SIA GR8 PAY
THE TERMS AND CONDITIONS OF SERVICES
These Terms and Conditions of Services shall govern the provision of electronic money services and payment services by SIA GR8 PAY (hereinafter – the “Company”).
The Company publishes the Terms and Conditions of Services on the website https://gr8.money in its most recent version.
By applying for the Company's services and/or using Company’s services, you confirm the agreement with these Terms and Conditions of Services as binding and applicable to you as a client.
1. Definitions
In these Terms and Conditions of Services the below terms and definitions has the following meaning:
2. Scope of Services
1. The Company provides the following services to corporate customers:
3. Client acceptance and due diligence
1. To be able to use the Services of the Company, the Client shall undergo the registration procedure, as well as the Client acceptance and due diligence procedure in accordance with the Applicable law and the Company's internal regulations in order to comply with the regulatory, AML/CTF, and KYC requirements.
2. Before establishing any relationships with the Client, the Client shall complete a Client registration Form in the System and provide all the required information and documents to the Company, including, but not limited to Client identification information and documents, Client business details and source of income. The Client is responsible for providing accurate, complete and reliable information and documents necessary and/or requested by the Company to carry out Client checks, onboarding and due diligence procedure.
3. Within the course of contractual relationship with the Client the Company is entitled to request information and/or documents from the Client for monitoring the Client's Payment transactions and/or use of Services, or updating the Client's profile, and the Client undertakes to provide accurate, complete and truthful information within the time limit set by the Company. The Company has the right to request evidence to confirm the information provided by the Client.
4. The Client shall promptly inform the Company of any changes in the information submitted to the Company within the due diligence process or in the course of Services.
5. If the Client fails to fulfill the obligations referred to in this Section 3 or the amount and quality of the information received does not satisfy the Company, the Company has the right to refuse establishing relationships and/or providing Services to the Client.
4. Service agreement
1. Services agreement between the Client and the Company is deemed concluded when all the below conditions are met:
1.1. The Client has completed a Client registration Form in the System and provided all the required information and documents to the Company;
1.2. The Client has been verified and accepted by the Company as a Client in accordance with the procedure set forth in Section 3 above;
1.3. The Client signed Services agreement (consisting from Terms, Terms and Conditions of Services, Price list and other documents that may from time to time be notified to the Client or published on the Company’s website);
1.4. The Client registered the Client profile in the System and the Client Profile was approved by the Company.
2. The Service agreement is concluded electronically. If the Client requests so, the Service agreement may be provided and concluded in writing.
3. The Service agreement is considered signed when the Client confirmed it with any electronic signature acceptable to the Company, issued by the Company and/or third parties, as well as with other means acceptable to the Company, used to identify the Client (and/or his representative), unless one of the parties’ objects to it before signing the Service Agreement.
4. The Company provides Services to the Client in accordance with the Service Agreement concluded with the Client.
5. Proxy
1. The Client – corporate entity – shall be represented by their authorized representatives according to the corporate records of the Client.
2. The Client may authorize a representative to act on behalf of the Client in relations with the Company. The authorization must be in the form and context satisfactory to the Company's requirements and must provide a complete and clear scope of the authorization and the term.
3. The Company reserves the right to refuse authorization if does not comply with the Company’s requirements. The Company is entitled to refrain from Payment transactions for the period of verification of the Client’s representatives authorization.
6. Opening the Client account. Terms of issuing and redemption of electronic money
1. After the Service agreement is concluded and Client profile is approved by the Company, the Client account is automatically opened and assigned to the Client.
2. Funds on Client account may be held in multiple currencies. The Client who holds funds in several currencies assumes the risk of devaluation of funds on the Client account due to changes in exchange rates.
3. The Electronic money is stored in the Client account. The Company issues the Electronic money when the Company receives funds for the Client. After the Company receives funds, Company issues the Electronic money to the Client account in the amount of the nominal value of the funds received.
4. The nominal value of the Electronic money issued to the Client account corresponds to the nominal value of the amount of funds received by the Company for the Client, after the commission fee in accordance with the Price list is charged, if applicable, depending on the method of receipt of the funds.
5. The Client can add funds to (top-up) the Client account by using the payment card, by making Incoming payment from other accounts or using other methods acceptable to the Company of adding funds to the Client account. The specific method of adding funds to the Client account is selected by the Client in the Client profile by choosing a particular function.
6. When the Client adds money to Client account or when the Company receives an Incoming payment, the Company places the equivalent value of e-money in Client account. Furthermore, the Company promptly places the money into accounts opened by the Company with the reputable/large correspondent banks, thus the Client money is separate from the Company own money. This is called “safeguarding”.
7. The Electronic money stored in the Client account is not a deposit and the Company shall not pay any interest or provide any other benefits to the Client related to the storage period of the Electronic money in the Client account. Money in the Client account and are not covered by the Deposit Guarantee Scheme in the EEA. The Company has the right to set the minimum balance of the Client account.
8. At the request of the Client, the Electronic money stored in the Client account must be redeemed at the nominal value at any time, except for the cases when restrictions are applied to the Client account. Commission fee for the redemption of the Electronic money may apply in accordance with the Price list which will be deducted from the balance on the Client account prior to redemption.
9. The Client makes a request for the redemption of the Electronic money by submitting the Payment order for the execution of the Outgoing payment outside the Electronic money System or the Withdrawal of funds or by other means specified in the System.
10. The amount of redeemable Electronic money and the method is set by the Client, however, the Company is entitled to set certain limits on the redemption of the Electronic money.
