​

The General Terms and Conditions set out below govern the relationship between the CUSTOMER and AEON. Any special terms that may be agreed between the CUSTOMER and AEON shall be in writing and signed by both Parties.

Prior to completing and submitting the application for account opening, and prior to giving instructions for the provision of any payment services, the CUSTOMER is considered to have fully accepted and fully agreed to the General Terms and Conditions, since by submitting the application, they have confirmed the same.

The General Terms and Conditions herein, the Fees and Charges as well as any future terms AEON may add, constitute together a legally binding agreement between the CUSTOMER and AEON, including any supplementary agreements and/or notifications published by AEON governing the relationship between AEON and the CUSTOMER.

 

 

 

1. GENERAL

 

  1.1 DEFINITIONS

​

1. 1.1 Unless stated otherwise, the subsequent terms will carry the definitions provided herein:

 

“Account“ means the CUSTOMER account/s maintained at AEON where all Transactions are debited.

 

“Account Holder“ means the natural or legal person or entity that has signed an Application for e-Payment Service(s), which has been accepted by AEON for the use by the e-Payment User of the e-Payment Services provided by AEON.

 

“Additional Terms” means ### has to be defined ###

 

“Authorised Entity“ means any legal entity authorised by the Account Holder to access the Account and use any services offered by the e-Payment Service.

 

“Authorised e-Payment User“ means a natural person authorised by the Account Holder to use any of the e-Payment Services.

 

“Business Day“ means a day (other than a Saturdays, Sundays and Holidays) on which banks are open for general business in Cyprus and/or the day on which AEON, for the purposes of the execution of a Payment Transaction is open for normal banking operations, as applicable.

 

“Credentials“ means the username and password, and/or Personal Identification Number, and/or SMS OTP, given by AEON and/or created by the e-Payment User, which will be used by the e-Payment User to access the e-Payment Services.

 

“CUSTOMER“ means a natural or legal person (including executors, administrators of the estate, heirs or successors and assignees, receivers and liquidators and trustees) who maintains an Account with AEON and who uses AEON as the Payment Service Provider for Payment Transactions, whether as the Payer or the Payee. Where ‘CUSTOMER’ encompasses multiple individuals, it shall denote any or all of them, and their responsibility shall be both shared and individual.

 

“Cut-Off Times“ means in Cyprus time

Incoming transfers

SEPA in EUR, cut-off time is 15:00

SWIFT in EUR, USD and GBP, cut-off time is 15:00

SWIFT in any other supported currency will be processed the next business day

 

Outgoing transfers

SEPA in EUR, cut-off time is 15:00

SWIFT in EUR, USD and GBP, cut off time is 15:00

SWIFT in any other supported currency will be processed the next business day

 

“Designated e-Payment User“ means any natural person designated and/or authorised by the Account Holder and/or the Authorised Entity to access the Account, input transactions and effect balance inquiries through the e-Payment Service.

 

“Directive (EU) 2015/2366“ means Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, as amended from time to time.

 

“e-Payment Service“ means the services provided by AEON to the Account Holder for the carrying out of financial and/or banking and other transactions and/or electronic instructions through which access is given to services as they shall be specified by AEON from time to time. These services may include, inter-alia and without prejudice to the generality of this paragraph, the transfer of money to and from an account, the payment of bills, instructions for standing orders or for the issuance of account statements, the filing of banking orders, information regarding services and/or facilities provided by AEON and/or other transactions and/or orders/instructions and/or the selection of payments and/or other electronic products/services , providing information on exchange rates, information relating to payments, agreements and other services provided by AEON.

 

“e-Payment Terms“ means the Terms and Conditions of Use for the provision and operation of the e-Payment Service which form part of this Agreement, as amended from time to time.

 

“e-Payment User“ means the Account Holder and/or Authorised e-Payment User.

 

“e-Payment User ID “ means the identification name or number issued by AEON to each e-Payment User, to be used by the e-Payment User together with the Credentials in order to access the e-Payment Service and perform transactions through the e-Payment Service.

 

“Fees & Charges“ means the fees and/or charges and/or commissions and/or expenses for the set-up and operation of accounts and the provision and use of the AEON services, which are available at the Website, or made available by AEON on request, and are amended by AEON from time to time, applying exclusively to the customers that have signed up to the e-Payment Services.

 

“GDPR“ means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of Personal Data and on the free movement of such data and repealing Directive 95/46/EC (General Data Protection Regulation).

 

“Instructions“ means the instructions given by the e-Payment User to AEON through e -Payment Service and/or other acceptable means defined by AEON.

 

“Instructions for Use“ means the instructions notified from time to time by AEON to the Account Holder, which govern the operation and use of the e-Payment Service.

 

“Law“ means the Provision and Use of Payment Services and Access to Payment Systems Law of 2018 (31(Ι)/2018), as amended and supplemented from time to time.

 

“Member State“ means a Member State of the European Union or another State which is a contracting party to the Agreement for the European Economic Area.

