Terms of Use

Welcome to iBanFirst. We created the iBanFirst Business Account online platform to give you easy access to the basic financial services required for a business: an IBAN business account, as well as send and receive foreign exchange payments and transfers with your commercial counterparts (hereinafter the “iBanFirst Business Service” or the “Service”).

We endeavoured to draft these General Terms and Conditions (hereinafter the “Agreement” or “Service Agreement”) in a clear and understandable way. Yet the realities of the legal world make this a challenging task, so please do not hesitate to get in touch if you have any questions or concerns, or if you simply want to understand more about the iBanFirst procedures.

The following terms briefly outline the Agreement’s main sections, although the whole document includes important details we invite you to read carefully in their entirety.

Subscription to the iBanFirst Business 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 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 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.

Because of 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 requires a funds transfer sent from a recognised credit institution bank account, in the client’s name. This first transaction will also be analysed in compliance with anti-money laundering laws, the fight against the financing of terrorism and any other illegal financial activities.

The iBanFirst Business Service platform (Section B)

The Business Service enables you to open an IBAN business account, and to receive and send foreign exchange payments and transfers. We commit to respecting and protecting your privacy, data and personal information. You manage your business, serve your clients and protect their data, declare and pay your taxes and comply with all relevant and applicable laws and regulations.

The International iBanFirst Service (Section C)

The International Service is accessible to all iBanFirst Business clients 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 Euro, and the ability to do cash management activities involving currencies between these accounts. The currency exchange transactions may be carried out via our 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.

The iBanFirst Isabel 6 Service (Section D)

iBanFirst Isabel 6 ("Isabel Module") is a service that enables iBanFirst users and accounts to be synchronised online for them to be able to benefit from all the advantages of the iBanFirst solution for international payments, while continuing to use their normal Isabel 6 interface.

Adherence to the general terms and conditions implies the client’s consent for the iBanFirst platform automatically to complete payments carried out on the Isabel interface, without requesting additional authorisation. Transactions involving a currency exchange 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 client specifics.

Termination and other legal procedures (Section E)

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 to transactions you have made.

iBanFirst Company Creation (Section F)

iBanFirst Company Creation (‘SCS’) is a service offered in partnership with Credit Institutions (‘Bank’). Use of iBanFirst Company Creation implies acceptance of the present General Terms and Conditions of Use. To subscribe to iBanFirst Company Creation, you must also explicitly adhere to (i) the Specific Terms and Conditions of Use (‘CPU’) associated with this iBanFirst service, (ii) the appointed banking partner’s (‘CGU Bank’) General Terms and Conditions of Use of this service. Except by express dispensation, these Terms and Conditions (CPU and CGU Bank) shall take precedence over the present Agreement in the event of a contradiction.

iBanFirst Service agreement

These terms of use establish a binding agreement between the owner, the commercial entity or the commercial organisation identified as the “Company” on the registration page (sometimes referenced as “you”, “your / yours”, “User”, “client”, “their”, “they”) and iBanFirst. You may request a copy of this agreement, as well as other terms and conditions or documents included for reference at any time during the validity of this Agreement.

The iBanFirst client service email address is support@ibanfirst.com

SECTION A: iBanFirst Registration


The iBanFirst Service is available exclusively to organisations (legal entities) and individuals 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.

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, your company’s name, your company’s 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 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 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 Business Account”). You must take all the required steps to protect the customised security features of your iBanFirst Business 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 immediately by sending an email to the iBanFirst client service (see contact details above).

Verification and subscription

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 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 investigate the documents and registrars 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 authorise 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 suspended until we have verified your identity and your role within your company and have processed all the necessary 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 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 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.

Business conduct

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.

SECTION B: The iBanFirst Business Service

iBanFirst Service provision

We provide an online platform as well as an Application Programming Interface (API) (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, 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 client.

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 client 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 client’s approval after 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 Client 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 registrar. The balance of the account is equal to the amount of the accounting entries transcribed using the amounts that the client has transferred to iBanFirst and that are available to enable iBanFirst to carry out payments when iBanFirst receives an instruction from the client.

