GENERAL TERMS AND CONDITIONS OF IRIS SOLUTIONS AD FOR THE USE OF MULTIBANK DIGITAL WALLET AND IRIS PSD 2 HUB PRODUCTS
I. Definitions
Art. 1 (1) For the purposes of these General terms the terms hereinbelow have the following meaning, unless the context requires other interpretation:
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“Services” means payment initiation service under art. 4, it. 7 and account information service under art. 4, it. 8 of Payment Services and Payment Systems Act (PSPSA). The relevant Service is provided upon Customer's request and is related to the existence of the (current) account by the Customer with a bank/payment institution linked to the Product;
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„Provider“ is Iris Solutions AD, UIC 208455895 with headquarters and address of management: Sofia, 111B, “Tzarigradsko shose” Blvd., Sofia Tech Park, Incubator Building, fl. 1, website – www.irisbgsf.com, and email – bdo@irisbgsf.com, a company licensed for the provision of payment initiation and account information payment services under art. 4, it. 7 and it. 8 of PSPSA and registered in the Register of the licensed payment institutions in Republic of Bulgaria and their branches and representatives under art. 19 of Payment services and payment systems act, which is maintained by the competent authority – Bulgarian National Bank, BULSTAT 000694037 (BNB), in accordance to BNB decision № 316/17.09.2019;
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“Product” is:
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Mobile app „Multibank Digital Wallet” as well as its WEB-version,
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IRIS PSD 2 HUB platform through which the Services are accessed;
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“General terms” means the current General terms and conditions of Iris Solutions for the use of Multibank Digital Wallet and IRIS PSD 2 HUB products;
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„Customer“ is a natural person or entity that has concluded agreement under general terms with the Provider for the use of Services and that through the Product may execute payments to Merchants or other persons as well as to receive payments through the payment initiation service from other persons;
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“Merchant” is a person that is engaged in economic activity or that provides services on a professional basis, who provides goods/services which can be paid through the Product. In case that a Merchant makes payments through the Service, they act as a Customer;
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Users are the Customers and the Merchants.
(2) Unless the context requires otherwise, the words, used in singular form shall also mean the plural form of these words and words used in plural form shall also mean the same words in singular form.
Art. 2. (1) The General terms apply to the use of the Product. Before using the Product, each Customer shall agree and shall comply with the General terms.
(2) Through the Product, the Customer may receive information about their account/accounts (balance, transaction history and others) or to initiate electronically a payment operation (payment) without entering in the electronic banking system of the bank / payment institution servicing the account of the Customer.
II. Terms to Customers for access to the Product functionalities
Art. 3. The provisions in this section are applicable to Customers, who use the Product to check information about their accounts or to transfer amounts from their accounts towards another person.
Art. 4. (1) Access to the Services and Product functionalities is provided only to Customers, who are:
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mature adults;
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have stated their desire to use the respective Service;
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have performed the necessary installation and registration for the use of the Product;
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have explicitly accepted these General terms;
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have provided information and data regarding their identification and verification;
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have provided the additional information necessary in regards to their accounts in banks / payment institutions;
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have provided their explicit consent for the Provider and its subcontractors to receive information from the respective bank / payment institution, which is necessary for the performance of the Services;
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in case of payment initiation Service, the payer has sufficient funds available in their bank / payment account and all other conditions of the bank / payment institution, servicing the account, are met.
(2) The proper use and the full functionality of the Product may require compliance with additional requirements, which are specified by the Provider.
Art. 5. The access to Services may occur through special menu in the Product. The access and rules for the use of the Product are regulated in accordance with the agreed in the individual agreement and/or the instructions of the Provider for the use of the Product.
Art. 6. (1) In order to access a Service, the Customer should enter data for electronic access to electronic banking to the bank / payment institution processing the relevant account, which allow access to electronic banking products at the relevant bank / payment institution servicing the account.
(2) In order to use the Services, the Customer shall (once or periodically) to enter data for access to the relevant electronic banking. These data are transferred through a secured channel to the relevant bank / payment institution and the Provider shall have no access under any circumstances to this data.
