To the General Service Agreement and the Electronic Money and Payment Account Agreement
UAB „Pervesk“, legal entity code 304186270, address Gedimino ave. 5-3, LT-01103 Vilnius, Lithuania, (hereinafter the Institution),
Spectro Finance OÜ, legal entity code 14608294, address Narva mnt 7b-509, 10117, Tallinn, Harju County, Estonia, (hereinafter the Platform Operator)
the Client, natural person or legal entity, who/which uses the services provided by the Platform Operator, which are available on the platform accessible on the website www.spectrocoin.com, via the mobile application and/or in any other permitted way (hereinafter referred to as the Platform), and wishes to additionally use the services of the Institution, which are offered on the Platform,
hereinafter the Institution and the Client (or “You”) together are referred to as the Parties, separately – the Party,
- 1. The Parties conclude an Electronic Money and Payment Account Agreement (hereinafter – the Account Agreement), together with the Client’s consent to the General terms and conditions for the Provision of Payment services of the Institution (hereinafter – the General T&C), pursuant to which the Institution shall open an IBAN (International Bank Account Number) format payment account for the Client (hereinafter – the Account );
- 2. The Account Agreement shall be concluded and the Account shall be opened for the Client by applying to the Institution via the Platform;
- 3. The Platform Operator and the Client have concluded a Virtual Currency Wallet Agreement, together with the Client’s consent to the General terms and conditions of the Platform Operator, pursuant to which the Platform Operator has opened a virtual wallet for the Client (hereinafter – the Wallet). The Wallet is available via the Platform. The Wallet represents funds that the Client may use to purchase the services offered by the Platform Operator;
- 4. The Client wishes to use the Account only: a) for purchase of services provided by the Platform Operator, i.e. to make advance payments to the Platform Operator for execution of the Client’s traditional currency or virtual currency exchange transactions; b) to accept funds from the Platform Operator received after execution of virtual currency exchange transactions in the Platform or by recovering paid and unused advance payments;
- 5. The Institution and the Platform Operator maintain such functionality, which allows, after integrating the Account with the Platform, to ensure that: a) upon receipt by the Institution of an order from the Payer’s Payment Service Provider to credit funds to the Account opened for the Client, the Institution would automatically top up the Account with the appropriate value and, after topping up the Account, would immediately write off and transfer to the Platform Operator the corresponding amount to its account opened with the Institution as an advance payment for the services to be provided, and the Platform Operator would represent the amount of the received advance payment in the Wallet; b) upon receipt by the Platform Operator of the Client’s order to pay out funds that are represented in the Wallet, the Platform Operator would transfer the corresponding amount to the Account, ant the Institution would transfer this amount to the account of the recipient specified by the Client;
- 6. In order to provide the Client with an opportunity to use the above-mentioned functionality, the provisions of the Account Agreement and General T&C must be amended and supplemented;
conclude this Additional Agreement to Account Agreement and General T&C (hereinafter the Agreement).
I. GENERAL PROVISIONS
- The Parties hereby establish special conditions relating to the management and use of the Account, the integration of the Account into the Platform and other special conditions that are necessary for the Account to be used for the purposes defined in this Agreement.
- The terms and conditions set forth in the Agreement are special against the provisions of the General T&C and the Account Agreement. Therefore, in the event of inconsistencies or contradictions between the provisions of this Agreement and the General T&C and/or the Account Agreement, the terms of this Agreement shall apply, unless otherwise specified in the Agreement itself.
- Definitions used in the Agreement, which are not given a separate meaning, correspond to those definitions that are used in the General T&C and the Account Agreement.
- All other issues related to the provision of payment services to the Client, which are not directly regulated by the provisions of this Agreement, shall be governed by the provisions of the General T&C and the Account Agreement. Both the relevant and previous versions of these agreements are published on the Website, and they are also available via the Platform.
II. EXPLANATION OF DISTINCTION BETWEEN SERVICE PROVIDERS AND PROVIDED SERVICES
- The Platform Operator does not provide You with electronic money and payment account, including the Account, services. The Institution provides You with electronic money issuance, payment account, including the Account, and payment execution services.
- The Institution is not an operator of the depositary virtual currency wallets, including the Wallet, and the operator of the virtual currency exchange. The Platform Operator provides You with depositary virtual currency wallets, including the Wallet, as well as virtual currency exchange services.
- By entering into this Agreement, You confirm that You understand the mechanism of operation of the Account described in this Agreement and, consequently, the risks associated with the use of the services provided by the Institution and the Platform Operator.
III. ACCOUNT USE AND MANAGEMENT
- The Parties agree that the Account will be used only as a transit account, through which the Client will be able to top up the Wallet or withdraw funds from the Wallet to the recipient specified by the Client.