 

“Money Laundering Legislation“ means the Suppression of Money Laundering Activities and Terrorism Financing Law (L.188(I)/2007), as amended and/or replaced from time to time as well as any other applicable regulations, circulars and secondary legislation in relation thereto or in relation to any applicable financial fraud financial crime legislation.

 

“One Time Password or OTP“ means the dynamic password/code for single use generated by the AEON e-Payment platform which enables the e-Payment to execute transfer of funds.

 

“Payee“ means an individual or entity, whether natural or legal, who holds a Payment Account and is the designated recipient of funds transferred in a Payment Transaction to said account.

 

“Payer“ means an individual or entity, whether natural or legal, who holds a Payment Account and initiates Payment Transactions or authorizes them from the specified account. If no such account exists, the term also includes individuals or entities who give instructions for the execution of Payment Transactions.

 

“Payment Account“ means an Account kept with AEON in the name of the CUSTOMER, and which is used for the execution of Payment Transactions under the meaning of the Law.

 

“Payment Instrument“ means any personalized device and/or online solution and/or set of procedures agreed between the CUSTOMER and AEON, and which are used by the CUSTOMER in order to initiate a Payment Order and include, inter alia, the e-Payment Service, User ID(s), and Credentials issued by AEON in respect of the e-Payment Service.

 

“Payment Order“ means the instruction by a Payer or Payee given to AEON by a Payment Instrument, requesting the execution of a Payment Transaction.

 

“Payment Service Provider“ has the meaning attributed to this term by the Law and includes, inter alia,
(a) credit institutions as defined by Article 4(1)(1) of Regulation (EU) No575/2013 of the European Parliament and of the Council including branches thereof within the meaning of Article 4(1)(17) of that Regulation which have the right to offer their services in the Republic of Cyprus,
(b) electronic money institutions within the meaning of Article 2 of Directive 2009/110/EC, including branches thereof, which have the right to offer their services in the Republic of Cyprus, in as far as the payment services provided by those branches are linked to the issuance of Electronic Money, and
(c) payment institutions, including payment initiation service providers and account information service providers, which have the right to offer their services in the Republic of Cyprus, according to the Law.

 

“Payment Services“ means the business activities set out in Annex I of the Law which are provided by AEON in its capacity either as a Payment Service Provider for the Payer or as a Payment Service Provider for the Payee in accordance with the provisions of the Law, which are limited to the following:

(a) Execution of Payment Transaction, including transfers of funds on a payment account with the user's payment provider or with another payment service provider

• execution of Payment Transactions through a Payment Instrument.

• execution of credit transfers, including standing orders.

(b) Issue of payment instruments and/or acquiring of Payment Transactions.

 

“Payment Transaction“ means an act, instigated by the Payer or on his behalf or by the Payee, of placing, transferringfunds, irrespective of any underlying obligations between the Payer and the Payee.

 

“Personal Data“ means any information pertaining to an identified or identifiable individual. Aggregated statistical data that does not allow for the identification of specific individuals is not considered Personal Data.

 

“Privacy Notice“ means the document containing information regarding the Processing of Personal Data by AEON for the purposes of entering into and carrying out a business/contractual relationship with AEON and the rights of the natural persons whose Personal Data are being processed by AEON, which forms an integral part of this Agreement. The Privacy Notice is also available at AEON’s Website.

 

“Personal Data Processing“ refers to any action or series of actions carried out by any individual on Personal Data, regardless of whether it's automated, encompassing tasks like gathering, recording, structuring, and disclosing such data.

 

“Rulebook“ means the SEPA Credit Transfer Scheme Rulebook setting out rules and standards for the SEPA Credit Transfer Scheme as amended from time to time.

 

“Security and Authentication Credentials“ means the Username, Login ID, Password, OTP (and/or relevant security code/factor which AEON may specify from time to time).

 

"SEPA" refers to the Single European Payments Area, wherein individuals, businesses, and other economic entities can conduct Euro-denominated transactions within Europe, irrespective of their location or the national boundaries involved, under uniform conditions, rights, and obligations. For the current geographical coverage, please refer to the European Payments Council website at www.europeanpaymentscouncil.eu.

 

“SEPA Credit Transfer Scheme“ means the payment scheme for making credit transfers across SEPA as set out in the Rulebook.

 

“SEPA Credit Transfer“ means the Payment Instrument governed by the rules of the SEPA Credit Transfer Scheme for making credit transfers in Euro throughout SEPA from bank accounts to other bank accounts.

 

“SEPA Terms“ means the terms and conditions governing the SEPA Credit Transfer Scheme and which form part of this Agreement, as amended from time to time.

 

“SMS OTP“ means the SMS messages sent by AEON to the mobile telephone number defined by the e-Payment User, providing One Time Passwords (OTPs) for accessing e-Payment Service.

 

“Strong Authentication “means an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise there liability of the others, and is designed in such a way as to protect the confidentiality of the authentication data.

 

“SWIFT“ means the Society for Worldwide Interbank Financial Telecommunications, the society which assigns Business Identifier Codes (BICs), required during the execution of SWIFT financial transactions and payments between banks worldwide.

