General Terms and Conditions for a User Account and Payment Services

1. General

1.1  The contracting party is Okapi Finance UK LTD hereinafter “Okapi”, corp. ID no. 12002408 with the address: Monomark House, 27 Old Gloucester Street, London WC1N 3AX, UKand email: uk@okapiswap.com . 

1.2  Okapi is a payment services provider regulated by Finansinspektionen, Sweden's financial supervisory authority. Okapiuk is licensed as a PSD agent and registered by FCA in UK.

1.3  This document constitutes the general terms and conditions for Okapi’s user account and related payment services. These general terms and conditions, together with our privacy policy and other general terms and conditions that apply depending on which of our services you, the Customer, choose to use, constitute a legally binding agreement (“the Agreement”) between:

-        the person registering an Okapi user account, and

-        Okapi Finance UK

1.4  You are entitled to receive the Agreement and other written information provided by Okapi before and in connection with entering into the Agreement free of charge and in a format that can be saved. The Agreement is always available on Okapi’s website and in the app, together with any amendments to the terms and conditions.

1.5  All communication between the parties shall be in Swedish or English.

1.6  There is a brochure on Okapi’s website explaining your rights as a payment services user, which have been drawn up by the European Commission.

2. Definitions

It is important to Okapi that our Customers understand the provisions of the Agreement. We have therefore produced a glossary to explain the terms that we use regularly. We recommend that you read the glossary before or alongside reading the Agreement.

Authentication: a procedure in which the Customer’s personal authorization functions are used and through which Okapi can verify the Customer’s identity or the validity of a payment instrument.

Card Issuer: The Customer’s bank or payment services provider that operates the payment account to which the Customer’s Payment Card is linked.

Customer or you: the person who has a registered user account with Okapi.

Device: an umbrella term for a fixed or portable device such as a computer, laptop, tablet or mobile phone with Internet access or another connection that enables telephone and/or data traffic.

General Terms and Conditions: these general terms and conditions for a user account and payment services, which form part of the Agreement.

Mobile BankID: an electronic ID card on a mobile device consisting of a BankID security application and an electronic certificate issued by a Swedish bank or another authorized issuer. 

Mobile Device: a portable device such as a tablet, mobile phone, watch or wristband with Internet access or another connection that enables telephone and/or data traffic.

My Okapi: a personal user account with Okapi that the Customer uses to access and use the Services.

Okapi App: Okapi’s application, which is available to download to Mobile Devices.

Okapi or we: Okapi Sweden AB.

Payment Card: an umbrella term for a debit or credit card.

Payment Order: each instruction that a Customer gives Okapi to execute a payment transaction.

Payment Transaction or Transaction: a deposit, withdrawal or transfer of money initiated and executed by the Customer using Okapi’s payment services.

Recipient: A Customer of Okapi who receives money from a Sender.

Security Solution: an umbrella term for personalized functions that Okapi provides or approves for a Customer’s Authentication, such as BankID, PIN, one-time passcode, fingerprint reading and facial recognition.

Sender: The Customer of Okapi who uses Okapi’s payment services to initiate and execute a Transaction/money transfer. 

Services: Okapi’s SWAP ABROAD payment services.

Strong Customer Authentication: an authentication based on the use of two or more elements categorized as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent of each other so that the breach of one of the elements does not compromise the reliability of the others, and designed in such a way as to protect the authentication data against unauthorized access. 

Unique Identification Code: a combination of letters, numbers or symbols supplied by a payment services provider that a payment services user must enter in order to unambiguously identify another payment services user or their payment account.

Website:  www.okapiswap.com , the platform through which the Services are provided.

3. How our Services work

3.1  Through Okapi’s Website and partnerships with other parties (such as banks), we can offer our Customers the opportunity to send money to each other in real time, no matter which country they are in and which bank they have. This means that a Customer with a Payment Card can send and receive money and make payments.

3.2  The Transactions that take place via Okapi’s Website are executed in real time, which means that the amount is deducted (credited) directly from the Sender’s bank account and is placed (debited) directly in the Receiver’s bank account.