Art. 7. In order to use the Services, the Customer shall explicitly agree that the Provider and its subcontractors may represent them before the relevant bank / payment institution, as well as to receive from the latter information about the account, which information is provided further to the Customer.
Art. 8. The Customer agrees that the Provider and its subcontractors can aggregate the information provided by the Customer together with information of other Customers in a manner that does not allow identification of the Customer or any other specific person (anonymization of data), and to use such aggregated information for the duration of the provision of the Services and after termination thereof, for any purpose, including, but not limited to, statistical purposes, performing analytics, evaluating performance, resolving technical problems and improving the Services and the use of the Product.
Art. 9. (1) When using the payment initiation Service, a payment order is generated through the Product in accordance with the data provided by the Customer and required by their bank / payment institution, as it follows:
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Data regarding the Customer and their account (in case that the Customer has entered data for more than one account, the Customer may choose whether the payment is made from the default account or other account);
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Amount, specified and confirmed by the Customer;
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Data regarding the recipient;
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Reason for payment.
(2) Information for the payment order is automatically generated or is manually generated by the Customer through the Product.
(3) Payment initiation is made through the Product after confirmation of the data under para. 1. Once the Customer has confirmed the data, no changes are allowed and the data from the generated payment order are provided to the relevant bank / payment institution for execution.
(4) The Provider shall notify the payer and the payee in electronic form for each payment that is made through the Product. In addition to this notification, the Provider may provide additional data through the Product, through which the recipient can identify the Customer – payer, as well as the reason for the payment operation.
(5) In case that the bank / payment institution that service the account notify the Provider about transfer failure, the Provider shall immediately notify the Customer about that.
Art. 10. The Provider does not take possession and does not retain any of the Customer’s funds during the provision of the Services.
III. Terms to Merchants for access to the Product functionalities
Art. 11. The provisions in this section are applicable to Merchants and are supplementary to the general requirements under Section II.
Art. 12. Payments to the Merchant through the payment initiation Service shall be executed if the following conditions are met:
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The merchant has concluded an agreement with the Provider;
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The Merchant has concluded the registration and has been approved by the Provider;
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The Merchant has provided data for the identification of the ultimate beneficial owner and any other information, required by the Provider;
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The Merchant has installed software provided and/or specified by the Provider (plug-in, software application, etc.) and integration with the Merchant's systems has been carried out, if the Provider has deemed this necessary;
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A statement has been made for the initiation of payment. Initiation occurs:
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5.1. From an account of the Customer (by request of the latter); or
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5.2. From an account of the Customer by request of the Merchant, in case that the Customer has explicitly provided prior consent that the Merchant may initiate payments from at least one of the Customer’s accounts. The Payment shall be approved by the Customer;
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5.3. From an account of the Merchant (by request of the latter) given that the Merchant initiates payment from its own account.
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The payer has sufficient funds available in their bank / payment account and all other conditions of the bank / payment institution, servicing the account, are met.
(2) Unless it is otherwise specified in the generated payment order, the initiated payments are executed immediately (according to the terms of the respective bank / payment institution servicing the payer's account). Payments instructed by Customers to the Merchant shall be executed to the Merchant's explicitly pre-specified account. The Provider may limit the number of Merchant's accounts where funds ordered through the Product are received.
IV. Provision of Services
Art. 13. For the provision of account information Service, the User shall enter their e-banking access details and specify the account/accounts processed by the respective bank / payment institution.
Art. 14. (1) Payment through the payment initiation Service involves making payment transactions from a specified account. The actual funds transfer operation (transaction) is carried out by the bank / payment institution servicing the payer's account and the Provider is not responsible for it, including any fees payable to the relevant bank / payment institution.
(2) In order to perform the payment initiation Service, a payer shall initiate payment or shall duly authorize the relevant User - payee with the right to initiate such payment. In any event, the payment transaction shall be confirmed by the payer.