 

“Website“ means AEON’s domain at

 

1.1.2 Definitions provided herein are for convenience only and do not restrict or modify the terms used or their intended meanings.

 

1.1.3 Words in any number or gender shall be interpreted to include both singular and plural forms, or to cover both masculine and feminine genders, as applicable.

 

​

2. ACCOUNTS

​

2.1 AEON makes available to the CUSTOMER, upon successful Application, non-interest-bearing Payment Account(s) which support the execution of Payment Transactions. Payment Accounts may be opened in EUR currency only.

 

2.2 The Payment Account enables the following services subject to any applicable restrictions:
(a) Incoming/outgoing Payment Transactions from/to accounts with other payment service providers (banks, payment institutions, electronic money institutions) within and outside the EEA via payment settlement systems (such as SEPA and SWIFT);
(b) Incoming/outgoing Payment Transactions from/to Accounts within AEON.

 

2.3 Payment Accounts are established in accordance with and subject to the terms of this Agreement. AEON reserves the right to decline providing services if the CUSTOMER declines to agree to any Additional Terms.

 

 

 

 

2.4 ACCOUNT OPENING

 

2.4.1 This Agreement is finalized upon the CUSTOMER's Application and upon AEON granting its approval, governing the terms and conditions for opening and maintaining the Account as detailed herein.

 

2.4.2 The CUSTOMER must follow AEON’s onboarding procedures and satisfy AEON’s requirements for the establishment of business relations and Account opening prior to the opening of the Account.

 

2.4.3 The CUSTOMER shall submit an application to AEON in line with AEON’s requirements and procedures, providing all necessary information and documents related to the CUSTOMER, including those of any Authorized Persons (if applicable). This facilitates AEON in conducting the requisite identification, verification, and due diligence checks to comply with applicable laws, including Money Laundering Legislation.

 

2.4.4 The process of opening an Account is governed by AEON's requirement, which may change at AEON's discretion.

 

2.4.5 The duration for AEON to decide on the Account opening is entirely up to AEON's discretion and may differ for each case. It depends on AEON receiving the completed application for opening an Account along with all necessary supporting documents and information, which must meet AEON's requirements to its complete satisfaction.

 

2.4.6 By signing the application, the CUSTOMER certifies that:
(a) The CUSTOMER has read and understood and expressly agrees to enter into, to follow and be bound by this Agreement, applicable Fees & Charges, that all together govern the service, provision of services and relationship between CUSTOMER and AEON and has provided accurate, correct and complete information and documents to AEON in relation to the CUSTOMER and (if applicable) the Authorised Person(s);
(b) In case that the CUSTOMER appoints an Authorised Person, the CUSTOMER has ensured that the Authorised Person has read and understood the Agreement and agrees with its terms and undertakes to observe them;
(c) The Account and Security and Authentication Credentials/Payment Instruments/means/accesses will be used exclusively by the User for the CUSTOMER's benefit and legitimate interests;
(d) The Account and Security and Authentication Credentials/Payment Instruments/means/accesses will not be used for illegal purposes or in violation of this Agreement;
(e) The CUSTOMER and (if applicable) the Authorised Person(s) understands the content, obligations and risks related to use of the e-Payment services.

 

2.4.7 The CUSTOMER must submit the Application to AEON following AEON's procedures and instructions. If the Application is submitted through remote methods (such as any relevant electronic channels specified by AEON), an agreement made through such remote methods shall have the same legal effect as if it were based on an Application with the CUSTOMER's signature.

 

2.4.8 Upon receiving the CUSTOMER's Application, AEON may notify the CUSTOMER of the rejection of the Application and the refusal to provide any services. Alternatively, at its sole discretion, AEON may request additional information, clarifications, and/or documents before accepting the CUSTOMER's Application.

 

2.4.9 In the event of rejecting the CUSTOMER's Application, AEON retains the right to refrain from providing explanations for such denial.

 

2.4.10 Once AEON decides to proceed with the Agreement based on the CUSTOMER's submitted Application, AEON will establish the Account in the CUSTOMER's name. Subsequently, the CUSTOMER will receive confirmation of the Account opening. The Agreement is deemed finalized from the date of Account opening as stated.

 

 

2.5 CLOSING

 

2.5.1 The closing of an Account can be initiated at any time either by AEON or the CUSTOMER, without providing reasons for it.

 

2.5.2  The CUSTOMER retains the privilege to close any of their Accounts at their discretion and notify AEON accordingly. Upon receiving such a closure request from the CUSTOMER, AEON will proceed to close the Account within 10 (ten) Business Days (or the relevant period specified in the prevailing Additional Terms, if applicable) from the receipt of the CUSTOMER's request.

 

2.5.3 When closing a CUSTOMER Account, AEON retains the right and discretion to offset any positive balance in the CUSTOMER's account against any other debts owed by the CUSTOMER to AEON.

 

2.5.4 In case AEON terminates the operation of an Account, AEON shall provide the CUSTOMER with the relevant notice in accordance with the terms of this Agreement.