3.3  Transactions can be conducted by the Customer linking an existing Payment Card to their My Okapi account. When the Customer wants to send money, they create a Payment Order that is submitted to Okapi. Okapi then initiates the Payment Transaction by submitting the Payment Order to the Sender’s Card Issuer, which executes the Payment Transaction. Okapi does not provide any services that result in the Customer’s money being deposited or temporarily placed with Okapi.

3.4  The SWAP ABROAD Service enables the Customer to send money to a Recipient in another country or the same country.

4. Conditions for using the Services

4.1  To use Okapi’s payment services, both the Sender and the Recipient have to go through our registration process and create a My Okapi account. We require that our Customers:

1. have the legal capacity to enter into an agreement and be eighteen (18) or older (if you are a private individual);
2. reside in UK where Okapi provides the Services;
3. be able to identify themselves using the Security Solutions required by Okapi at any given time, which are determined based on the conditions for achieving Strong Customer Authentication in the country in which the Customer resides; and
4.  otherwise provide all the information required to complete the registration process.

4.2  Senders and Recipients need to hold and register with Okapi a Debit card. Okapi is constantly working to enter into more partnerships and identify additional technical solutions to make our Services inclusive and useable for everyone. We always offer at least two payment brands. Read more about the current payment brands at www.okapiswap.com   

4.3  The Customer must own a Device with an Internet connection. The range of Services may vary depending on your geographical location and the Device you are using (computer, smartphone, tablet, etc.). To optimize the functionality of the Services when using a Mobile Device, you should download our Okapi App application – assuming that you have a Mobile Device with an Internet connection.

4.4  The Customer is always responsible for owning the technical equipment and software required to use the Services, including any costs for such equipment.

5. Sending money

5.1  To send money to another Customer, the Sender has to submit a Payment Order to Okapi. The Sender needs to provide certain information about the payment in accordance with the instructions provided by Okapi when preparing a Payment Order. The Payment Order is prepared through Okapi’s Website or Okapi App. This assumes that the Sender is logged into their My Okapi account.

5.2  The payment information required always includes information about the Recipient that enables Okapi to identify the Recipient. Furthermore, the Recipient’s card number must always be entered. Please note that it is important that the Sender provide the correct card number for the Recipient, as this constitutes a Unique Identification Code. If the Sender provides an incorrect card number, Okapi is not responsible for the Transaction. Read more about Okapi’s responsibility for Transactions below.

5.3  A Payment Order is considered to be received by Okapi when the Sender has provided payment information in accordance with Okapi’s instructions and authorized the Payment Order by verifying themselves using a Security Solution that meets the requirements for Strong Customer Authentication. After this point, the Sender cannot withdraw their consent or the Payment Order.

5.4  Okapi initiates the Payment Order it has received by submitting it to the Sender’s Card Issuer for execution of the Transaction. The Sender’s Card Issuer treats the Payment Order in the same way as if it had been received directly from the Sender. This means that the provisions of the card agreement between the Sender and its Card Issuer apply.

5.5  All Transactions executed through Okapi are registered with the Payment Card chosen by the Sender. 

5.6  The restrictions on amounts that apply for the Sender’s Payment Card under the card agreement with the Card Issuer also apply for Transactions executed via Okapi’s Services. Okapi cannot change the restrictions on amounts. From time to time Okapi may impose additional restrictions on amounts if required to comply with money laundering regulations, etc.    

5.7  From the time that Okapi receives a Payment Order from the Sender, it usually takes three seconds to initiate and execute the Payment Transaction. The terms and conditions of the card agreement between the Sender and their Card Issuer may affect the provisions of this Agreement, which is beyond the influence of Okapi. One condition for a Payment Transaction to be executed is, that the Sender have the amount to be transferred available in the account to which the Payment Card is linked.

5.8  Okapi may decline to initiate a Payment Transaction if the terms and conditions of the Agreement have not been met, or if Okapi is prevented or prohibited from doing so by laws, regulations or government directives. Okapi shall then immediately notify the Sender, the same shall apply if the Sender’s Card Issuer declines to execute a Payment Order initiated by Okapi.

6. Receiving money

6.1   To receive money through Okapi’s Services, the Recipient must be a Customer of Okapi and have registered a Payment Card in accordance with the provisions of the Agreement.

6.2  Upon completion of the Transaction, the Recipient is notified through their My Okapi account of the Transaction’s identification number and date, the name of the Sender, the amount received and the currency.

