Information Sheet - Finom Business Account and Related Services
Last Update: 22/07/2026
Version 2.0
Information about Finom Payments
Name: Finom Payments B.V. (Trading name FINOM PAYMENTS) Registered address: Jachtavenweg 109H, 1081KM, Amsterdam, The Netherlands Legal form: Electronic money institution (elektronischgeldinstelling) licensed by the Central Bank of The Netherlands (De Nederlandsche Bank N.V., DNB) under reference number R180074, authorized to operate in the Netherlands and, by virtue of the EU passporting rules, also across the Republic of Italy under the principle of the free provision of services Dutch Chamber of Commerce registration number (KvK): 78680751 E-mail address: hello@finom.co Website: Finom | Business Account with integrated e-invoicing Governing Law: The terms of the Agreement shall be governed by, and construed in accordance with, the law of the Netherlands and regulations in force. Payment Services Agent: PNL Fintech B.V., with registered address at Jachtavenweg 109H, 1081KM, Amsterdam, The Netherlands, acts as Payment Services Agent for FINOM PAYMENTS to enable access to the Regulated Services through the Finom Platform The services are only offered to Customers acting in a professional or commercial capacity and who, therefore, do not qualify as ‘consumers.’
Activation of the Services is subject to the successful completion of the Client's onboarding process and due diligence obligations, in compliance with applicable Anti-Money Laundering (AML) regulations.
The Agreement is drafted in Italian, and all communications throughout the business relationship shall be conducted in English or Italian, where possible. You are entitled to obtain a copy of the Agreement at any time during the relationship.
Access to and use of the Services is prohibited in the event of involvement in any of the Prohibited Activities listed in Annex II of the Agreement (including, by way of example, illegal activities, gambling, trade of weapons). Involvement, or suspected involvement, in Prohibited Activities shall constitute grounds for immediate termination of the Agreement.
Finom Business Account
Finom Business Account is the account assigned to You by FINOM PAYMENTS following the successful completion of the onboarding and approval process, in compliance with applicable Anti-Money Laundering (AML) regulations. The Finom Business Account may comprise one or more Payment Accounts and, upon Your express request, one or more Electric Money Accounts. Combined balances of these accounts form the balance of FINOM Business Account.
The accounts that make up the FINOM Business Account are:
- The (default) Payment Account: Your account used for Payment Services, including executing Payment Transactions to and from third parties and Payment Services linked to e-money services. The balance does not qualify as deposit and does not fall under the Dutch Deposit Guarantee Scheme.
- E-Money Account (upon request): Account issued by FINOM PAYMENTS in Your name for the purpose of holding e-money, which can be used to send, receive, and redeem e-money. The balance does not qualify as deposit and does not fall under the Dutch Deposit Guarantee Scheme.
By default, FINOM Business Account includes one or more Payment Accounts, where You hold fiduciary currency in one or more supported currencies. You may request the opening of an E-Money Account by sending an e-mail to that effect to paymentops@finom.money; the opening is subject to acceptance by FINOM PAYMENTS. Once Your E-Money Account is opened, the funds held in Your Payment Accounts will be exchanged into e-money issued by FINOM PAYMENTS and transferred to Your E-Money Account, which will become Your main account.
Your E-Money Account can then be used to transfer e-money to and from third parties holding an E-Money Account at FINOM PAYMENTS and for the issuance or redemption of e-money by way of transfer of funds from the Payment Account to the E-Money Account and vice versa.
With a FINOM Business Account, You may, among other things:
- Execute Payment Transactions via Your Payment Account (bank transfers, direct debits, payments with the FINOM debit Card, ATM cash withdrawals).
- Hold and manage e-money through Your E-Money Account (if opened), execute payments to other FINOM PAYMENTS Clients, and redeem e-money.
- Open multiple Payment Accounts or E-Money Accounts in various supported currencies.
- Execute foreign exchange (FX) transactions between accounts within Your FINOM Business Account.