 

 

2.6 DORMANT ACCOUNT

 

2.6.1 AEON designates an Account as dormant if no transactions occur on the Account for a continuous period exceeding six (6) months (i.e., 183 calendar days), or for any other duration determined solely by AEON's discretion. The term "transaction" herein excludes debits made by AEON during and prior to the Account's dormancy (such as fees and charges imposed by AEON) or alterations to other aspects of the Account.

 

2.6.2 Once AEON classifies an Account as dormant, the CUSTOMER may either opt to close the Account or reactivate the Account.

 

2.6.3 AEON reserves the right to unilaterally block a dormant Account, preventing the CUSTOMER from accessing it. During this period, AEON will not process transactions or any other operations until the CUSTOMER reactivates the Account. Additionally, AEON may decline to accept Applications for new services or may block/discontinue existing services, including Additional Terms or agreements, if the CUSTOMER's Account(s) is(are) dormant.

 

2.6.4 If the CUSTOMER chooses to reactivate a dormant Account, the CUSTOMER must conduct transactions on the Account within thirty (30 days) after the Account is reactivated.  As part of the reactivation process, AEON may request additional identification and perform due diligence procedures. The CUSTOMER may also need to update their information as required by AEON. AEON retains the right to unilaterally block the CUSTOMER's Account and terminate business relations if the CUSTOMER fails to respond adequately or in a timely manner to AEON's requests regarding the aforementioned matters or updating the CUSTOMER's information.
 

 

2.7 ACCOUNTS WITH NEGATIVE BALANCE

 

2.7.1 AEON retains the right to close Accounts with negative balance (i.e. debit balance) at its discretion, regardless of their actual status. For Corporate CUSTOMERs (i.e. not a consumer), AEON may close such Accounts at any time without providing advance notice, resulting in the termination of the Agreement.

 

 

2.8 ACCOUNT STATEMENTS

 

2.8.1 AEON will provide Account statements electronically to the CUSTOMER in a durable format, and/or make Account statements accessible through online solutions that may be offered by AEON. Account statements for the current and the previous year are available through online solutions.

 

2.8.2 AEON will provide Account statements monthly, if not agreed otherwise. The CUSTOMER is encouraged to print and/or save the Account statements for future reference.

 

 

2.8.3 The CUSTOMER is obligated and responsible for regularly monitoring the Account, its status, transactions, and balance of funds, at least once every 7 (seven) days. The CUSTOMER should verify transactions based on the Account statements provided electronically, and in hard copy upon request for a fee.

 

2.8.4 The CUSTOMER acknowledges that changes in Account statements may occur (e.g., in the case of error corrections). These changes will be reflected in the Account statements available to the CUSTOMER. The CUSTOMER is considered informed of the changes as of the date on which the relevant transactions/entries are reflected in an Account statement. Any objections and reservations must be submitted to AEON in writing within thirty (30) Calendar Days from the date the relevant transactions and/or entries are reflected in an Account statement provided by AEON. Failure to submit objections within the specified timeframe constitutes approval and acceptance by the CUSTOMER of the accuracy of the Account statement and/or relevant transactions and/or entries and/or the status of the Account. AEON will be fully exempt from any liability and/or obligations, without prejudice to provisions of paragraph 2 of this Agreement.

 

2.8.5 The CUSTOMER must ensure they have access to receive the Account statements and must promptly notify AEON if they discover they have no access to the Account Statements. If the Account statement is not provided or made available to the CUSTOMER, AEON will take all necessary actions to make the statement available to the CUSTOMER.

 

2.8.6 The Account statement serves as primary evidence of transactions made on the Account. It is deemed sufficient grounds and/or carries sufficient evidential weight to ascertain a respective fact.

 

3. SAFEKEEPING / SAFEGUARDING OF CUSTOMER FUNDS

 

3.1 As a Payment Institution, AEON is required to safeguard the CUSTOMER’s funds.

 

3.2 Safeguarding involves segregating the CUSTOMER’s funds from AEON’s own funds and maintaining them in separate account(s) held at European Union Credit Institutions, as mandated by the Law.

 

3.3 Safeguarding serves to safeguard the CUSTOMER's interests, particularly in the improbable scenario of AEON's insolvency. In such a situation, the CUSTOMER can retrieve their funds from the segregated account(s), with their claims prioritized above those of all other creditors.

 

3.4 The Account maintained by the CUSTOMER with AEON is classified as a Payment Account, not a bank account. Consequently, the CUSTOMER's funds are not covered by the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme (DBS).

 

 

4. INSTRUCTIONS

 

4.1 Any instruction addressed to AEON, through any channel, must clearly specify its intended purpose. Instructions for amendments, confirmations or repetitive orders must explicitly be specified as such.

 

4.2 Unless otherwise stated, AEON's liability resulting from delays or negligence, whether during the execution of orders or relevant notices, is limited solely to compensation for loss of interest. This limitation applies unless AEON should have reasonably foreseen that the damage could exceed that arising from the loss of interest. AEON is, under no circumstances, liable for any indirect, incidental, or consequential losses.