The balance of the Account may vary depending on the payments iBanFirst receives or carried out on the client 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 client know that an Account has been suspended, if possible before, or at the latest immediately following this suspension, notifying the client 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 routing for funds 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’s 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 responsible for 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 payments and transfers using the Euro currency (or another one) for commercial purposes.

iBanFirst is not obliged by any means to carry out payments or transactions if 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 client 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 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 client, if the beneficiary’s account is not recognised, due to compliance or even regulatory reasons, depending on the case.

Conventional retransfer

If, because of an insufficient balance, the execution date needs to be modified by the client 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 client 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 client 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 the client’s 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 client expressly notifies iBanFirst that they do 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 satisfactory. Keep in mind that complying with the social and fiscal obligations, and this including declarative matters, are the sole responsibility of the Users.

Our collection rights

To the fullest extent permitted by law, we may collect any amounts owing to us under this Agreement by deducting the relevant amounts from your iBanFirst account. Any inability on your part to pay the full amount owing to 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 to protect all the personal data related to you and your counterparts stored on our servers, to avoid any unauthorised access as well as any accidental alteration or loss.

However, we do not guarantee the impossibility of unauthorised third parties overstepping these measures or using your personal data for unlawful purposes. You agree to provide your personal data as well as your company’s data at your own risk. We recommend that you read our privacy policy, in which we describe how we collect, use and maintain the data we are given.

Privacy policy and data protection

With respect to personal data processed on your behalf pursuant to this Agreement, all parties agree that you are responsible for the control of such data, while iBanFirst is responsible for processing such data. 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 by 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 relies on you to have the legal right to use and process the personal data that you provide 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.

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).

SECTION C: iBanFirst International Service

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 to conduct and manage in a smart way your transactions with a currency other than the Euro.

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 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 client to open other IBAN accounts. iBanFirst may decline an account opening request from the client without having to justify its decision.

The client 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 activities. Theoretically, none of the activities executed on the Accounts may be cancelled or nullified at the client’s request without iBanFirst’s consent. For instance, the client 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 client 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 client commits to not carrying out any transaction if at least one of the accounts displays a debit balance, and to subject all Accounts to the General Terms and Conditions of use.

The transactions of certain activities or currencies (that are available via the online quotation service) will be finalised over the phone.

In the event of a request for Foreign Exchange Hedging (a service that iBanFirst reserves the right to offer or not as it sees fit), the following conditions will apply.

The time periods and amounts for which hedging contracts are proposed are limited based on the reasonably foreseeable volume of payments that the client must make or receive during the hedging period. The Hedging Service is only available in the context of payment transactions and is not to be used for speculative purposes. The request for coverage is made in accordance with the procedures provided for this purpose on the platform. The terms of the proposed coverage must be validated on the platform by the client. Any coverage is for iBanFirst to ensure the application of a determined exchange rate (i) for an agreed time period and payment volumes or (ii) for a specific given date and a pre-identified payment amount. This guarantee is acquired by the client only after acceptance of the conditions of coverage by iBanFirst and once it has appeared on the platform. It is expressly understood that validation of the iBanFirst proposal on the platform is not sufficient to confirm the provision of the hedging contract and that the contract will be considered as not confirmed if the coverage and conditions of the hedge are not confirmed by iBanFirst on the platform. confirmation of the hedging contract on the platform does not relieve the client of the obligation to respond to any request for funds required, as set out below. The right of the client to invoke the hedging contract and to obtain an application of the exchange rate guaranteed by the hedging contract may, in addition, be subject to the condition that the client has actually paid iBanFirst the sums requested within the applicable time limits. If, within three (3) working days of the date of the hedging contract, the cumulative volume of the validated payments at the guaranteed rate of coverage is less than the amount of coverage, the client has the option to notify iBanFirst (i) to have the unused balance of the hedge transferred to their Account denominated in the Settlement Currency by paying the value of that balance in Settlement Currency (for an amount equivalent to the unused balance multiplied by the exchange rate, (ii) to be credited to the Settlement Currency in the Settlement Currency, any exchange gain realised by iBanFirst on the sale of the unused balance, or (iii) to pay iBanFirst the foreign exchange loss potential created by the latter on the sale of the unused balance. This decision is irrevocable.