- Top up Your FINOM Business Account using a payment card held in Your name (Top-up Services).
- Transfer funds from and to the investment account held with Aksys Global Markets Europe Ltd (Finom Investment Services), if available.
- Use the Account Information Service to aggregate and display on the Dashboard information regarding payment accounts with other providers.
- Use the Payment Initiation Service to initiate online payments without directly accessing Your Payment Account.
FINOM PAYMENTS Regulated Services are reserved solely to Clients in the exercise of a profession or business, and who does not qualify as ‘consumers.’ Natural persons acting for purposes outside their trade, business, or profession may not access FINOM Business Account.
To access the Services, You must complete the Client's onboarding and due diligence (CDD) process established by FINOM PAYMENTS, which includes among others:
- Registering on the Finom Platform through the website or mobile application.
- Provision of all documentation and information required by FINOM PAYMENTS for Client's due diligence (KYC/AML) purposes, including valid ID documents of the legal representative, Ultimate Beneficial Owners (UBOs), and other authorized persons, as well as a company registry extract, articles of association, proof of address, and any other required documents depending on the legal entity type.
- Acceptance of FINOM PAYMENTS Services Agreement by means of e-signature.
The commencement of the provision of Services is not guaranteed upon the mere acceptance of the Agreement: the Services will only be made available following the successful completion of the onboarding process and its approval by FINOM PAYMENTS. FINOM PAYMENTS reserves the right to reject the application without being required to state reasons. No minimum deposit is required to open a Finom Business Account. You shall keep all Your relevant information up-to-date (including VAT number, address, contact details, directors, and legal representatives) and shall proactively communicate any changes thereof.
Security of Funds and Risks
Pursuant to Dutch legislation and regulations, FINOM PAYMENTS is obliged to legally separate (vermogensscheiding) Your funds from its own assets. In this context, FINOM PAYMENTS has established an affiliated foundation, the Foundation, under Dutch law, for the sole purpose of safeguarding Your funds. Within this framework, the Foundation will receive - whether via FINOM Payments or otherwise - manage and disburse Your Funds for, on behalf, and at the instruction of FINOM PAYMENTS. You hereby explicitly acknowledge and agree that the Foundation receives Your funds on behalf of FINOM PAYMENTS and manages them as instructed by FINOM PAYMENTS and in accordance with the applicable financial laws and regulations. Each claim You submit pursuant to Your perceived entitlements shall be deemed a claim against FINOM PAYMENTS. You hereby explicitly waive any right to claim any sum from, or to initiate legal action against, the Foundation to recover such amount.
With regard to the deposit guarantee scheme, the E-Money Account and the Payment Account do not qualify as deposit accounts and, therefore, Finom Business Account does not fall under the Dutch deposit guarantee scheme.
The main risks associated with the use of the Regulated Services provided by FINOM PAYMENTS derive from:
- Fraud risks arising from the loss, theft, or unauthorized use of the Finom Debit Card or the Finom Platform log-in details (such as phishing, spoofing, and similar scams). To mitigate the risk of such fraudulent use of access details/codes (PIN) by third parties, the utmost care must be taken to securely store all login data.
- FX risk for Payment Transactions in foreign currency: The amount charged on Your FINOM Business Account for foreign currency transactions is calculated based on the exchange rate applicable upon execution, which may differ from the indicative rate displayed at the time the order was placed.
- Amendments to financial terms (fees and charges) to the extent permitted by Governing Law.
- Any damages arising from the suspension or discontinuation of the Payment Services, for example due to technical requirements, failures, maintenance, incidents, force majeure events, third-party actions, etc.
- For Payment Transactions, in the event that Beneficiary details You provide are inaccurate, You shall bear sole liability for all consequences arising from such an error.
- For Payment Transactions concerning Instant Transfers: (i) risk of fraud: given the shortened execution time frame of the Payment Transaction, it shall no longer be possible to revoke an initiated Payment Transaction; (ii) increased difficulty in recovering funds: due to the speed of the transfer, recovering amounts transferred to a Beneficiary may prove more difficult.
