elyps Terms and Conditions

Effective April 20, 2020

Table of Contents

These Terms are between You (“the Customer”) and Elyps S.A. (“elyps”, “we”, ”us”, “our”) and you agree to them by using the elyps app.

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

1. General Information

1.1 elyps contractual information

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

elyps is registered with the Financial Conduct Authority as an EMD Agent of PayrNet Limited, an electronic money institution authorized by the UK Financial Conduct Authority (reference: 900594).

1.2 How we contact you

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

1.3 How to contact us

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

1.4 Can I open the elyps account?

You must be 18 or over to open the elyps account.

When you open an elyps account, we or a third-party provider acting on our behalf will ask for your personal information and the source of your funds. We do this in order to meet legal and regulatory requirements and also to protect ourselves against fraud.

1.5 eShare Programme

Once you open an elyps payment account, you are automatically registered to the elyps eShare Programme and are eligible to receive eShares for free. Please read the elyps eShare Programme for more details.

2. Payment services and electronic money

2.1 General information on payment services

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

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

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

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

The funds will not accrue interest.

The funds are not covered by the Financial Services Compensation Scheme (also known as “Garantie de fond” or ”Garantiefonds).

The elyps cards are provided by Visa. Please read the Visa Terms and Conditions here.

2.2 Payment services and issue of electronic money

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

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

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

The Customer must ensure the legibility, completeness and correctness of the payment information. Illegible, incomplete or incorrect information may lead to delays or misrouting of credit transfers, possibly resulting in loss or damage for the Customer. Where illegible, incomplete or incorrect information is given, elyps may refuse to execute the credit transfer.

2.4 Payments cut-offs and execution times

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

2.5 The set-up of limits on accounts

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

2.6 Information provided when making/receiving a payment

2.6.1 Outgoing payments

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

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

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

2.6.2 Incoming payments

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

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

2.7 Fees

Charges and details on fees are detailed in the Fees and Pricing section of this document.

Any changes in the charges in the area of credit transfers shall be announced to the Customer in text form no later than two months before their proposed date of entry into force. The changes shall be deemed to have been approved by the Customer, unless the Customer has indicated disapproval before their proposed date of entry into force. elyps shall expressly draw the Customer’s attention to this consequent approval in its communication with the Customer. The Customer may also terminate the business relationship free of charge with immediate effect before the proposed date of entry into force of the changes. elyps shall draw the Customer’s attention to this right of termination in a clear and plain language.

2.8 Using your card abroad

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

3. Protection of payments services - safeguards and corrective measures

3.1. Loss, theft and misappropriation

In the event of a problem with an elyps card (loss, theft, misappropriation), the Customer should notify elyps, without undue delay after becoming aware of the incident or unauthorised use of the elyps Card, the Mobile PIN or the Card PIN which relates to those problems. The Customer can block or permanently delete a card in the Cards section within the elyps app, or notify elyps via the chat function on elyps website. Any complaints made 13 months after the debit date will not be accepted.

3.2. Fraud or security threats

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

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

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

3.3. Transaction liabilities

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

In case of liability, elyps will, without undue delay, refund the amount of the non-executed or defective payment transaction to the payer, and, where applicable, restore the debited payment money account to the state in which it would have had the defective payment transaction not taken place. The credit value date for the payer’s payment money account shall be no later than the date on which the amount was debited.

In addition, elyps shall be liable to the Customer for any charges for which they are responsible, and for any interest to which the Customer is subject as a consequence of non-execution or defective, including late, execution of the payment transaction.

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

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

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

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

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

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

3.4. Refunds

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

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

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

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

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

3.4.2. Exclusions

The Customer has no right to a refund when:

4. Changes and termination of the framework contract

4.1. Duration of the contract

There exists no minimum term or set duration for the elyps services

4.2. Contractual changes

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

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

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

4.3. Revocation by the Customer

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

4.4. Termination

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

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

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

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

Other actions elyps may take.

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

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

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

5. Disputes

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

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

You can make a complaint yourself for free directly to a firm or the Financial Ombudsman Service. You can also get free help from the Financial Ombudsman Service, or organisations like Citizens Advice and the Pensions Advisory Service.

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

6. Definitions

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

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

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

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

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

“Funds” means electronically stored value.

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

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

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

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

“eShare” means electronic certificate issued by a foundation owning a pool of elyps shares.

“Website” means our general website, the web address of which is www.elyps.com

7. Plans & Fees

Consumers plans: