Terms and Conditions

Terms and Conditions

These Terms and Conditions (Framework Agreement) regulate the principles of providing services on the Finstrument Platform and the use of the Payment Instrument issued by Finstrument Sp. z o.o., and in particular the principles of issuing and using the Payment Instrument, as well as the principles of conducting settlements for transactions made using the Payment Instrument.

These Terms define the legal framework of the agreement concluded between the Client and Finstrument (Framework Agreement). The Framework Agreement is concluded in Polish or English.

We recommend printing or downloading these Terms and keeping a copy for future reference. The latest version of the Terms of Use is available at all times on our website: https://finstrument.pl/

The Client has the right to request at any time that Finstrument provide the provisions of the framework agreement on a durable medium in the form of an attachment to a message sent to the e-mail address provided by the Client. The Client is obliged to familiarize themselves with the content of the Terms and Conditions.

Finstrument has a license to provide payment services as a Small Payment Institution (SPI). The entry in the KNF register can be found on the website of the Polish Financial Supervision Authority: https://e-rup.knf.gov.pl/

Definitions

• AML – Act of March 2, 2018 on counteracting money laundering and financing of terrorism.
• Authorization – Client's consent to execute a Transaction, as well as Client's consent to make a declaration of will or knowledge.
• Biometric Data – data constituting an individual record of the Client's features, enabling or confirming their unambiguous identification, e.g., facial scan.
• Available Funds – balance of financial resources in the Account, which the Client can freely dispose of up to the established Transaction Limits.
• Business Day – a day from Monday to Friday, excluding statutory public holidays.
• Non-Business Day – a statutory public holiday and Saturday.
• Disposition – an order to open another Account submitted by the Client during the term of the Framework Agreement.
• Password – a unique string of letters, numbers or other characters established by the Client and compliant with the issuer's security requirements, enabling access to the Client Panel on the FINSTRUMENT Platform, which should be kept confidential and cannot be shared with third parties without authorization.
• Client – a natural person or entity, resident or non-resident, being a party to the Agreement concluded with Finstrument, i.e.: legal persons, organizational units without legal personality, provided they have legal capacity, or natural persons conducting gainful activity on their own account.
• Business Client – a natural person, legal person and organizational unit that is not a legal person, but to which the law grants legal capacity, concluding an Agreement with Finstrument in connection with their business activity.
• Individual Client – a natural person concluding an Agreement with Finstrument as a consumer, for purposes not related to their business activity.
• Transaction Limit – a time limit for Transactions ordered by Finstrument, the limit may apply to the maximum Transaction Amount and the maximum number of Transactions carried out within a specified time.
• Recipient – a natural person, legal person or organizational unit without legal personality, to which the law grants legal capacity, being the recipient of funds constituting the subject of the Transaction, having a bank account in any bank in Poland.
• Operation – each Non-Cash or Cash Transaction, as well as other debits and credits to the Account, including fees and commissions.
• Client Panel – a service provided to the Client via an internet service, being an electronic banking service, through which Finstrument provides services, including payment services - based on the Agreement. The Client Panel is necessary to use the Account and Card. Detailed rules for using the Client Panel are specified in these Terms and Conditions.
• Partner – an entity cooperating with Finstrument Sp. z o.o.
• Finstrument Platform – Finstrument website at: https://finstrument.pl/, where current information about products and services offered is available.
• Privacy Policy – a document describing the principles applicable at Finstrument for collecting, processing and protecting personal data as part of the services provided.
• Account – an individual payment account maintained for the Client by Finstrument. An account maintained for the Client used to execute payment transactions, whereby a payment account also means a bank account if this account is used to execute payment transactions within the meaning of the Act.
• Complaint – understood as any submission directed to a financial institution by its Client, being a consumer, relating to their objections regarding services provided by the financial institution or its activities. A complaint should contain data enabling the Client's identification and the method of handling expected by the Client.
• Financial Ombudsman – means the Office of the Financial Ombudsman, Al. Jerozolimskie 87, 02-001 Warsaw; www.rf.gov.pl
• Payment Transaction – initiated by the payer or payee (within the meaning of the Act) deposit, transfer or withdrawal of funds.
• Agreement – an agreement concluded between the Issuer and the Client of the FINSTRUMENT Platform concluded at the time of registration, after prior acceptance of the Terms and Conditions and the Table of Fees and Commissions. The Agreement is valid until its termination by one of the parties.
• Service – means the domestic bank transfer service.
• Personal Data Protection Act – the Act of May 10, 2018 on the protection of personal data.
• Act – the Act on Payment Services.
• Authentication – a procedure allowing payment service providers to confirm the customer's identity.
• Issuer – the issuer of the FINSTRUMENT Payment Instrument – FINSTRUMENT Limited Liability Company.
• Required Documents – copies of the document confirming the Client's identity and the document confirming their place of residence, issued no earlier than 3 months. In the case of a business Client, additionally documents confirming the conduct of business activity and invoices. In justified cases, also copies of documents confirming the source of funds.
• Card Top-up – increasing the Balance of Available Funds by transferring funds to the Card Account or topping up the Card Account with another payment card.
• Payment Order – a statement by the Client addressed to Finstrument, containing an order to execute a Transaction. The moment of receipt of a payment order is the moment when the order was received by the payer's provider. If the payer's provider receives a payment order on a day that is not a business day for that provider, the order is considered to have been received on the first business day after that day.

§1. Registration

1. The Client has access to services via the Finstrument Platform after proper prior registration, positive completion of the identity verification process and activation of the Client Profile. The conclusion of the Agreement for the provision of services between the Issuer and the Client takes place through registration on the Finstrument Platform and acceptance of these Terms and Conditions and the Table of Fees and Commissions. The registration process begins with the Client providing a unique Login and Password. In the registration process, the Client is obliged to fill out an electronic form by providing personal and/or company data specified as mandatory, which are consistent with the current state.
2. The Issuer reserves the right to refuse to register the Client's Account, remove the Client's Account, temporarily block the Client's Account, as well as refuse to execute a Payment Order without giving a reason.
3. Finstrument carefully observes issues related to AML/CFT, we reserve the right to verify the Client's data provided during registration with documents provided by the Client and with external databases, in order to verify the Client's basic data. By confirming familiarity with these Terms and Conditions, the Client consents to such verification.
4. The Client is obliged to immediately notify Finstrument in the event of detecting any error in the data provided during registration. All information provided by the Client during the registration process and at any time must be accurate and true. It is the Client's obligation to ensure that registration data is always up to date. Finstrument is not responsible for any losses resulting from the Client's negligence in this regard. We have the right to ask the Client at any time to confirm the truthfulness of registration information, provide documents or other evidence.
5. In the registration process, the Client declares whether they are: a Person Holding an Exposed Political Position, in accordance with the requirements of the Act on counteracting money laundering and financing of terrorism, a US taxpayer, in accordance with the requirements of the Act on the execution of the Agreement between the Government of the Republic of Poland and the Government of the United States of America to Improve International Tax Compliance and Implement FATCA.
6. In the case of registration of business entities, the Client is obliged to provide information regarding the Beneficial Owner. In the case of registration of foreign entities, the Client is asked to complete the registration form with identification numbers of the foreign entity that apply in the given country.
7. Clients using our services must be at least 18 years old. A Client who is 16 years old may exceptionally become a user of the Finstrument Platform with the consent of legal guardians, after providing appropriate documents.

§2. Client Panel Functionality

1. Using the Client Panel, the Client can obtain: access to Accounts held at Finstrument, the ability to execute Payment Orders. Access to Account information, including account number and currency information. Insight into the transaction history on the Account, insight into the current balance on Accounts, submission of Payment Orders, submission of a disposition to open another Account. Adding data of a person authorized to use the Client Panel in the case of Business Clients.
2. Finstrument reserves the right to change the functionality of the Client Panel depending on the Partner cooperating with Finstrument.

