About our terms
Welcome to IBANFIRST. We set up the IBANFIRST Business online platform in order to give you easy access to the basic financial services required for a business: an IBAN business account, as well as the receiving and execution of international and European transfers with your commercial counterparts (hereinafter the “IBANFIRST Business Service” or the “Service”).
The following terms briefly outline the Agreement main sections, although the whole document includes important details that we invite you to read carefully in their entirety.
Subscription to the IBANFIRST service (Section A)
You provide us with basic information regarding your organisation: administrator(s), recipient(s) and user(s). We then proceed to verify the information provided (we might call upon a third party), and validate your service account, except if your application is declined because of risks or compliance issues (determined by our teams, or by the third party). You grant us the permission to carry out these verifications, to hand over this information or data to a third party in order to help or carry out these verifications, and to regularly update the information. Otherwise, we would be obliged to deny you access to the Service.
We may ask you to provide additional information about your company at any time. This additional information will be essential in order to complete our controls successfully, and to comply with the laws and regulations to which we are consenting as an approved entity. In the absence of sufficient information, your services could be suspended.
Considering the major risk of identity theft, as advised by the national supervisory authority (the National Bank of Belgium and the Financial Intelligence Processing Unit), IBANFIRST will firstly require a funds transfer emanating from a recognised credit institution bank account, in the customer’s name. This first transaction will also be analysed in compliance with anti-money laundering laws and the fight against terrorist financing. See the complete details below.
The IBANFIRST Business platform (Section B)
The Business Service is the basic financial service that any company needs in order to carry out a professional activity. It is therefore perfectly suitable for companies that were recently set up, and that have limited feature needs.
We provide you with a service that enables you to open an IBAN business account, and to receive and execute international and European transfers. We commit to respecting and protecting your privacy, data and personal information. You manage your business, serve your customers and protect their data, declare and pay your taxes and comply with all the laws and regulations. See the complete details below.
The International IBANFIRST service (Section C)
The International Service is IBANFIRST’s original module. It is accessible to all IBANFIRST Business customers and provides advanced features, only available to companies doing business internationally.
We provide a service that enables you to open IBAN business accounts in currencies other than the EUR, and the possibility of executing cash management operations of currencies between these accounts. The currency conversion operations may be carried out via an online trading room. You have access to the same operating conditions and the same tools as the cash management departments of the biggest international groups. See the complete details below.
The IBANFIRST Prepaid Virtual Card Service (Section D)
The Prepaid Virtual Card Service is the module providing businesses with a prepaid virtual card as a mean of payment. This service is very useful for managing invoice settlements online, and is perfectly suited to established businesses which have a significant number of invoices to settle online.
We provide a service that enables you to generate prepaid virtual cards in order to pay for your online orders, or to allow your employees to do so. The configuration logic of these cards will allow you to manage the allocation of funds according to the budget defined by your company. See the complete details below.
The IBANFIRST Isabel 6 Service (Section E)
The Isabel 6 Service is the module that allows Isabel customers to benefit from the expertise and preferential pricing conditions offered by iBanFirst for international payments, whilst using the Isabel 6 interface. We provide you with a module which allows you to activate Isabel 6 online. All payments effected on Isabel are automatically carried out on the iBanFirst platform without the need for additional authorisation. See the complete details below.
Termination and other legal procedures (Section F)
We may terminate this Agreement for any reason with two months’ notice, or immediately under certain circumstances (such as failure to comply with this Agreement, resulting from your actions). You may proceed to terminate this Agreement at any time, with immediate effect. Termination does not exempt you from your responsibilities with regard to transactions carried out. See the complete details below.
IBANFIRST Service agreement
The IBANFIRST customer service email address is email@example.com ;
The IBANFIRST Service is available exclusively to individuals or legal entities that carry out a commercial activity and only for payment purposes. The IBANFIRST service is not available to individuals looking to receive or execute payments for private purposes.
In order to be able to use IBANFIRST within the scope of your business activity, you must register your company on a preliminary basis. We will receive essential information during this registration, such as your name, the business name, the location, the email address, the company number, a copy of your ID and a phone number. For regulation purposes, we are required to identify (i) all the beneficiary owners of your business, (ii), the main shareholder(s) (persons owning or controlling the activity through ownership or control, directly or indirectly, of 25% or more of all the shares or voting rights in the company), as well as (iii) the aim and/or the purpose of the activity.
