1. General
1.1. Aiia Data is a product owned and operated by Mastercard OB Services Europe A/S (“MCOBS EU”, “we”, “us”, “our”), a limited liability company registered in Denmark, registration number 33509006 and company website, https://aiia.eu/., is a payment institution with a granted license from the Danish Financial Supervisory Authorities, Finanstilsynet, to provide payment initiation services and account information services.
1.2. MCOBS EU’s registered office address is: Arne Jacobsens Alle 13, 2300 Copenhagen, Denmark.
1.3. These Terms of Use apply for access to and usage of the Services (as defined in section 2 below) provided by MCOBS EU. It is a condition for using the Services that the user, whether an individual or a legal person through a representative of that legal person, (“Aiia User” or “you”, “your”) accepts the Terms of Use. The Terms of Use constitute an agreement between the Aiia User and MCOBS EU. By using our services, you and MCOBS EU will enter into an agreement being the Terms of Use together with other terms you accept by using the Services (“Agreement”). You confirm that you have read and understood the Terms of Use.
1.4. The Services may only be used by individuals who are 15 years of age or older. One-time users (as defined in section 3.1.3 below) may use the Data Sharing if they are 13 years of age or older.
1.5. When using our Services, you acknowledge that information about you is collected from your Bank (as defined in section 2 below) and processed by us in accordance with, and for the purposes set out in the Aiia Privacy Policy.
1.6. You may view an up-to-date copy of this Agreement at any time at: https://aiia.eu/ or request us to send the latest version of the Terms of Use to your email address.
2. MCOBS EU Services
2.1. Our services will allow you, following your explicit consent, to share your aggregated/compiled online account information or both account information and transaction data with an Integrator of your own choosing. The service uses described in this section are referred to as the “Services” and further explained in the sections below.
2.2. The Services can be provided to you following your referral to us through one of our service provider partners (an “Integrator”) that provides their own service(s) to you under an agreement between you and the Integrator.
2.3. To use the Services, you must be the holder or representative of a holder of one or several payment accounts (“Payment Accounts”) held with one or several account service providers being your financial institution, payment card provider or another provider of Payment Accounts (“Bank”).
2.4. A prerequisite for the performance of Services is that the Payment Accounts are accessible online. The Services can access / communicate with a wide array of Banks but yours may not be among them.
2.5. Eligibility and availability: You can only use Aiia Data if: 1) you fulfil the age requirement, 2) you have a Payment Account and Bank located in the EEA, 3) you provide us with accurate, complete and up-to-date information on your identity and any other information we may ask from you, 4) you agree to this Agreement and using our Services in accordance herewith and 5) you agree to comply with all applicable laws and regulation.
3. Account information
3.1. Aiia Hub
3.1.1. Aiia Hub is our platform which enables us to present to you the collected account information/account information and transaction data, together with an overview of both the connected Payment Accounts and any third party with whom you have consented to link these Payment Accounts.
3.1.2. You can create an account with Aiia Hub by signing up directly on the Aiia Hub or be redirected to the platform from the Integrator. Every time you login to Aiia Hub, we will send you a single-use password (six digits) to your email address with which you need to login.
3.1.3. Following your consent, you have the option to share your Account Information/Account Information and Transaction Data with an Integrator for one time only (“One-time user”). As a One-time user, a temporary Aiia Hub profile where you can access your Account Information/Account Information and Transaction Data on the Aiia Hub is available for 24 hours from the time of sharing with the Integrator to get an overview of your Account Information/Account Information and Transaction Data. Within the 24 hours you have the option to create a permanent profile.
3.1.4. You can delete your account at any time within the Aiia Hub. By deleting your Aiia Hub account, all connections to your Payment Accounts will be deactivated and all account information/account information and transaction data deleted.
3.2. Account Information Services
3.2.1. The Account Information Services enables you, following your explicit consent, to share your aggregated/compiled online account information/account information and transaction data with an Integrator of your own choosing.
3.2.2. First of all you need to navigate the Integrators interface. From there you will be redirected to MCOBS EU interface where you have to login with MCOBS EU, using the login/security credentials required by your Payment Account Provider (“Login Credentials”).
3.2.3. After initiating the login process, you will be redirected to you Payment Account Provider interface to insert your Login Credentials for a secure authentication. The Login Credentials are fully managed by your Payment Account Provider and therefore MCOBS EU takes no responsibility for how your Login Credentials are managed.
3.2.4. Following your secure authentication performed by your Payment Account Provider, you will be asked which Payment Account(s) you wish to associate with the Integrator. For each Integrator that redirects you to MCOBS EU, you will be asked to associate a minimum of one Payment Account.
3.2.5. When you associate a Payment Account with an Integrator within the Services, we will send a confirmation email to the email address you have provided when creating your profile. This does not apply to One-time users.
3.2.6. When associating one or more of your Payment Accounts with an Integrator, you consent to a) MCOBS EU collecting Account Information/Account Information and Transaction Data from the Payment Accounts you choose and processing such data and b) that we transfer Account Information/Account Information and Transaction Data from associated Payment Accounts to the Integrator in question.
3.2.7. The time to collect Account Information/Account Information and Transaction Data may vary depending on the time required for the identification towards the Payment Account Provider and the volume of information to be collected.
4. Role and independence of an Integrator
4.1. For each use of the Services in which case an Integrator will have referred you to us to provide the Services, the Integrator may give us information for us to complete your Instruction above. You acknowledge that we have no ability or responsibility to check the accuracy of any information provided by an Integrator and that it will be your responsibility to verify the accuracy and completeness of any information contained in the Instruction.
4.2. Integrator´s product/solution into which MCOBS EU account information services are integrated and Integrator´s use of the account information/account information and transaction data received from MCOBS EU are its sole responsibility and are part of its own activities and services. We carry out no verification of, and do not take any responsibility for, the adequacy, quality or legality of any services agreed to be provided to you by an Integrator under any agreement or any determination by any Integrator.
4.3. Any Integrator is independent of us and does not act as our agent or have any authority to bind us in connection with these Terms of Use or any aspect of the Services.
5. Use of the service
5.1. As an Aiia User you are responsible for the ability to connect with and use the Services, including acquiring, installing and maintaining usable software, web-services and operating systems and hardware that are needed in order for you to use the Services. You are also responsible for compatibility between your updates or new versions of software and hardware where this is necessary for you to use the Service.
5.2. The Services are provided “as-is”, and MCOBS EU makes no warranty as to your use of the Services. The Aiia User assumes any and all risk of using the Services. MCOBS EU provides no guarantee that the Services meet your specific requirements or for data quality, uptime or other metrics except as specifically described in these Terms. MCOBS EU has done its utmost to ensure that the Services abide to all applicable laws.
6. Fees
6.1. Your use of the Services is provided free of charge by MCOBS EU. Fees may however be imposed by Integrators, your internet or mobile access provider or your Bank. Such fees are solely a matter between you and the third party.
7. Security measures
7.1. MCOBS EU unilaterally reserves the right to take appropriate measures, keep records of or suspend a transaction in the event of suspected illicit or criminal activity. This may include suspicion of abuse, fraud or money laundering. We undertake to investigate any usage irregularities as soon as possible and notify you as soon as possible, if legally allowed, via the website.
7.2. You agree to abide by the security requirements regarding Login Credentials set out by your Bank and/or provider of the security credentials. If you suspect any abuse of Login Credentials, you must immediately contact your Bank.
7.3. Any transaction executed via the Services with the use of Login Credential shall be deemed carried out by the authorised owner of the Payment Account. You are responsible for protecting your Login Credentials from abuse and failing to do so might result in you becoming liable for unauthorised transactions.
7.4. All communication made by you when using the Services are encrypted and Login Credentials are only forwarded to the selected Bank but not stored. Access to and use of the Services is logged and, e.g. information on from which IP addresses your profile is accessed is registered together with and failed attempts to login to your profile.
7.5. If you suspect any form of abuse of your use of the Services, please contact our support immediately: OpenBankingEU_Support@mastercard.com.
8. Obligation to provide information
8.1. MCOBS EU is subject to due diligence and 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 depending on conditions pertaining to transaction patterns, geographical position etc. For the purposes of complying with applicable regulations, records may be kept, and additional information may be requested in order to establish matters such as identity, purpose of the payment transaction and origin of funds.
9. Intellectual property rights
9.1. We hold all rights to the Services. This includes, but is not limited to, copyrights, proprietary rights, and trademark rights to the Services.
9.2. You retain the rights to all material and information that you provide to the Services, but you grant us a non-exclusive, right to use this material so that we can provide our Services.
9.3. As an Aiia User, you are granted a non-exclusive right of use to the Services, in accordance with the agreement.
10. Operations
10.1. MCOBS EU shall perform Services in due time. However, since the Services are dependent on third parties, including Integrators and Banks, no guarantees can be made as to time of performance of the Services.
10.2. We strive to avoid errors, defects and disruptions of the Services, regardless this may occur. We encourage you to inform us if you experience any dysfunctions and we will seek to remedy such matters as soon as possible.
10.3. Maintenance and updates on the Services are performed on an ongoing basis. During maintenance and updating, certain or all features may become temporarily unavailable. As part of an update, one or more features may be removed from the Services.
10.4. To the extent reasonably possible, information of expected major disruptions of the Services will be provided to you in advance, either on the website or by email. The same applies to the possible removal of functions. We are not obliged to provide such information.
11. Withdrawal of consent
11.1. You may withdraw one or more of the consents you have given us at any time. This can for example be regarding retrieval of Account Information/Account Information and Transaction Data from certain Payment Accounts.
11.2. Withdrawal of one or more of your consents may impair the use of the Services or the website, or even make the Services or the website unusable. Further, Integrators services may be impaired or unusable if you withdraw your consent for MCOBS EU to transfer Account Information/Account Information and Transaction Data to such Integrator.
11.3. If you have questions or requests regarding an Integrator’s processing of your data or if you wish to make use of your legal rights regarding such processing, you should contact the Integrator in question.
12. Liability
12.1. We cannot be held liable for your use of the Services at any time, including but not limited to any acts or omissions that are made based on information obtained from the Services or the website. Your use of the Services and the website, as well as the use of the information you obtain or provide to third parties using the Services and or the website, is your own responsibility and at your own risk.
12.2. We shall not be liable for the products or services provided to you by or through the Integrator and will not be liable to you for any harm, damage or loss arising from your use of the products and services provided by or through the integrator. We are liable only for the proper provision of the account information services, so that you shall bring any claim related to Integrator´s product/solution directly against the Integrator.
12.3. We shall never be liable for non-compliance with the Agreement or for damages or losses in case of force majeure or caused by circumstances beyond our control, for example, virus outbreaks or hacker attacks, crashes or errors in communication systems, power failure, government interventions or restrictions, court injunctions, strikes or lockout, subcontractors’ force majeure and other unforeseen events that we could not reasonably predict or avoid.
12.4. We are not liable to users of the Services and/or the website in the event of errors, defects, malfunctions or removal of functionality besides what follows on MCOBS EU’s liability under applicable law.
12.5. If we, regardless of the above, should be liable, our total liability to an Aiia User shall not exceed an amount corresponding to such amount which the user may have paid for the use of the Services during the 12 months prior to the occurrence of the claim, and such liability can never exceed an amount of DKK 50,000, unless otherwise is stated in mandatory law.
13. Changes to this Agreement
13.1. We may change the Terms of Use at any time and without prior notice. Any changes affecting the MCOBS EU Service shall however, if they are unfavourable to you, be changed only upon a two months’ prior notice.
13.2. If you do not agree with the proposed change(s) to the Terms of Use, you must tell us at OpenBankingEU_Support@mastercard.com before that change(s) takes effect and you will have the right to terminate the Agreement at any time before the changes enter into force. If you do not contact us to request termination, we consider that you have accepted the change(s) to the Agreement.
14. Term and Termination
14.1. If you breach any term of these Terms of Use, we may at any time and without notice do any or all of the following (without limitation):
- suspend or terminate your use of the Services (if you are in material or repeated breach of these Terms of Use);
- issue legal proceedings against you for reimbursement of all costs resulting from the breach (including, but not limited to, reasonable administrative and legal costs);
- take further legal action against you; and/or
- disclose such information to law enforcement authorities as we reasonably feel is necessary to disclose.
14.2. For the purpose of this section 14.1, ‘material breach’ shall include but not be limited to abuse, or attempt to, abuse the Services, actions or omissions by you which could lead to damages to MCOBS EU or any third party as well as any other illegal behaviour. We will, where circumstances allow for this, notify you of suspension of the Agreement.
14.3. If we withdraw your right to use the Services, all rights granted to you under these Terms of Use shall cease.
14.4. Your right to use the Services so far as they relate to any specific Integrator shall be automatically terminated if any relationship which we operate with such Service Provider relating to the provision of the Services to you is terminated.
15. Miscellaneous
15.1. We have the right to transfer our rights and obligations under the Agreement.
15.2. You have the right, upon request, to receive a copy of these Terms of Use. Contact us at OpenBankingEU_Support@mastercard.com with your request.
15.3. If any provision of these Terms of Use is found invalid or unenforceable by any court or administrative body, such shall not affect the other provision of these Terms of Use which shall remain in full force and effect.