11. To the redemption of the Electronic money the terms applicable to Payment transactions and other Services shall apply.
12. An additional fee for the redemption of the Electronic money is not charged. Depending on the method of the Payment transaction (e.g., Outgoing payment outside Electronic money System or Withdrawal of funds) chosen by the Client, a standard commission fee may be applicable in accordance with the Price list which will be deducted from the balance in the Client account prior to the Payment transaction.
7. Payment orders and execution of Payment transactions
1. Payment orders must be submitted through the System and approved using identification tools provided to the Client by the Company.
2. Submission of Payment order by the Client through System shall be deemed notification by Client of authorization for execution of the Payment transaction.
3. The Company does not accept payment orders submitted in any other way (e.g. paper form, by email, etc.). Payment order may be submitted in a way other than through the System upon prior agreement with the Company. This shall also apply in exceptional cases of System unavailability, subject to the Company's additional requirements and verification/security procedures.
4. Payment orders must include:
6. Payment Orders may be rejected if:
8. For transactions effected by Payment card, with receipt of the data for the transaction to be considered authorized by Client/Authorized Cardholder (the person authorized to use the Payment card issued to Client by the Company) and for its execution as stated in the relevant Additional terms for Payment cards.
9. For transactions effected by Company’s offered payment solutions the specific terms of its execution are stated in the relevant Additional terms for respective payment solutions.
10. The moment of receipt of the Client's Payment order is the moment when it is received by the Company. If the Payment order is received after the end of the Company's Business day or on a day that is not a Company's Business day, it shall be deemed to have been received on the next Company's Business day.
11. Payment orders execution timeframes:
11.1. If the Payment order is executed in the euro currency and the Recipient’s account is held at the Payment service provider registered in the Republic of Latvia - on the same Business day, provided that the Payment order is received on the Business day before 12 p.m. If the Payment order is received on the Business day after 12 p.m. - not later than on the following Business day.
11.2. If the Payment order is executed in the euro currency and the Recipient’s account is held at the Payment service provider registered in other EU/EEZ Member State - no later than by the end of next Business day.
11.3. If the Payment order is executed in the currency other than euro and Recipient’s account is held at Payment service provider registered in the Republic of Latvia or another Member State - not later than within 3 (three) Business days from the moment of receipt of the Payment order by the Company.
11.4. If the Payment transaction is executed in the currency of the foreign country or the currency of the EU/EEZ Member State and the Recipient’s account is held at the Payment service provider registered in the foreign country, Company does not set a time limit for the crediting of the account of the Recipient‘s Payment service provider.
11.5. The time limits for the execution of the Payment orders can be changed due to regular monitoring of the business relations performed by Company or by its correspondent financial institutions (e.g., credit, electronic money, payment or other financial institutions) as required by the Applicable law and other legal regulations. In such case, Company is not responsible for the later implementation of Payment order, as compared with the terms specified in this section, and for any incurred damage or unearned income, etc.
12. The Company has the right not to execute a Payment order if it is incorrectly or inaccurately executed, there are insufficient funds in the account, or the terms of the Agreement are violated. In these cases, the Company shall not be liable for any failure to execute the Payment order.
13. The Client authorizes the Company to debit funds from the account without the Client's Order in the following cases:
13.1. to discharge commission and fee for the Services;
13.2. if, due to an error, funds have been transferred to Client account or an amount of money has been paid or transferred to the Client account that is greater than the balance of the Client's account;
13.3. In the cases and in accordance with the procedure specified in Applicable law;
13.4. for offsetting against the Client's obligations to the Company;
13.5. in other cases provided for in the Service agreement.
14. The Client understands and agrees that when executing a Payment order for the transfer of non-cash funds, the Company uses the services of third parties - intermediary banks or other payment services providers. The Company shall not be liable for non-execution or not timely execution of the Payment order if it has occurred due to the fault or negligence of third parties.
8. Information following payment transactions
1. Following the debiting /crediting of the amount of a Payment transaction from/to Client's Account, the Company makes available to the Client after its execution (as the case may be):
9. Currency conversion
1. If a Payment order specifies a currency not available in the Client account, the Company will convert funds using its published Exchange rate, unless otherwise agreed upon between the parties.
2. Currency Exchange rates are subject to change without prior notice; updated Exchange rates are accessible via Company website or System.
10. Fees and charges
1. Fees for Services are provided in the Price list, which is available on Company’s website or in the System.
2. Client is responsible for payment of all fees associated with executed transactions unless otherwise specified in writing.
11. Communication
1. The Services agreement between the parties is concluded in Latvian language and all communication between the Client and the Company should be handled in Latvian language, if otherwise is not agreed by the parties.
2. The Communication channels (as included in the relevant definition set out in Clause 1 above) shall be used for all communication between the parties. The Company will be available for communication and will answer the Client within Business days.
12. Security measures
1. The Client has to ensure the safe storage and confidentiality of personalized authentication tools (username, password, PIN code, etc.) and must not share them with unauthorized third parties. The Client shall undertake all reasonably expected and necessary measures to keep their personalised authentication tools and the payment instruments (such as cards, devices containing payment applications etc.) safe.
2. The Client shall use the payment instrument (such as cards, devices containing payment applications etc.) in accordance with the terms governing the issue and use of the payment instrument and which are objective, commensurate, and non-discriminating. The Client shall immediately notify the Company and, where relevant, other payment service provider, who issued the payment instrument, or the institution specified by the latter, without undue delay of becoming aware of the loss, theft, or misappropriation of the payment instrument or of its unauthorised use.