Furthermore, we are legally bound to verify whether the identified persons are not considered “politically exposed persons”, are related to a politically exposed person or closely associated with a politically exposed person.
A politically exposed person is an individual with an actual or past prominent public function, such as: heads of states, heads of governments, ministers, deputy ministers, State secretaries; parliamentarians or members of a similar legislative system, members of political parties’ managing bodies; members of supreme courts, constitutional courts or other high jurisdictions where no review may be sought of a decision, except under exceptional circumstances; government auditors or members of central bank management boards; ambassadors, project managers and senior officers of the armed forces; members administering, managing or observing state owned utilities; directors, deputies and international organisations board members, or persons holding a similar role within them.
None of the public services mentioned above cover people holding intermediate or inferior duties. A politically exposed family member could be the spouse, or a person considered as the equivalent, of a politically exposed person; the children and their spouses, or people considered as the equivalent, of a politically exposed person; the parents of a politically exposed person. Persons known to be closely associated could be recognised as private individuals in order to become beneficiary owners of an entity or legal structure together with a politically exposed person, or to maintain any other business relationship with such and such individuals who are the only effective beneficiaries of an entity or well-known legal construction as established de facto in favour of a politically exposed person.
In your capacity as User, you must be able to act in the name of the company and have the ability to engage the company within the scope of this Agreement. If you have notified your consent with regards to this, the term “you” means yourself as an individual, as well as the company thus designated. Besides, when you decide, as a user, to activate a new user on the platform, this activation is under your entire and unique responsibility as the first User administrator of the account.
Following the signing of the Service Agreement, we will grant you access to IBANFIRST (hereinafter the “identification information of your IBANFIRST account”). You must take all the required steps to protect the customised security features of your IBANFIRST Account (including your password), by keeping them secret and sharing them only with authorised staff within your company. If you notice that one of your customised security features has been stolen, lost, used or attempted to be used by an individual without your consent, you must notify us as soon as possible by sending an email to the IBANFIRST customer service (see contact details above).
Verification and subscription
In order to verify your identity, we require further information such as the company registration number, the VAT number and, if applicable, your date and place of birth. We may also request further information in order to verify your identity and evaluate the risks linked to your activity, such as commercial invoices, a driving licence or other official ID, an operating licence or financial statements. We may be required to call for the conduct of an on-site audit, and look into the documents and registers attesting your conformity to this Agreement. Any failure to satisfy one of these demands within fifteen (15) days may lead to the suspension or termination of your IBANFIRST account. You entitle IBANFIRST to collect further information relevant to you from third parties and other identification services.
Following the validation of your registration, you will have access to your IBANFIRST Account as well as your IBAN contact details. All the credits and debits carried out on this account will be temporarily suspended until we have verified your identity and your role within the Company, and have proceeded to all the required conformity verifications.
By agreeing to this Agreement’s terms and conditions, you grant us the authorisation to receive information about you, to provide third parties with your information, and to authorise these third parties to provide us with the aforesaid information. You acknowledge the fact that the information gathered could include your name, your past addresses, your transaction history as well as other data about you.
This essentially relates to the sharing of information (a) relating to your transactions in pursuance of regulation and conformity requirements, (b) relating to the use, administration and maintenance of the Service (c) aiming to create and update your above-mentioned records, as well as to improve the service quality, and (d) in preparation for the conduct of the IBANFIRST risk management process.
IBANFIRST may regularly update this information in order to determine whether you are fulfilling these eligibility requirements.
The IBANFIRST Service
When you register with the IBANFIRST Service, you must confirm that you are a resident of the country you indicated while registering your company in order to open your IBANFIRST account (hereinafter the “designated Country”), and that you are authorised to practice professional activities in this country.
By accepting this Agreement, you attest that you intend to comply with these requirements, and to continue doing so within the framework of your use of the Service.
You agree to use IBANFIRST solely for transactions carried out between you and your counterparts as part of the bona fide commercialisation of goods, or lawful services. You will neither request nor use any personal, financial or transactional information (hereinafter the “Payment Data”) for purposes different than the payment of your goods and services. You will comply with all governmental laws, regulations and orders applicable within the framework of your use of the Service.