15.4. Depending on which Services are provided to the Aiia User, additional terms and conditions may supplement these Terms of Use (“Supplemental Terms”). In case of a contradiction between these Terms of Use and such Supplemental Terms, the Supplemental Terms shall prevail.
16. Requests, Suggestions and Complaints
16.1. We care about our Aiia Users and we are keen to answer any questions or to know if you are dissatisfied with the service. Therefore, if you wish to discuss any issue regarding our Service, or you wish to make a complaint, please contact us, at: OpenBankingEU_Support@mastercard.com (state “Complaint” in the subject field). Written complaints can also be directed to
Mastercard OB Service Europe A/S
Arne Jacobsens Alle 13,
2300 Copenhagen, Denmark.
16.2. You have access to complain to our regulator, the Danish FSA, to be contacted at:
Finanstilsynet (Danish FSA)
Aarhusgade 110
2100 København Ø
www.dfsa.dk/
+45 33558282
finanstilsynet@ftnet.dk
17. Governing law and disputes
17.1. The Agreement shall be governed by the laws of Denmark. If you reside in another EU/EEA country other than Denmark, in which the law (“National Law”) provides you with mandatory rights, such rights shall not be affected by this clause.
17.2. Except where prohibited by your National Law, any dispute regarding the Agreement or your use of the Service, shall be settled by the ordinary courts of Denmark.
17.3. Where the Aiia User is a natural person qualifying as a consumer, that Aiia User shall have the right to bring proceedings in the courts of their EU/EEA country of domicile or habitual residence and MCOBS EU may only bring proceedings against such Aiia User in the courts of the EU/EEA country in which that Aiia User is domiciled or habitually resident.
18. Version
18.1. These Terms of Use were issued in [February 2024] and are valid until new terms are issued.
19. Definitions
| Account Information | data such as account name, source account details, balance regarding one or more Payment Accounts held by the Aiia User with Banks |
| Account Holder | natural or legal person who holds a payment account used for the execution of Payment Transactions |
| Aiia User | the natural or legal person using one or more of MCOBS EU services, including the one-time users, in the role of a Payer or a Payee (depending on the chosen functionality). In order to become an Aiia User, the natural or legal person must accept MCOBS EU Terms of Use |
| Aiia User’s Data | Aiia User’s Account Information/Account Information and Transaction Data |
| Strong Customer Authentication | The Aiia User’s way to authenticate towards the Bank |
| Payee | natural or legal person who is the recipient of payments |
| Payer | natural or legal person who holds a Payment Account and instructs and consents to a Payment Transaction from that account |
| Payment Initiation | instruction by a Payer to MCOBS EU, requesting the initiation of a Payment Transaction with respect to a Payment Account held at a Bank |
| Integrator | the legal entity that has entered into a commercial agreement with MCOBS EU, for the purpose of using/offering to Aiia Users, the MCOBS EU Services |
| Third-party (service) | MCOBS EU’s collaboration partners that provide their own service in connection with the MCOBS EU Services |
| Transaction Data | data such as amount, currency, recipient, date regarding transactions from one or more Payment Accounts held by the Aiia User with Banks |
Country-specific terms of use
ESTONIA
Where the Aiia User is a natural person qualifying as a consumer and domiciled or habitually resident in Estonia, such Aiia User shall have the right to raise any claim or dispute in connection with the provision of the Services to the Estonian Consumer Disputes Committee at avaldus@komisjon.ee or to a county court where they reside.
SWEDEN
Where the Aiia user is a natural person qualifying as a consumer and domiciled or habitually resident in Sweden, such Aiia User shall have the right to raise a claim in connection with the provision of the Services to the National Board for Consumer Disputes (Allmänna reklemationsnämnden).
1. General
1.1. Aiia Pay is a product owned and operated by Mastercard OB Services Europe A/S (“MCOBS EU”, “we”, “us”, “our”), a limited liability company registered in Denmark, registration number 33509006 and company website, https://aiia.eu/., is a payment institution with a granted license from the Danish Financial Supervisory Authorities, Finanstilsynet, to provide payment initiation services and account information services.
1.2. MCOBS EU’s registered office address is: Arne Jacobsens Alle 13, 2300 Copenhagen, Denmark.
1.3. These Terms of Use apply for access to and usage of the Services (as defined in section 2 below) provided by MCOBS EU. It is a condition for using the Services that the user, whether an individual or a legal person through a representative of that legal person, (“Aiia User” or “you”, “your”, Payer, Payee, Integrator) accepts the Terms of Use. The Terms of Use constitute an agreement between the Aiia User and MCOBS EU. By using our services, you and MCOBS EU will enter into an agreement being the Terms of Use together with other terms you accept by using the Services (“Agreement”). You confirm that you have read and understood the Terms of Use.
1.4. The Services may only be used by individuals who are 15 years of age or older. One-time users (as defined in section 3.3 below) may use the Data Sharing if they are 13 years of age or older.
1.5. When using our Services, you acknowledge that information about you is collected from your Bank (as defined in section 2 below) and processed by us in accordance with, and for the purposes set out in the Aiia Privacy Policy.
1.6. You may view an up-to-date copy of this Agreement at any time at: https://aiia.eu/ or request us to send the latest version of the Terms of Use to your email address.
2. MCOBS EU Services
2.1. Our services will allow the Payer to use our payment initiation services where we initiate a single payment transaction (each act a “Payment Transaction”) directly from the Payer’s online Payment Account in a simplified and secure way. The service uses described in this section are referred to as the “Services” and further explained in the sections below.
2.2. The Services can be provided to you following your referral to us through one of our service provider partners (an “Integrator”) that provides their own service(s) to you under an agreement between you and the Integrator.
2.3. To use the Services, you must be the holder or representative of a holder of one or several payment accounts (“Payment Accounts”) held with one or several account service providers being your financial institution, payment card provider or another provider of Payment Accounts (“Bank”).
2.4. A prerequisite for the performance of Services is that the Payment Accounts are accessible online. The Services can access / communicate with a wide array of Banks but yours may not be among them.
2.5. Eligibility and availability: You can only use Aiia Pay if: 1) you fulfil the age requirement, 2) you have a Payment Account and Bank located in the EEA, 3) you provide us with accurate, complete and up-to-date information on your identity and any other information we may ask from you, 4) you agree to this Agreement and using our Services in accordance herewith and 5) you agree to comply with all applicable laws and regulation.
3. Payment Initiation
3.1. Aiia Pay is a Payment Initiation Service allowing you to request an initiation of a Payment Transaction directly from your Payment Accounts.
3.2. Before a Payer requests a Payment Initiation, the Payer instructs an Integrator to provide an option to initiate a payment from a Payment Account using Aiia Pay. After having instructed the Integrator, the Payer will be redirected to MCOBS EU.
3.3. Upon redirection to MCOBS EU, the Payer needs to confirm the details of the Payment Initiation, including 1) the amount, 2) a reference for the Payment Transaction, and 3) the details of the Payee, (together “Instruction”). The Integrator may, depending on the functionality chosen, provide us with information regarding the Payee and the amount. It is your responsibility to verify the accuracy of the Instruction and cancel the Payment Initiation if the instruction is incorrect. By requesting the Payment Initiation, the Payer gives explicit consent to MCOBS EU to perform the Payment Initiation.
3.4. MCOBS EU will present to the Payer a list of Banks from which the Payer chooses to initiate. It is an integral step of the Payment Initiation that the Payer logs in to its Bank using the Strong Customer Authentication (SCA) method provided to the Payer by the Payer’s Bank. The Payer may then select the Payment Account from the list of available accounts presented, as required.
3.5. MCOBS EU will forward the Payer’s Instruction to perform the Payment Initiation to the Payer’s Bank. Using the Aiia Pay service means that the Payer agrees that MCOBS EU may forward the Instruction to the Payer’s Bank.
3.6. MCOBS EU will provide the Payer with confirmation, a reference number and the amount of the transaction when the Instruction has been accepted by the Payer and accepted by the Payer’s Bank. If the Payer’s Bank does not accept the Payment Initiation and MCOBS EU is made aware of this, MCOBS EU will notify the Payer as soon as it is able to do so.
3.7. The Payer is not able to revoke a Payment Initiation with us after having given consent to initiate the Payment Transaction.
3.8. The Payer’s Instruction to initiate the payment shall be considered to be received by us the same day as the Payer has requested the Instruction. The execution of the actual Payment Transaction is performed by the Payer’s Bank and may take place at a later date, depending on the Payer’s agreement with the Payee and on the local clearing schemes and Bank working days applicable.
3.9. It is MCOBS EU’s responsibility to forward the Instructions to the Payer’s Bank. The Payer’s Bank is responsible for executing the actual Payment Transaction. It is the Payer’s responsibility to ensure that the Payment Account chosen by the Payer has sufficient funds for performing the Payment Transaction and that the information the Payer provides to perform the Payment Transaction is correct.