3. The Client shall ensure that Systems and Client personalized authentication tools are used only by duly authorized persons and proxies of the Client.
13. Liability
1. By concluding Service agreement, the Client confirms that:
1.1. The Client has provided complete and true information about the Client, Client business activities, its representatives, beneficial owners and undertakes to immediately inform the Company in writing of any changes;
1.2. The Client has read, understands and agrees with the terms of the Service agreement and the Price List, understands the legal meaning and consequences of concluding the Service agreement, as well as agrees to the terms of the Service agreement;
1.3. The funds owned or held by the Client in Client account have not been obtained through criminal means and the Client's account will not be used for money laundering, financing of terrorism or other illegal purposes.
1.4. It is informed that the Client data requested and collected by the Company are necessary for the fulfillment of the obligations specified in the Applicable law, the Client agrees to the verification and processing of the requested and collected data and information, including the transfer and sharing of data to intermediary banks and third parties involved in the payment processing process for the purposes of providing Payment services, fulfilment of Service agreement, as well as to ensure compliance with the requirements of the AML/CTF, and KYC requirements.
2. The parties are liable for failure to fulfill or for improper fulfillment of the obligations specified in the Services agreement in accordance with the procedure set out and to the extent specified in the Applicable law.
3. The following liability provisions shall apply to Payment transactions made within the scope of this Service agreement, where both the Payer's and the Recipient’s banks are located in an EU or EEA member state and the payment is made in EUR or an EU or EEA national currency, which shall, where applicable, take precedence over other provisions of the Service agreement governing the Company's liability:
3.1. The Client is entitled to receive compensation for losses from the Company if the Client has informed the Company about the Unauthorized payment transaction immediately upon becoming aware of it, but no later than within 5 (five) calendar days after the funds are debited from the Client account, but not later than 13 (thirteen) months after the funds are debited from the Client account;
3.2. In the cases referred to in clause 13.3.1., the Company shall compensate the Client for losses by refunding the amount of the Unauthorized payment transaction or restoring the balance of the Client account from which this amount was debited to the balance prior to the Unauthorized payment transaction being made.
4. The Company does not compensate the Client for losses up to EUR 50 if they arise in connection with Unauthorized payment transaction due to the loss, theft or other unlawful appropriation of the payment instrument, or if the Client has not ensured the safe storage of personalized security elements (username, password, PIN code, etc.) and thus has allowed the unlawful use of remote service tools.
5. The Company shall not compensate the Client for losses incurred in connection with Unauthorized payment transaction if the Client has acted unlawfully or has not used or stored remote identification means and authorization information in accordance with the provisions of this Service agreement with intent (intentional) or due to gross negligence;
6. The parties are not liable for losses related to unforeseen or force majeure circumstances that they could not foresee and/or influence through their will.
14. Term, amendments and termination
1. Service agreement between the parties is concluded for indefinite term.
2. The Company has the right to unilaterally change/ amend these Terms and Conditions of Services, Service agreement and/or the Price list, notifying the Client thereof at least 60 days in advance via relevant informative publication in the System.
3. The Client will be deemed to have agreed to changes/ amendments to the Terms and Conditions of Services, Service agreement and/or the Price list, if it has not notified the Company before the date of their proposed date of entry into effect that it has objections against such amendments. If the Client does not agree with the changes/ amendments Terms and Conditions of Services, Service agreement and/or the Price list, the Client is entitled to cancel the Service at any time or terminate the Service agreement by notifying the Company in the order provided for in Section 11 of these Terms and Conditions of Services, prior to their effective date.
4. Termination. The Service agreement may be terminated at any time by mutual agreement of the Parties. The Client has the right to terminate the Service agreement without cause by notifying the Company 1 (one) month in advance. The Company has the right to terminate the Service agreement without cause by notifying the Client 2 (two) months in advance.
5. Termination with cause.
The Company reserves the right to unilaterally terminate the Service agreement immediately, notifying the Client in the order provided for in Section 11 of these Terms and Conditions of Services or without notice in the cases provided by Applicable law, if the Company reasonably suspects or determines that the Client:
15. Complaints and Dispute Resolution
1. If the Client is unhappy with the Services or has an issue concerning the Services, the Client should contact the Company through the System or via any of Communication channels.
2. If the Client wishes to make a complaint, this can be done by emailing the company at the following e-mail: complaints@gr8.money. Please refer to our Complaints Policy, available on our website, for more information.
3. Disputes arising from the Services agreement will be resolved through negotiation between parties or referred to courts of general jurisdiction in accordance with Applicable law, if failed to settle.
4. Clients may also escalate disputes related to Services to relevant supervisory authority - Bank of Latvia (https://www.bank.lv/en/).
16. Confidentiality and personal data protection
1. The parties shall keep each other's technical and commercial information in secret, with the exception of publicly available information, and not to disclose it to third parties without the written consent of the other Party.
2. The Company treats Client account and other information relating to the Client and its business with the confidentiality required by law and regulations controlling the use and protection of data.
3. The parties shall comply with data protection laws, including General Data Protection Regulation. Please refer to Privacy policy of the Company to find out more about personal data processing undertaken by the Company, available on the Company’s website here: privacypolicy.gr8.money.