- The limited functionality of the Account set out in the above clause is ensured as follows:
- in the case of incoming payments – enabling the Client to receive payments made to the Account in traditional currency and, after crediting the funds sent to the Account, automatically transferring them as an advance payment to the Platform Operator, which assigns the received funds to the Wallet and enables the Client to pay for the services provided on the Platform with these funds;
- in the case of outgoing payments – upon the order of the Client to the Platform Operator by transferring the funds assigned to the Wallet to the Account and automatically transferring the relevant funds to the payment recipient specified by the Client.
- You confirm that You know and understand that the Account will not be able to be used for purposes other than those set forth in clauses 3.1 to 3.2 of the Agreement, i.e.:
- You will not be able to keep funds in the Account;
- You will not be able to use other functionalities specified in the Account Agreement and the General T&C that are typical for regular payment accounts (unless the possibility to use a specific functionality is recognised in this Agreement).
- You also confirm that You know and understand that You will not be able to manage the Account in the usual way, i.e. via the Internet Banking System, which is accessible through the Website, the mobile application and other access channels supported by the Institution, and to use those functionalities that are specific to the Internet Banking System (for example, you will not be able to receive the Account statements, etc.).
- You, as already indicated, will not be able to receive the Account statements and get acquainted with all the information that is reflected in the statements of regular payment accounts. However, by logging in to Your Wallet on the Platform, You will be able to see the main information related to the transfer of funds to or from the Platform Operator and the representation of such transactions in the Wallet, i.e. the amount of funds deposited (withdrawn), the date of deposit (withdrawal) of funds.
- Please be informed that in order to use other functionalities which are specific to payment accounts, You must separately apply to the Institution for the opening of a regular payment account.
IV. EXECUTION OF PAYMENT ORDERS
- You hereby give an order to the Institution every time funds are transferred to the Account (except for cases when the payment is made by the Platform Operator, when transferring the funds assigned to the Wallet to the Account) to immediately transfer the relevant funds to the Platform Operator.
- The Institution, while executing Your order, undertakes to immediately, but no later than the next Business Day, automatically transfer funds from the Account to the payment account of the Platform Operator opened with the Institution (except in the cases specified in clause 4.2).
- The Client's order specified in Clause 4.1 of the Agreement shall be executed until it is revoked in accordance with the procedure established in clause 4.4 of this Agreement or the Agreement itself ends on other grounds.
- You confirm that You know and understand that the funds transferred from the Account to the payment account of the Platform Operator opened with the Institution are an advance payment, i.e. the funds that You pay in advance to the Platform Operator for the services of the Platform Operator You intend to purchase, and that these funds from the moment they are credited to the payment account of the Platform Operator become the property of the Platform Operator. In the event that You refuse Your intention to purchase the services offered by the Platform Operator, You have a right to recover the paid advance by giving the Platform Operator an order to transfer the funds assigned to the Wallet to the Account in accordance with the procedure set out in Clause 4.2 of this Agreement.
- Each executed payment order is represented in Your Wallet as a deposit of the corresponding funds, together with a representation of the change in the balance of funds in the Wallet.
- The funds assigned to the Wallet, which are represented in the Platform, shall be transferred using the Account in the following order:
- In order to withdraw the funds assigned to the Wallet using the Account, You must first log in to the Platform.
- By logging in to the Platform, You select the Account as the method of withdrawing funds and indicate the amount of funds You want to withdraw and all other information necessary to make the payment (the recipient of funds, his/her/its account, other necessary information). This action shall be considered as Your order to the Platform Operator to execute the transfer specified in Clause 4.2.3 to the Account by transferring the funds transferred by the Client in advance to the Platform Operator, and a payment order to the Institution to make the payment from the Account specified in Clause 4.2.5.
- The Platform Operator shall immediately initiate the transfer of funds to the Account if:
- the Wallet contains a sufficient balance of funds for the implementation of Your request for the withdrawal of funds;
- the respective transfer complies with the terms of the Virtual Currency Wallet Agreement;
- there are no other legitimate reasons not to execute the request initiated by You.
- The Institution shall, in accordance with the procedure established in the General T&C, make a payment from the Platform Operator's account to the Account, unless it is not done for the reasons set out in this Agreement and/or the General T&C.
- After making this payment to the Account, the Institution shall execute a payment order for the transfer of funds from the Account to another payment account in accordance with the data provided by You (Clause 4.2.2 of this Agreement), unless there is a legal basis granting the Institution a right or obliging the Institution to refuse to execute the payment order submitted by You.
- Each executed payment order is represented in Your Wallet as a withdrawal of the corresponding funds, together with a representation of the change in the balance of funds in the Wallet.
- In cases where, after making a payment to the Account, the Institution is unable for any reason to execute the payment from the Account to another payment account specified by You, both the withdrawal of funds initiated on the Platform and the payment from the Account shall be deemed not to have taken place.