3.10. The Services provided to the Payer by MCOBS EU will store the account holder name and the account number obtained from the Banks as result of the Payment Initiation. The account holder name and the account number can be used by MCOBS EU to enable payments including refunds from the Payee to the Payer.
3.11. After the payment has been initiated, you may be asked to share your account number obtained from the Bank with the Payee for the purpose of allowing the Payee to create a mandate for future payments with Betalingsservice or Leverandørservice. This service is not related to the Payment Initiation, and you may choose to accept or decline the sharing of your account number. MCOBS EU is not involved in creating the mandate.
4. Role and independence of an Integrator
4.1. For each use of the Services in which case an Integrator will have referred you to us to provide the Services, the Integrator may give us information for us to complete your Instruction above. You acknowledge that we have no ability or responsibility to check the accuracy of any information provided by an Integrator and that it will be your responsibility to verify the accuracy and completeness of any information contained in the Instruction.
4.2. We carry out no verification of, and do not take any responsibility for, the adequacy, quality or legality of any services agreed to be provided to you by an Integrator under any agreement or any determination by any Integrator as to appropriate Payee in respect of any Instruction given in accordance with section 3.3 above.
4.3. Any Integrator is independent of us and does not act as our agent or have any authority to bind us in connection with these Terms of Use or any aspect of the Services.
5. Incorrect or unauthorised payments
5.1. Where you suspect a Payment Initiation has been performed without your approval or that it has been performed incorrectly, you are responsible for, without undue delay after becoming aware of it, reporting it to your Bank according to the instructions provided by them. Failing to notify may result in you becoming liable for the Payment Transactions.
5.2. You may be entitled to a refund of the incorrect or unauthorised payment from your Bank provided that you notify them of the incorrect or unauthorised payment without delay and in any event no later than 13 months after the date of the relevant payment. You must contact your Bank.
6. Use of the service
6.1. As an Aiia User you are responsible for the ability to connect with and use the Services, including acquiring, installing and maintaining usable software, web-services and operating systems and hardware that are needed in order for you to use the Services. You are also responsible for compatibility between your updates or new versions of software and hardware where this is necessary for you to use the Service.
6.2. The Services are provided “as-is”, and MCOBS EU makes no warranty as to your use of the Services. The Aiia User assumes any and all risk of using the Services. MCOBS EU provides no guarantee that the Services meet your specific requirements or for data quality, uptime or other metrics except as specifically described in these Terms. MCOBS EU has done its utmost to ensure that the Services abide to all applicable laws.
7. Fees
7.1. Your use of the Services is provided free of charge by MCOBS EU. Fees may however be imposed by Integrators, your internet or mobile access provider or your Bank, where you make use of Payment Initiation. Such fees are solely a matter between you and the third party.
7.2. When the Payee requires the Payment Initiation executed as an instant payment, your Bank may charge you a fee for the instant payment. MCOBS EU will notify you if the payment will be executed as an instant payment but will not inform you of the amount of the fee charged by your Bank.
8. Security measures
8.1. MCOBS EU unilaterally reserves the right to take appropriate measures, keep records of or suspend a transaction in the event of suspected illicit or criminal activity. This may include suspicion of abuse, fraud or money laundering. We undertake to investigate any usage irregularities as soon as possible. We shall not be liable to you or any third-party for blocking or suspending the Payment Initiation. We will notify you as soon as possible, if legally allowed, via the website.
8.2. You agree to abide by the security requirements regarding Login Credentials set out by your Bank and/or provider of the security credentials. If you suspect any abuse of Login Credentials, you must immediately contact your Bank.
8.3. Any transaction executed via the Services with the use of Login Credential shall be deemed carried out by the authorised owner of the Payment Account. You are responsible for protecting your Login Credentials from abuse and failing to do so might result in you becoming liable for unauthorised transactions.
8.4. All communication made by you when using the Services are encrypted and Login Credentials are only forwarded to the selected Bank but not stored. Access to and use of the Services is logged and, e.g. information on from which IP addresses your profile is accessed is registered together with and failed attempts to login to your profile.
8.5. If you suspect any form of abuse of your use of the Services, please contact our support immediately: OpenBankingEU_Support@mastercard.com.
9. Obligation to provide information
9.1. The Payment Initiation Service is subject to due diligence and 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 depending on conditions pertaining to transaction patterns, geographical position etc. For the purposes of complying with applicable regulations, records may be kept, and additional information may be requested in order to establish matters such as identity, purpose of the payment transaction and origin of funds.
9.2. By requesting a Payment Initiation, you undertake to provide MCOBS EU without undue delay with any and all such information as may be deemed necessary for these purposes and recognise that non-compliance with such requests may result in refusal to complete a Payment Initiation or other consequences.
10. Intellectual property rights
10.1. We hold all rights to the Services. This includes, but is not limited to, copyrights, proprietary rights, and trademark rights to the Services.
10.2. You retain the rights to all material and information that you provide to the Services, but you grant us a non-exclusive, right to use this material so that we can provide our Services.
10.3. As an Aiia User, you are granted a non-exclusive right of use to the Services, in accordance with the agreement.
11. Operations
11.1. MCOBS EU shall perform Services in due time. However, since the Services are dependent on third parties, including Integrators and Banks, no guarantees can be made as to time of performance of the Services.
11.2. We strive to avoid errors, defects and disruptions of the Services, regardless this may occur. We encourage you to inform us if you experience any dysfunctions and we will seek to remedy such matters as soon as possible.
11.3. Maintenance and updates on the Services are performed on an ongoing basis. During maintenance and updating, certain or all features may become temporarily unavailable. As part of an update, one or more features may be removed from the Services.
11.4. To the extent reasonably possible, information of expected major disruptions of the Services will be provided to you in advance, either on the website or by email. The same applies to the possible removal of functions. We are not obliged to provide such information.
12. Withdrawal of consent
12.1. You may withdraw one or more of the consents you have given us at any time. This can for example be regarding retrieval of Account Information from certain Payment Accounts. Please note that when you have instructed a Payment Transaction through the Services, you shall not be entitled to revoke or cancel such Instruction, cf. sections 3.7 and 3.8.
12.2. Withdrawal of one or more of your consents may impair the use of the Services or the website, or even make the Services or the website unusable. Further, Integrators services may be impaired or unusable if you withdraw your consent for MCOBS EU to transfer Account Information to such Integrator.
12.3. If you have questions or requests regarding an Integrator’s processing of your data or if you wish to make use of your legal rights regarding such processing, you should contact the Integrator in question.
13. Liability
13.1. We cannot be held liable for your use of the Services at any time, including but not limited to any acts or omissions that are made based on information obtained from the Services or the website. Your use of the Services and the website, as well as the use of the information you obtain or provide to third parties using the Services and or the website, is your own responsibility and at your own risk.
13.2. We shall not be liable for the products or services provided to you by or through the Integrator and will not be liable to you for any harm, damage or loss arising from your use of the products and services provided by or through the integrator.
13.3. We shall never be liable for non-compliance with the Agreement or for damages or losses in case of force majeure or caused by circumstances beyond our control, for example, virus outbreaks or hacker attacks, crashes or errors in communication systems, power failure, government interventions or restrictions, court injunctions, strikes or lockout, subcontractors’ force majeure and other unforeseen events that we could not reasonably predict or avoid.
13.4. We are not liable to users of the Services and/or the website in the event of errors, defects, malfunctions or removal of functionality besides what follows on MCOBS EU’s liability under applicable law.
13.5. If we, regardless of the above, should be liable, our total liability to an Aiia User shall not exceed an amount corresponding to such amount which the user may have paid for the use of the Services during the 12 months prior to the occurrence of the claim, and such liability can never exceed an amount of DKK 50,000, unless otherwise is stated in mandatory law.
14. Changes to this Agreement
14.1. We may change the Terms of Use at any time and without prior notice. Any changes affecting the Payment Initiation Service shall however, if they are unfavourable to you, be changed only upon a two months’ prior notice.
14.2. If you do not agree with the proposed change(s) to the Terms of Use, you must tell us at OpenBankingEU_Support@mastercard.com before that change(s) takes effect and you will have the right to terminate the Agreement at any time before the changes enter into force. If you do not contact us to request termination, we consider that you have accepted the change(s) to the Agreement.
15. Term and Termination
15.1. If you breach any term of these Terms of Use, we may at any time and without notice do any or all of the following (without limitation):
- suspend or terminate your use of the Services (if you are in material or repeated breach of these Terms of Use);
- issue legal proceedings against you for reimbursement of all costs resulting from the breach (including, but not limited to, reasonable administrative and legal costs);
- take further legal action against you; and/or
- disclose such information to law enforcement authorities as we reasonably feel is necessary to disclose.
