Terms and Conditions
Bankwards Operations GmbH · Körösistraße 29c/Top 86, 8010 Graz, Austria · FN 631086 v
1. General Provisions
The provisions of the general terms and condition of Bankwards ("Bankwards TC") govern the business relationship regarding the Bankwards Services between Bankwards Operations GmbH, with its corporate seat in Körösistraße 29c/Top 86, 8010 Graz, Austria, registered with the Austrian commercial register under registration number FN 631086 v ("Bankwards"), and a natural person or legal entity acting in the course of their professional activity and in whose name one or more account(s) is/are opened with ("Customer").
The Bankwards TC as well as the Annexes available under https://www.bankwards.com are hereby agreed upon.
2. Services
The services of Bankwards offers include:
- -The management of an account
- -Payment information service
- -Payment initiation service
- -The execution of payment transactions associated with the account by means of transfers
- -Foreign exchange services ("Bankwards Services")
As the Customer is acting exclusively within the scope of his professional activity, any statutory consumer protection provisions do not apply.
3. Account
3.1. The Customer undertakes and warrants that only persons with sufficient authorisation have access to the account of the Customer. Bankwards is entitled to rely on any instructions given or purported to be given on account of the Customer, unless Bankwards is notified otherwise. Bankwards will not be liable in case of any loss or damage suffered by the Customer as a direct or indirect result of an authorised or unauthorised person using the account of the Customer.
3.2. In the event of loss of the rights to the account or accounts (e.g. change of legal representative or revocation of the power of attorney of the authorized person), the Customer undertakes to inform Bankwards immediately. Bankwards cannot be held liable in the absence of notification or in the event of late notification.
3.3. In case the Customer is a legal entity the Customer represents and warrants that the legal entity: (i) is duly organised and validly existing under the laws of the jurisdiction of the Customer; (ii) has the good right, full power and authority and all internal approvals to enter into any business relation with Bankwards; (iii) has sufficient funds to fulfil its obligations towards Bankwards.
3.4. The Customer shall inform Bankwards about (i) any change of the ultimate beneficial owner, or (ii) the ownership structure if the Customer is a legal entity; and (ii) the commencement of dissolution, insolvency, restructuring, winding up or similar proceedings in any applicable jurisdiction as well as about the termination of the legal entity.
4. Partners of Bankwards
The Customer understands, acknowledges and accepts that even though the Bankwards Services are provided at/via the Bankwards Platform/App, some Bankwards Services may be provided by partners of Bankwards as stated in these Bankwards TC ("Whitelabel Partners"). In such cases Bankwards may only enable the Customer with an access to information and services of those partners but does not provide the services itself. Any access to the Bankwards Services is granted on the condition that the Customer unconditionally accepts and agrees with these Bankwards TC and the Whitelabel Partners' terms.
5. Security
5.1. Bankwards applies strong customer authentication (SCA) regarding all Bankwards Services. Therefore, each Customer has to use the two-factor authentication identification ("2FA") with regards to all Bankwards Services.
5.2. The Customer may not disclose his/her password and/or 2F to any third party.
5.3. Any person having access to the username, password and the 2F may have full access to the account of the Customer and may affect transactions in the name of the Customer which may not be reversible. Therefore, in case of theft of the password or loss or theft of the 2F, the Customer must notify Bankwards immediately.
5.4. In the case of Bankwards Services being validated by 2FA, Bankwards may refuse to reimburse the Customer if the Customer has acted with gross negligence or has intentionally failed to comply with the obligations to maintain the data of his/her account(s) safe.
6. Obligations to Act and Cooperate on the Part of the Customer
The Customer shall:
6.1. Ensure prompt execution of any contracts and declarations and render forthwith any assistance required and reasonably requested by Bankwards.
6.2. Immediately report all defects or other problems with the Bankwards Services or transactions.
6.3. Without undue delay update any changes to personal data (e.g. name, company name, mailing/postal address, principal residency or e-mail address).
6.4. Take all reasonable precautions to protect the password against unauthorised access.
6.5. At all times ensure that the Customer has the 2F available and in usable condition and that only the Customer has access to the 2F.