§3. Submitting Payment Orders via the Client Panel

1. Finstrument executes the Client's Payment Order disposition submitted in the Client Panel. Finstrument refuses to execute orders related to participation in gambling, the subject of which would be the provision of payment services, unless the game is conducted in accordance with the Gambling Act.
2. Finstrument executes dispositions up to the established Transaction Limit. Finstrument refuses to execute dispositions that exceed the established Transaction Limit or the amount of funds accumulated in the Client's account. Transaction limits are specified in the Terms of Use of Finstrument services.
3. Finstrument refuses to execute a Payment Order in the case of: lack of sufficient funds in the Account appropriate to execute the Transaction, exceeding the Transaction Limit.

§4. Terms and Conditions of Service Provision

1. The Client has access to services via the Finstrument Platform after proper prior registration, positive completion of the identity verification process and activation of the Client Account.
2. The Issuer has the right to refuse to perform activities in accordance with the Agreement if there is a justified suspicion of non-compliance with the law.
3. The basic distribution channel for information between the Issuer and the Client during the provision of services is the e-mail communication channel and chat on the Finstrument Platform. The Issuer may cease providing services for the duration of suspension of access to the Issuer's Payment System or another Authorized Entity's system with which the Issuer directly cooperates in order to provide services. Information about the suspension of service provision and the planned resumption date is posted on the Issuer's Website.
4. The Service is provided on business days from Monday to Friday, subject to temporary limitation or suspension of access. A transfer made by 2:00 PM on a business day will be executed the same day, a transfer made after 2:00 PM will be executed the next business day.
5. Using the Client Panel, the Client can obtain: access to Accounts held and the ability to execute Payment Orders. Finstrument reserves the right to further update and expand the Client Panel with additional functions.
6. Finstrument executes Payment Orders using strong authentication in accordance with requirements arising from applicable legal regulations.

§5. Accounts

1. Finstrument provides services for opening and maintaining PLN Accounts and Currency Accounts in euros. The Client may have more than one Account, opening another Account for the Client is done on the basis of a disposition submitted via the Client Panel.
2. Finstrument reserves the right to refuse to open and maintain an Account or temporarily block it in case of negative verification of Client data or suspicion of activity inconsistent with applicable regulations, and in particular if there is a justified suspicion of possible activity inconsistent with AML regulations.
3. Accounts cannot be used by an Individual Client to conduct financial settlements related to conducting business activity. A Business Client may appoint an attorney for the Account through a disposition to appoint an attorney, providing Finstrument with a written statement of appointment of an attorney with a notarized signature or in the form of a notarial deed.
4. Each Account is maintained as individual, we do not maintain joint accounts. The Client can dispose of funds accumulated in each of the Accounts, up to the balance amount.

§6. Terms and Conditions of Bank Transfer Service

1. Deposits and transfers to the Account are accepted via bank transfers made from the sender's bank account in accordance with the deposit instructions available on the Client's Account on the Finstrument Platform.
2. Transfers to the Client's account should be made from a bank account with a transfer title consistent with the deposit instructions in order to easily identify the account owner and funds.
3. In the case of difficult identification of the account owner resulting from the lack or incorrect Client identifier in the transfer title, the Issuer undertakes to exercise due diligence to identify the Client and the owner of funds in accordance with applicable legal regulations.
4. In case of inability to identify the account owner and funds, the Issuer will return the received funds in accordance with applicable legal regulations.
5. In case of inability to return funds, the Issuer reserves the right to post the funds on accounts for clarification and withhold the return until contact with the sender of the transfer. On the basis of a documented transfer order, funds posted on the account for clarification may be returned or posted in accordance with the sender's disposition.
6. The Client's Account is topped up immediately after posting funds to the selected Issuer's bank account in the given currency, maintained in banks specified in the deposit instructions on the Client's Account.
7. Within the Finstrument Platform, internal own transfers within accounts of one Client and internal external transfers between accounts of other Clients registered on the Finstrument Platform may be ordered.

§7. Terms and Conditions of Currency Exchange Transactions

1. The execution of a currency exchange order placed by the Client on the Platform is carried out at current rates available on the Finstrument Platform.
2. The Issuer establishes currency exchange rates based on rates available on the interbank market, provided by external suppliers, currency exchanges, the International Payment Organization or other sources of currency quotations on international markets.
3. On the Finstrument platform, the following currency exchange is available: euro. In the case of a transaction whose Transaction currency is euro, the Issuer determines the exchange rates of available currencies to the Transaction currency at a specified rate with the application of the Issuer's commission for currency conversion of the Transaction in accordance with the applicable Table of Fees and Commissions.