15.2. For the purpose of this section 15.1, ‘material breach’ shall include but not be limited to abuse, or attempt to, abuse the Services, actions or omissions by you which could lead to damages to MCOBS EU or any third party as well as any other illegal behaviour. We will, where circumstances allow for this, notify you of suspension of the Agreement.
15.3. If we withdraw your right to use the Services, all rights granted to you under these Terms of Use shall cease.
15.4. Your right to use the Services so far as they relate to any specific Integrator shall be automatically terminated if any relationship which we operate with such Service Provider relating to the provision of the Services to you is terminated.
16. Miscellaneous
16.1. We have the right to transfer our rights and obligations under the Agreement.
16.2. You have the right, upon request, to receive a copy of these Terms of Use. Contact us at OpenBankingEU_Support@mastercard.com with your request.
16.3. If any provision of these Terms of Use is found invalid or unenforceable by any court or administrative body, such shall not affect the other provision of these Terms of Use which shall remain in full force and effect.
16.4. Depending on which Services are provided to the Aiia User, additional terms and conditions may supplement these Terms of Use (“Supplemental Terms”). In case of a contradiction between these Terms of Use and such Supplemental Terms, the Supplemental Terms shall prevail.
17. Requests, Suggestions and Complaints
17.1 We care about our Aiia Users and we are keen to answer any questions or to know if you are dissatisfied with the service. Therefore, if you wish to discuss any issue regarding our Service, or you wish to make a complaint, please contact us, at: OpenBankingEU_Support@mastercard.com (state “Complaint” in the subject field). Written complaints can also be directed to
Mastercard OB Services Europe A/S
Arne Jacobsens Alle 13.
2300, Copenhagen
Denmark
17.2. You have access to complain to our regulator, the Danish FSA, to be contacted at:
Finanstilsynet (Danish FSA)
Aarhusgade 110
2100 København Ø
www.dfsa.dk/
+45 33558282
finanstilsynet@ftnet.dk
18. Governing law and disputes
18.1. The Agreement shall be governed by the laws of Denmark. If you reside in another EU/EEA country other than Denmark, in which the law (“National Law”) provides you with mandatory rights, such rights shall not be affected by this clause.
18.2. Except where prohibited by your National Law, any dispute regarding the Agreement or your use of the Service, shall be settled by the ordinary courts of Denmark.
18.3. Where the Aiia User is a natural person qualifying as a consumer, that Aiia User shall have the right to bring proceedings in the courts of their EU/EEA country of domicile or habitual residence and MCOBS EU may only bring proceedings against such Aiia User in the courts of the EU/EEA country in which that Aiia User is domiciled or habitually resident.
19. Version
19.1. These Terms of Use were issued in [January 2024] and are valid until new terms are issued.
Definitions
| Account Information | data such as account name, source account details, balance and transactions regarding one or more Payment Accounts held by the Aiia User with Banks |
| Account Holder | natural or legal person who holds a payment account used for the execution of Payment Transactions |
| Aiia User | the natural or legal person using one or more of MCOBS EU services, including the one-time users, in the role of a Payer or a Payee (depending on the chosen functionality). In order to become an Aiia User, the natural or legal person must accept MCOBS EU Terms of Use |
| Aiia User’s Data | Aiia User’s Account Information |
| Strong Customer Authentication | The Payer’s way to authenticate towards the Bank |
| Payee | natural or legal person who is the recipient of payments |
| Payer | natural or legal person who holds a Payment Account and instructs and consents to a Payment Transaction from that account |
| Payment Initiation | instruction by a Payer to MCOBS EU, requesting the initiation of a Payment Transaction with respect to a Payment Account held at a Bank |
| Integrator | the legal entity that has entered into a commercial agreement with MCOBS EU, for the purpose of using/offering to Aiia Users, the MCOBS EU Services |
| Third-party (service) | MCOBS EU’s collaboration partners that provide their own service in connection with the MCOBS EU Services |
Country-specific terms of use
ESTONIA
Where the Aiia User is a natural person qualifying as a consumer and domiciled or habitually resident in Estonia, such Aiia User shall have the right to raise any claim or dispute in connection with the provision of the Services to the Estonian Consumer Disputes Committee at avaldus@komisjon.ee or to a county court where they reside.
SWEDEN
Where the Aiia user is a natural person qualifying as a consumer and domiciled or habitually resident in Sweden, such Aiia User shall have the right to raise a claim in connection with the provision of the Services to the National Board for Consumer Disputes (Allmänna reklemationsnämnden).