IBANFIRST Service provision
We provide an online platform as well as an application programming interface (together called the “Interface”) that enable you to manage the Service. We reserve the right to request you to install or update the software, partially or fully, in order to keep using the Service. The only possible way to give IBANFIRST payment instructions is to enter the required data into the Interface. All the payment orders that go through the interface are instructions given to IBANFIRST aiming to make a payment in the name of the Customer.
If a payment order has not been entered into the Interface in compliance with the instructions and technical arrangements displayed on the Interface (especially if the Customer did not complete all the featured mandatory fields), IBANFIRST will consider that the order did not go through. The payment instructions may be carried out only with the Customer’s approval subsequent to the data input required in the Interface.
IBANFIRST will not process any payment instructions if the account does not have sufficient funds on the payment date. An order of payment may be refused if it does not comply with the laws and regulations applicable to the transaction.
IBAN account ownership and fund processing authorisation
When you register with the Service, you will open an account (hereinafter the “IBAN account” or the “Account”) and will be assigned a unique IBAN number for this specific Account. IBANFIRST reserves the right to decline any Account opening request, or to bring any business relationship to an end, at any time and without having to provide any reason, if IBANFIRST considers that this business relationship would affect its global business strategy.
The Customer Account is not a deposit account, and the featured amounts do not accrue any interest. The Account is a ledger account opened in the IBANFIRST accounting register. The balance of the account is equal to the amount of the accounting entries transcribed using the amounts that the Customer has transferred to IBANFIRST, and that are available in order to enable IBANFIRST to carry out payments when IBANFIRST receives an instruction from the Customer.
The balance of the Account may vary depending on the payments IBANFIRST receives or carried out on the Customer account, on debit and credit transfers from a bank account, as well as transfers carried out between these two Accounts.
IBANFIRST reserves its right to suspend any Account at any time, according to impartial reasons, in relation to their security or in the hypothesis of an unauthorised use. IBANFIRST will let the Customer know that an Account has been suspended, if possible before, or at the latest immediately following this suspension, notifying the Customer by email or via a message on the Interface, except when such notifications are forbidden by law or may not be carried out because of security problems according to impartial reasons. IBANFIRST will be required to release these Accounts and, if required, send new login information as soon as the reasons justifying the suspension no longer exist.
By accepting this Agreement, you authorise IBANFIRST to own, receive and disburse funds on your behalf. Furthermore, you authorise IBANFIRST to select the funds routing and the network to process your payments (such as SWIFT, BACS, CHAPS or SEPA), as well as the proceedings of their execution. You also authorise IBANFIRST or its payment suppliers to hold settlement funds on a deposit account to your name, awaiting the funds withdrawal in your favour, in compliance with this Agreement terms and conditions. IBANFIRST will set up a clearing account where payments in accordance with this Agreement will be carried out. Any payment carried out through this clearing account will be considered as a complete and final IBANFIRST payment in your favour.
Receiving and sending payments
The Service is in charge of the transfers processed on the SEPA and SWIFT networks. Other payment flows may be used during the IBANFIRST international Service registration, or during the IBANFIRST Payment card one.
IBANFIRST reserves its right to suspend the receipt or issuance of payments if necessary, because of outstanding disputes or other suspicious activities in relation to your use of the Service, or following an administrative, fiscal or legal request. In that case, we will shortly notify you, explaining our reasons except if it’s illegal to do so.
The IBANFIRST Business Service enables you to receive and carry out European and international transfers using the euro currency (or another one) for commercial purposes.
IBANFIRST is not obliged by any means to carry out payments or transactions as long as the total amount pertaining to all the future payments to be issued has not been provisioned on the original IBANFIRST account, and such is the case even if the account balance is partially sufficient to carry out one of these transactions. In the case of insufficient funds in the Account, IBANFIRST could decide, at its sole discretion, to invalidate the execution date of the payment as well as the foreign currency exchange instructions, or even purely and solely cancel the payment instructions or closing the currency positions linked with these payments. Nevertheless, the Customer will settle the amendment and cancellation costs as soon as possible. Such a settlement could be carried out by direct debit from a sufficiently provisioned account in order to cover the relevant amount. This amount could be directly credited to the IBANFIRST account. The amount to be paid should include all the outgoing payments’ agents of change, if the beneficiary’s account is not recognised due to compliance or regulation reasons, depending on the case.
