preferably be carried out by email and in the Spanish language. For this purpose, the Client must at all times maintain a valid email address in their account profile, taking responsibility for checking incoming messages periodically and frequently. You can contact SEFIDE at any time by sending a message to the email address: operations@sefide.com or atencionalcliente@sefide.com.

21. Applicable law and submission to jurisdiction

21 .1 This contract will be interpreted and fulfilled in its terms and, in matters not foreseen, it will be governed by Spanish legislation on the matter, adjusting to it the obligations and responsibilities of the parties.
21 .2 The parties submit to the jurisdiction of the Courts and Tribunals of Granada capital for any matter related to the interpretation, fulfillment, or execution of this contract, expressly waiving any jurisdiction that may correspond to them.
21 .3 And in proof of conformity, the parties sign this electronic money account opening contract, in duplicate, in the place and on the date indicated in the signature footer of this contract.