Key Features of the Regulated Services
FINOM PAYMENTS provides the following services among others:
- Payment Services: Execution of Payment Transactions which comprises direct debits and credit transfers (including standing orders), and Payment Transactions via a Finom Debit Card;
- e-Money Services: Issuance, receipt, custody, management, transfer, and redemption of e-Money;
- Finom Debit Card: Issuance of a Payment Instrument linked to Your E-Money Account (via Your Payment Account);
- Payment Initiation Services: Services enabling You to initiate an online Payment Order without accessing Your Payment Account held with another provider;
- Account Information Services: Services enabling You to access and display information about Your payment account held with other providers;
- Cash Withdrawals: Service enabling cash withdrawals from a Payment Account which typically require the use of a Finom Debit Card and PIN at Automated Teller Machines (ATMs).
(a) Payment Orders and Payment Transactions
A Payment Transaction requires a Payment Order and Your consent.
Payment Orders may be initiated via the Finom Platform by You, Your authorized representative or, alternatively, by means of a Payment Instrument.
You shall ensure that each Payment Order is clearly formulated and contains all correct information, including, in any event, Your Payment Account number and the Beneficiary's account number (also referred to as IBAN within the SEPA area). For transactions outside SEPA, the Payment Order shall also specify the name, address, and domicile of the Beneficiary, as well as the BIC code of the Beneficiary's bank.
A Payment Order shall become irrevocable upon receipt by FINOM PAYMENTS.
The date of receipt of a Payment Order is the day on which the Payment Order is received by FINOM PAYMENTS or, in the event that this date is not a Business Day, the first subsequent Business Day. FINOM PAYMENTS may set cut-off times after which Payment Orders shall be deemed received on the following Business Day, also taking into account the method of transmission of the Payment Order. The applicable cut-off times are specified on the Finom Platform
FINOM PAYMENTS is entitled to reject, defer, or restrict the execution of a Payment Transaction for a valid reason (e.g., insufficient funds, legal prohibition, Prohibited Activity), as set out in the Agreement.
Execution Time:
- For payment transactions in euro (EUR) performed within the SEPA area, the Beneficiary's bank will receive a payment within one (1) Business Day.
- For other currencies within the SEPA area, a payment will take up to four (4) Business Days.
- Whenever FINOM PAYMENTS offers You the option to execute Payment Transactions to countries outside the SEPA area, such transactions shall be processed in accordance with Governing Law within a reasonable time frame.
- For transactions executed via Instant Transfers, in real-time (within 10 seconds).
(b) Foreign Currency
Currency exchange rates are based on the rates of partner banks and may include a fee margin added by FINOM PAYMENTS in accordance with the ‘Pricing and plans’ referred to in Section 5.
You shall bear all risks related to currency exchange, including losses due to currency fluctuations.
Finom Platform is not a currency trading platform and its services shall not be used for such purpose.
(c) Liability and Indemnification
The liability of FINOM PAYMENTS shall not exceed an amount equal to the total fees paid by You for the Services during the last twelve (12) month period prior to the event giving rise to such liability.
Only direct damage is covered. Indirect damages (including consequential damage, loss of profit, loss of goodwill) are excluded.
(d) Communication
You may contact FINOM PAYMENTS using any of the methods established in the Agreement (e.g., by email, mail or through the Finom Platform).
Unauthorized Payment Transactions
If You become aware of an unauthorized Payment Transaction, You shall only be entitled to a rectification provided that You notify FINOM PAYMENTS without delay via email at hello@finom.co within thirteen (13) months after the date of the Payment Transaction.
Your Liability for Unauthorized Use of Payment Instruments or Payment Services
Except in cases of fraud on Your part, You shall bear no losses resulting from the use of a lost, stolen, or misappropriated Payment Instrument occurring after You have provided notice thereof and requested that such Payment Instrument be blocked.
