Terms and conditions for the use of payment account within Montowire System (hereinafter referred to as “Terms”) regulate the mutual rights and obligations of the payment service provider, the company Montowire MSB Ltd, Federal registered 1459617-0, BN: 785124017RC0001, legal address: 23 Rivercove DR , Etobicoke ON M9B 4Y8, CANADA (hereinafter referred to as the Montowire).
Terms set out the basic rights and obligations resulting from a contractual relationship established between Montowire and Clients; and are binding for all the parties involved in this relationship from the date when the Client expresses its intention to enter into a contractual relationship with Montowire. They also define the basic rights and obligations arising from a contractual relationship between Montowire and a third person interested in the use of Montowire system.
Opening the account in the Montowire system and using the provided services, the Client automatically accepts all the conditions described in Terms and agrees with all the provisions of the Privacy Policy and AML Policy.
All the texts are published on the Internet, at the Website https://montowire.ca/.
All the documents in the printed version are available at the location of the company Montowire MSB Ltd.
Definition of Basic Terms
For the purposes of these General terms and the legal relationship between Montowire and Clients, the following terms will have the meanings given to them below:
- Authorization means the process of Clients verification (approval or rejection) at the level of Montowire.
- Authorized Person means a person authorized by the Client, in the manner required by Montowire and by the applicable security regulations, to dispose of the Payment Account as a person listed in the Specimen signature form or requested by a Client.
- Agreement means a legal relationship established between Montowire and the Client, providing a framework for the provision of payment services. These General Terms form a general part of an Agreement.
- Business Day means the day on which Montowire and other institutions engaged in the money transfer business operate, usually Monday to Friday. The Business Days of banks do not include bank holidays (weekends, public or other holidays, and the days officially declared ‘bank holidays’ in the Canada).
- Client means an individual person or legal entity having a contractual relationship with Montowire, the subject matter of which is providing of payment services.
- Client Account is a payment account for the acceptance and management of money and is used to provide payment services.
- Communication Channel means the technical connection between the Client and Montowire, enabling secured Transaction processing.
- Confidential Information means any information, facts and data that are used in the Agreement made between Montowire and the Client, or information, facts and data on matters relating to Montowire and the Client, which came to the knowledge of the parties during or in connection with the conclusion of the Agreement or compliance with the individual contractual terms and conditions, or information on payment transactions and on the use of funds through payment tools, and any other information relating to the activities of any of the parties having a certain value and capacity to cause benefit or harm to
- Montowire/Client, or information that is classified by its provider as confidential or its confidential nature results from its essence or circumstances of which the other party is aware.
IBAN (International Bank Account Number) means an international bank account number enabling clear identification of the payee and automated payment processing. It consists of a country code, control number (calculated for each client according to a precise algorithm determined from the bank code, account number, and the prefix), bank code, prefix, and the Client’s account number. - Montowire System means a payment system operated by Montowire MSB Ltd, as a business company with a registered office at 23 Rivercove DR , Etobicoke ON M9B 4Y8, CANADA and Federal registered 1459617-0.
Establishment, Change, and Termination of a Contractual Relationship
Establishment
The contractual conditions are the terms and conditions agreed upon in an Agreement between Montowire and the Client. The Agreement can be concluded through a personal meeting at Montowire’s office or through online boarding with the required forms and signature samples. Online boarding involves the applicant registering through the Montowire website, filling in the necessary forms, and agreeing to the terms of the contract. The Client receives access to their client account upon successful registration.
Changes
Any changes to the Agreement’s subject matter can only occur after the expiration of a notice period, unless specified otherwise in Terms. The Client must promptly notify Montowire of any changes to their registered office address, authorized personnel, or any event that may affect their obligations to Montowire. Montowire will not be liable for any damage caused by the Client’s failure to report changes on time.
Termination
The contractual relationship between Montowire and the Client can be terminated by mutual agreement, upon the expiration of the agreed period, by withdrawal due to justified reasons, dissolution of Montowire or the Client, expiration of Montowire’s license, or termination notice.