As stated above, iBanFirst may base all or part of its Services offered to each client on the condition that the client pays (or provides proof of payment) within 48 hours of the funds being requested. These funds are intended to protect iBanFirst against the risk of settlement default incurred in connection with the operations carried out by iBanFirst to provide its services to that client. The value of the fund request may vary according to the type of Service, and according to the client or categories into which the client falls. The request for funds must consist of funds paid into an account opened by and on behalf of iBanFirst; subsequently, the Client will be notified of this by iBanFirst. These funds are then reconciled to expected regulations that the client has not yet settled. In this regard, the sums paid in connection with calls for funds are considered as advances on settlements that are deducted from the amounts still to be paid by the deadline for settling the expected payments. All details of the requests for funds and the distribution of these funds in advances on regulations are indicated in the platform. Upon triggering a request for funds, iBanFirst may suspend all or part of its services to the client. If iBanFirst does not receive the funds requested or proof of payment of these funds within 48 hours of the initiation of a call for funds, iBanFirst may then, at its own discretion, cancel all transactions related to the regulations requiring an advance on settlement and, therefore, close the foreign exchange positions related to these operations. The client will then be liable for any loss resulting from the closing of these foreign exchange positions, as well for as any additional charges applied by iBanFirst for the cancellation of operations.

iBanFirst may withdraw directly from the client’s Accounts the sums necessary to settle a request for funds, in the same way that iBanFirst may withdraw any necessary amounts from these accounts for the settlement of transaction and currency charges and all indemnities due to iBanFirst in the event of non-performance by the client of any of their contractual obligations. The client expressly waives the right to invoke a compensation or non-performance exception to oppose the payment of funds requested in connection with a call for funds.

SECTION D: iBanFirst Isabel 6 Module

iBanFirst Isabel 6 ("Isabel Module") is a service that enables iBanFirst users and accounts to be synchronised online for them to be able to benefit from all the advantages of the iBanFirst solution for international payments, while continuing to use their normal Isabel 6 interface.

Adherence to the general terms and conditions implies the client’s consent for the iBanFirst platform automatically to complete payments carried out on the Isabel interface, without requesting additional authorisation. Transactions involving a currency exchange 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 client specifics.

By activating the Isabel module, the client 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

SECTION E: Licencing, Termination and Other Legal Procedures

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 to access electronically 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 to use the iBanFirst Service just as described in this Agreement, and subject to this. All the above-mentioned articles are unsold and under licencing, 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 (trade) secrets 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 (trade) secrets 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 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 duration

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 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 client with immediate effect, and without notifying the client 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 client would commit immediately to notifying iBanFirst):

(i) If iBanFirst considers section A.3 applicable;

(ii) If the client contravenes the rules that are incumbent upon them under the terms hereunder, when a breach has been observed and that iBanFirst notified the client via registered letter with acknowledgement of receipt, but this remained unanswered after 10 days;

(iii) In the event of a breach in the client’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 client is not able to settle their 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 client resumes their operations, or might resume them in total or in part; and

(vi) If the client fails to reply, or replies after the scheduled deadline, or replies to iBanFirst’s requests in an incomplete or incorrect way.

(vii) If the first funds transfer required to verify the absence of identity theft, issued from the bank account of a recognised credit institution (opened by the client, in their name) has not been carried out in a three-month (3-month) delay.

Termination effects

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 terms 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.

Without prejudice to the other declarations of non-responsibility and restrictions stated in these terms of use, iBanFirst will not, under any circumstances, be held responsible for losses resulting from a fortuitous event.

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 June 8, 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 is 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 client’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 client acknowledges the eventual volatility in foreign exchange rates. iBanFirst will not be held responsible with respect to the client for eventual losses resulting from the fluctuation of foreign exchange rates.

Under no circumstances will iBanFirst be held responsible with respect to the client for eventual losses resulting, in whole or in part, from the client’s failure to fulfil their obligations. iBanFirst may not be held responsible for the eventual inaccuracy of the information willingly or unwillingly given by the client within the framework of the use of the platform.