IBANFIRST could refuse to process an outgoing payment order, by sending a notification to the Customer, if the beneficiary’s account is not recognised, due to compliance or even regulatory reasons, depending on the case.
If, because of an insufficient balance, the execution Date needs to be modified by the Customer while the pertained payment order has not been cancelled, the exchange rate that would have been applied to the initial execution Date could be applied to the new execution Date. However, the application of the same exchange rate does not constitute an obligation for IBANFIRST in any case. In such a case, all the additional charges notified on the platform and handled by IBANFIRST within the framework of the application of the previously agreed rate on the execution Date will be reimbursed by the Customer to IBANFIRST. If the initially agreed exchange rate is not applicable to the new execution Date, a new exchange rate applicable to the new execution Date will be agreed upon, and the Customer will reimburse IBANFIRST the total of charges and compensations owed, as if the order had been cancelled.
IBANFIRST will proceed to retransfer the main amount corresponding to the processed transfer in response to your request in the following cases: (i) if you do not wish to cancel your transfer before its execution; (ii) if the transaction has not been approved, or may not be processed by IBANFIRST because of a breach to this Agreement; (iii) if you wish to provide an amendment (in which case IBANFIRST will require the cancellation of the initial transaction); (iv) if the beneficiary account holder, the beneficiary bank or any other transaction provider rejects or sends the transfer back.
IBANFIRST charges collection
You agree to settle the charges (hereinafter the “Charges”) you’ve been billed by IBANFIRST for the Service described in this Agreement. These Charges will be calculated in compliance with the scale of charges available on the IBANFIRST website.
A certain number of Services are offered as “Packs”. The term “Pack” relates to any Service including several provisions. Subscription to the “Pack” is automatically renewed every month, except if the Customer expressly notifies IBANFIRST that he does not wish to renew the subscription. Termination of a subscription takes place on the first day of the month following the current month.
We reserve to ourselves the right to review our Charges at any time. You are also bound to settle all the taxes and other charges required by any governmental authority, including without limitations the eventual taxes on goods and services (including the VAT), that are applicable within the framework of the Service described in this Agreement. If you benefit from a tax exemption, you must provide us with an approved certificate, or any other tax exemption document we consider satisfying enough. Keep in mind that complying with the social and fiscal obligations, and this including declarative matters, only depend on the Users’ will.
Our collection rights
Inasmuch as the Law allows it, we are likely to recover the amounts you eventually owe us by virtue of this Agreement, by deducting the corresponding amounts from your IBAN account. Any failure to repay, at our request, the totality of the amount you owe us will constitute a breach of this Agreement. You incur the settlement of costs associated with the additional collection of sums owed, including and without limitations legal charges, arbitration or legal procedure costs, collection agency fees, and interest if applicable.
Security and anti-fraud policies
It falls to IBANFIRST to handle the protection of the payment Data in their possession and to put administrative, technical and physical procedures in place in order to protect all the personal data related to you and your counterparts stored on our servers, in order to avoid any unauthorised access as well as any accidental alteration or loss.
b. Data protection: Personal data protection is a very important matter to us. IBANFIRST is committed to compliance with applicable data protection laws, including and specifically with the laws complying with the European Union Directive 95/46/EC (hereinafter the “Data European Union Directive”) effective in Europe, amended on a casual basis.
In compliance with this Agreement, and regarding the processed personal data to your name, all the parts agree on the fact that you are responsible for the data management, whereas IBANFIRST is only responsible for the data processing. We will process personal data in compliance with this Agreement and the instructions that you must reasonably provide to us from time to time. We will protect the aforementioned personal data thanks to technical and organisational appropriate measures. IBANFIRST, in the capacity of supervisor of the data processing, will be able to appoint subsidiary processors assigned to process personal data, with reservations that the aforementioned subsidiary processors are subject to the same requirements as those imposed on IBANFIRST, related to the data processing.