17. Miscellaneous
1. By concluding this Service agreement, the parties confirm that:
1.1. before opening the Client account, the Company has fully disclosed to the Client information relating to the Services that may be provided under Service agreement and the financial risks associated with them;
1.2. the Company has warned the Client and the Client is aware of the risks of using Communication channels, in particular about the risks involved in using internet and e-mail for exchange of information and documents. The said risks may include: infection of the computer with spyware, computer viruses and other malicious programs, leakage of trade secrets, inability to track the shipment and unauthorized access to it;
1.3. there are no legal obstacles to the conclusion and execution of the Service agreement.
2. The Company shall receive fee for Services provided to the Client in accordance with the Service agreement and the Price List in force at the time or provision of Services. For services that are not included in the Company's Price List, but were necessary to fulfill the Client's Payment order or upon the Client’s request and agreement with the Company, the Company shall be entitled to determine and apply an appropriate fee, unless otherwise agreed with the Client.
3. The Services agreement is concluded in Latvian language in accordance with Latvian law and shall be governed by and interpreted in accordance with Latvian law and the Applicable law.
4. The Services agreement shall enter into force after signing by the Client as provided in Section 4 and upon opening of the Client account and shall be concluded for an indefinite period of time. The Agreement may be terminated in accordance with the provisions set out in Section 14, only when the obligations established by the use of the Client Account and other services provided by the Company have ceased and the Client has paid all fees arising from these obligations.
5. Amendments and supplements to the Services agreement must be confirmed by any electronic signature acceptable to the Company, issued by the Company and/or third parties, as well as by other means acceptable to the Company, which are used to identify the Client (and/or his representative), if otherwise is not provided in the Service agreement.
Annex No.1 to SIA GR8 PAY
THE TERMS AND CONDITIONS OF SERVICES
VARIATION IN THE TERMS AND CONDITIONS OF SERVICES FOR PRIVATE INDIVIDUALS (CONSUMERS)
This Annex amends or supplements THE TERMS AND CONDITIONS OF SERVICES of SIA GR8 PAY in regard to private individuals (consumers).
If you are private individual (consumer) you should acquaint yourself with the rights and obligations contained in the European Commission’s Information brochure on consumer rights in the field of payment services in EU Member States available on the website of Consumer Rights Protection Centre of the Republic of Latvia:
https://www.ptac.gov.lv/lv/pateretaju-tiesibas-maksajumu-pakalpojumu-joma?utm_source=https%3A%2F%2Fwww.google.com%2F
15. Complaints and Dispute Resolution
For private individuals (consumers) clause 15.5. is added and applies as follows:
5. Private individuals (consumers) may also escalate disputes related to Services to Consumer Rights Protection Centre of the Republic of Latvia (https://www.ptac.gov.lv/en/contacts).
THE TERMS AND CONDITIONS OF SERVICES
These Terms and Conditions of Services shall govern the provision of electronic money services and payment services by SIA GR8 PAY (hereinafter – the “Company”).
The Company publishes the Terms and Conditions of Services on the website https://gr8.money in its most recent version.
By applying for the Company's services and/or using Company’s services, you confirm the agreement with these Terms and Conditions of Services as binding and applicable to you as a client.
1. Definitions
In these Terms and Conditions of Services the below terms and definitions has the following meaning:
- Company: SIA GR8 PAY, registered in the Republic of Latvia, with unified registration No. 50203643321, and registered address: Mārupe, Mārupes novads, Malduguņu iela 2, Latvia, and e-mail address: info@gr8.money, authorized as an electronic money institution, license No. 27-55/2025/11, issued by Latvijas Banka on 10 December 2025 (https://www.bank.lv/en/) and supervised by Latvijas Banka.
- Client: A corporate entity, business client or private individual that applies for Company’s Services and/or enters into a Service Agreement with the Company for electronic money services and/or payment services.
- Communications channels: Internet bank, mobile application, electronic mail (email) or phone, that according to the Services Agreement and Terms and Conditions of Services may be used for Electronic money services and Payment services and for the Parties’ mutual information exchange.
- Client account: An account opened by the Company for the Client to facilitate Electronic money services and Payment services.
- Client identifier: Companies issued unique Client Identification Code/IBAN.
- Business day: A day when banks in Latvia are open for transactions.
- Business hours: working time of Company when Company provides Services. Normally, it is set between the hours of 9 am and 5 pm (Riga time). However, Company may set different Business hours for different Services.
- System: a software solution provided by the Company through its website, via internet bank or mobile application, including e-wallet, and used for providing Services.
- Services: Electronic money services, Payment services and other services provided by the Company;
- Electronic money – Company’s monetary obligations to the Client stored in Company’s electronic system in the amount of funds received and/or recorded in the Client account and intended for carrying out Electronic money and Payment transactions and receiving the Electronic money services and Payment Services.
- Electronic money services: Electronic money transactions services, including, issue of electronic money, servicing of electronic money Payment transactions and exchange transactions, maintenance of electronic money wallet/s.
- Payment services: Services provided by the Company including Payment transactions processing, currency conversion, and account management.
- Payment transaction: the Incoming payment, the Outgoing payment or the Withdrawal of funds initiated by the Payer or the Recipient.
- Payer: the natural or legal person who makes a Payment transaction or initiates a Payment transaction (The payer can also not be the Client).
- Recipient: physical or legal person, which in the result of Payment transaction, receives monetary funds (Recipient can also not to be the Client).
- Incoming payment: a payment service, as a result of which funds are being transferred to the Client account.
- Outgoing payment: a payment service, as a result of which funds are transferred from the Client account.
- Withdrawal of funds: payment service, as a result of which the Client can receive cash.
- Payment order: An instruction submitted by the Client to the Company to execute a Payment transaction.
