GENERAL TERMS AND CONDITIONS TRUSTLY

APPLICABLE END USER GENERAL TERMS AND CONDITIONS V. 7.0

1. GENERAL INTRODUCTION OF THE SERVICE

Trustly (the "Service") is a bank-independent payment solution supporting the execution of transactions from bank accounts in a number of banks in a selection of countries. The service constitutes a tool which you (the "User") may use to execute payments through your online banking service in a simplified manner to an online supplier (the "Supplier") providing you a product or service. The service consists of an additional interface between the User and the interface of its online banking service designed specifically for the purposes of simplifying your completion of a specific transaction. The User personally carries through and completes all necessary steps for proceeding with a transaction such as logging in to the online banking service, selecting account from which to pay, and signing the transaction. The User will, consequently, have full control over all phases of the completion of a transaction. Where the User has a payment setting installed in its internet bank-service which delays the initiation of the payment from the bank account (“forfallsbetaling), the Service will independently alter this setting to (“straksbetaling”) in order to enable immediate initiation of the payment. After completion of the payment, the Service will automatically alter the setting back to the setting (“forfallsbetaling”). The Service allows the User to execute a swift and secure bank transfer in a user-friendly interface without the need for any additional software or registration arrangements. The Service may also be used by the User for the purpose of authenticating oneself towards a Supplier, in order to receive a payment.

The Service is not offered by or affiliated with your bank. The Service is provided to you by Trustly Group AB (556754-8655), Sweden, ("Trustly"), through the Supplier that you want to transfer funds to or receive a payment from. Please read the Terms and Conditions carefully. In case you do not accept the Terms and Conditions, do not proceed with the transaction. By using the Service, you agree to the Terms and Conditions as set forth in this Agreement at the time of the transaction. The Terms and Conditions may be revised from time to time without prior notice and the User must therefore ensure that the terms are reviewed in each case before proceeding with a transaction. In the event of a change of the terms, the revised version will be labelled with a new version number.

2. LOGIN INFORMATION ETC. PROVIDED BY THE USER

Any transaction executed with the use of personalised security credentials (codes/passwords etc.) shall be deemed to be carried out by the authorized owner of the account. The login information provided by you during the transaction process will be collected and processed by Trustly. Trustly will forward the information, through the Service interface, to the corresponding interface of your online bank through a secure connection. All communication transferred when using the Service is encrypted and the secret login information of the User is forwarded to the corresponding input-field of the selected bank but is never stored. Trustly may, however, store and process any and all information provided by you in connection with using the Service. Trustly’s processing of such information takes place in accordance with clause 7 (Privacy policy and processing of personal data) below.

3. AUTHORIZATION/PERMISSION TO FORWARD INFORMATION ABOUT THE USER

By using the Service, the User approves that information about the User available in various parts of the online banking interface (including name, address, telephone number, e-mail address, sending bank account number, personal identity number and, where applicable, passport number/identity card number) is used by Trustly for the purpose of verifying the identity of the User and/or for the purpose of executing your transaction. Your information is furthermore forwarded by Trustly to the Supplier for the purpose of the Supplier verifying the transaction and the User’s identity, in order to prevent fraud or other criminal act as well as to meet potential legal requirements.

4. GENERAL REQUIREMENTS FOR ELIGIBILITY TO USE THE SERVICE

The User must to use the Service be of at least eighteen (18) years of age, or of such age as required by the Supplier, with capacity to enter into legally binding contracts and have the right to dispose of the assets available in the online bank and hereby guarantees that these requirements are met. Moreover, the User guarantees that it shall not use the Service for any purpose that is in violation of its agreements with third parties or applicable law. The User is personally responsible for any and all such violations and acknowledges, by using the Service, that the use of the same does not result in any such violation.

5. LIABILITY AND COMPENSATION

Trustly is liable to the User for transactions executed through the Service to the extent set out in the Swedish Payment Services Act (2010:751). Trustly shall in no case be liable to the User, Supplier or any third party for any direct or indirect loss or damages incurred due to the use of the Service as a consequence to any error, crash or interruption caused by the User or a third party.

6. POTENTIAL CHARGES AND FEES APPLIED BY THE BANK OF THE USER

When executing a transaction through the Service, domestic or international payments may occur from time to time in which case a fee chargeable to the User's bank account may apply according to the terms of the agreement between the User and its bank. By using the Service, the User acknowledges that he or she is solely responsible for any and all fees applied by his or her bank when executing domestic or international payments/transactions.

