End-User Services Agreement (UK)

I. Introduction and Scope

This End User Services Agreement ("Agreement") is a legal agreement between M&M Fintech Limited ("M&M", "we" or "us") and the end user of our Services ("you", "your"). This Agreement only applies when we provide account information services and payment initiation services to you with respect to a UK payment account, and when we transmit retrieved data and/or the payment status related to such services to third parties on your behalf ("Services"). Such third parties include the owner or provider of the website, desktop and/or mobile application through which you have accessed our Services ("Application").

This Agreement describes the terms and conditions that apply to your use of the Services. You may not access or use the Services unless you agree to comply with all of the terms and conditions in this Agreement. You should therefore read this Agreement carefully and make sure you understand it. If you do not understand any of the terms and conditions of this Agreement, please contact us before using the Services by emailing us at info@mmfintech.io.

You may view an up-to-date copy of this Agreement at any time at https://www.banky.io/.

II. Additional Terms That Apply to You

M&M

M&M Services

Eligibility and Availability

Communication

Incorrect or Unauthorised Payments

Data

Liability

Complaints

Changes to this Agreement

Termination

Governing law and language

1. M&M

1.1. M&M Fintech Limited (company registration number 12578766) is registered with the Financial Conduct Authority (“FCA”) under the Payment Services Regulations 2017 as an agent of the EMI for (FCA Reference Number 903084).

1.2. M&M's registered office address is 110 Bishopsgate, London, England, EC2N 4AY.

2. M&M Services

2.1. You have accessed our Services via our proprietary product, Banky ("Banky", "we" or "us"), accessible at (https://www.banky.io/). The terms of use applicable during the utilisation of Banky shall be governed by this Agreement.

2.2. Our Services will allow you to obtain financial information from your online bank or payment account ("Payment Account") (account information services) and to make online payments directly from your Payment Account (payment initiation services).

2.3. The terms and conditions that apply to the Payment Accounts that you access through our Services will remain in effect and this Agreement does not change your Account Terms. The products and services provided to you by the Application are governed by a separate agreement between you and the provider of the Application ("Application Terms"). We have no responsibility for the products and services provided to you by or through the Application 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 Application.

2.4. We will not charge you for the use of our Services. Applications or other third parties may, however, charge you for products and services provided to you that make use of the Services provided by us under this Agreement. Application providers and other third parties may pay us fees and other amounts in connection with the services we provide to them.

Account information services

2.5. Our account information services allow you to access and view information relating to your selected Payment Account within the Banky dashboard (available at https://www.banky.io/) and the Application through which you have accessed our Services.

2.6. To access the Banky dashboard, you need to create an account with Banky. You also need to ensure that your information is accurate, complete and up-to-date. You must follow best practices to help secure your Banky account and notify us if you learn of any unauthorised access to or use of your Banky account.

2.7. With your explicit consent, we access and display information relating to your selected Payment Account(s) ("Account Information") within the Banky dashboard and transmit such information to the Application through which you have accessed our Services. Such information may include: a. financial transaction history, for example, transaction amount, data, description and currency; b. financial account details, for example, account number, type, currency and balance; and c. financial account holder information, for example, name, address, phone number, and email address.

2.8. Before receiving our account information service, you will have instructed the Application through which you have accessed our Services to retrieve your Account Information using Banky. Upon such an instruction, you will generally be redirected to us.

2.9. Once you are redirected to us, we will ask you to select which Payment Account provider ("Account Provider") you would like us to access Account Information from. You will give your explicit consent to us: (i) accessing your Account Information from the Account Provider you have selected; and (ii) taking the steps outlined in clause paragraph

2.12. once we have accessed your Account Information. Banky will request your Account Information from your Account Provider on a periodic basis in accordance with your consent until the consent expires or is withdrawn.

2.10. Please note, you may be redirected to your Account Provider's website or mobile application in order to authenticate yourself so that your Account Provider knows that you consent to us accessing your Account Information.