- Payment card: the payment card provided by the Company which is linked to the Client account allowing the cardholder to carry out the card operations.
- Exchange rate: the currency exchange rate according to which the currency is exchanged as determined, changed and announced by the Company.
- Unauthorized payment transaction – a Payment transaction for which the Client has not given his consent (has not submitted a Payment order in accordance with the procedure specified in the Service agreement).
- Service agreement: an agreement concluded between the Company and the Client, governing the provision and receipt of Electronic money services and/or Payment services. Service agreement consists of the following documents: Terms, Terms and Conditions of services, Price list, Additional terms for Payment cards/Payment solutions and other documents that may from time to time be notified to the Client or published on the Company’s website.
- Price list: The Company's list of fees for services, available in the System (on the website, via internet bank or mobile application, including e-wallet.
- Applicable law: regulatory enactments of the Republic of Latvia and other EU law applicable in the Republic of Latvia.
- Supervisory authority: Latvijas Banka (https://www.bank.lv/en/)
- Company website: https://gr8.money
2. Scope of Services
1. The Company provides the following services to corporate customers:
- Client account and e-wallet opening and management;
- Electronic money services;
- Payment services;
- Currency conversion transactions based on Exchange rates.
3. Client acceptance and due diligence
1. To be able to use the Services of the Company, the Client shall undergo the registration procedure, as well as the Client acceptance and due diligence procedure in accordance with the Applicable law and the Company's internal regulations in order to comply with the regulatory, AML/CTF, and KYC requirements.
2. Before establishing any relationships with the Client, the Client shall complete a Client registration Form in the System and provide all the required information and documents to the Company, including, but not limited to Client identification information and documents, Client business details and source of income. The Client is responsible for providing accurate, complete and reliable information and documents necessary and/or requested by the Company to carry out Client checks, onboarding and due diligence procedure.
3. Within the course of contractual relationship with the Client the Company is entitled to request information and/or documents from the Client for monitoring the Client's Payment transactions and/or use of Services, or updating the Client's profile, and the Client undertakes to provide accurate, complete and truthful information within the time limit set by the Company. The Company has the right to request evidence to confirm the information provided by the Client.
4. The Client shall promptly inform the Company of any changes in the information submitted to the Company within the due diligence process or in the course of Services.
5. If the Client fails to fulfill the obligations referred to in this Section 3 or the amount and quality of the information received does not satisfy the Company, the Company has the right to refuse establishing relationships and/or providing Services to the Client.
4. Service agreement
1. Services agreement between the Client and the Company is deemed concluded when all the below conditions are met:
1.1. The Client has completed a Client registration Form in the System and provided all the required information and documents to the Company;
1.2. The Client has been verified and accepted by the Company as a Client in accordance with the procedure set forth in Section 3 above;
1.3. The Client signed Services agreement (consisting from Terms, Terms and Conditions of Services, Price list and other documents that may from time to time be notified to the Client or published on the Company’s website);
1.4. The Client registered the Client profile in the System and the Client Profile was approved by the Company.
2. The Service agreement is concluded electronically. If the Client requests so, the Service agreement may be provided and concluded in writing.
3. The Service agreement is considered signed when the Client confirmed it with any electronic signature acceptable to the Company, issued by the Company and/or third parties, as well as with other means acceptable to the Company, used to identify the Client (and/or his representative), unless one of the parties’ objects to it before signing the Service Agreement.
4. The Company provides Services to the Client in accordance with the Service Agreement concluded with the Client.
5. Proxy
1. The Client – corporate entity – shall be represented by their authorized representatives according to the corporate records of the Client.
2. The Client may authorize a representative to act on behalf of the Client in relations with the Company. The authorization must be in the form and context satisfactory to the Company's requirements and must provide a complete and clear scope of the authorization and the term.
3. The Company reserves the right to refuse authorization if does not comply with the Company’s requirements. The Company is entitled to refrain from Payment transactions for the period of verification of the Client’s representatives authorization.
6. Opening the Client account. Terms of issuing and redemption of electronic money
1. After the Service agreement is concluded and Client profile is approved by the Company, the Client account is automatically opened and assigned to the Client.
2. Funds on Client account may be held in multiple currencies. The Client who holds funds in several currencies assumes the risk of devaluation of funds on the Client account due to changes in exchange rates.
3. The Electronic money is stored in the Client account. The Company issues the Electronic money when the Company receives funds for the Client. After the Company receives funds, Company issues the Electronic money to the Client account in the amount of the nominal value of the funds received.
4. The nominal value of the Electronic money issued to the Client account corresponds to the nominal value of the amount of funds received by the Company for the Client, after the commission fee in accordance with the Price list is charged, if applicable, depending on the method of receipt of the funds.
5. The Client can add funds to (top-up) the Client account by using the payment card, by making Incoming payment from other accounts or using other methods acceptable to the Company of adding funds to the Client account. The specific method of adding funds to the Client account is selected by the Client in the Client profile by choosing a particular function.
6. When the Client adds money to Client account or when the Company receives an Incoming payment, the Company places the equivalent value of e-money in Client account. Furthermore, the Company promptly places the money into accounts opened by the Company with the reputable/large correspondent banks, thus the Client money is separate from the Company own money. This is called “safeguarding”.
7. The Electronic money stored in the Client account is not a deposit and the Company shall not pay any interest or provide any other benefits to the Client related to the storage period of the Electronic money in the Client account. Money in the Client account and are not covered by the Deposit Guarantee Scheme in the EEA. The Company has the right to set the minimum balance of the Client account.