You acknowledge the fact that IBANFIRST rely on you as to the extent according to have the right to use and process the personal data you’ve been providing us. Consequently, we decline any responsibility related to eventual complaints brought about by a data matter resulting from any action or omission on our side, to the extent that the aforesaid action or omission would result from your instructions.
c. Data requests: We will notify you (within a reasonable time) if we receive a request from a third party attempting to access your personal data; a claim or relative request to your liabilities in virtue of the applicable data protection regulations; or any other communication directly related to the processing of any personal data within the framework of this Agreement.
IBANFIRST provides cooperation and reasonable assistance in regard to any claim or request related to the processing of your personal data, especially by providing you with the claim or request details, by answering to any access, modification or deletion requests related to the data (within the timeframe set by the applicable data protection regulations), and by passing on all the personal data in our possession and in relation to a person transmitting a claim or request (within a reasonable time).
IBANFIRST International (“SIP”) is a service that facilitates the management of foreign currencies treasury for businesses. This Service provides more features than the Business Service, such as opening an IBAN Account in a foreign currency, converting currencies with the best exchange rate possible, accessing an online trading room, as well as providing a dedicated interface in order to administrate your activity with a currency other than the euro in a smart way.
In order to use the SIP service for your business, you first need to submit to an extensive compliance verification process, carried out by your IBANFIRST account manager. Once all of these compliance requirements have been resolved, and in the case that you receive the IBANFIRST compliance department agreement, you will be notified that a module has been activated on your platform.
The SIP service requires the opening of at least one IBAN account in euros. IBANFIRST authorises each Customer to open other IBAN accounts. IBANFIRST may decline an account opening request from the Customer without having to justify its decision.
The Customer commits to not carrying out any Account transactions for speculative purposes or with the aim of taking advantage of exchange rate fluctuations, and that the Accounts and Services will be used only for exchange and payment transactions within the framework of legitimate commercial operations. Theoretically, none of the operations executed on the Accounts may be cancelled or nullified at the Customer’s request without IBANFIRST’s consent. For instance, the Customer is not authorised in any case to obtain the anticipated closing down of an opened currency gap. If, renouncing to this regulation, IBANFIRST accepts to proceed to the invalidation or anticipated termination of a transaction or a contract, the Customer will be required to settle the eventual charges linked to this invalidation or termination that would have been to the detriment of IBANFIRST. Any type of agreement aiming to invalidate or terminate the transaction because of IBANFIRST does not imply that IBANFIRST will renounce to this compensation in any way.
The transactions of certain operations or currencies (that are available via the online quotation service) will be finalised over the phone.
The Prepaid Virtual Cards Service is the module providing businesses a prepaid virtual card as a mean of payment. This Service is very useful for managing invoice settlements online, and is perfectly suited to established businesses having a significant number of invoices to settle online.
We provide a Service that enables you to generate prepaid virtual cards in order to pay for your online orders, or allow your employees to do so. The configuration logic of these cards will allow you to manage the allocation of funds according to the budget defined by your company.
Using the IBANFIRST Prepaid Virtual Cards involves accepting the Specific Conditions of Use (“SPU”) pertaining to this Service, available here: https://www.anyti.me/legal/cgv-fr-vcn-ibanfirst-11avril2017.pdf
IBANFIRST Isabel 6 ("Isabel Module") is a service that enables iBanFirst users and accounts to be synchronised online in order for them to be able to benefit from all the advantages of the iBanFirst solution for international payments, whilst continuing to use their normal Isabel 6 interface.
Adherence to the current terms and conditions implies the customer's consent for the iBanFirst platform to automatically complete payments carried out on the Isabel interface, without requesting additional authorisation. Transactions involving a currency conversion are no exception to this rule and will be automatically completed on the foreign exchange market in an instant, and in respect of the general pricing conditions and customer specifics.
By activating the Isabel module, the customer understands and accepts the terms and conditions of Isabel usage: https://www.isabel.eu/content/dam/isabel6/contrib6/documents/en-US/gtc-be-Jun%202016-uk.pdf
Your IBANFIRST user licence and our trademarks
IBANFIRST grants you a limited, personal, non-exclusive, revocable, non-transferable and non-assignable as a sub-licence in order to electronically access to the IBANFIRST Service and use it exclusively to (a) accept and receive payments, (b) manage the funds you receive and (c) create applications using the IBANFIRST Service in a compatible manner with this Agreement and the documentation available on our website.