2.11. Alternatively, in some circumstances, we may ask you to provide us with the login details for your Payment Account. By providing us with your Payment Account login details, you confirm that you have all the necessary rights, permissions and authority to share your login details and Account Information with us, and you grant us explicit consent to use your login details to access your Payment Account to obtain the necessary Account Information on your behalf and at your direction in order to provide you with the Services.

2.12. Once we have accessed your Account Information we may: a. share your Account Information with the Application through which you have accessed our Services; b. share your Account Information with third parties as directed by the Application through which you have accessed our Services provided, however, that you have explicitly consent to such sharing; or c. display your Account Information on the Banky dashboard.

2.13. You agree to us sharing the Account Information we have accessed from your Account Provider with the Application through which you have accessed our Services, and with third parties as directed by that Application provided that in both cases you have explicitly consented to such sharing. Such sharing allows the Application to provide you with products and services in accordance with the Application Terms.

2.14. We do not check the accuracy of the Account Information retrieved from your Account Provider and we rely on your Account Provider to ensure that your Account Information is up to date and accurate.

2.15. We may standardize, categorize, merge, aggregate, and otherwise process your Account Information before displaying your Account Information on the Banky dashboard, sharing it with the Application through which you have accessed our Services, or sharing it with third parties as directed by that Application with your explicit consent.

2.16. You may withdraw or vary your consent for us to provide account information services at any time.

Payment initiation services

2.17. Our payment initiation service allows you to make online payments from your Payment Account(s). We can initiate the following types of online payments from your Payment Account(s): (i) single payments; (ii) standing orders; and (iii) variable recurring payments.

Single Payments

2.18. Before receiving our payment initiation service in respect of a single online payment order, you will have instructed the Application through which you have accessed our Services to make a single online payment using Banky. You will be asked to review and confirm your payment order details for the single online payment, including: (i) the payment amount and (ii) the recipient details. It is your responsibility to ensure that all of the payment order details are correct before you confirm the payment order. You may not be able to recover a payment to an incorrect account or recipient.

2.19. These details will be pre-populated for you to review and confirm. For example, where you use our payment initiation services to purchase goods or services online you must ensure that the merchant recipient details are correct.

2.20. You will confirm the payment order and provide explicit consent for Banky to send the payment order to your Account Provider for execution, to receive information from your Account Provider on the initiation and execution of the payment order and to pass this information on to the Application through which you accessed our Services.

2.21. When you use our payment initiation service you will be asked to select the Payment Account from which you will fund the payment and you may be redirected to your Account Provider's website or mobile application in order to authenticate yourself so that your Account Provider knows that you consent to the transaction.

2.22. If the payment order relates to a transaction that is to be executed by your Account Provider immediately, you will not be able to cancel the payment order once you have provided your confirmation and explicit consent in accordance with paragraph 2.20.

2.23. If the Application through which you accessed our Services supports refunds, the following provisions apply: At the time we submit the payment order to your Account Provider for execution, we shall ask the Account Provider to share your name, Payment Account sort code and account number or IBAN ("Account Details") with us. If you require a refund for the payment made using our payment initiation services, you must request the refund from the Application through which you accessed our Services. The Application will in turn notify us that you have requested a refund and we will share your Account Details with the Application in order for them to make the refund to your Payment Account (i.e. the Payment Account used to fund the original payment). The Application (and not Banky) is responsible for making the refund. We accept no liability for the accuracy of your Account Details provided to us by your Account Provider.

Standing Orders

2.24. You can use our payment initiation service to submit a standing order to your Account Provider. A standing order is an instruction to your Account Provider to make regular, recurring payments of the same amount to the same recipient over a specified or indefinite period of time.

2.25. If you use our payment initiation service to submit a standing order you will be asked to confirm: (i) the amount of the periodic payment, (ii) the recipient of the payments, (iii) the payment start date, (iv) the interval of the payment (e.g. every week or every month) (v) the day on which the payment should be made (e.g. the day of the week or month) and (vi) the end date or that the payments will continue unless cancelled.