8. At the request of the Client, the Electronic money stored in the Client account must be redeemed at the nominal value at any time, except for the cases when restrictions are applied to the Client account. Commission fee for the redemption of the Electronic money may apply in accordance with the Price list which will be deducted from the balance on the Client account prior to redemption.
9. The Client makes a request for the redemption of the Electronic money by submitting the Payment order for the execution of the Outgoing payment outside the Electronic money System or the Withdrawal of funds or by other means specified in the System.
10. The amount of redeemable Electronic money and the method is set by the Client, however, the Company is entitled to set certain limits on the redemption of the Electronic money.
11. To the redemption of the Electronic money the terms applicable to Payment transactions and other Services shall apply.
12. An additional fee for the redemption of the Electronic money is not charged. Depending on the method of the Payment transaction (e.g., Outgoing payment outside Electronic money System or Withdrawal of funds) chosen by the Client, a standard commission fee may be applicable in accordance with the Price list which will be deducted from the balance in the Client account prior to the Payment transaction.
7. Payment orders and execution of Payment transactions
1. Payment orders must be submitted through the System and approved using identification tools provided to the Client by the Company.
2. Submission of Payment order by the Client through System shall be deemed notification by Client of authorization for execution of the Payment transaction.
3. The Company does not accept payment orders submitted in any other way (e.g. paper form, by email, etc.). Payment order may be submitted in a way other than through the System upon prior agreement with the Company. This shall also apply in exceptional cases of System unavailability, subject to the Company's additional requirements and verification/security procedures.
4. Payment orders must include:
- Beneficiary name and account number (IBAN);
- Transfer amount and currency;
- Purpose of transfer (if applicable).
6. Payment Orders may be rejected if:
- They are incomplete or inaccurate;
- The account lacks sufficient funds for execution;
- Execution violates Applicable law or other legal acts or is contrary to the policies and procedures of the Company.
8. For transactions effected by Payment card, with receipt of the data for the transaction to be considered authorized by Client/Authorized Cardholder (the person authorized to use the Payment card issued to Client by the Company) and for its execution as stated in the relevant Additional terms for Payment cards.
9. For transactions effected by Company’s offered payment solutions the specific terms of its execution are stated in the relevant Additional terms for respective payment solutions.
10. The moment of receipt of the Client's Payment order is the moment when it is received by the Company. If the Payment order is received after the end of the Company's Business day or on a day that is not a Company's Business day, it shall be deemed to have been received on the next Company's Business day.
11. Payment orders execution timeframes:
11.1. If the Payment order is executed in the euro currency and the Recipient’s account is held at the Payment service provider registered in the Republic of Latvia - on the same Business day, provided that the Payment order is received on the Business day before 12 p.m. If the Payment order is received on the Business day after 12 p.m. - not later than on the following Business day.
11.2. If the Payment order is executed in the euro currency and the Recipient’s account is held at the Payment service provider registered in other EU/EEZ Member State - no later than by the end of next Business day.
11.3. If the Payment order is executed in the currency other than euro and Recipient’s account is held at Payment service provider registered in the Republic of Latvia or another Member State - not later than within 3 (three) Business days from the moment of receipt of the Payment order by the Company.
11.4. If the Payment transaction is executed in the currency of the foreign country or the currency of the EU/EEZ Member State and the Recipient’s account is held at the Payment service provider registered in the foreign country, Company does not set a time limit for the crediting of the account of the Recipient‘s Payment service provider.
11.5. The time limits for the execution of the Payment orders can be changed due to regular monitoring of the business relations performed by Company or by its correspondent financial institutions (e.g., credit, electronic money, payment or other financial institutions) as required by the Applicable law and other legal regulations. In such case, Company is not responsible for the later implementation of Payment order, as compared with the terms specified in this section, and for any incurred damage or unearned income, etc.
12. The Company has the right not to execute a Payment order if it is incorrectly or inaccurately executed, there are insufficient funds in the account, or the terms of the Agreement are violated. In these cases, the Company shall not be liable for any failure to execute the Payment order.
13. The Client authorizes the Company to debit funds from the account without the Client's Order in the following cases:
13.1. to discharge commission and fee for the Services;
13.2. if, due to an error, funds have been transferred to Client account or an amount of money has been paid or transferred to the Client account that is greater than the balance of the Client's account;
13.3. In the cases and in accordance with the procedure specified in Applicable law;
13.4. for offsetting against the Client's obligations to the Company;
13.5. in other cases provided for in the Service agreement.
14. The Client understands and agrees that when executing a Payment order for the transfer of non-cash funds, the Company uses the services of third parties - intermediary banks or other payment services providers. The Company shall not be liable for non-execution or not timely execution of the Payment order if it has occurred due to the fault or negligence of third parties.
8. Information following payment transactions
1. Following the debiting /crediting of the amount of a Payment transaction from/to Client's Account, the Company makes available to the Client after its execution (as the case may be):
- A reference allowing Client to identify the payment transaction, and, where appropriate, information relating to the beneficiary (payee) or the originator (payer), as the case may be, and information transferred with the Payment transaction;
- Amount of the payment transaction in the currency the Client's Account is debited/credited as the case may be or in the currency used for the Payment order if the Client is the payer, and where applicable the relevant exchange rate used;
- Amount of charges for the payment transaction and breakdown where applicable;
- The debit value date or the date of receipt of the Payment order if the Client is the payer or the credit value date if the Client is the Payer.