6.3  All Transactions are registered with the Payment Card chosen by the Recipient.

 

7. Price list

Annual fee My Okapi	GBP 0
Fee for sending money outside of UK	1.5 GBP plus (1.5% for payment through bank account).	For transactions from EUR to XOF we charge different fee depending of the sent amount.
Fee for receiving money outside of UK	GBP 0

There may be additional fees, costs and interest rates that are not imposed or controlled by Okapi, such as any fees for international transactions or, if the account to which the Customer’s Payment Card is linked is overdrawn.

Okapi’s above-mentioned fees are charged in connection with the individual Transaction. Okapi shall show the components (fees, transaction amount and total amount) before the Sender approves the Payment Order.

8. Currency

For Transactions to another country, the Sender’s currency is converted into the Recipient’s currency at the exchange rate applied by the Customer’s Card Issuer. Okapi does not provide foreign exchange services and is unable to influence or determine any exchange rate.

9. Okapi App

9.1  To use Okapi App, the Customer must have the application installed correctly on their Mobile Device. Okapi App is available to download from Apple AppStore and Google Play. Some features of Okapi App require the Mobile Device to have a camera that the application can access. The Customer organizes this in the Mobile Device’s settings. Furthermore, an Internet connection to the Mobile Device is required to use Okapi App.

9.2   Please note: When the Customer uses Okapi App via a (mobile) Internet connection, charges may be incurred depending on the Customer’s phone and data contract. If Okapi App is used from abroad via the Customer’s mobile Internet connection, roaming fees may be charged via the Customer’s mobile data connection depending on the Customer’s phone contract. Okapi has no influence over the above-mentioned fees. All connection fees incurred from using Internet services must be borne by the Customer. The Customer expressly acknowledges and accepts the above by becoming a Customer of Okapi and using the Services.

10.  The Customer’s obligations, security and reporting the loss of a Device 

10.1 By registering a user account with Okapi, the Customer is entitled to use Okapi’s Services and applications for personal use and in accordance with the Agreement, Okapi’s instructions/security rules at any time and applicable legislation. If the Customer downloads Okapi App, the terms and conditions accepted by the Customer via Apple AppStore or Google Play also apply.

10.2 The Customer may not modify, copy, publish, license, sell or market the Website, Okapi App or the related information or software in any form. Use of the Services is not permitted in such a way that may harm any website for Okapi or Okapi App, or that may interfere with the use or application of the Website or Okapi App by third parties. Furthermore, the Customer shall comply with all terms of use from third parties (e.g. from a mobile phone operator) when using Okapi’s Services. 

10.3 The Customer may not transfer or assign any rights or obligations arising from the Agreement to another party without Okapi’s prior written consent.

10.4 The Customer is responsible for taking the necessary steps to protect their login details for Okapi’s Services against unauthorized use and tampering. This includes security codes and the login details for the Security Solution used by the Customer to identify themselves when using the Services. In particular, the Customer shall:

1.  Keep the information secret.  
2. Not dispose of or use the information in a way that gives another person access to the Services and the Customer’s My Okapi account.
3. Not write down or make a note of the information in a way that might allow a third party to make use of them. This also applies to the Customer’s family members.
4. Regularly change their password and security codes for the Services. Immediately change their passwords and security codes if they suspect that they are being used in an unauthorized way. This can be done at any time on the Website or in Okapi App.
5. When the Customer has the opportunity to choose a code or password, not choose a combination of numbers or letters that is linked to the Customer’s personal identity number, account number or phone number.

10.5 If the Customer has chosen to stay logged in, or if login can be automatic, on the Website or Okapi App, the Customer is obliged to make sure that they are the only person with access to the Device. If the Device is used by a person other than the Customer, the Customer must immediately disable automatic login. The Customer shall otherwise maintain good and adequate control and supervision over the Devices to prevent unauthorized access and use of the Services. The Devices should always have locking features enabled.

10.6  The Customer shall store and manage their My Okapi account in the same secure way they store and manage cash and securities, for example.

10.7  If the Customer has chosen to verify their identification using biometric information, such as a fingerprint stored in a Mobile Device, the Customer shall ensure that only the Customer’s biometric information can be used. No other person’s biometric information may be stored on the Mobile Device.