§8. Identity Verification of Individual Client

1. Verification of an individual Client takes place after registration on the Finstrument service. Identity verification may be carried out by Finstrument or a Partner.
2. Identity verification is carried out using the Client Panel using the video verification method (verification via photo). Before starting identity verification, the Client should make sure that their Mobile Device (mobile phone, tablet, etc.) meets the technical requirements enabling its implementation.
3. Before starting video verification, the Client should have a valid identity document ready, i.e., ID card or passport or residence card. The Client should prepare a lit place in such a way that photos taken in it allow recognition of the face and data contained in the identity document.
4. In order to perform video verification in the Profile, the Client logs into the Finstrument platform, then expresses consents regarding the processing of personal data, including image processing, expresses consent to access the camera, makes a declaration regarding holding an exposed political position, completes the Client Panel by providing their personal data, i.e.: first and last name, date of birth, citizenship, telephone number, e-mail address, place of residence. The Client makes a declaration regarding the truthfulness of the data provided. The Client takes a photo using the camera, on which the Client's face and ID card or passport are visible in the manner indicated in the Client Panel (photo quality must enable recognition of the face and data on the identity document). The Client does not disclose (provide) login data to anyone.
5. Finstrument or Partner verifies the authenticity of the identity document and the compliance of the Individual Client's image and the image on the identity document using software including biometric techniques or manually by one of Finstrument's employees authorized to process Client data in this regard. In case of doubts regarding the identity of the Individual Client, Finstrument or Partner may require them to send scans of additional documents confirming their identity (e.g., driver's license, utility bills) or send another photo including the Client's face and their identity document.
6. Finstrument or Partner rejects the Application if identity verification proved negative, i.e., data contained in the Application is incomplete, untrue, outdated or inconsistent with information obtained by Finstrument or Partner in the verification process, the sent photo makes it impossible to effectively identify the Client, the identity document is not the Client's property, is outdated, invalidated, damaged or for another reason it is not possible to read the information contained in it (including image verification).

§9. Identity Verification of Business Client

1. Identity verification is carried out using the Client Panel using the video verification method (verification via photo). Before starting identity verification, the Client (in the case of a Business Client, a person authorized to represent them) should make sure that their Mobile Device (mobile phone, tablet, etc.) meets the technical requirements enabling its implementation.
2. Before starting video verification, the Client should have a valid identity document ready, i.e., ID card or passport or residence card. The Client should prepare a lit place in such a way that photos taken in it allow recognition of the face and data contained in the identity document.
3. In order to carry out identity verification in the Client Panel, the Business Client logs into their account via the Client Panel (in the case of a Business Client being a legal person, logging in is done by a person authorized to represent them indicated by the Business Client when setting up an account in the Client Panel), expresses appropriate consents regarding the processing of personal data (in the case of a Business Client being a natural person or a person authorized to represent a Business Client being a legal person) makes a declaration regarding holding an exposed political position (in the case of a Business Client being a legal person - by persons representing them). Then the Business Client provides the following data: company/name, form of conducting business activity, NIP number, KRS, persons authorized to represent (in the case of a Business Client being a legal person), beneficial owner, e-mail address.
4. The Client takes a photo on which the face of the Business Client (representative of the Business Client being a legal person) and their ID card or passport are visible in the manner indicated in the Client Panel and sends it to Finstrument via the Client Panel. Photo quality must enable recognition of the face and data on the identity document.
5. In order to verify the identity of the Business Client, Finstrument or Partner verifies the data provided by the Business Client with public information available on the Internet, including data collected in business registers (KRS, CEIDG CRBR, white list of VAT taxpayers and others). In case of doubts regarding the data provided in the Application, especially regarding beneficial owners, Finstrument or Partner may ask the Business Client to provide additional explanations and documents.
6. Finstrument or Partner rejects the Application if identity verification proved negative, i.e., data contained in the Application is incomplete, untrue, outdated or inconsistent with information obtained by Finstrument or Partner in the verification process from external sources, identity verification of the Business Client revealed an unacceptable level of risk of concluding cooperation.