9. Currency conversion
1. If a Payment order specifies a currency not available in the Client account, the Company will convert funds using its published Exchange rate, unless otherwise agreed upon between the parties.
2. Currency Exchange rates are subject to change without prior notice; updated Exchange rates are accessible via Company website or System.
10. Fees and charges
1. Fees for Services are provided in the Price list, which is available on Company’s website or in the System.
2. Client is responsible for payment of all fees associated with executed transactions unless otherwise specified in writing.
11. Communication
1. The Services agreement between the parties is concluded in Latvian language and all communication between the Client and the Company should be handled in Latvian language, if otherwise is not agreed by the parties.
2. The Communication channels (as included in the relevant definition set out in Clause 1 above) shall be used for all communication between the parties. The Company will be available for communication and will answer the Client within Business days.
12. Security measures
1. The Client has to ensure the safe storage and confidentiality of personalized authentication tools (username, password, PIN code, etc.) and must not share them with unauthorized third parties. The Client shall undertake all reasonably expected and necessary measures to keep their personalised authentication tools and the payment instruments (such as cards, devices containing payment applications etc.) safe.
2. The Client shall use the payment instrument (such as cards, devices containing payment applications etc.) in accordance with the terms governing the issue and use of the payment instrument and which are objective, commensurate, and non-discriminating. The Client shall immediately notify the Company and, where relevant, other payment service provider, who issued the payment instrument, or the institution specified by the latter, without undue delay of becoming aware of the loss, theft, or misappropriation of the payment instrument or of its unauthorised use.
3. The Client shall ensure that Systems and Client personalized authentication tools are used only by duly authorized persons and proxies of the Client.
13. Liability
1. By concluding Service agreement, the Client confirms that:
1.1. The Client has provided complete and true information about the Client, Client business activities, its representatives, beneficial owners and undertakes to immediately inform the Company in writing of any changes;
1.2. The Client has read, understands and agrees with the terms of the Service agreement and the Price List, understands the legal meaning and consequences of concluding the Service agreement, as well as agrees to the terms of the Service agreement;
1.3. The funds owned or held by the Client in Client account have not been obtained through criminal means and the Client's account will not be used for money laundering, financing of terrorism or other illegal purposes.
1.4. It is informed that the Client data requested and collected by the Company are necessary for the fulfillment of the obligations specified in the Applicable law, the Client agrees to the verification and processing of the requested and collected data and information, including the transfer and sharing of data to intermediary banks and third parties involved in the payment processing process for the purposes of providing Payment services, fulfilment of Service agreement, as well as to ensure compliance with the requirements of the AML/CTF, and KYC requirements.
2. The parties are liable for failure to fulfill or for improper fulfillment of the obligations specified in the Services agreement in accordance with the procedure set out and to the extent specified in the Applicable law.
3. The following liability provisions shall apply to Payment transactions made within the scope of this Service agreement, where both the Payer's and the Recipient’s banks are located in an EU or EEA member state and the payment is made in EUR or an EU or EEA national currency, which shall, where applicable, take precedence over other provisions of the Service agreement governing the Company's liability:
3.1. The Client is entitled to receive compensation for losses from the Company if the Client has informed the Company about the Unauthorized payment transaction immediately upon becoming aware of it, but no later than within 5 (five) calendar days after the funds are debited from the Client account, but not later than 13 (thirteen) months after the funds are debited from the Client account;
3.2. In the cases referred to in clause 13.3.1., the Company shall compensate the Client for losses by refunding the amount of the Unauthorized payment transaction or restoring the balance of the Client account from which this amount was debited to the balance prior to the Unauthorized payment transaction being made.
4. The Company does not compensate the Client for losses up to EUR 50 if they arise in connection with Unauthorized payment transaction due to the loss, theft or other unlawful appropriation of the payment instrument, or if the Client has not ensured the safe storage of personalized security elements (username, password, PIN code, etc.) and thus has allowed the unlawful use of remote service tools.
5. The Company shall not compensate the Client for losses incurred in connection with Unauthorized payment transaction if the Client has acted unlawfully or has not used or stored remote identification means and authorization information in accordance with the provisions of this Service agreement with intent (intentional) or due to gross negligence;
6. The parties are not liable for losses related to unforeseen or force majeure circumstances that they could not foresee and/or influence through their will.
14. Term, amendments and termination
1. Service agreement between the parties is concluded for indefinite term.
2. The Company has the right to unilaterally change/ amend these Terms and Conditions of Services, Service agreement and/or the Price list, notifying the Client thereof at least 60 days in advance via relevant informative publication in the System.
3. The Client will be deemed to have agreed to changes/ amendments to the Terms and Conditions of Services, Service agreement and/or the Price list, if it has not notified the Company before the date of their proposed date of entry into effect that it has objections against such amendments. If the Client does not agree with the changes/ amendments Terms and Conditions of Services, Service agreement and/or the Price list, the Client is entitled to cancel the Service at any time or terminate the Service agreement by notifying the Company in the order provided for in Section 11 of these Terms and Conditions of Services, prior to their effective date.
4. Termination. The Service agreement may be terminated at any time by mutual agreement of the Parties. The Client has the right to terminate the Service agreement without cause by notifying the Company 1 (one) month in advance. The Company has the right to terminate the Service agreement without cause by notifying the Client 2 (two) months in advance.