Either party can terminate an indefinite-term Agreement at any time by providing a written notice, with the notice period usually being one month for the Client. Montowire can terminate the Agreement if no transactions are made on the Payment Account for six months, the Client breaches the Agreement, or acts against the General Terms, or if there are suspicions of non-compliance with legal regulations or changes that affect compliance. The Client can terminate the Agreement if Montowire repeatedly and grossly violates Terms or the Agreement, loses authorization, or experiences events that affect their obligations.
After termination, the Client can request the transfer of the Payment Account balance to another bank account in Canada or the EU. Montowire may charge fees for the transfer. Overall, this summary provides an overview of how a contractual relationship is established, how changes can be made, and the various circumstances under which the relationship can be terminated.
Payment System Services
Montowire is a provider of payment system services that offers a range of convenient features for clients. They establish and maintain Payment Accounts for clients, ensuring that each account is registered under the client’s name or business name. To distinguish between accounts, Montowire assigns unique numbers to each Payment Account.
Montowire provides the following payment system conditions:
- Montowire establishes and maintains Payment Accounts for clients.
- Payment Accounts are assigned unique numbers.
- No interest is earned on funds held in Payment Accounts.
- Montowire charges fees for standard and non-standard services.
- Fees can be deducted from the funds held in Payment Accounts.
- Clients can access transaction and balance information electronically.
- Statements of accounts can be provided in paper form upon request.
- Montowire can block funds in certain circumstances.
- Payment Transactions are processed electronically.
- Transfer Orders must have sufficient funds for execution.
- Montowire can reject Transfer Orders that violate regulations or policies.
- Clear and specific data about the payer is required for transactions.
- Montowire can credit incoming payments to client accounts.
- Incorrectly settled transactions may be corrected by Montowire.
- Montowire may return funds based on enforceable decisions or regulations.
- Responsibility for correct settlement lies with Montowire.
- Authentication data is generated for account access.
- Confirmation codes are sent for payment and currency exchange operations.
- Acts performed with authentication data are considered authorized.
- Misuse or blockage of authentication data should be reported promptly.
- Montowire can change authentication data specifications and limits.
- Montowire is not liable for damage caused by authorized persons.
- Authentication data is canceled upon termination of the contract.
Instant Bank Transfers (Montowire Payment System)
The Montowire Instant Bank Transfers system provides the most streamlined process of acquisition, implementation, and performance of certain transactions in the system.
The Client has the right to use the Montowire Instant Bank Transfers system only for payment services and only in case of valid and properly concluded cooperation agreements with business partners who are the real providers of goods and services paid through the Montowire Instant Bank Transfers system.
Any transaction processed within Montowire Instant Bank Transfers services is considered to be a Payment Transaction.
Montowire may unilaterally change the scope and form of services provided within the Montowire Instant Bank Transfers system.
The Client will be responsible for damage incurred to Montowire as a result of fraudulent acting, incorrect use, or misuse of the Montowire Instant Bank Transfers service, including damages caused by subjects whom the Client allowed or didn’t restrict access to the service or Communication Channel.
Communication
Communication between Montowire and the Client primarily takes place through the Montowire website. Information disclosed on the website is considered delivered and effective. Other forms of communication, such as telephone, email, and mail, may also be used.
Communication can occur through: Montowire website; Telephone; Email; Mail.
Website communication considers email messages delivered on the following business day.
Email communication is possible to support@montowire.ca or through the website: https://montowire.ca/.
Emails are considered delivered on the following business day.
Postal communication considers letters delivered to the address provided in the Agreement. Letters are considered delivered on the third day after a notice of non-delivery or rejection, even if the addressee is unaware.
Montowire is not responsible for non-Montowire-caused mistakes or technical defects.
Montowire may record and archive all communications and received information for contractual compliance purposes without prior notice.
Personal and Identification Data of the Client
Montowire will identify its Clients as required by law. Clients must provide necessary identification documents upon request.
Clients consent to be contacted by Montowire regarding any risky or unusual transactions and must provide sufficient information upon request.
Clients must promptly inform Montowire of any important changes in their economic and legal standing or relevant information, even if not yet effective.
Clients must inform Montowire in writing if the end beneficiaries or persons acting on their behalf are not Politically Exposed Persons.
