Terms and Conditions

These Terms and Conditions govern the access and the use of the services offered via platforms such as the Mobile Application for Smartphone Devices, Webpages, Web Dashboards and other mediums titled “FALOOS” (hereinafter, the Application or Faloos) and constitute the conditions under which the payment service provider provides the available payment services. These Terms and Conditions (hereinafter, Conditions) and their amendments, together with any other legally relevant information related to the use of the services provided by the Application, shall be made available to the User at all times through the official Application website at www.faloosapp.com as well as them being accessible via the Mobile Application under the Legal Documents tab. By downloading the Application and registering for an Account on the Application, the User accepts these Conditions, the Privacy Policy, the End User License Agreement and all other legal documentation for Faloos (all available on www.faloosapp.com in the Legal Section). In the case where the user does not agree with any terms mentioned in these documents, said User is advised and able to delete their account on the Application immediately under their own volition.

Parties

Owner of the Application

The owner of the Application is FALOOS (hereinafter, Faloos Inc), with registered Headquarters in the United States of America.

For any queries or incidents related to the Application and its use, the User may contact privacy@faloosapp.com.

User

Person who downloads the Application or Service and accepts these Conditions.

Payment Service Provider

The company and bank partner that provides the payment services governed by these Conditions is the Bank of England, a local bank or payment service (“Payment Institution”) based in the United Kingdom.

The Payment Institution is subject to its own relevant supervision by governing bodies and Faloos bears no responsibility for the payment transactions, fund management or flow of funds handled by the Payment Institution.

The Payment Institution safeguards the funds received for the execution of the payment operations and handles the entire payment process from pulling and pushing funds on the back-end service of the Application (as well as all their own security measures such as Know-Your-Customer and PCI Compliance).

Services

FALOOS INC provides the Users with a platform or virtual space that enables said Users, via the Application installed on their mobile device or on their Web dashboards, in a manner and the terms established in these Conditions, to:

a) Send payments to their contacts on their Friend’s list within the Application on their mobile device or Web dashboard.

b) Request money from their Friend’s list within the Application on their mobile device or Web dashboard.

c) Receive payments made by other Users that have said User added as a Friend on the Friend’s list within the Application or Web dashboard.

d) Utilise their payment sources (cards, bank account IBAN or other means) for current simple Peer-to-Peer payment flows as well as other future potential payment flows.

To provide the highest quality services indicated above, the Application may request the User’s permission to access the Friend’s list on the User’s Personal Facebook Account or their Contacts on their mobile devices. Should such access be denied, the services may not be provided as intended, but the service may still operate.

In registering with the Application, the User shall automatically become the owner of a payment account (hereinafter, Account) opened by the Payment Institution (via assigned independent Virtual IBAN or other means) into which the payments received from other Users will be deposited, and with which the details for one or several physical debit or credit cards or bank account IBAN’s (or other payment sources) may be linked, as well as accounts issued or opened in their name by a credit institution within the territories available for the usage of the Application to provide it with a funding source to initiate and receive payments.

Initiated payments, payment requests and payments received shall be noted in User Feeds on the Application and Web dashboard as an additional accounting record to enable the User to view the details of any executed payment operations and/or the ability to keep a record of their total personal payment history at any given moment.

Terms to Use the Services, Registration and Service Activation

In order to utilise the full service, the User must (after downloading the Application from the relevant Application store to their Smartphone or after logging in to their personal Web dashboard): register with the Application by: (I) completing the fields requested (KYC, standard user registration, and Faloos profile set up, amongst others), (II) accepting these Conditions and other legal documents, (III) logging in via their Facebook or Apple ID, or other Accounts or by registering with their email and (IV) entering the information for the debit or credit cards, bank account IBAN’s or other payment sources that they wish to link to their Account as payment sources (Note: cards may be required for initiating payments and IBAN’s may be required for receiving payments. If one is provided but not the other, said User may have limited functionality of the Faloos service and may not be able to enjoy the full capabilities of Faloos).

Having registered with the Application, the data provided (Local ID Number, Phone Number, Date of Birth and Name, amongst other requirements) is then authenticated and verified (by an Identity Service Provider). The User cannot use the full services unless they pass said “checks” and unless they have provided all of the required information during registration, and any information that may be required in compliance with the terms of applicable laws and/or by policy (Know-Your-Customer or other) by the Payment Institution.

The additional verification of the User’s identity via authoritative documents may be conducted for anyone exceeding an amount decided by FALOOS INC (or the relevant regulator) at their own discretion per year, per month or daily for payments sent or received.