Art. 15. For the execution of the Service itself, the terms applicable to the respective bank / payment institution servicing the payment account shall be applicable. The payment initiation service shall be provided within the time limit according to the used clearing system.
Art. 16. (1) Upon execution of a payment, the Provider shall immediately inform electronically the Users – the orderer and the recipient. Through the Product, the User can check the information about the Services provided to him.
(2) If the Provider does not send a timely confirmation of the ordered Service, it shall be deemed to have been refused for reasons dependent on the bank / payment institution processing the relevant payment account.
V. Liability
Art. 17. (1) The User shall be liable for storage and use of their authentication data. Each requested Service, which is confirmed by entering the authentication data (codes, passwords, etc.) shall be deemed to be requested by the authorized account user.
(2) By using the payment initiation Service, the User accepts that information about them is collected and provided to their bank / payment institution, servicing the account of the payer and the payee. The data for authentication and access to (electronic) banking of the User are provided in encrypted form to the respective bank / payment institution, and it is not collected and processed by the Provider.
(3) The Provider is not responsible for the actions of the bank / payment institution related to the execution of the payment operation ordered by the User, nor for the related fees and commissions charged by the respective bank / payment institution servicing the account.
Art. 18. The electronic banking access identifiers provided by the User are used only for confirmation of the requested Service, and this will be done only with a duly submitted request and / or consent of the User. The Provider and its subcontractors do not have access to the information for the identification of the User before the respective bank / payment institution that is processing the accounts and cannot operate with this account.
Art. 19. If the Provider establishes cases of abuse and crimes, unauthorized payments, in the cases stipulated by law, in case of an accepted claim or a legitimate refusal of the Customer, the User who received the payment shall refund the received amount.
Art. 20. (1) In case of account information Service, the Provider is not responsible for the content of the information received from the respective bank/payment institution.
(2) In the case of a payment initiation Service, the Customer is responsible for ensuring that the data and amount entered by the Customer is accurate and correct. The Provider is responsible for ensuring that the generated payment order (transaction execution request) is duly submitted to the relevant bank / payment institution, whereas the execution of the payment transaction is dependent on the latter.
(3) The Provider is not responsible for the quality and the provision of the purchased and/or provided by the Merchant goods/services.
VI. Terms and conditions for the provision of the Services
Art. 21. (1) The Provider shall perform the account information Service requested through the Product by providing the information after receiving it from the relevant bank / payment institution.
(2) The Provider executes the requested payment initiation Service, observing the terms for its execution, the deadlines for accepting the orders set by the account service providers.
(3) In cases where a payment initiation request (payment order) is received on a non-business day, the same shall be deemed to have been received on the next business day.
(4) In cases where a payment initiation request is received on Saturday, the same shall be deemed to have been received on the next business day.
(5) Multibank Digital Wallet/ IRIS PSD 2 HUB working day is 24 hours. The working date is changed at 8.00 a.m. Bulgarian time, at the beginning of each working day.
(6) Payment orders initiated with an execution date set on a non-working day or after working hours shall be accepted for execution but shall be processed on the next working date.
(7) The initiated payment shall be submitted to the bank/account service provider for processing on a one-time basis.
(8) The User may not cancel a payment order instructed by the latter after confirming its execution to the Provider.
VII. Fees
Art. 22. For the use of the Product and provision of the Services, the Provider shall charge the Users fees in accordance with their individual agreements or the Tariff of the Provider. The user may be charged by the relevant bank / payment institution for the execution of the payment operation from the relevant account. In case that the Provider receives information about the fee due by the User to the bank / payment institution servicing the account, this information shall be promptly provided to the User.
Art. 23. In case that the Customer, through the Product, uses additional services, the Customer may be liable for fees in accordance with the Tariff of the Provider.
VIII. Termination and changes of access and functionality of the Product
Art. 24. To the extent it is not otherwise provided for in its individual agreement, the User may at any time terminate the use of the Product, exclude its accounts at a particular bank / payment institution from the scope of the Product.
