Terms & Conditions

General Terms and Conditions

Introduction

NedPay is a brand of Nedsom Financial Services B.V. By using the services under the name NedPay, you acknowledge that all rights associated with this brand belong exclusively to Nedsom Financial Services B.V.

In this document, the terms "we," "us," and "our" refer to Nedsom Financial Services, a foundation under Dutch law, registered in the Chamber of Commerce under number 32088878, with its registered address at Kamp 71, 3811 AP Amersfoort. The terms "you" and "your" refer to you, our customer, or anyone using our services.

These General Terms and Conditions (the "Terms") apply to the use of the websites, mobile application, products, and services of Nedsom Financial Services. Please read these Terms carefully and contact us if you have any questions.

Nedsom Financial Services (hereinafter referred to as "Nedsom") has a license from De Nederlandsche Bank (DNB) to offer payment services as a payment institution within the European Economic Area (EEA). We are supervised by DNB.

The original version of these Terms is written in Dutch. Versions of these Terms in other languages are provided for convenience only. In the event of any inconsistency or discrepancy, the Dutch version shall prevail.

These Terms are effective from the date you first use Nedsom's websites and/or register. The Terms may change from time to time.

Nedsom was established to help customers send money to their family and friends and receive money from family and friends around the world. For security reasons, we recommend only sending money via Nedsom to people you know personally.

These Terms and your agreement to them in relation to the use of our services are valid until further notice.

Requirements for Using the Service

Users must be at least 18 years old to create an account with us and use our services. The services are only offered to users who are registered residents of the European Union or hold a visa to reside there.

Users may only open one account unless we have agreed in writing to open additional accounts. If duplicate accounts are detected, Nedsom may, at its own discretion, close or merge these duplicate accounts.

You agree to act on your behalf when using our services and to use only accepted payment methods linked to an account in your name. Furthermore, you agree to notify Nedsom in writing if you are or have been a politically exposed person (PEP) and thus hold or have held a high political or state position, or are a family member and/or close associate of a person in such a position. You further agree to notify us of any changes related to this.

By accepting these Terms, you confirm that neither you nor the recipient is subject to sanctions imposed by the EU, the UN, and/or the US, and that our services will not be used for illegal purposes, such as money laundering, terrorist financing, or fraud. Nor will our services be used for disposing of, acquiring, holding, or using funds derived from criminal activities.

Availability

Our services are normally available 24 hours a day; however, availability may be limited due to a malfunction in our systems or the systems of a partner or during technical maintenance. Nedsom is not liable if a transaction cannot be completed due to such limitations.

Executing a Transaction

To ensure that a transaction is executed correctly, you must follow the instructions provided at the time of initiating a transaction.

You are responsible for ensuring that all information, such as the recipient's details (including name, address, and phone number), the amount, and the reason for the transfer, is entered correctly. Nedsom is not responsible for any errors resulting from incorrect information entered by you. At the time of payment, you authorize the execution of a transaction.

A transaction request is deemed to have been received by us when you have approved the transaction. After this, you can no longer cancel the transaction.

For your convenience, we will send you written confirmation after receiving your transaction request. We may also send a notification to the recipient. However, this may not always happen. Nedsom cannot be held liable for this.

You agree to ensure that the recipient provides and/or displays all information requested by us and/or the paying party for client due diligence. This includes valid identification documentation and/or other information as reasonably requested.

Client Due Diligence

We are legally required to conduct client due diligence on you to provide our services.

You agree to identify yourself using eID or by submitting a copy of a valid ID as indicated in our service. Unless you have identified yourself using eID, you agree to ensure that we always have a copy of a valid ID from you.

You are responsible for ensuring that the information provided when creating an account is complete and correct. You must notify us immediately and provide additional information if the information provided expires or otherwise becomes incomplete and/or incorrect. Please note that our client records may be updated from official registries, and you must therefore inform our customer service if this is not correct.

You agree to comply with any reasonable request from us or our partners to provide more information in a format acceptable to us. Furthermore, you agree that we may, directly or through a third party, ask questions and conduct checks that we deem necessary to validate or supplement the information you have provided.

Our Obligations

Subject to these General Terms and Conditions, we agree to provide our money transfer services to you with reasonable care. You acknowledge that these services may not be fully or partially available in certain regions, countries, or jurisdictions.

We are not obligated to process every transaction. When you submit a transaction request, you are requesting us to process the transaction on your behalf and agreeing to the execution of the transaction. We may, at our sole discretion, decide whether or not to accept the request to process the transaction. If we decide not to process the transaction, we will notify you immediately and refund the transaction amount we received, provided this is not prohibited by law.

Even if we choose to proceed with the transaction, we may still suspend or cancel it at our discretion. Nedsom reserves the right to modify or discontinue the transaction or any part of the transaction at any time without prior notice. We may also refuse any transaction request or impose limits on the transaction amount at our discretion.