 

4.3 The CUSTOMER is liable for any damage incurred by AEON as a result of AEON not being informed of limitations in the legal capacity of the CUSTOMER, their e-Payment User(s), or any third party with whom AEON conducted transactions based on the CUSTOMER's instructions.

 

4.4 The CUSTOMER acknowledges that AEON has the right at any time and for whatever reason to decline at its absolute discretion to execute any order, including without limitation at the following instances:
(a) when at AEON’s judgment the execution of such order will constitute a breach of the Money Laundering Legislation or might constitute fraud and/or an illegal action or otherwise might lead to a breach of any applicable legislation; or
(b) the CUSTOMER’s account has insufficient funds to cover the transaction; or
(c) the CUSTOMER is in breach of any of his obligations under this Agreement; or
(d) the order has an execution period not acceptable to AEON; or
(e) for security reasons that may affect the payment system or any obligation of AEON in accordance with any applicable legislation.

 

4.5 The CUSTOMER accepts that the refusal of AEON to execute an order does not affect any obligation that the CUSTOMER may have towards AEON or any right that AEON may have against the CUSTOMER. AEON shall notify the CUSTOMER of any refusal for the execution of any order unless such notification cannot be made due to any applicable legislation and/or order issued by any competent authority.

 

4.6 AEON does not guarantee the absence of any defects in any Payment Instrument or AEON's e-Payment system or services, and the CUSTOMER acknowledges and accepts these risks. AEON reserves the right to implement additional functionality, security measures, or safety procedures as and when deemed required, which may result in changes and/or delays to the Payment Services. Any Payment Instrument provided by AEON remains AEON's property upon termination of any service provided by AEON.

 

4.7 AEON is not liable for any loss or damage incurred by the CUSTOMER due to transactions not executed or incorrectly executed resulting from any type of failures, such as those of power, electronic, mechanical, transmission, or similar events, incorrect information, strikes, terrorist acts, war, or any other circumstances beyond AEON's control. AEON also holds no liability when it is obliged to comply with legal obligations under applicable legislation. The CUSTOMER is responsible for and agrees to indemnify AEON for any losses or damages suffered by AEON due to the CUSTOMER's actions, omissions, or fraudulent activities related to their transactions.

 

4.8 CUSTOMER INSTRUCTIONS TO AEON

 

4.8.1 AEON, when instructed by the CUSTOMER to receive or deliver documents, assumes no liability towards the CUSTOMER or any third party regarding the authenticity, legality, completeness, accuracy of contents, or truthfulness of translations of such documents. Likewise, AEON does not accept liability for the type, amount, or condition of goods mentioned in those documents.

 

4.8.2 The signatures of Authorized e-Payment Users for transactions with AEON, or for representing third parties, whether natural or legal persons, are considered valid if they have been notified to AEON through submission of a signature sample form, power of attorney, or resolution from the competent body of a company. This validity remains unless a written notice of revocation has been submitted. Even if revocation or changes in representation are evident from other official data, written notice is still required. The burden of proof for revocation lies with the CUSTOMER.

 

4.8.3 The CUSTOMER must inform AEON if they do not receive announcements that AEON should have sent, particularly regarding the execution of any type of order or Payment Orders. This notification should be sent immediately after the time by which AEON's announcement should have been received, subject to the provisions outlined in clause 4.9 below.

 

4.8.4 Unless specified otherwise, any notice required to be given by the CUSTOMER to AEON according to this Agreement should be sent via electronic mail (email) to the following address: customersupport@aeonpaymenttechnologies.com

 

4.9 AEON NOTIFICATIONS TO THE CUSTOMER

 

4.9.1 AEON considers written notifications to the CUSTOMER as duly received if they are emailed to the most recent email address provided to AEON. AEON may use sent and received notifications, copies thereof, or sent confirmations as evidence.

 

4.9.2 AEON will correspond with the CUSTOMER using the most recent address and/or email provided by the CUSTOMER at the time of submitting the relevant application to AEON. The CUSTOMER is responsible for promptly notifying AEON of any changes to their contact information.

 

 

5. KNOW YOUR CUSTOMER (CUSTOMER IDENTITY)

 

5.1 AEON is entitled to request documentation required by Cyprus legislation and/or Payment Scheme Legislation to verify the identity of beneficiaries.

 

5.2 AEON has the right to request, receive, and assess all necessary documentation and data submitted to it. AEON, in its absolute discretion, determines if the provided documents are sufficient to prove the identity of the relevant individual or entity as the beneficiary. However, AEON assumes no liability regarding this matter.

 

5.3 The CUSTOMER is responsible for the authenticity, validity, evidential power, or accuracy of the translation of documents and other information submitted to AEON.

 

5.4 The CUSTOMER recognizes and consents that AEON, in fulfilling its legal or contractual obligations or safeguarding its legitimate interests, may request and utilize the Personal Data, details, and contact information of the CUSTOMER and related parties. The CUSTOMER understands that such confirmations and notifications of Personal Data and contact details are provided or confirmed to AEON by the CUSTOMER or its related parties voluntarily. The CUSTOMER acknowledges and agrees that AEON may rely on this Personal Data, details, and contact information for providing their services, including Payment Transactions. By accepting such confirmations and notifications from the CUSTOMER or related parties, AEON does not assume or accept any liability against the CUSTOMER.