Client’s personal information is processed according to Montowire’s Privacy Policy and AML Policy.
Offsetting Receivables
In relation to the Client, Montowire will be entitled to offset any of its receivables from the Client against any of the Client’s receivables from Montowire of the same type at any time without prior notice, regardless of whether they are due, statute-barred, contingent or non-contingent, regardless of the legal relationship they arise from and the time when they arise, as well as the receivables of Montowire that cannot be claimed before a court.
In order to offset the receivables specified in the previous paragraph, Montowire will also be entitled to use the funds held in the Client’s accounts regardless of whether the receivables arise in connection with the maintenance of the account or otherwise. The right of Montowire to offset its receivables takes precedence over the execution of any instruction relating to the Client’s Payment Account.
Montowire will also be entitled to offset receivables denominated in various currencies, even if these currencies are not freely convertible, at the exchange rate set by Montowire for the date when the receivables are to be offset.
The Client will be entitled to assign receivables due from Montowire or to transfer payables arising from the Agreement to a third person or to handle these receivables or payables otherwise, including the creation of any security interest in such receivables, but only with the prior written consent of Montowire.
The Client acknowledges that Montowire is entitled to transfer its receivables from the Client to third parties at any time, even without the Client’s consent.
Prohibited businesses, industries
Montowire reserves the right to decline services to any organization or individual whose activities are considered prohibited by Montowire, illegal, or may cause Montowire reputational, regulatory, financial or operational harm. This includes restricting where/who Montowire clients can send money to, from or on behalf of. The following categories of businesses and business practices are explicitly prohibited from using the Montowire Services or receiving funds to/from Montowire clients:
- Banknotes sales;
- Drugs and the use of a drug or drug-like substance;
- Arms and ammunition;
- Binary Options;
- Multi-level marketing (MLM);
- Antiques and art trade;
- Pharmacies and pharmaceutical activity, pharmaceutical, proprietary medicinal products and pharmaceutical trade;
- The sale of tobacco products;
- Illegal / piracy audio or video recordings;
- Infringing goods (counterfeit goods);
- Sexual & escort services;
- Financial pyramid;
- Debt collection services with our license.
- Accept assets that are known or suspected to be the proceeds of criminal activity;
- Enter into/maintain business relationships with individuals or entities known or suspected to be a terrorist or a criminal organisation or member of such or listed on sanction lists;
- Maintain anonymous accounts, accounts for shell banks or pay-through accounts.
Limitation Of Liability
In no event shall Montowire nor its directors, employees, partners, agents, suppliers, or affiliates, be liable for any indirect, incidental, special, consequential or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the Service; (ii) any conduct or content of any third party on the Service; (iii) any content obtained from the Service; and (iv) unauthorized access, use or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence) or any other legal theory, whether we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed of its essential purpose.
Disclaimer
Your use of the Service is at your sole risk. The Service is provided on an «AS IS» and «AS AVAILABLE» basis. The Service is provided without warranties of any kind, whether express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, non-infringement or course of performance.
Montowire subsidiaries, affiliates, and its licensors do not warrant that a) the Service will function uninterrupted, secure or available at any particular time or location; b) any errors or defects will be corrected; c) the Service is free of viruses or other harmful components; or d) the results of using the Service will meet your requirements.
Exclusions
Some jurisdictions do not allow the exclusion of certain warranties or the exclusion or limitation of liability for consequential or incidental damages, so the limitations above may not apply to you.
Governing Law
These Terms shall be governed and construed in accordance with the laws of Canada, without regard to its conflict of law provisions.
Our failure to enforce any right or provision of these Terms will not be considered a waiver of those rights. If any provision of these Terms is held to be invalid or unenforceable by a court, the remaining provisions of these Terms will remain in effect. These Terms constitute the entire agreement between us regarding our Service, and supersede and replace any prior agreements we might have had between us regarding the Service.
Changes
We reserve the right, at our sole discretion, to modify or replace these Terms at any time. By continuing to access or use our Service after any revisions become effective, you agree to be bound by the revised terms. If you do not agree to the new terms, you are no longer authorized to use the Service.
Contact Us
You may contact us regarding the Service or these Terms at: support@montowire.ca