We cannot guarantee that the paying party has sufficient funds to pay out the transaction in the currency you have selected. If the paying party lacks sufficient funds in the chosen currency and the recipient chooses to receive the funds in another currency, Nedsom cannot be held responsible for any exchange rate differences or fees charged to the recipient.

We strive to process transactions as quickly as possible. However, any transaction may be delayed or canceled for a number of reasons, including but not limited to: our efforts to verify your identity, validate your transaction details, contact you, or comply with applicable laws. Other reasons may include differences in opening hours or currency availability.

We are not liable for damages caused by law enforcement actions, government actions, war or similar circumstances, strikes, lockouts, boycotts, blockades, or other unusual or unforeseeable circumstances in the Netherlands or abroad that are beyond our control and whose consequences we could not have prevented. The reservation regarding strikes, lockouts, boycotts, and blockades applies even if we are subject to such measures ourselves. If there is an obstacle to processing a transaction or taking any other action due to circumstances as described here, the action may be suspended until the obstacle is removed.

Your Obligations

You are responsible for:

• Complying with these General Terms and Conditions (as amended from time to time), as well as all applicable laws, regulations, and specific instructions provided.
• Ensuring that all information provided to us is valid, complete, and correct at all times.
• Safeguarding private information such as login credentials, passwords, and similar data, ensuring they are kept confidential and inaccessible to unauthorized persons.
• Informing our customer service as soon as possible by email or phone if you suspect that an unauthorized person has accessed or gained knowledge of your login credentials, passwords, and/or equivalent information.

If you fail to follow the security instructions described above, you are responsible for any damages incurred by us and any costs arising from the unauthorized use of our services. Unauthorized debits must be reported immediately to the respective bank to block the bank card/account and recover the relevant payment.

You are also responsible for reviewing and verifying completed transactions for inaccuracies.

Commission and Exchange Rates

Information about applicable commissions and exchange rates is available after logging into our service. The exchange rate is calculated by Nedsom based on the market rate and a possible markup, as applicable from time to time. Before approving a transaction, the exact commission and exchange rate will be displayed in our application.

We are not responsible for any taxes, fees, and/or other costs not incurred by us that may apply to a transaction, including but not limited to possible card fees or fees applied by telecommunications providers for SMS messages or other data or telecommunications services.

Changes

If these Terms are amended, we will notify you at least two months in advance. If you consider it necessary, you may terminate your agreement with us immediately by providing written notice to our customer service during this period. If we do not hear from you during this time, you will be deemed to have accepted the proposed changes, which will apply to you from the effective date specified in the notice.

We may change our commission and exchange rates with immediate effect and without prior notice. However, the exact commission and exchange rate for a specific transaction can be found after logging into our application. You accept the changes before approving the transaction.

We may modify and update our websites and services at any time without prior notice. Updated information can be obtained when you log into our application. You can always contact our customer service if you have any questions about such changes and/or updates.

Termination

You may terminate these General Terms and Conditions by providing one month's written notice. We may terminate these General Terms and Conditions with two months' notice.

We may also block or restrict your account and/or terminate our agreement without notice if we have reason to believe (at our sole discretion) that:

• You deliberately or unintentionally breach a provision of these General Terms and Conditions or any other policy or instructions related to our services, and no immediate correction occurs following a request from us.
• The use of our services is not secure.
• We are requested or advised to do so by a competent court, regulatory authority, government agency, law enforcement body, and/or industry association.
• Our services are being misused for fraudulent activities, money laundering, terrorist financing, or otherwise in violation of any applicable laws or regulations.

We will notify you as soon as practically possible of any suspension or restriction of your account and/or termination of our agreement, and if possible, provide the reasons for this. We will lift the suspension or restriction as soon as the reasons for such measures no longer exist.

Intellectual Property

The Nedsom websites and money transfer services, their content, and all intellectual property rights associated with them are the property of us, our affiliates, or partners. All rights, titles, and interests in the Nedsom websites and money transfer services remain our property and/or the property of such other third parties.

You agree to use our services only for your personal use and as permitted under these General Terms and Conditions and in accordance with all information provided within our application. Our services may not be used for commercial testing purposes or to obtain information about the application/websites or about us.

You may not use the Nedsom websites, money transfer services, or any part thereof for any public or commercial purpose without our express written consent.

You grant us the right to transfer our rights and obligations under these Terms to third parties. We also have the right to engage third parties to fulfill all our obligations. You may not transfer your rights and obligations under these Terms to a third party.

Complaints

If you wish to file a complaint, you may do so in writing to the address listed on the contact page of our websites or by email to: complaint@nedsom.eu.

We will confirm receipt of your complaint within seven working days. We will investigate your complaint and respond with the results of our investigation no later than fourteen working days after confirming receipt of your complaint.

If you are not satisfied with the way we handled your complaint or the outcome, you may submit the complaint to the Financial Services Complaints Institute (Kifid). This is an independent organization that handles complaints about financial products and services.

These General Terms and Conditions are governed by Dutch law.