Additionally, except in cases of fraud on Your part, You shall bear no losses if You were unable to detect the loss, theft, or misappropriation of the Payment Instrument prior to the payment.
In all other cases, unless You have acted fraudulently or have failed, either intentionally or through gross negligence, to comply with one or more of Your obligations regarding Payment Instruments and security credentials, Your liability for losses resulting from unauthorized Payment Transactions due to misappropriation, theft, or loss of the Payment Instrument shall be capped at a maximum amount of 50 euro
If You have acted fraudulently or have failed, either intentionally or through gross negligence, to comply with one or more of Your obligations regarding Payment Instruments and security credentials, You shall bear all losses resulting from unauthorized Payment Transactions. In such a case the 50 euro limit shall not apply.
FINOM PAYMENTS Liability for Unauthorized Payment Transactions
Except as set out in the provisions regarding the notification and rectification of unauthorized or incorrectly executed Payment Transactions, and provided that You have not failed to meet Your obligations intentionally or through gross negligence, if an unauthorized Payment Transaction has been executed, FINOM PAYMENTS shall refund the Payment Account without delay, and in any event no later than the end of the next Business Day. In case of a justified suspicion of fraud, FINOM PAYMENTS may suspend the refund, and notify You thereof.
Prices and Subscriptions
Full details on pricing and subscriptions:
Amendments and Termination of the Agreement
(a) Amendments: FINOM PAYMENTS is entitled to unilaterally amend the Agreement.
- Notice: You shall be informed in writing of the justified reason for the proposed amendment at least two (2) months before the effective date.
- Right to Object: The communication about the proposed amendment shall specify that, failing Your express rejection within the specified period, the proposal shall be deemed accepted. You have the right to terminate the Agreement free of charge before the proposed effective date of the amendment.
(b) Termination by the Client: Possible without any specific notice period.
(c) Termination by FINOM PAYMENTS: Requires a two (2) months prior notice.
(d) Consequences: The termination will result in the discontinuation of all Services and the closure of the Finom Business Account.
Complaints
(a) Procedure: Complaints may be submitted to complaints@finom.co using a standardized form.
(b) Response Time: FINOM PAYMENTS aims to provide a complete response within 15 Business Days. In exceptional situations the time frame for response may be extended to a maximum of thirty-five (35) Business Days.
(c) Alternative Dispute Resolution (ADR): If You are dissatisfied with the final response received from FINOM PAYMENTS, or have not received a response within the required time frame, You may submit a complaint to the Arbitro Bancario Finanziario (ABF - Banking and Financial Ombudsman) prior to initiating legal proceedings.
It is possible to contact the ABF using the forms available on https://www.arbitrobancariofinanziario.it/. For further information, You may refer to FINOM PAYMENTS webpage regarding the Complaint procedures and/or the ABF Practical Guide. However, Your right to submit reports to the Bank of Italy or to initiate legal proceedings, in accordance with the Agreement or applicable law, shall remain unaffected.