2.26. Once you have confirmed the standing order details, you will be redirected to your bank to authenticate yourself and we will submit the standing order instruction to your Account Provider.

2.27. Once the standing order has been confirmed as received by your Account Provider, we no longer have control over the execution of the standing order payments; this is the responsibility of your Account Provider.

2.28. You will be able to view your standing order via your Account Provider's online banking facility (where supported). If you wish to change or cancel a standing order, you must do so directly with your Account Provider before the deadline provided by your Account Provider and before the next payment is due. If you miss the deadline for cancelling or amending your standing order, your Account Provider may not be able to stop the next payment in time.

2.29. For further information on how you can cancel and amend standing orders you should refer to your Account Provider terms and conditions.

Variable Recurring Payments

2.30. Before receiving our payment initiation service to make variable recurring payments, you will have instructed the Application through which you have accessed our Services to make a payment order for a series of payment transactions to the same payee using Banky (Variable Recurring Payments).

2.31. You will be asked to set up a mandate for the Variable Recurring Payments. This is your consent to Banky to initiate a series of payments which fall within agreed consent parameters which are set by you, which may include: (i) the maximum amount per payment (ii) the frequency of the payments (iii) the maximum amount per frequency (e.g. no more than £50 per day/week/month/year) and (iv) the expiry date of the payment order (VRP Mandate). These details will either be pre-populated for you to review and confirm or you will be able to manually select your limits within the consent parameters. It is your responsibility to ensure that all of the details in the VRP Mandate are correct. You may not be able to recover a payment made pursuant to a VRP Mandate if any details are not correct to an incorrect account or recipient.

2.32. You will confirm any details required in setting up the VRP Mandate and provide explicit consent for Banky to: (i) send those details to your Account Provider; (ii) access your Payment Account; (iii) initiate payment transactions in accordance with the VRP Mandate; (iv) receive information from your Account Provider on the initiation and execution of your instructions; and (v) to pass this information on to the Application through which you accessed our Services.

2.33. When you set up a VRP Mandate you will be asked to select the Payment Account from which you will fund the Variable Recurring Payments and you will be redirected to your Account Provider's website or mobile application in order to authenticate yourself so that your Account Provider knows that you consent to the VRP Mandate and to Variable Recurring Payments being made under the VRP Mandate.

2.34. Once your Account Provider has confirmed authentication, either Banky or the Application through which you accessed our Services will confirm to you that the VRP Mandate has been successfully set up. Banky will then initiate payments under the VRP Mandate in accordance with payment requests made by the Application through which you have accessed our Services. Banky will only initiate a payment under a VRP Mandate where the payment is within the parameters set by you in the VRP Mandate.

2.35. You will be able to view and manage your VRP Mandate through your Account Provider, the Application and Banky. If you wish to withdraw your VRP Mandate then you can do so with your Account Provider, the Application or Banky directly. For further information on how you can withdraw your VRP Mandate through your Account Provider, you should refer to your Account Provider terms and conditions.

3. Eligibility and Availability

3.1. You can only use the Services if:

• (a) you are 18 or over;
• (b) your Payment Account and Account Provider are located in the UK;
• (c) you provide us with accurate, complete, and up-to-date information, and do not misrepresent your identity or any other information about you;
• (d) you agree to this Agreement, and to using our Services in accordance with this Agreement; and
• (e) you agree to comply with all laws and regulations applicable to your use of the Services.

3.2. The Services that are available and the manner in which the Services are delivered may vary depending on the type of device you are using, the type of Payment Account(s) you have, the Account Terms and the Application Terms.

4. Communication

4.1. Where relevant, we may send you information and notifications to your email address or mobile number via SMS where we consider this appropriate.

4.2. If your contact details (including your mobile phone number or email address) change, you should tell us as soon as you can. You are responsible for maintaining and regularly checking your device or email inbox for information and notifications from us.

