Information Sheet (Foglio Informativo)

1. Information on the Electronic Money Institution

Services are offered exclusively to Clients acting in the exercise of a profession or business and who do not qualify as a 'consumer'.

Commencement of services is only offered after successful completion of the Client acceptance (onboarding) and Customer Due Diligence (CDD) procedure as required by AML legislation. 

The Agreement is drafted in English language and all communication during the contractual relationship will be sent in English. The Client has the right to obtain at any moment of the business relationship a copy of the Agreement.

Access to the Services and their use is not permitted in the event of involvement in one of the Prohibited Activities listed in Schedule II of the Agreement (such as, for example, illegal activities, gambling, and the arms trade). Involvement in or suspicion of Prohibited Activity is grounds for immediate termination of the Agreement. 

The Finom Business Account assigned to the Customer includes one or more Electronic Money Accounts (also called "E-Money Account") and/or Payment Accounts (also called "Payment Account"), which may be combined within a single portfolio (i.e., a "wallet").

Regarding the E-Money Accounts, the Customer agrees to use it as the main account with FINOM PAYMENTS. It is used to hold and manage Electronic Money.

Payment Accounts, on the other hand, are intended for the execution of Payment Services, including transfer operations to and from third parties.

Internal Transfers: considering the use of the Electronic Money Account as the main account, funds present in the Payment Account will be transferred to the E-Money Account in exchange for Electronic Money so that the balance of the Payment Account is equal to 0 (zero). The available balance of the Electronic Money Account may be used to supplement the balance of the Payment Account via redemption to execute Payment Operations.

2. Security of the funds and risks

(a) Safeguarding of funds (Safeguarding): FINOM PAYMENTS is legally obliged to segregate the Customer's funds and assets from its own assets. A related entity, Stichting Finom (the "Stichting"), is used solely for the purpose of safeguarding the Customer's funds. In accordance with Applicable Law, the Stichting will receive, manage, and return the Customer's funds on behalf and upon instruction of FINOM PAYMENTS.

(b) Deposit Guarantee Scheme: The Electronic Money Account and the Payment Account are not classifiable as a deposit account and therefore, the Finom Business Account does not fall under the Dutch Deposit Guarantee Scheme. 

The main risks linked to the use of the Regulated Services offered by FINOM PAYMENTS are attributable to:

• fraudulent use of access credentials/codes (PIN) by third parties; therefore, maximum attention must be paid to the safekeeping of access credentials;
• exchange rate risk for Payment Operations in foreign currency;
• any damage caused by the suspension or interruption of Payment Services, for example in case of technical requirements, breakdowns, maintenance, service disruptions, force majeure events, actions of third parties, etc.;
• in Payment Operations, in case of inaccurate indication of the Payee's details by the Customer, the latter remains responsible for any consequences arising from such error.
• in the Payment Operations concerning Instant Transfers: (i) fraud risk: due to the reduced execution times of the Payment Operation, it will no longer be possible to revoke the ordered Payment Operation; (ii) greater difficulty in recovering sums: considering the speed of transfer of the sums of money, it may be more difficult to recover the sums transferred to the Payee.

3. Main characteristics of the Regulated Services

FINOM PAYMENTS provides, among others, the following services:

• Electronic Money Services: Issuance, receipt, deposit, management, transfer, and redemption of Electronic Money.
• Payment Services: Execution of Payment Transactions, including: execution of direct debits and credit transfers (including standing orders), and execution of Payment Transactions via a Finom Debit Card.
• Finom Debit Card: Issuance of a Payment Instrument linked to the Electronic Money Account (via the Payment Account).
• Payment Initiation Services: Allows the Customer to initiate an online Payment Order without accessing their Payment Account with another provider.
• Account Information Services: Allows the Customer to access and view information relating to their payment accounts held with other providers.
• Cash Withdrawals: A service that allows 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 the Customer's consent. Payment Orders can be placed via the Finom Platform by the Customer or their authorized representative, or via a Payment Instrument.
• The Customer is required to ensure that every Payment Order is clearly formulated and contains all the correct information, including, in any case, the Customer's Payment Account number and the Payee's account number (also referred to as IBAN in the SEPA area). For transactions outside the SEPA area, the Payment Order must also include the Payee's name, address, and domicile, as well as the BIC code of the Payee's bank.
• A Payment Order is irrevocable from the moment FINOM PAYMENTS receives it.
• The receipt date of a Payment Order is the day the payment order is received by FINOM PAYMENTS or, if that date is not a Business Day, the next Business Day. FINOM PAYMENTS may establish cut-off times after which Payment Orders are considered received on the next Business Day, also taking into account the method of transmission of the Payment Order. The applicable cut-off times are indicated on the Finom Platform,
• FINOM PAYMENTS has the right to refuse, defer, or limit the execution of a Payment Transaction for a valid reason (e.g., insufficient funds, legal prohibition, Prohibited Activity), as indicated in the Agreement.
• Execution times:
  • For Euro (EUR) transactions within the SEPA area, the Payee's bank will receive the payment within one (1) Business Day.
  • For other currencies within the SEPA area, up to four (4) Business Days.
  • Should FINOM PAYMENTS offer the Customer the possibility to carry out Payment Transactions to countries outside the SEPA area, in accordance with Applicable Law, the transactions will be executed by FINOM PAYMENTS within a reasonable timeframe.
  • Up to ten seconds for instant payments