This licence includes the use of documentation, images, support pages and updates supplied by IBANFIRST. If the updates are subject to new or complementary conditions, we will notify you or update this Agreement.
We may also regularly provide you with some logos, trademarks and other IBANFIRST identifiers (hereinafter “IBANFIRST Trademarks). In that case, you may make use of these documents in compliance with the IBANFIRST Trademarks Agreement in force with IBANFIRST.
At any time, IBANFIRST may restrict or revoke your authorisation to use the IBANFIRST Trademarks. All the rights stated elsewhere than in the IBANFIRST Trademarks Agreement are expressly reserved for IBANFIRST. We may occasionally modify the IBANFIRST Trademarks. If the IBANFIRST Trademarks or the IBANFIRST Trademarks Agreement have been modified, you must use (a) the current IBANFIRST Trademarks version and (b) the IBANFIRST Trademarks in compliance with the IBANFIRST Trademarks Agreement.
IBANFIRST grants you a restricted licence in order to use the IBANFIRST Service just as described in this Agreement, and subject to this. All the above-mentioned articles are unsold and under licensing, and we reserve to ourselves all the rights not expressly granted to you in this Agreement.
The IBANFIRST Service is protected by copyright regulations, commercial secret and other intellectual property rights. We own all the interests, titles and other global intellectual property rights (as defined below) linked to the IBANFIRST Service as well as all the IBANFIRST Service duplicates.
For the purposes of this Agreement, the term “Intellectual property Rights” refers to all the patent rights ; copyrights, including derived work copyrights ; moral rights ; publicity rights ; trademarks, commercial presentation and service brand rights ; esteem rights ; commercial secret rights ; as well as other existing or future intellectual property rights, including requests and registrations, renewals and potential extensions, in virtue of any State, country, territory laws, or any other jurisdiction.
You may either choose to, or accept our invitation to submit comments or observations regarding the IBANFIRST Service, including and without limitations ways to make our products or the IBANFIRST Service better (hereinafter the “Ideas”).
By submitting a comment or observation, you acknowledge that your communication is free of charge, unsolicited and restriction-free, and that you will not subject IBANFIRST to fiduciary requests or any others, and that we may be able to make use of this comment or observation freely without paying you any additional compensation, and/or disclose the Idea in a non-confidential way or any other to anyone.
Besides, you acknowledge that the acceptation of your submission does not imply in any way that IBANFIRST might give up its rights to use similar or related ideas IBANFIRST previously knew about, that could have been developed by its employees or obtained thanks to sources other than yourself.
Length of time
The agreement comes into effect on the agreed date (electronic acceptance) and continues until termination by you or by IBANFIRST.
Right to cancel / Right of retraction
Considering the regulations included in the Economic Law Code, you expressly renounce any retraction rights and that, in view of the instant nature of the provided Service.
The service delivery actually includes the verification of the constitutive file, service that IBANFIRST discharges immediately after the reception of required documents and information.
We may terminate this Agreement for any reason, with two months’ notice, or immediately in certain circumstances (for instance, in the case of a breach of this Agreement resulting from your actions). Termination does not exonerate you from your liabilities regarding transactions carried out, by any means.
You may terminate this Agreement by closing your IBANFIRST account at any time, following the IBANFIRST Account instructions available on our website. We may terminate this Agreement and close your IBANFIRST Account with two months’ notice, by means of the following terms and conditions.
We may suspend your access to the Service, or terminate this Agreement with immediate notification if we determine, at our discretion, that you are not eligible for the Service allocation because of risks related to your IBANFIRST use, including and without limitations, in the case of significant risk of credit or fraud, or for any other reason.