7. PRIVACY POLICY AND PROCESSING OF PERSONAL DATA

Trustly will store and process information provided by the User in accordance with applicable data privacy legislation. Such information includes the IP-address of the User, information regarding the identity of the User including e.g. name, address, telephone number, e-mail address, sending bank account number, account balance, personal identity number and, where applicable, passport number/identity card number.

Trustly collects and processes the information for the purposes of managing your transaction, registering your transaction with your bank and carrying out a secure transaction as well as to meet legal requirements within the field of data storage requirements, anti-money laundering measures and other relevant legal obligations of Trustly, including but not limited to for the purpose of preventing fraud and other criminal acts.

Trustly is the controller of the collected data and is responsible for ensuring that it will be treated in accordance with applicable privacy regulations and will be used only for the purposes and in the manner, and only be provided to third parties, as set forth herein.

It follows from clause 3 (Authorization/permission to forward information provided by the user) above that the User consents to information being forwarded by Trustly to the online banking interface and to the Supplier as further detailed in said clause. Trustly may further forward information on the User to police authorities and other relevant authorities in connection with investigations of payment transactions for the purposes of preventing, investigating and disclosing breaches against anti-money laundering legislation, fraud and other criminal acts. Trustly will undertake necessary measures to protect the provided data from otherwise being passed on to third parties and undertakes not to pass on any such data for commercial, advertising or similar purposes.

All personal data collected will be treated with confidentiality as far possible and will, in all cases, be transmitted and handled by applying SSL (Secure socket layer) and secure encryption procedures. Trustly will not process personal data for a longer period than what is necessary for fulfilling the purpose of such processing as set out above.

The User, through its consent to these Terms and Conditions before use of the Service, consents to the processing of personal data as set forth above. The consent also applies to transfer of data via Internet including transfer of such data to a third country outside EU.

If you have any inquiries or requests relating to your personal data or your rights under applicable privacy regulations, including requests for information and rectification, please contact Trustly at support@trustly.com.

In certain cases, special Terms and Conditions may supplement these General Terms and Conditions, such as for use of Trustly’s service for direct payments in Sweden (Swe. "Direktbetalning") or Trustly’s service "Tap & Pay". In case of contradiction between these General Terms and Conditions and such special Terms and Conditions, the regulations set forth in said special Terms and Conditions shall prevail.

8. NOTIFICATIONS OF DELAYS, INTERRUPTIONS, MALFUNCTION ETC.

If the User takes notice of any indication of malfunction, Trustly shall be notified promptly in which case it will commence its best efforts to remedy any malfunction without delay.

9. FORCE MAJEURE

Trustly shall in no case be liable for any economic loss, delay or failure in performance to the extent such loss, delay or failure is caused by fire, flood, explosion, war, strike, embargo, governmental requirements, civil and military authority, data trespass, unlawful action of the User or any other cause beyond Trustly’s reasonable control.

10. MATTERS OF SUSPECTED CRIMINAL ACTIVITY ETC.

Trustly unilaterally reserves the right to take appropriate measures, keep records of and suspend a transaction of the User in the event of suspected criminal or illicit activity, imminent civil actions by third parties due to the providing of the Service or any other act or omission such as severe malfunction or misuse of the Service that might expose the User or Trustly to damage regardless of the nature of such potential damage.

11. KNOW YOUR CUSTOMER (KYC)-REGULATIONS AND USER OBLIGATIONS TO PROVIDE INFORMATION

The transactions executed by the User are subject to monitoring for the purposes of complying with applicable regulations regarding anti-money laundering and financing of terrorism. The policies and practices applied are constantly reviewed and may vary from time to time and depending of conditions pertaining to the User such as transaction patterns, geographical position etc. For the purposes of complying with applicable regulations, records may be kept and additional information may be requested from the User in order to establish matters such as identity, purpose of the transaction and origin of funds. By executing a transaction through the Service, the User commits to provide any and all such information as may be deemed necessary for these purposes and recognize that non-compliance with such request may result in refusal to complete the transaction of the User or other consequences as called for.

12. SEVERANCE

If any provision of this Agreement is found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of this Agreement which shall remain in full force and effect. If any provision of this Agreement is so found to be invalid or unenforceable but would cease to be invalid or unenforceable if some part of the provision were deleted, the provision in question shall apply with such modification as may be necessary to make it valid and enforceable.

13. GOVERNING LAW

These General Terms and Conditions and the agreement it constitutes shall be governed by the laws of Sweden. Disputes shall primarily be resolved by negotiations in good spirit between the parties following a claim being filed by the User after which Trustly shall consider the claim within thirty (30) days. If the parties are not able to reach an amicable agreement regarding the claim, the dispute shall be resolved in accordance with the rules of civil procedure.