 

6. FEES AND CHARGES

 

6.1 The fees, duties, charges, interest, and expenses are determined in the Fees & Charges, and these may change occasionally at the sole discretion of AEON, with the required notice provided to the CUSTOMER.

 

6.2 Additional charges may be incurred due to the contractual relationship with AEON, its standard practices, or other expenses related to the provision of services to the CUSTOMER.

 

7. TERMINATION

 

7.1 The CUSTOMER has the right to terminate the contractual relationship by giving to AEON one (1) month written notice.

 

7.2 AEON reserves the right to terminate the contractual relationship at any time without prior notice to the CUSTOMER if, in AEON's judgment, there is a significant reason or breach. Such reasons may include, but are not limited to, the CUSTOMER providing inaccurate financial statements, significant damages, or risk thereof to the CUSTOMER's capital, or failure to comply with AEON's request for security or increased security. The aforementioned provisions do not impact any withdrawal rights or the regulations concerning void and voidable contracts as outlined in the Contracts Law Cap. 149.

It is further hereby agreed that in case of any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the validity, legality and enforceability of any other provision of this Agreement

 

7.3 Upon termination of the contractual relationship between the CUSTOMER and AEON, the balance of every account held in the CUSTOMER's name becomes immediately due and payable. Furthermore, the CUSTOMER must release AEON from any obligations undertaken by AEON in managing the Account or following the CUSTOMER's instructions and provide AEON with any security for these obligations as requested by AEON.

 

7.4 This Agreement and its terms will remain effective following the termination of the contractual relationship until full settlement.

 

 

8. SET-OFF RIGHTS

 

8.1 AEON reserves the right to merge, combine, or consolidate all Accounts, balances, and other amounts held by the CUSTOMER with any liabilities owed to AEON, including outstanding amounts or negative balances (i.e. debit balances). AEON may offset and transfer any credit balance from these Accounts towards satisfying any of the CUSTOMER's liabilities to AEON under any account, agreements, or contracts, whether primary, collateral, joint, or several. AEON may transfer funds or assets between Accounts to facilitate this offsetting. CUSTOMER may not receive prior notice of AEON's exercise of its set-off rights.

 

8.2 If the CUSTOMER maintains multiple Accounts with AEON, they are considered a single, indivisible Account. AEON has the discretion to transfer balances, debits, or credits between Accounts or offset demands from one Account against demands from another.
 

 

9. TERMS AND CONDITIONS OF THE E-PAYMENT SERVICE USE (E-PAYMENT TERMS)

 

9.1 ACCESS TO THE E-PAYMENT SERVICE

 

9.1.1 The e-Payment User cannot cancel, revoke, or alter Instructions provided unless the relevant conditions for irrevocability are met.

 

9.1.2 The Account Holder and the e-Payment User must stay informed and adhere to all rules and regulations applicable in their country of residence, as the provision of financial and/or payment services via distance and encrypted communication through electronic services is subject to varying regulations in different countries. Since AEON's webpage is accessible globally, compliance with local laws is imperative.

 

9.1.3 AEON will implement security measures in line with the regulatory technical standards outlined in Article 98(1)(d) of Directive (EU) 2015/2366 and established pursuant to Article 98(4) of the aforementioned Directive.
 

9.1.4 AEON will implement Strong Authentication when the e-Payment User:

(a) accesses the Payment Account online;

(b) initiates an electronic Payment Transaction;

(c) uses a new Payment Instrument

 

9.1.5 AEON will implement Strong Authentication, by establishing appropriate security measures to safeguard the confidentiality and integrity of the e-Payment User’s personalized security credentials.

 

 

9.2 CUSTOMER OBLIGATIONS RELATED TO SECURITY

 

9.2.1 The e-Payment User must never share their Personalized Security Credentials with any third party.

 

9.2.2 It is essential for the e-Payment User to keep their Personalized Security Credentials secure. Specifically, they must avoid writing them down in a way that others can understand, destroy any documents containing these credentials immediately after receipt, refrain from saving them on software that automatically stores them and avoid using easily guessable PINs such as birth dates or telephone numbers.

 

9.2.3 The Account Holder authorizes AEON to accept Instructions from Authorized Users through the e-Payment Service using specified credentials, including username, business ID (if applicable), password, and OTP, or any other security procedures designated by AEON.

 

9.2.4 The e-Payment User must use the e-Payment Service and associated credentials in accordance with the terms and conditions outlined in this Agreement and any Additional Terms set by AEON.

 

9.2.5 In addition to other security measures, the e-Payment User must adhere to various security procedures outlined in this Agreement to prevent unauthorized access to their account.

 

9.2.6 If the e-Payment User suspects unauthorized access to their credentials, irregular transactions, loss or theft of credentials, or any errors in account operations, they must immediately inform AEON.