If a client commits a breach of their obligations or runs the risk of failing to comply with one of their obligations regarding iBanFirst (for instance in an eventual restructuring procedure subject by court order, or any other similar collective payment procedure), the client’s liabilities and future obligations, of any kinds, regarding iBanFirst, will be due immediately.

The client will not be entitled to any compensation. Even so, all due amounts owed to iBanFirst, as well as iBanFirst’s obligations regarding the client (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 Belgian law.

iBanFirst may pronounce, on its own initiative, on the reconciliation of claims owed to the client, as well as all the amounts towards which it remains indebted. If necessary, the currency exchange required within the framework of this compensation will be carried out following the applicable exchange rate available on the date of the exchange.

iBanFirst will not be held responsible towards the client in any way or by any means regarding damages and any direct or indirect losses incurred by the client or third party, resulting from the refusal of the client’s request, regardless of its nature.


To respond to your request as quickly and efficiently as possible, iBanFirst has put two channels in place to handle complaints.

Technical support

The ‘Technical Support’ route provides specialist support for requests relating to the operational side of iBanFirst services or that flag up a system fault.

Although you may place your technical support request by telephone, to enable us to better understand the issue(s) involved, we recommend that you always lodge your complaint by email to support@ibanfirst.com, clearly stating the name of your account, or payment identifier (beginning with the ‘#’ symbol) concerned.

Please include the nature of the query/technical problem you have encountered. We will then be able easily to direct your email to the appropriate department. Our Technical Support Team will endeavour to help you as quickly as possible.

Client complaints

The ‘Client Complaints’ route provides dedicated support for any client who actively uses iBanFirst services to convey dissatisfaction in relation to any of these services.

All complaints and disputes, whatever their nature, will be subject to the relevant process stated, in accordance with the recommendations and demands of our regulators at the National Bank of Belgium (BNB).

In the interests of understanding the issue(s) involved, we recommend that you always lodge your complaint by email to complaints@ibanfirst.com, clearly stating the name of your account, or payment identifier (beginning with the ‘#’ symbol) concerned.

Please ensure your message includes the reason for your complaint. We will then be able to easily direct your email to the Complaints Management Department. Our entire Client Support Team receives training on the recognition and management of complaints, and all members of the team are aware of our internal hierarchy reporting procedure.

Subsequently, we will: (i) send you written confirmation that your complaint has been received; (ii) contact you if we need further information related to the matter; (iii) analyse your issue and your concerns and provide follow-up in the form of a detailed response giving explanations for our decisions and stating the reasons for our actions.

If you then remain unsatisfied with our response, you have the right to act in the most appropriate manner, including via the legal or arbitration route (in accordance with the contract provisions).

SECTION F: iBanFirst Company Creation

iBanFirst Company Creation (‘SCS’) is a service offered in partnership with Credit Institutions (‘Bank’). Use of iBanFirst Company Creation implies acceptance of the present General Terms and Conditions of Use. To subscribe to iBanFirst Company Creation, you must also explicitly adhere to (i) the Specific Terms and Conditions of Use (‘CPU’) associated with this iBanFirst service, (ii) the appointed banking partner’s (‘CGU Bank’) General Terms and Conditions of Use of this service. Except by express dispensation, these Terms and Conditions (CPU and CGU Bank) shall take precedence over the present Agreement in the event of a contradiction.

By subscribing to iBanFirst Company Creation, you are giving iBanFirst the right to authorise the aforementioned Credit Institutions to (a) access your account, your details and the initial documents sent to us on accounting opening and on activating the Service (b) to your iBanFirst payment details.


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 client 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 law courts.

Opening an Account, and/or using the Services in all or in part, constitute a full and unconditional acceptance of these Terms of use and, in the cases specified, of the Specific Conditions of Use. You are subject to the Terms and Specific Conditions of Use in effect when you order a Service, or open an Account, except if a governmental or administrative authority requests their alteration (in that case, the alteration will not apply to your previous orders).

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 after updates and / or notified alterations implies full acceptance of the Terms and Specific Conditions of Use thus updated and amended.

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