5. Termination with cause.
The Company reserves the right to unilaterally terminate the Service agreement immediately, notifying the Client in the order provided for in Section 11 of these Terms and Conditions of Services or without notice in the cases provided by Applicable law, if the Company reasonably suspects or determines that the Client:
- if the Client has not performed any operations for more than 12 months;
- is in breach of the substantial provisions of the Applicable law, including, but not limited to, anti-money laundering or counter-terrorist financing regulations;
- fails to fulfill any of his obligations to the Company or has provided false or misleading information or documentation to the Company and fails to remediate this issue within 5 (five) business days from the Company’s notification;
- failed to provide the documents and information under the Services agreement or related to Services within the set time limit, in the form and language specified by the Company, or failed to keep such documents and information up-to-date;
- is using the Client account and/or the Services for illegal activities, or activities without obtaining the relevant licence, including, organizing illegal gambling, illegal trading of stocks, indices, raw materials, currency (e.g. Forex) options, exchange-traded funds (ETF); providing of trade, investment or other services on currency exchanges, Forex markets and other electronic currency trading systems; engaging in illegal trade of tobacco products, alcohol, prescription drugs, steroids, weapons, narcotic substances and their attributes, pornographic production, unlicensed lottery, illegal software and other articles or products prohibited by the law;
- is using Client account and/or the Services for purposes other than those declared to the Company at the Client account opening or is using Client account and/or the Services for malicious, illegal or immoral purposes;
- if the Client is related to money laundering and/or other criminal activities or if the risk level of the Client is or becomes above the risk appetite of the Company;
- if the Client is providing services that are prohibited by the law or contradict public order and moral principles;
- the Client declared bankrupt or insolvent or a similar event has occured;
- in other cases provided in the internal rules of the Company, Applicable law or instructions/orders of the Supervisory authority.
15. Complaints and Dispute Resolution
1. If the Client is unhappy with the Services or has an issue concerning the Services, the Client should contact the Company through the System or via any of Communication channels.
2. If the Client wishes to make a complaint, this can be done by emailing the company at the following e-mail: complaints@gr8.money. Please refer to our Complaints Policy, available on our website, for more information.
3. Disputes arising from the Services agreement will be resolved through negotiation between parties or referred to courts of general jurisdiction in accordance with Applicable law, if failed to settle.
4. Clients may also escalate disputes related to Services to relevant supervisory authority - Bank of Latvia (https://www.bank.lv/en/).
16. Confidentiality and personal data protection
1. The parties shall keep each other's technical and commercial information in secret, with the exception of publicly available information, and not to disclose it to third parties without the written consent of the other Party.
2. The Company treats Client account and other information relating to the Client and its business with the confidentiality required by law and regulations controlling the use and protection of data.
3. The parties shall comply with data protection laws, including General Data Protection Regulation. Please refer to Privacy policy of the Company to find out more about personal data processing undertaken by the Company, available on the Company’s website here: privacypolicy.gr8.money.
17. Miscellaneous
1. By concluding this Service agreement, the parties confirm that:
1.1. before opening the Client account, the Company has fully disclosed to the Client information relating to the Services that may be provided under Service agreement and the financial risks associated with them;
1.2. the Company has warned the Client and the Client is aware of the risks of using Communication channels, in particular about the risks involved in using internet and e-mail for exchange of information and documents. The said risks may include: infection of the computer with spyware, computer viruses and other malicious programs, leakage of trade secrets, inability to track the shipment and unauthorized access to it;
1.3. there are no legal obstacles to the conclusion and execution of the Service agreement.
2. The Company shall receive fee for Services provided to the Client in accordance with the Service agreement and the Price List in force at the time or provision of Services. For services that are not included in the Company's Price List, but were necessary to fulfill the Client's Payment order or upon the Client’s request and agreement with the Company, the Company shall be entitled to determine and apply an appropriate fee, unless otherwise agreed with the Client.
3. The Services agreement is concluded in Latvian language in accordance with Latvian law and shall be governed by and interpreted in accordance with Latvian law and the Applicable law.
4. The Services agreement shall enter into force after signing by the Client as provided in Section 4 and upon opening of the Client account and shall be concluded for an indefinite period of time. The Agreement may be terminated in accordance with the provisions set out in Section 14, only when the obligations established by the use of the Client Account and other services provided by the Company have ceased and the Client has paid all fees arising from these obligations.
5. Amendments and supplements to the Services agreement must be confirmed by any electronic signature acceptable to the Company, issued by the Company and/or third parties, as well as by other means acceptable to the Company, which are used to identify the Client (and/or his representative), if otherwise is not provided in the Service agreement.
Annex No.1 to SIA GR8 PAY
THE TERMS AND CONDITIONS OF SERVICES
VARIATION IN THE TERMS AND CONDITIONS OF SERVICES FOR PRIVATE INDIVIDUALS (CONSUMERS)
This Annex amends or supplements THE TERMS AND CONDITIONS OF SERVICES of SIA GR8 PAY in regard to private individuals (consumers).
If you are private individual (consumer) you should acquaint yourself with the rights and obligations contained in the European Commission’s Information brochure on consumer rights in the field of payment services in EU Member States available on the website of Consumer Rights Protection Centre of the Republic of Latvia:
https://www.ptac.gov.lv/lv/pateretaju-tiesibas-maksajumu-pakalpojumu-joma?utm_source=https%3A%2F%2Fwww.google.com%2F
15. Complaints and Dispute Resolution
For private individuals (consumers) clause 15.5. is added and applies as follows:
5. Private individuals (consumers) may also escalate disputes related to Services to Consumer Rights Protection Centre of the Republic of Latvia (https://www.ptac.gov.lv/en/contacts).