§10. Complaints

1. Finstrument aims for professional service to our Clients, the complaint handling process will be carried out immediately, we are guided by reliability, thoroughness, objectivity and respect for generally applicable legal regulations and good practices. The term complaint means any submission directed to a financial institution by a Client, being a consumer, relating to their objections regarding services provided by the financial institution or its activities. Below we present the principles of complaint handling.
2. A condition for accepting a complaint is knowledge by the person submitting the complaint of the personal data of the sender, recipient and transaction details. Taking care of the protection of Clients' personal data, we do not provide any information to persons who do not know the above data. Complaints submitted by you are recorded in a special register and will be assigned a reference number.
3. The Client can submit a complaint in the following ways: in person at the company's headquarters, in writing - by postal mail to the Finstrument address indicated on the website, electronically - to the e-mail address: reklamacje@finstrument.pl. In the complaint handling process, we determine the circumstances regarding reported objections, in particular we contact other entities executing or participating in the execution of the transaction to obtain information whether irregularities did not result from reasons on the side of these entities. If irregularities are on the side of the Finstrument service, the Client will be informed about the method of handling.
4. In case the Client is not satisfied with the complaint handling by Finstrument, they can submit a complaint to the Financial Ombudsman. The Client may submit a complaint to the Polish Financial Supervision Authority regarding the Issuer's actions if, in their opinion, this action violates applicable legal regulations. Finstrument in the area of complaint management is subject to KNF supervision based on the register of supervised entities as a Small Payment Institution under number MIP156/2022. The competent supervisory body for Finstrument in the field of consumer rights protection is the Office of Competition and Consumer Protection (UOKiK). A Client being a consumer may request free legal assistance from Municipal or District Consumer Ombudsmen. In case of a dispute with a Client being a consumer, they may use out-of-court dispute resolution, i.e., mediation, arbitration activities of complaint commissions. Detailed information regarding methods of out-of-court dispute resolution is available on the UOKiK website at: https://uokik.gov.pl/spory_konsumenckie.php, at the UOKiK Contact Point telephone number: 22 55 60 332 or 22 55 60 333, as well as via e-mail at: kontakt.adr@uokik.gov.pl.
5. At the Client's request, Finstrument will provide confirmation of complaint submission. Conclusions from submitted complaints will be used to improve the level of our services.
6. Finstrument provides a response to a complaint without undue delay, but no later than within 15 business days from the day of receiving the complaint. In particularly complicated cases making it impossible to handle the complaint and provide a response within this period, it may be extended to 35 business days, after prior notification of the Client about the reason for the delay and the circumstances that must be established to handle the case.
7. The content of the response to a complaint includes in particular: factual and legal justification, unless the nature of the objections raised does not require it, exhaustive information on the reported problem with indication of relevant fragments of the agreement or contractual template and relevant legal provisions, unless the nature of the objections raised does not require it, indication of the person providing the response with their official position.

§11. Liability Principles

1. Finstrument is not responsible for the correctness of data entered by the Client during account registration in the service or when adding a transfer recipient and for any losses or damages suffered by the Client as a result of incorrectness or incompleteness of data (such liability rests with the Client).
2. It is the Client's obligation to ensure that registration data is always accurate and up to date. Finstrument is not responsible for any losses resulting from the Client's negligence in this regard. We have the right to ask the Client at any time to confirm the truthfulness of registration information, provide documents or other evidence.
3. Finstrument is not responsible for events resulting from the Client entering an incorrect Recipient's account number.
4. Finstrument is not responsible for delays or withholding of transfers resulting from lack of verification documents. Finstrument is not responsible for any losses resulting from the execution of a Payment Order submitted by the Client. Finstrument is not responsible for any losses or damages suffered as a result of delays caused by third parties, including Polish banks, power supply interruptions or internet connection interruptions, etc., which prevent timely execution of the Service. Finstrument is not responsible for disputes arising between the sender and recipient of the transfer.
5. Using Finstrument accounts for any illegal purposes, e.g., fraud or money laundering is strictly prohibited. Finstrument will report all suspicious activities to appropriate state authorities. Clients are prohibited from attempting to abuse, exploit or circumvent usage restrictions imposed by Finstrument regarding the services we provide.
6. Awareness and education of our Clients through educational activities take place both through regular campaigns and through incidental warnings about threats and ongoing contact with the Client using a secure communication channel.