Moreover, IBANFIRST may suspend Services provision to a Customer with immediate effect, and without notifying the Customer beforehand, at any time, or undertake any action that IBANFIRST deems useful in the case of the occurrence of one of these events hereinafter (on the subject of which, in that case, the Customer would commit to immediately notifying IBANFIRST):
(i) If IBANFIRST considers section A.3 applicable;
(ii) If the Customer contravenes the rules that are incumbent upon him under the terms hereunder, when a breach has been observed and that IBANFIRST notified the Customer via registered letter with acknowledgement of receipt, but this remained unanswered after 10 days;
(iii) In the event of a breach in the Customer’s obligations, or if IBANFIRST reasonably suspects the Client to commit a serious breach of the incumbent obligations hereunder (especially if IBANFIRST suspects that the Services are not employed for illicit or unauthorised purposes hereunder);
(iv) If IBANFIRST may not keep up with the contractual relation and/or continues to carry out transactions, entirely or partially, because of an alteration to the applicable law regulations, an alteration affecting the status or authorisations IBANFIRST benefits from, or following any decision taken by the appropriate authorities, whether from Belgium or another country;
(v) If it appears that the Customer is not able to settle his debts, especially in all measures allowed by Law, in the case of a reorganisation procedure ruled out by court decision, a filing for bankruptcy, or any other means of payment of a joint debt or other collective agreement with creditors, or if the Customer resumes his operations, or might resume them in total or in part; and
(vi) If the Customer fails to reply, or replies after the scheduled deadline, or replies to IBANFIRST’s requests in an incomplete or incorrect way.
(v) If the first funds transfer required in order to verify the absence of identity theft, issued from the bank account of a recognised credit institution (opened by the Customer, in his name) has not been carried out in a three-month delay (3).
Following the termination and the closure of your IBANFIRST Account, we will immediately terminate your access to the Service. You commit to executing all pending transactions, to immediately deleting all data related to your account, and to not collecting any additional transactions through the Service.
Termination does not release you from the obligations defined in this Agreement, and IBANFIRST may choose to keep on holding the required funds while awaiting the resolution of other modalities or obligations defined by this Agreement. IBANFIRST reserves its right to collect fees and charges engaged before the aforementioned termination.
Notwithstanding any contrary provisions of imperative law, all obligations incumbent upon IBANFIRST are obligations to endeavour to act in its own best interests, as opposed to provide a peculiar result. Besides, IBANFIRST’s responsibility limits itself to intentional faults as well as serious oversights consequently committed.
The circumstances listed hereinafter constitute a case of force majeure: all the events, foreseeable or not, that are reasonably out of IBANFIRST’s control; in this respect, this list is non-exhaustive of force majeure cases.
(i) A technical fault affecting IBANFIRST’s IT system through a computer virus, or other problems or incidents affecting computers components, hardware, software or resulting from a system overload, that IBANFIRST was not reasonably able to foresee;
(ii) Power failure, fire, flooding and all other natural disasters (whether or not the relevant authorities consider them as such);
(iii) A strike by IBANFIRST’s staff, or by one of the suppliers’ or third parties’ staff;
(iv) Operations carried out on the instructions of persons with de facto power in the event of a war, disturbances, strikes or occupation of territory by foreign and illegal forces;
(v) Decisions taken by the Belgian authorities, or another country;
(vi) Errors, system malfunctions or others affecting Belgian and foreign telecommunication services (including the provision of Internet access), postal services, private transport services, as well as all the public service providers as defined in Directive 2000/31/CE of 8th June 2000 on certain legal aspects relating to public services, such as e-commerce, on the national market; as well as
(vii) The failure to perform contractual obligations affecting IBANFIRST’s suppliers, including for instance the partner banks that IBANFIRST chose to carry out foreign exchange transactions inherent to the Services, or to carry out payments in relation to these.
In the case that IBANFIRST are held responsible, by virtue of this Agreement, and unless otherwise specified by Law, its responsibility will be limited to losses necessarily, foreseeably and inevitably caused by IBANFIRST, and will under no circumstances lead to the payment of compensation for losses incurred (for instance, and without limitations: financial loss, sales loss, loss related to reputation or other aspects, or the Customer’s incurred loss as a result of legal action initiated by a third party).
Notwithstanding any contrary provisions of imperative law, IBANFIRST’s liability in accordance with these clauses will always be limited to the transaction and exchange charges paid to IBANFIRST within the framework of the Service, for which its responsibility compels it to.
The Customer acknowledges the eventual volatility in foreign exchange rates. IBANFIRST will not be held responsible with respect to the Customer for eventual losses resulting from the fluctuation of foreign exchange rates.