10.8  The Customer is obliged to inform Okapi as soon as possible of any suspected or known loss or theft of a Device, login details or codes linked to your Okapi user account and Services, and of any misuse or other unauthorized use of Okapi’s Services. This notification shall be by e-mail or telephone. Okapi’s contact details are available on the Website. The Customer shall also complete and submit a police report in the event of misuse in accordance with this paragraph, and in the event of the loss of a Mobile Device complete a loss report for their operator. If the Customer fails to fulfil its obligations in accordance with provision 10, they may be liable for resulting damages.

11.  Liability for incorrect or unauthorized transactions

11.1  If the Customer denies that they would have provided consent for a completed Payment Transaction initiated via Okapi or claims that the Payment Transaction has not been completed correctly, the Customer shall always complain by notifying the Card Issuer. Rules on liability for unauthorized or incorrect Transactions and on restoring the Customer’s account follow from the agreement between the Customer and their Card Issuer.

12. Okapi’s right to take action

12.1  Okapi is entitled, without the prior consent of the Customer, to suspend, limit, block or cancel the Customer’s right to use the Services if there is

1. a risk of non-secure use of the Services;
2. a suspicion of unauthorized or fraudulent use of the Services or identification features; or
3. a statutory or official obligation to do so.

12.2  To the extent permitted and not inappropriate, Okapi shall inform the Customers of the action taken and the grounds for the action. If possible, such information shall be provided before the action is taken. The action shall cease immediately, and the user rights shall be restored when the grounds for the action no longer exist.

12.3  Material violation of the General Terms and Conditions may result in the immediate withdrawal of the user rights for Okapi’s Services, including Okapi App. The Customer should then uninstall Okapi App from their Mobile Device immediately.

13. Term of the Agreement and termination of the Agreement

13.1  The terms and conditions of the Agreement between Okapi and the Customer apply from the time the Customer has accepted the General Terms and Conditions of the Agreement until further notice.

13.2  The Customer is entitled to terminate the Agreement at any time. They can do so by closing their user account with Okapi directly via the Website or Okapi App.

13.3  Okapi is entitled to terminate the Agreement with the Customer with a notice period of two (2) months. Notice of termination may be sent by e-mail to the e-mail address Okapi has registered for the Customer.

13.4  Okapi is entitled to terminate the Agreement with immediate effect if: i. the Customer materially violates the Agreement; ii. there is a suspicion that the Customer has participated in a criminal act, money laundering or terrorist financing; iii. the Customer uses Okapi App or the Services in an abusive way; or iv. it is required for Okapi to be able to comply with mandatory legislation, an injunction or a government decision.

14. Right of withdrawal

14.1  Once the terms and conditions of this Agreement have been entered into at a distance (distance contract) the Customer has the right to withdraw. The right of withdrawal applies for fourteen (14) days (cooling-off period) after entering into the Agreement. The right of withdrawal means that the Customer can cancel the Agreement. The Customer must notify Okapi within the cooling-off period if they wish to exercise their right of withdrawal.

14.2  If the Customer exercises their right of withdrawal, the right to use Okapi’s Services ceases immediately. This means that the Customer’s My Okapi account is terminated.

14.3  The right of withdrawal applies to the Agreement and the user account but does not affect Transactions executed by the Customer within the framework of the Agreement. This means that executed Transactions are not reversed.

14.4  A Customer who has exercised their right of withdrawal shall as soon as possible, but no later than within thirty (30) days, pay back the amounts and send back the products/materials the Customer has received from Okapi.

14.5  Okapi shall pay back the amounts relating to any fees for the user account or products/materials. This does not apply to fees for Transactions executed and completed.

15. Limitation of liability for Okapi

15.1 Okapi is responsible for initiating a received and approved Payment Order on behalf of the Customer in accordance with the information provided by the Customer.

15.2 Okapi is not liable for damages caused to the Customer resulting from the Customer’s incorrect use of Okapi App and Okapi’s Services, or damages due to law enforcement, government action, a war incident, strike, blockade, boycott or other circumstances beyond Okapi’s control. 

15.3  Okapi’s liability for damages under the Agreement is, in any case, limited to direct damages arising from Okapi’s negligence.