Art. 25. (1) The Provider will endeavour, but makes no commitment, to provide the Services through the Product on an uninterrupted basis and reserves the right to terminate the User's access without prior notice. The Provider shall have the right to make changes to the functionality of the Product, including limiting, disabling access to them, without prior notice. The Provider shall use reasonable efforts to notify Customers in advance of planned changes to functionality or termination of access to the Product and the Services.
(2) The agreement between the Provider and the Users, which is set out in these Terms and Conditions, shall continue in force for its term until terminated in accordance with this section.
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The User can terminate the agreement between the parties at any time with 1-month prior written notice to the Provider.
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The Provider can terminate immediately the agreement with the User with a written notice to the User, if the latter violates any part of this General terms, including at one of the following conditions:
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in case of non-payment or late payment of due amounts;
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in case of death or incapacity of the User;
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in case of failure to deliver information (required by the Provider within a reasonable time), which is necessary for the provision of Services under these General terms;
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in case of using the Service of the Product in a manner, which violates the rights of third parties or undertaking whatever activities which may endanger the security or damage the good name and reputation of the Provider;
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in the presence of information that the User uses the Services of the Provider for fraudulent, illegal or unethical activities or allowing a third party to do so;
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in case of violation of the provisions of these General Terms and Conditions.
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Except for the cases under it. 2, the Provider can terminate the agreement with the User by sending at least 2-months prior written notice.
IX. Others
Art. 26. If the User notices a malfunction in the use of the Product, as well as if they wish to make a complaint related to the provision of a Service, they may contact the Provider by using the following correspondence data:
Iris Solutions AD
UIC 208455895
Address: 111B “Tzarigradsko shose” Blvd., Sofia Tech Park, Incubator Building, fl. 1
e-mail: bdo@irisbgsf.com
(2) The Provider shall review the request and shall notify the User electronically about its decision within 7 days. In case the deadline cannot be met and / or additional information is required, the Provider will notify the User electronically.
(3) In case the Provider does not accept the complaint of the User, the latter may refer the dispute to the sectoral conciliation commission for payment disputes at the Consumer Protection Commission in Bulgaria. The assistance of the sectoral conciliation commission can be requested after the dispute has been referred to Iris Solutions AD and there is a decision – address: Sofia 1000, 4A “Slaveykov” Square, tel. 02/9330 589, website: www.kzp.bg; e-mail: adr.els@kzp.bg.
(4) In cases where the dispute relates to agreements for online sales or services, it may be possible to use the Electronic Platform for Online Resolution of Consumer Disputes: http://ec.europa.eu/odr.
Art. 27. In case the User accesses Services through other communication channels (outside the Product) as well as for the use of additional functionalities of the Product, additional terms and conditions may apply in the relationship between the Provider and the User.
Art. 28. (1) The Provider can change these General Terms, for which it shall send prior notification to the User via the Product. Notice regarding the change of the General Terms shall also be published on the website of the Provider, at least 2 months before the change takes effect, where the new version of the General terms shall be published.
(2) Changes in these General terms shall have effect with respect to the relevant User only if the latter accepts them. In the event that the User does not accept the relevant amendments to the General terms, the User shall notify the Provider, via one of the contact methods, before such change enters into force. Otherwise, the User shall be deemed to have accepted the change to the General Terms and Conditions. In case that the User does not accept the relevant amendments to the General terms, the Provider may restrict the use of the Product partially or entirely.
(3) In case that the User does not accept the change in the General Terms and Conditions, the User has the right to terminate the framework contract at any time before the date of their entry into force, without being responsible for costs and compensation.
Art. 29. In case that a provision of these General terms is declared by a court or other similar authority to be invalid, illegal or unenforceable, all other provisions of these General terms shall nevertheless remain in full force and effect.
Art. 30. For any cases that are not covered by these General terms, the legislation in force in Republic of Bulgaria shall apply.
These General terms have been adopted and have entered into force on 01.10.2020.
Last amendment: 8.11.2024 г.
11:56 AM