Under no circumstances will IBANFIRST be held responsible with respect to the Customer for eventual losses resulting, in whole or in part, from the Customer’s failure to fulfil his obligations. IBANFIRST may not be held responsible for the eventual inaccuracy of the information willingly or unwillingly given by the Customer within the framework of the use of the Platform.
If a Customer commits a breach of his/her obligations, or runs the risk of failing to comply with one of his/her obligations regarding IBANFIRST (for instance in an eventual restructuring procedure subject by court order, or any other similar collective payment procedure), the Customer’s liabilities and future obligations, of any kinds, regarding IBANFIRST, will be due immediately.
The Customer will not be entitled to any compensation. Even so, all due amounts owed to IBANFIRST, as well as IBANFIRST’s obligations regarding the Customer (if they are not in the same currency denominations), are connected and will be mutually deducted by IBANFIRST (and IBANFIRST only), including the case of insolvency proceedings, restructuring order, seizure or other situation entailing the related creditors’ equity rights (multiple affiliations), in compliance with the mandatory provisions of applicable law.
IBANFIRST may pronounce, on its own initiative, on the reconciliation of claims owed to the Customer, as well as all the amounts towards which it remains indebted. If necessary, the currency conversion required within the framework of this compensation will be carried out following the applicable exchange rate available on the date of the conversion.
IBANFIRST will not be held responsible towards the Customer in any way or by any means regarding damages and any direct or indirect losses incurred by the Customer or third party, resulting from the refusal of the Customer’s request, regardless of its nature.
All claims and disputes, regardless of their nature, will be subject to an appropriate procedure in order to comply with the recommendations and requirements of our regulators at the National Bank of Belgium (NBB).
Although you are permitted to raise a claim, we recommend, for the sake of understanding the issues at stake, that you systematically send your claims by email to firstname.lastname@example.org, and clearly provide us with your account details, or the relevant payment identifier (starting with #).
Please describe the nature of your claim or dissatisfaction. Your email will be forwarded to the appropriate member of staff or service. All customer service members are trained to acknowledge and manage complaints, and are acquainted with our internal reporting procedure.
Subsequently, we will: (i) send you a written confirmation stating that we’ve received your claim, (ii) get in touch if we need any additional information related to your case ; (iii) analyse your case and your concerns, and will get back to you with a detailed reply including the reasons behind our decisions, and the reasons for our actions.
If you remain dissatisfied with our reply, you are entitled to forward your concern to the Ombudsfin financial service:
Boulevard du Roi Albert II 8
Phone: +32 2 545 77 70 - FAX: +32 2 545 77 79
Site Internet: http://www.ombusdsfin.be
SECTION G : IBANFIRST BUSINESS ESTABLISHMENT
By subscribing to IBANFIRST Business Establishment, you grant IBANFIRST the right to authorise these Credit Institutions to (a) have access to your Account, data and documents initially sent during the opening of the account and the Service activation, (b) your IBANFIRST payment data.
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If any one of the provisions stated in the Agreement is inapplicable or illegal, in whole or in part, the other (or other parts of) provisions will apply in full.
The Customer may not transfer, in any way, the profit from the framework agreement stated by this Agreement, or, likewise, from any agreement reached under that framework agreement, without IBANFIRST’s prior written acceptance.
The fact that IBANFIRST fails to implement any of the provisions in this Agreement, at any time, will not be perceived in any way as an exemption to apply this provision and the corresponding law at a later date). In the event of conflict between this Agreement and a transaction confirmation sent to the Client on IBANFIRST’s behalf, the aforesaid will have precedence over the Agreement.
Applicable law and competent courts
This Agreement, as well as all transactions and arrangements undertaken in application of the framework agreement stated by this Agreement, are subject to Belgian law.
The competent courts in the event of litigation related to this Agreement, and to all transactions and arrangements undertaken in application of the framework agreement stated by this Agreement, are Brussels French-speaking courts.
This also applies to IBANFIRST’s ability to modify these Terms and Specific Conditions of Use. These alterations will be notified either by email or through a prominent notice on the website, whenever they are implemented.
Any use of the Services subsequent to updates and/or notified alterations implies full acceptance of the Terms and Specific Conditions of Use thus updated and amended.