 

9.2.7 The Account Holder and/or e-Payment User must cooperate with AEON and provide information regarding any loss, theft, or misuse of Personalized Security Credentials.

 

9.2.8 The Account Holder is responsible for maintaining necessary equipment for accessing the e-Payment Service and must ensure its security and proper functioning.

 

9.2.9 The CUSTOMER assumes all risks associated with the delivery/transmission of Security and Authentication Credentials.

 

9.2.10 AEON may introduce additional security measures, and the e-Payment User must comply with these measures upon notification.

 

9.2.11 The e-Payment User must use Payment Instruments and follow security measures as outlined in this Agreement and inform AEON immediately of any security breaches.

 

 

 

9.3 AUTHORITY TO AEON AND LIABILITY

 

9.3.1 The Account Holder authorizes AEON to accept and execute Instructions from the e-Payment User(s) without further verification.

 

9.3.2 AEON is authorized to send Personalized Security Credentials to the e-Payment User via email or SMS.
 

9.3.3 AEON is not liable for any damages resulting from the unauthorized use of a lost, stolen, or misappropriated Payment Instrument, fraudulent actions, or failure to fulfil obligations outlined in clause 9.2.

 

9.3.4 AEON is not liable if the loss results from the use of the Payment Instrument with the consent of the e-Payment User, their gross negligence, fraudulent actions, or gross negligence of the Account Holder or their representative.

 

9.3.5 AEON bears no responsibility for indirect losses resulting from unauthorized access to the Account Holder's Accounts through the e-Payment Service, regardless of access method, including the use of Passwords and OTPs.

 

9.3.6 AEON is not responsible for data loss or loss of profit resulting from unauthorized access to the Accounts through the e-Payment Service.

 

9.3.7 AEON ensures the proper functioning of the e-Payment Service but is not responsible for interruptions due to force majeure, maintenance works, incorrect data entry, malfunctioning equipment, or third-party actions.

 

9.3.8 AEON protects e-Payment Service transactions but does not guarantee absolute security due to internet vulnerabilities, including the risk of viruses and data interception.

 

9.3.9 Any links on the website to third-party websites are provided without affiliation, and AEON does not accept responsibility for their privacy policies.

 

9.3.10 AEON is not responsible for non-execution or defective execution of fund transfers to third-party banks if the failure is due to the third bank. The Account Holder may request AEON's assistance in recovering the amount, but AEON does not guarantee success and may charge for recovery services.

 

9.4 ADDITIONAL TERMS REGARDING THE OPERATION OF THE E-PAYMENT SERVICE

 

9.4.1 Any provision not explicitly addressed herein shall be interpreted in accordance with the relevant provisions of this Agreement.

 

9.4.2 AEON shall process any Instructions received through the e-Payment Service as promptly as possible, or by the time explicitly given as part of the Instruction. For both, AEON shall take the Cut-Off-Times into consideration.
 

9.4.3 AEON retains the right to restrict the frequency and value of transactions carried out by the e-Payment User for security purposes. These maximum limits can be adjusted, and new limits may be implemented at AEON's sole discretion. The Account Holder and the e-Payment User may receive information regarding transaction limits through the e-Payment Service.

 

1.  

2.  

3.  

4.  

5.  

6.  

7.  

8. ​

 

10. OTHER PROVISIONS
 

10.1 AEON retains the right to delegate its operational functions or services to third parties, adhering to the Law and pertinent directives, whereby in this case AEON remains fully responsible for the actions of its employees, as well as any agents or entities to whom activities are outsourced.
 

10.2 Subject to the provisions of Anti-Money Laundering Legislation or any regulations of European Union Law, AEON maintains records for the purposes of this Agreement for a minimum of five years.

 

10.3 AEON shall promptly inform the Customer of any incident that has occurred or may occur, affecting the Customer's financial interests, and provide guidance on measures to mitigate the adverse effects of the incident.

 

10.4 References to laws, regulations, or other directives encompass any amendments or supplementary acts that may come into effect from time to time, deemed duly delivered to and received by the Customer when made available via the Website or the e-Payment Service, irrespective of the actual date and time of the Customer's access to such information or document.

 

 

11. FORCE MAJEURE

 

11.1 AEON bears no responsibility for any damages resulting from the suspension of its services due to actions taken by any authority, whether Cypriot or foreign, strikes, lock-outs, force majeure, or any other cause not determined to be a deliberate act by AEON. This provision also applies if AEON suspends or partially limits its services for specific periods or durations due to significant reasons.

 

 

12. LIEN

 

12.1 AEON possesses a lien, right of retention, and authority over all funds and assets of the CUSTOMER, whether held solely or jointly with AEON under this Agreement. This authority is exercised to fulfil any present or future liabilities owed by the CUSTOMER to AEON.