(b) Foreign Currency

• Currency exchange rates are based on the rates of the bank partner and may include a commission margin added by FINOM PAYMENTS as reported in the "prices and plans" in the subsequent paragraph 5.
• All risks related to currency exchange, including losses due to currency fluctuations, are borne by the Customer.
• The Finom Platform is not a currency trading platform and its services should not be used for that purpose.

(c) Liability and Indemnification

• FINOM PAYMENTS' liability is limited to an amount equal to the total sum of all fees paid by the Customer for the Services during the twelve (12) months preceding the event that gave rise to the liability.
• Only direct damage is covered. Indirect damage (including consequential damage, loss of profit, loss of goodwill) is excluded.

(d) Communications Customers can contact FINOM PAYMENTS via one of the forms established in the Agreement (e.g., via e-mail, post, or through the Finom Platform).

4. Unauthorized Payment Transactions

The Customer who becomes aware of an unauthorized Payment Transaction may only obtain rectification if they report this circumstance without delay to FINOM PAYMENTS through email to hello@finom.co within thirteen (13) months from the date of the Payment Transaction.

Customer Liability for Unauthorized Use of Payment Instruments or Payment Services

Except in the case where they have acted fraudulently, the Customer shall bear no loss arising from the use of a lost, stolen, or misappropriated Payment Instrument that occurred after the communication and request to block the Payment Instrument.

Furthermore, except in the case where they have acted fraudulently, the Customer shall bear no loss if the loss, theft, or misappropriation of the Payment Instrument could not have been noticed by them before a payment.

In other cases, and except where the Customer has acted fraudulently or has failed, with willful misconduct (dolo) or gross negligence (colpa grave), to fulfill one or more of their obligations regarding the Payment Instruments and security credentials, the Customer shall bear, for an amount not exceeding 50 Euros, the loss relating to unauthorized Payment Transactions resulting from the misuse of the Payment Instrument following its theft, loss, or misappropriation.

If the Customer has acted fraudulently or has failed, with willful misconduct (dolo) or gross negligence (colpa grave), to fulfill one or more of their obligations regarding the Payment Instruments and security credentials, the customer shall bear all losses arising from unauthorized Payment Transactions. In such a case, the 50 Euro limit does not apply.

FINOM PAYMENTS Liability for Unauthorized Payment Transactions

Without prejudice to the provisions regarding the notification and rectification of unauthorized or incorrectly executed Payment Transactions, and without prejudice to the case where the Customer has failed to fulfill their obligations with willful misconduct (dolo) or gross negligence (colpa grave), if an unauthorized Payment Transaction has been executed, FINOM PAYMENTS shall, without delay or, at the latest, by the end of the next Business Day, refund the Payment Account. FINOM PAYMENTS retains the possibility, in case of well-founded suspicion of fraud, to suspend the refund by notifying the Customer.

5. Pricing and Plans

Complete detail of pricing and plans:

Pricing and Plans

6. Agreement Changes and Termination

(a) Amendments: FINOM PAYMENTS has the right to unilaterally amend the Agreement.

• Notice: The Customer will be informed in writing of the proposed amendment with a minimum notice period of two (2) months before the date the amendment enters into force.
• Right to object: The communication containing the proposed amendment will specify that, in the absence of an express refusal from the Customer within the indicated term, the proposal will be considered accepted. The Customer has the right to withdraw from the Agreement free of charge before the scheduled date for the application of the amendment.

(b) Termination by the Customer: Possible without observing a specific notice period.

(c) Termination by FINOM PAYMENTS: Requires a notice period of two (2) months.

(d) Consequences: Termination entails the cessation of all Services and the closure of the Finom Business Account.

7. Complaints

(a) Procedure: Complaints must be sent to complaints@finom.co using a standardized form.

(b) Response Time: FINOM PAYMENTS aims to provide a full response within 15 working days. This period may be extended up to a maximum of 35 days in exceptional situations.

(c) External Dispute Resolution (Kifid): If a customer is dissatisfied with the final response received from Finom, or if they have not received a response within the required timeframe, they may, before taking legal action submit a complaint to the Dutch Financial Services Complaints Tribunal (Kifid).

You can contact Kifid:

• Via email: ondernemers@kifid.nl
• Via telephone: + 31 70 - 333 8 999
• Via mail: Postbus 93257, 2509 AG Den Haag
• Via the complaints form 

8. Definitions