FALOOS INC will provide the User with notice of service confirmation immediately following the successful completion of the data registration and verification process, by sending an email or verifying on the Mobile Application, Web dashboard or other durable medium, in the case where verification is required.

The User is required to maintain the confidentiality of the account and its credentials. In case of any loss of the data because of theft or other means, FALOOS INC will not be held responsible. Being the owner of the account, the User is responsible for the activities that occur from the account. If the User finds any unauthorised usage of their account, they should reach out to FALOOS INC immediately at privacy@faloosapp.com.

FALOOS INC may utilise the User(s) email address to notify said User about changes and updates. If the User does not want to get notified through the email, they may opt-out by emailing privacy@faloosapp.com.

Identity Authentication and Data

The telephone number linked to the Smartphone where the Application has been downloaded will constitute the identification credential for the Application User and the Virtual IBAN or relevant Account number or name attached to the User’s Faloos Account shall serve as an identifier for the transactions that are conducted by the User via the Application or Web dashboard. For this reason, the User should refrain from changing the telephone number connected to their Account. Should the User wish to use a different number, they must open a new account or contact us directly via email at privacy@faloosapp.com and Faloos will endeavour to do its best to resolve the matter.

Data relating to the User’s name and profile photo associated with their Account form their “Public Profile” and may be seen by other Users that have their telephone number saved to their Contacts list or have added them to their Friend’s list, which the User expressly authorises to by registering on Faloos.

The Application has search engines that enable you to search and be found, as long as the person initiating the search has the username of the other person or mobile phone number of the other person saved in their Contacts list.

FALOOS INC may ask the User to provide further information or documents to verify and confirm their ownership of the phone number, email address, and other financial instruments. All the information that FALOOS INC will ask the User to provide will be used for internal processes and may be passed along to the Payment Institution and/or other Third-Party Service Providers for the purpose of verifying the User’s identity. The User hereby grants Faloos their consent for Faloos to utilise the User’s personal data internally as well as externally with potential Third-Party Service providers that are vital to operating the Faloos service (such as Identity Service Providers for Identity Verification).

Payments and Transactions

Using the Application or Web Dashboard, the User may make payments to the accounts of other Users listed in the Friend’s list or Contacts list on their mobile phone for the number linked to their Faloos Account (or in potential other ways available in future releases).

To make a Peer-to-Peer payment, the User must first click the “Pay” button on the home screen and then select the Payee from their Friend’s Contacts list (after adding each other) and enter the exact sum to be transferred into the Application. The User must then confirm the payment amount on the Confirmation Pop-Up Screen (with any associated charges), thereby authorising the payment transaction. The payment amount will be credited to the receiving User’s Local Payment Services Provider or IBAN Account, and any charges will be charged to the Account of the User initiating the payment as a Payer (with relevant fees clearly explained to the Payer before initiating said payment).

The User may request money from any contact in the Friend’s Contacts list on their mobile phone whose mobile phone number is linked to their Account and/or via their Faloos Username. To this end, the User must first click the “Request” button on the home screen and then select the Payer from their Friend’s Contacts list and enter the exact sum to be requested from said User into the Application or Dashboard (including relevant fees), thereby authorising the Application to send a communication (push notification and/or in-app notifications) to that User asking them to proceed to initiate the payment under the terms requested or reject it.

If the Payee or Payer contact is not a User of the Application, they may be sent an invitation in the name of the User to download and register with the Application in order to begin initiating or receiving payments on Faloos.

The processing of payments and transfers is handled by the Payment Institution that FALOOS INC has partnered with for the Application (and any future) Mobile Application(s) or services. The Payment Institution is capable of handling payments processed for payment sent or managed by the Payee’s Local Payment Service Provider and the partnered payment Gateway (if any) of the Payment Institution (such as Mastercard Payment Gateway Services, MPGS) which is able to handle debit and credit payment processing for the funds to be sent from the Payer or as an Open-Banking certified Payment Initiation Service Provider. FALOOS INC, the Application and Web dashboard are not in any way responsible in the scenario where funds are lost, stolen, or were incorrectly transferred to the wrong User/party as no payments are initiated without the Payer/Payee first both signing up fully on Faloos, adding their personal payment source information and adding friends (accept/reject) on the service. The User must check all activity carefully and immediately notify either the Payment Institution via its website and relevant support line or FALOOS INC by emailing privacy@faloosapp.com without delay if the said activity includes anything that seems incorrect or has not been conducted according to their instructions.