 

 

13. GOVERNING LAW/ DISPUTE RESOLUTION

 

13.1 The transactional relationship between the CUSTOMER and AEON is governed by the laws of the Republic of Cyprus. The CUSTOMER is considered to have irrevocably accepted and agreed to the jurisdiction of the Courts of the Republic of Cyprus concerning any disputes arising between them and AEON regarding their transactional relationships. However, AEON retains the right to initiate legal actions or proceedings in any other competent court in any other country.

 

13.2 The CUSTOMER has the option to inform AEON of any complaints or disputes at any time, and AEON commits to investigating such matters. If the CUSTOMER's request is not resolved to their satisfaction, they may file a complaint with the Complaints Committee for Out-of-Court Settlement, which may be established by the relevant regulatory authority, the Central Bank of Cyprus. Additionally, specific provisions apply to complaints and disputes concerning Payment Services.

 

14. COMMUNICATION OF INFORMATION

 

14.1 Unless otherwise specified in writing between AEON and the CUSTOMER, the CUSTOMER is considered to have granted authorization to AEON to accept instructions related to their account. These instructions can be given through any mechanical or electronic means or method. Such instructions may pertain to various account activities, including but not limited to the execution of Payment Orders. The term "in writing" encompasses electronic mail or postal letters.

 

14.2 AEON bears no responsibility for any failure to receive communication (such as notes, notices, information, letters) in a timely manner due to the actions or omissions of third parties or if the CUSTOMER has not updated their contact details.

 

14.3 AEON is not liable for any losses or expenses incurred by the CUSTOMER due to transmission failures, delays, or misuse of information. The CUSTOMER authorizes all Authorized Persons, representatives, agents, employees, and individuals at the designated address to receive notices, notifications, communications, or information. Any transmission to these individuals is considered duly received by the CUSTOMER.

 

14.4 Regarding instructions provided to AEON by the CUSTOMER, whether in writing, or through other means, the CUSTOMER assumes all risks associated with unauthorized persons giving instructions or mechanical malfunctions during the provision or transmission of instructions. AEON bears no liability for any loss, damage, costs, or expenses resulting from unauthorized instructions or mechanical malfunctions.

 

14.5 AEON is not liable for unclear, incomplete, or erroneous instructions provided by the CUSTOMER or on their behalf if AEON acts in good faith based on such instructions. AEON is not responsible for verifying the validity or authenticity of such instructions, whether oral or written.

 

14.6 AEON reserves the right to send notices, notifications, communications, or information related to its services to the CUSTOMER via SMS or email using the mobile telephone numbers and email addresses provided by the CUSTOMER.

 

15. PERSONAL DATA

 

15.1For the purposes delineated in this Agreement, AEON will handle Personal Data in compliance with the prevailing legislative framework, including the Processing of Personal Data (Protection of the Individual) Law (L.138(I)/2001) and the GDPR, subject to any modifications or substitutions over time.

 

15.2 The CUSTOMER is required to furnish AEON with all pertinent information and data regarding their identity, activities, and the intent behind their transactions, encompassing the source of the funds, securities, or other assets involved in their transactions. This must be done in accordance with the Money Laundering Legislation or any other applicable legal provisions, and the CUSTOMER is accountable for ensuring the accuracy and completeness of such information and data.

 

 

16. AMENDMENTS

 

16.1 AEON retains the right to delegate its operational functions or services to third parties, adhering to the Law and pertinent directives, whereby in this case AEON remains fully responsible for the actions of its employees, as well as any agents or entities to whom activities are outsourced.
 

16.2 AEON retains the right to modify or revise this Agreement, and such adjustments or revisions will become binding on the CUSTOMER within two (2) months from the date they are communicated to the CUSTOMER, unless the CUSTOMER expresses objections before the effective date of such modifications.

 

16.3 Subject to the provisions of Anti-Money Laundering Legislation or any regulations of European Union Law, AEON maintains records for the purposes of this Agreement for a minimum of five years.

 

16.4 AEON shall promptly inform the Customer of any incident that has occurred or may occur, affecting the Customer's financial interests, and provide guidance on measures to mitigate the adverse effects of the incident.

 

16.5 References to laws, regulations, or other directives encompass any amendments or supplementary acts that may come into effect from time to time, deemed duly delivered to and received by the Customer when made available via the Website or the e-Payment Service, irrespective of the actual date and time of the Customer's access to such information or document.
 

16.6 Should changes in legislation or legal precedents render any part of the Agreement partially or wholly void or invalid, the remaining terms of the Agreement or the contractual relationship between AEON and the CUSTOMER shall remain unaffected.
 

16.7 Both the CUSTOMER and AEON acknowledge that the Agreement will be conducted in the English language, and the services provided herein will be in English unless mutually agreed otherwise.

 

 

17. INFORMATION ABOUT AEON / SUPERVISORY BODY

 

17.1 AEON is a limited liability company authorised and registered under the Cyprus Companies Law Cap.113 and has its registered office at Corner 88 Arch. Makariou III Ave., & no.2 Dramas Str., Nicosia 1077, Cyprus.

 

17.2 AEON has a Payment Institution License granted by the Central Bank of Cyprus, under which it performs the Payment Services, as per the provisions of the Law and supervised by the Central Bank of Cyprus.