- In such cases, the amount of the payment initiated by You will be immediately returned to the Platform Operator's account opened with the Institution and, accordingly, represented in Your Wallet, unless such actions cannot be performed for legitimate reasons.
- In order to ensure the return of the amount of the payment initiated by You to the account of the Platform Operator and the representation of the former balance of funds in the Wallet, You give the Institution an order each time in such cases to transfer the corresponding amount from the Account to the Platform Operator's account opened with the Institution.
- In cases where the order given by You regarding the withdrawal of funds that are assigned to the Wallet cannot be executed, the Platform Operator shall immediately, but no later than the next Business Day, inform You of the inability to execute the relevant order, together with the reasons for such inability, unless disclosure of this information and/or reasons is not possible in accordance with the requirements of the legal acts applicable to the Platform Operator and/or the Institution.
- Please note that the deadline for the execution of the payment order submitted on the basis of this Agreement depends on the moment of receipt of the funds transferred by the Platform Operator to the Account: if the funds were received no later than 1 (one) hour before the end of the Institution's Business Day, the payment order shall be executed on the same Business Day, if later – no later than the next Business Day of the Institution.
- The Institution does not issue You with separate Means of Identification for the authorisation of Your orders and (or) other actions performed by You. In cases where Your actions under this Agreement must be confirmed by applying the Safer Authentication Procedure, Your phone number that You provided to the Institution at the time of the conclusion of this Agreement or which has been provided by the Platform Operator to the Institution and has been approved by You, or any other Means of Identification specified by the Institution that meets the requirements of the Safer Authentication Procedure shall be used.
- In order to cancel the instruction given to the Institution regarding the transfer of funds (Clauses 4.1, 184.108.40.206 of the Agreement), You must inform the Institution and the Platform Operator in writing at least 3 (three) Business Days before the date of the planned cancellation. The Parties agree that the cancellation of the order shall also be the basis for the termination of the Account Agreement, the General T&C and this Agreement, and shall also lead to the closure of the Account.
- The Account and the transactions carried out through it shall not be subject to the Fees set out in the Standard Rates for the services and transactions provided by the Institution.
- You hereby undertake to pay the following Fees for Your use of the Account and other related services:
|Account opening fee||0|
|Account closing fee||0|
|Monthly account support fee||0|
|Payments between the accounts of the Institution||0|
|Fee for incoming SEPA transfers||0|
|Fee for outgoing SEPA transfers||0|
|Fee for incoming SWIFT transfers in EUR currency||0.50 % (min. € 25)|
|Fee for outgoing SWIFT transfers in EUR currency||0.50 % (min. € 25)|
|Payment refund fee||€ 20|
VI. OPERATION LIMITS
- The Parties agree that the following limits will apply to the Account transactions:
|One operation limit (Eur)||One day limit (Eur)||One month limit (Eur)|
- If You wish to make operation above these limits, You shall approve it via video or audio call.
- The Institution shall be responsible to You in accordance with the procedure established in legal acts and the General T&C for improperly executed (non-executed) payment orders regarding the transfer of funds from the Account to the payment account of the Platform Operator and vice versa.
- The Platform Operator, in turn, undertakes to ensure to the Institution that the Safer Authentication Procedure is applied to identify the Client connecting to the Platform. At the same time, the Platform Operator undertakes to indemnify all losses that the Institution may incur due to non-compliance with the specified requirement.
- The Institution, having executed Your payment order for the transfer of funds from the Account to the account of the Platform Operator and vice versa, does not assume any responsibility for the further fate of the transferred funds.
- The Institution does not assume any responsibility for the security of the Client's connection to the Platform and the operations carried out on the Platform. This shall be regulated by the agreements concluded between the Client and the Platform Operator.
VIII. PERSONAL DATA
- In order to ensure the proper execution of this Agreement and the proper implementation of the “Know Your Customer” principle applicable to their activities, the Institution and the Platform Operator will share Your personal data between themselves.
IX. FINAL PROVISIONS
- For any questions that You may have when using the Account and performing other actions specified in this Agreement, You may contact the Platform Operator, which will be able to provide You with the necessary information on behalf of the Institution.
- The Agreement may be amended and terminated on the general grounds and in accordance with the procedure established in the General T&C and the Account Agreement.
- The terms and conditions of this Agreement are standard, and the Agreement itself, together with the Account Agreement and the General T&C, shall be concluded by way of accession, confirming that You are entering into these three agreements and agreeing to their terms and conditions. After Your consent with the terms and conditions of the Agreement, it shall be deemed to have been signed by all three parties to the Agreement and it shall enter into force for all of them from the moment Your consent is expressed.
- By agreeing to the Agreement, You confirm that You have read all the terms and conditions of the Agreement, including the terms and conditions establishing the limited functionalities of the Account, and that they are clear, understandable and acceptable to You.