§12. Transaction Limits and Restrictions

1. Finstrument Clients are subject to transaction limits and related restrictions.
2. Transfers can be made non-cash or as cash deposits to a bank account.
3. Limits are given in euro equivalent, the equivalent amount in euros should be calculated using the average rate announced by the NBP, which applies on the last day of the month preceding the month for which this amount is calculated.
4. In case the Client transfers or makes a one-time cash deposit to the Account in the Finstrument system in an amount exceeding the equivalent of 1000 euros or makes several smaller deposits whose sum exceeds the equivalent of 1000 euros, they are obliged before making the transfer to present copies of required documents in order to verify the account by Finstrument.
5. Finstrument is not responsible for delays or withholding of transactions due to failure to provide required verification documents.
6. Transaction limits apply at Finstrument, the total amount of funds accepted for one Client at any time may not exceed the equivalent in Polish currency of 2000 euros. The limit applies to bank transfers as well as cash deposits.
7. In case of exceeding the limit of 2000 euros, we reserve the right to withhold the transaction, the Client will be informed about the excess by email or SMS and about the consequences of exceeding the limit.
8. If the Client transfers or makes a cash deposit to the Finstrument account in an amount equivalent to 10,000 euros one-time or in total within a period of 3 months, they are obliged to additionally present copies of documents confirming the source of funds. In justified cases, we may ask for such documents also for smaller amounts.

§13. Terms and Conditions of Service Resignation

1. The User may at any time without giving a reason resign from services provided by the Issuer. Submission of a request to resign from services by sending a written resignation in the form of a traditional letter, e-mail message or in another form made available by the Issuer, with immediate effect.
2. Deactivation of the Client Panel does not mean automatic deletion of the Client's personal data held by Finstrument. Under legal regulations, this data together with transaction history will be stored for a period of five years from the date of termination of business relations with the Client.
3. Finstrument may terminate the framework agreement with the Client with a two-month notice period or close the Client Panel without notice in the following cases: there was a justified suspicion that the Client is engaged in any dishonest activity, money laundering, terrorist financing or other criminal activity; the Client violated any provision of these Terms and Conditions or there was a justified suspicion of violation of generally applicable law, relating to the Client's use of the Service; the Client did not provide required documents or refuses to supplement and update them.

§14. Final Provisions

1. Processing of Client data by Finstrument is carried out in accordance with the Privacy Policy. By agreeing to comply with the Terms and Conditions, the Client also agrees to accept the conditions of the Privacy Policy. Finstrument collects, stores and processes Client data (for the purpose of proper execution of the Service) in accordance with European Union regulations regarding the processing of personal data Regulation of the European Parliament and of the Council (EU) 2016/679 – General Data Protection Regulation (GDPR). Regardless of applicable legal regulations, processing personal data according to the highest standards, respect and protection of Client privacy are among the most important priorities for FINSTRUMENT Sp. z o.o.
2. A Client ordering a money transfer service accepts these Terms and Conditions.
3. Finstrument reserves the right to change these Terms of Service Provision at any time (via e-mail) with a two-month period of notification about the planned change, all other changes having no significant impact on the conditions of the service provided may be introduced immediately, and the Client is only informed about them. The change of the Terms and Conditions will come into force two months after the day of sending notification about the change, unless the Client objects to these changes before the day they become effective. The Client has the right to terminate the framework agreement before the entry into force of the proposed changes to the Terms and Conditions with effect from the date of notifying them about these changes, but not later than on the day on which these changes would be applied; termination is free of charge. If the Client objected to the proposed changes but did not terminate the framework agreement, the agreement expires on the day preceding the entry into force of these changes. If the Client does not object to the proposed changes before their entry into force, we will consider that they have consented to them.
4. No person other than the Client will have any rights arising from these Terms of Use of Finstrument services.

Terms and Conditions Finstrument download: https://finstrument.pl/