Price and Commission

The Application is currently free to download for the User. However, the Payment Institution may charge a fee per transaction on top of the fee that FALOOS INC may charge per transaction (Users will be able to see relevant charges/fees when initiating payments or requests on Faloos via the Confirmation Pop-Up before confirming a payment initiation or request). Any modification thereto will be governed by these Terms of these Conditions. Without prejudice to the foregoing, the access to and use of the Application or Web dashboard may involve the use of mobile telephone services, such as web browsing, that may incur a cost from the mobile telephone operator, to be met by the User. Likewise, the Payment Institution and FALOOS INC reserve the right to receive from the User any updated rates established for the Services it provides as mentioned earlier.

Other

The User is responsible for checking that the Application is compatible with their Smartphone, Computer, or any other relevant device used to access the service and is therefore liable for any damage that may arise from the use of the Application, including its installation on the said device.

Telematic Signature

The User gives their express consent to the use of telematics for acceptance media such as, for example, the act of checking a checkbox or pressing an icon with the terms that may include (but are not limited to): “accept”, “finish”, “OK”, “confirm”, “login”, or entering a username and password or logging in via their previous Online Accounts (like Facebook or Apple ID) (hereinafter, telematic signature), as a means of providing their consent, including, but not limited to, entering into contracts with FALOOS INC and the Payment Institution, the acceptance of specific disclaimers and communications from said institutions, and the sending of orders and instructions via the Application or Web dashboard. A telematic signature is deemed to be the equivalent of a manual User signature. Consequently, the sending of orders and instructions via the Application or Web dashboard constitutes the User’s authorisation and acceptance of the operation performed, and the impossibility of it being repudiated (either directly or via a third-party with access to their Smartphone/Web dashboard and their data due to User negligence, or when the User has acted fraudulently and in bad faith). The User expressly accepts that both FALOOS INC and the Payment Institution may save the contracts and orders signed on its secure servers, potentially by way of telematic delivery, and use them as proof of execution (among other reasons). In the event of a discrepancy between their copy and the filed contract or order, the latter shall prevail.

Intellectual Property

FALOOS INC grants, and the User accepts, a free licence to use the Application owned by FALOOS INC which is personal and non-transferable, limited, non-exclusive, and available, following acceptance of these Conditions, through a telematic download process, to directly access the home screen enabling access and use of the functionality provided via the Application. Said use includes the total or partial reproduction of the Application exclusively in the form of its use, downloading, execution, and display on a Smartphone or other device. The use of the Application is restricted to the aforementioned use and its use for any other purpose is expressly prohibited and is considered to be an act of software piracy that infringes intellectual and industrial property law, such that FALOOS INC may seek liability for non-compliance with this condition, under applicable laws. Likewise, the User or third-parties are expressly prohibited from manipulating, either in full or in part, the Application. Likewise, the Application as a whole, that is, its constituent elements (texts, images, brands, logos, audio files, software files, colour combinations, etc.), as well as the structure, selection, and order in which its content is presented, are protected by Intellectual and Industrial property law, and cannot be subject to exploitation, reproduction, distribution, modification, public communication, cessation or transformation or any other form of dissemination unless expressly authorized by FALOOS INC.

Access to the Application does not grant the User any form of right to, or ownership of, the Intellectual or Industrial property rights for the content within the Application. FALOOS INC reserves the right to take the relevant legal action against any User(s) or third party that violates or infringes its Intellectual and/or Industrial property rights.

Changes

FALOOS INC reserves the right to change these Conditions any time without providing any prior notice to the Users of the Application. The current version of the Conditions will govern the Users’ usage of the Application and access to the Website and/or dashboard. It is the responsibility of the User to keep themselves updated about the changes and modifications. The modifications will be effective as soon as this section is updated. As a User of the Application, Website, Web dashboard and its Services, the User understands that continuous usage of the Services will be considered as the User’s consent to the latest version of all legal documents and Conditions (including, but not limited to: Terms and Conditions, Privacy Policy and End User License Agreement). It will also be considered as the User's acceptance of the modifications. Furthermore, FALOOS INC reserves the right to modify and/or improve the Application, at any time and without prior notice, which will then continue to be the exclusive property of FALOOS INC. In particular, FALOOS INC reserves the right to delete, limit or prevent access to the Application in the event of technical difficulties arising due to events or circumstances beyond the control of FALOOS INC which, in its opinion, may reduce or cancel the standard security levels adopted for the correct operation of said Application. The User has the right to terminate this Contract at any time, unless there is a prior notice period agreement for termination (such notice period must not exceed 30 calendar days). Faloos will endeavour, to the best of its abilities, to provide at least a 30 days' notice to all Users regarding changes to this Contract, and in the event the User does not agree with them, the User reserves the right to terminate this agreement at no charge.