16. Amendments

16.1 Okapi reserves the right to change the scope of the Services and amend these General Terms and Conditions. Okapi shall always give notice of the amendment two (2) months before the amendment takes effect and, in the manner, specified under the paragraph “Notifications”.

16.2  If the Customer does not approve the amendment, this may mean that Okapi is no longer able to provide the Services. In these cases, the Customer is entitled to terminate the Agreement with Okapi immediately and without charge. If the Customer does not terminate or give notice to terminate the Agreement within the timeframe stated above, the amendments are considered to be accepted.

16.3  This paragraph does not apply to amendments that Okapi deems insignificant. Such amendments can be made without notifying the Customer and may enter into force immediately.

16.4  Amendments that concern only extending the functionality or introducing new services or payment methods shall not be considered to constitute an amendment to the Services or the General Terms and Conditions.

17. Processing of personal data

17.1  To provide the Services, administer and execute the Agreement and comply with legislation, Okapi needs to process personal data about you as a Customer. Personal data is collected when you register a My Okapi account and when you use the Services. In addition, we verify and confirm your data with third parties and if you use the Okapi App we collect information about the Mobile Device, login data and your geographical location. This information is necessary to ensure the security of the system.

17.2  In Okapi App, we use push notifications to inform the Customer about the application, security messages and other important events. Furthermore, Okapi is entitled to send push notifications in connection with Payment Transactions executed through Okapi and in connection with marketing measures. The Customer approves the use of push notifications when they approve these General Terms and Conditions. The Customer can always disable push notifications through the settings in Okapi App.

17.3  Further information about how your personal data is processed can be found in our privacy policy available on our Website.

18. Transfer of the Agreement

18.1  The Customer may not transfer or assign any rights or obligations arising from the parties’ Agreement to another party without Okapi’s prior written consent. Okapi reserves the right to transfer all or parts of the Agreement, or another obligation or right under this Agreement, at any time and without the Customer’s consent.

19. Notifications

19.1  Information about the Services and other notifications, including amendments to the Services and the General Terms and Conditions, is disclosed by Okapi to the Customer in accordance with this paragraph and in accordance with the communication method that Okapi deems appropriate for the information content.

19.2  Information disclosed via the Website, the Customer’s user account, e-mail to the Customer or push notifications in Okapi App shall be considered to be received the same day that the information is published or sent.

19.3  Information sent by regular post or registered letter shall be considered to have reached the Customer within five (5) working days of dispatch, if the letter is sent to the address provided by the Customer or updated by Okapi using a reliable register of personal addresses.

19.4  The Customer shall inform Okapi immediately of any changes to their contact details or address. Such notification shall be sent to Okapi Sweden AB, Pilgatan 8C, 721 30 Västerås.

19.5  The Customer is obliged to notify Okapi immediately of situations in accordance with paragraph 10 above by phone or e-mail.

19.6  In other matters, the Customer should communicate with Okapi via their user account or Okapi App for privacy and security reasons.

19.7  Okapi reserves the right to refer communications with the Customer to the user account or Okapi App when the issue being addressed requires identification of the Customer or Okapi deems that other communication methods would create privacy risks. The aim is to protect the Customer’s personal privacy.

20. Applicable law and court

Swedish law applies to the Agreement. Disputes arising from this Agreement shall be resolved by the Swedish Court.

21. Invalidity of provisions

If any provision or part of a provision of this Agreement is found to be invalid, this shall not mean that the Agreement as a whole is invalid. An invalid provision shall be replaced by a provision that is close to the intended purpose of the invalid provision.

22. Complaints and the possibility of an out-of-court review

Any complaints can be submitted to the complaint’s manager via info@okapiswap.com or uk@okapiswap.com or Monomark House, 27 Old Gloucester Street, London WC1N 3AX, UK (for Okapi Finance UK). To respond to the complaint, Okapi may send a message via the Customer’s user account or by telephone, depending on what is deemed to be appropriate in the individual case. Consumers also have the opportunity for Okapi Sweden AB to contact the alternative dispute resolution board, Sweden’s National Board for Consumer Disputes (ARN), at Box 174, SE-10 123 Stockholm, Sweden, or the EU’s online platform for dispute resolution https://ec.europa.eu/consumers/odr/.

Okapi Finance UK Financial Conduct Authority (FCA) 12 Endeavour Square London E20 1 JN UK.