6.6. Provide Bankwards and/or the Whitelabel Partners with any reasonable data and/or information with regard to KYC, AML, proof of origin of funds.
6.7. Notify Bankwards without undue delay about any loss or restriction of the capacity to contract.
7. Limitation of Liability
7.1. The services provided by Bankwards are provided on an "as is" and "as available" basis, without any warranties of any kind, either express or implied.
7.2. Bankwards is entitled to make operational changes to the Bankwards Services for improvements or otherwise without giving the Customer prior notice.
7.3. Bankwards shall only be liable for damage caused intentionally (vorsätzlich) or by blatantly gross negligence (krass grob fahrlässig) by Bankwards.
7.4. Except for damages resulting from fraudulent, wilful or intentional acts, under no circumstances shall Bankwards be liable for indirect, special, incidental, exemplary, punitive or consequential damages.
7.5. Bankwards shall not be liable for any failure or delay in performing its services due to circumstances beyond its reasonable control, including but not limited to natural disasters, war, terrorism, power outages, or internet outages.
7.6. Any liability for damages is limited to the amount of the Subscription Fees.
7.7. Any right of the Customer's claims in connection with this business relationship expire one year after its occurrence unless otherwise provided under mandatory law.
8. Duration
After the Customer accepts the Bankwards TC the business relationship is concluded for an indefinite period.
9. Personal Data
The processing of the Customer's personal data ("Personal Data") is governed by the Bankwards TC, the Appendixes and Bankwards' Privacy Policy.
10. Termination
10.1. Either Party may terminate the contractual relationship for convenience on provision of at least 90 days' prior written notice. The notice of termination can be sent by the Customer by e-mail to support@bankwards.com or directly via the Bankwards Platform/App.
10.2. Bankwards or a Customer may at any time, without a notice period and with immediate effect terminate the entire business relation for cause.
10.3. If any cause for termination is suspected, Bankwards shall conduct an objective examination and may block, freeze and/or suspend the account temporarily or permanently.
10.4. Bankwards may terminate the business relation with immediate effect and close the account of a Customer including but not limited to cases of: suspected criminal activity, official investigations, compliance with applicable law, use of the Bankwards Services for illegal activities, provision of incorrect information, harassment of Bankwards employees, concealment of identity or funds, or insolvency proceedings.
10.5. Should the account of a Customer be locked or the access suspended, Bankwards will lift the lock once such reasons no longer exist.
11. Safeguarding Statement
When funds are posted to the account of a Customer, in line with regulatory requirements, the regulated e-money and/or payment institutions who Bankwards works with safeguard the funds of the Customers. This means that the funds shown in the payment account or e-wallet of a Customer are held at reputable banks or covered by an insurance policy, and most importantly, are protected for the Customer in the event of partner insolvency or the insolvency of Bankwards.
12. Complaints
Bankwards is the first port of call for any queries or concerns, including complaints. If you need to raise a complaint, please contact support@bankwards.com with:
- -The date of the complaint
- -The nature of the complaint
- -The impact on your business
- -Your contact details
- -Any additional information
Bankwards will confirm receipt within 1 business day and aims to resolve complaints within three business days, extended to 15 business days in certain circumstances.
13. Set-Off
Bankwards and any other affiliated company of Bankwards are entitled at any time to set off due and unpaid monetary claims that they have against Customers against due and unpaid monetary claims that the Customers have against them.
14. No Waiver
No failure or delay by a Party to exercise any right or remedy provided under this business relationship or by law shall constitute a waiver of that or any other right or remedy.
15. Severability Clause
Should a provision of the Bankwards TC be or become invalid or unenforceable, this shall not affect the validity of the remaining provisions of the Bankwards TC.
16. Governing Law
Any transaction with Bankwards shall be governed by and construed in accordance with Austrian law excluding the provisions of the United Nations Convention on the International Sale of Goods and excluding the conflict of law rules of Austrian private international law.
17. Place of Jurisdiction
Any dispute or claim which may arise in connection with, relating to, or arising from, the performance of the Bankwards Services shall be governed by Austrian law and the courts of Austria shall have exclusive jurisdiction.