Glossary
Term Definition Agreement The FINOM PAYMENTS SERVICES AGREEMENT which contains the terms and conditions under which FINOM PAYMENTS will provide Services to You, and is entered into by You, FINOM PAYMENTS and, to the extent necessary, PNL Fintech. Payment Services Agent A body authorized to act as a Payment Services Agent of FINOM PAYMENTS and listed in DNB register of financial institutions. Prohibited Activity Any action, practice or conduct attributable to You or Your associated parties that results in the automatic forfeiture of Your right to request or use the Services. Such activities are currently listed in Annex II of this Agreement and may be amended any time by FINOM PAYMENTS in its sole and absolute discretion. Dutch Central Bank (DNB) The Dutch Central Bank (De Nederlandsche Bank N.V.). Beneficiary A natural person or legal entity designated to receive funds via a Payment Transaction, in accordance with Article 4(9) of PSD2. Instant Transfer A specific type of credit transfer, as provided for under the Regulation (EU) 2024/886, and the rules, practices and standards set out in the 2025 SEPA Instant Credit Transfer Scheme Rulebook of the European Payment Council published on 28 November 2024, which is executed immediately 24 hours a day and on any calendar day. FINOM Debit Card The debit card issued by FINOM PAYMENTS in connection with the Regulated Services, which You can use to complete Payment Transactions from Your Payment Account and/or from and to Your E-Money Account. Client (You) The user, a natural person or legal entity acting exclusively in the exercise of their profession or business, who does not qualify as a ‘consumer’ within the meaning of Article 1:1 of the DFSA, and who accesses the FINOM Platform and uses the Services in a professional capacity. Finom Business Account The account assigned to You by FINOM PAYMENTS, comprising E-Money Accounts and Payment Accounts, which reflects the balance(s) of such account(s) and provides any relevant information regarding the use of the Regulated Services. E-Money Account An account provided to You by FINOM PAYMENTS in Your name, enabling You to hold, purchase, receive, deposit, manage, transfer, and redeem e-money. Payment Account A ‘payment account’ pursuant to Article 4(12) of PSD2, held by You with FINOM PAYMENTS. FINOM PAYMENTS Finom Payments B.V., a private limited liability company incorporated under the laws of the Netherlands, and authorized to carry out the business of an electronic money institution (elektronisch geldinstelling) under the reference number R180074. GDPR Regulation (EU) 2016/679 of the European Parliament and of the Council, as amended and supplemented from time to time Business Day Any day on which banks are open, excluding Saturday, Sunday, and any day which is a national holiday under the law of the Netherlands. Governing Law Laws and regulations applicable to or connected with the subject matter of this Agreement, the Regulated Services, and personal data protection regulations, including, but not limited to, PSD2, DFSA regulations and the relevant implementing provisions, the GDPR, Anti-Money Laundering (AML) regulations, European Union law, any other Dutch law currently in force or applicable in the future, as well as any guidelines or policy documents issued by the competent regulatory authorities (such as De Nederlandsche Bank - DNB or the European Banking Authority), and, where applicable, the Bank of Italy regulation of 29 July 2009 on transparency of banking and financial transactions and services, as amended and supplemented from time to time E-Money Electronic money (elektronisch geld) pursuant to Article 1:1 of the DFSA issued from time to time by FINOM PAYMENTS. Payment Transactions A payment transaction pursuant to Article 4(5) of PSD2. Payment Order A payment order pursuant to Article 4(13) of PSD2. Finom Platform The platform for online services and software applications of PNL Fintech, accessible via websites and other mobile applications, through which FINOM PAYMENTS will also provide You with the Services. PIN A Personal Identification Number which You can use in conjunction with a Finom Debit Card. PNL Fintech PNL Fintech B.V., a private limited liability company incorporated under the laws of the Netherlands, and acting as a Payment Services Agent (betaaldienstagent) of FINOM PAYMENTS. PSD2 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015, as amended and supplemented Payment Initiation Service A payment initiation service pursuant to Article 4(15) of PSD2. SEPA The Single Euro Payments Area, which encompasses the countries of the European Economic Area as well as United Kingdom, Switzerland, and Monaco. The SEPA geographical scope may be adjusted from time to time. Services All services, including the Regulated Services, provided to You by FINOM PAYMENTS under the Agreement. E-Money Services Electronic Money services provided to You by FINOM PAYMENTS under the Agreement. Account Information Services An account information service pursuant to Article 4(16) of PSD2. Payment Services The payment services set out in Annex I of PSD2, provided to You by FINOM PAYMENTS under the Agreement. Regulated Services The regulated services provided to You by FINOM PAYMENTS under the Agreement, consisting of Payment Services and/or E-Money Services. Payment Instrument A customized device and/or set of procedures agreed to between FINOM PAYMENTS and You, used in order to initiate a Payment Order.