4.3. You can contact us by emailing us at info@mmfintech.io.

5. Incorrect or Unauthorised Payments

5.1. If you suspect that an incorrect or unauthorised payment has been made using our payment initiation services you must contact us as soon as possible by emailing compliance@banky.io.

5.2. You may be entitled to a refund of the incorrect or unauthorised payment from your Account Provider 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 Account Provider in the manner set out in the applicable Account Terms.

5.3. You should be aware that your Account Provider may contact you directly (and not through Banky or the Application through which you have accessed our Services) if there is an issue with a payment order submitted through Banky for whatever reason (for example, if there are insufficient funds or an issue with your authorisation). You may need to resolve such matters directly with your Account Provider.

6. Data

6.1. We use your information in line with our Privacy Policy ("Privacy Policy") which can be found on our website at https://www.banky.io/privacy-policy. If you are not comfortable with how we handle your information as explained in the Privacy Policy, you should not use our Service.

7. Liability

7.1. Without prejudice to section 7.5, we will not be liable to refund you for any losses caused by circumstances beyond our control, for example, due to extreme weather, terrorist activity or industrial action.

7.2. Without prejudice to section 7.5, we are not liable for any contravention of a requirement imposed on us by or under Part 7 of the Payment Services Regulations 2017 where the contravention is due to: a. abnormal or unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary; or b. the obligations of M&M under other provisions of EU or national law.

7.3. Nothing excludes or limits our liability for: a. death or personal injury caused by our negligence; b. our fraud or fraudulent misrepresentation; or c. a deliberate breach of this Agreement in a major way that is designed to harm you.

7.4. We are not liable to you for any harm, damage or loss to you arising from the acts or omissions of any third parties, in particular your Account Provider(s) and the Application through which you have accessed our Services.

7.5. The APP Fraud Reimbursement Scheme, effective as of October 7th, 2024 and only applicable in the UK, requires in-scope payment service providers (“PSP”) sending payments to reimburse their customers if they become the victim of, according to the UK Payment Systems Regulators, fraudulent activity when a fraudster tricks someone into sending money to the fraudster's account ("APP scam"), subject to certain exceptions. An in-scope payment order is one where (i) payment (GBP-denominated) is authorised by a customer (victim) who holds the UK payment account as a consumer, micro-enterprise, or small charity; and (ii) payment (GBP-denominated) is settled through the UK Faster Payment System (FPS) to a receiving payment account located in the UK, which is not controlled by the customer (victim) and which was identified in the customer’s (victim) payment order as a result of dishonesty or a fraud perpetrated.

If You, as Banky customer, become aware that You are a victim of APP fraud, you must notify your sending PSP without delay, and in any event within 13 (thirteen) months of making the relevant payment. For such cases where M&M (operating as an EMD agent under the authorisation of Financial House Limited) acts as the sending PSP, please contact and report the case to us after filling out the APP Fraud Claim Form in Annex 1 You may contact the relevant team of M&M at info@mmfintech.io. M&M shall review the form and reach out to You in case any additional information is required. Once the form and all necessary documents are completed, it will be sent to Financial House Limited, as the principal of M&M and the issuer of electronic money that is contained in your Banky account, Financial House Limited, (as the entity registered with Pay.UK) bears the ultimate responsibility for handling APP fraud claims made by other (sending) PSPs. You will be contacted by M&M team once your claim is reviewed by Financial House Limited. If M&M is not the sending PSP, You should contact your sending PSP.

The sending PSP must reimburse You within 5 (five) business days or within 35 (thirty-five) business days if the sending PSP requires to investigate further (including to gather evidence from the receiving PSP). For. the avoidance of doubt, 5 (five) business days shall start from the date on which the form and any ancillary documents needed for the investigation are sent out to the sending PSP.

The APP Fraud Reimbursement Scheme do not apply to: (i) payments which take place across other payment systems; (ii) international payments; (iii) payments made for unlawful purposes; or (iv) payments which are the subject of a civil dispute, such as where a customer has paid a legitimate supplier for goods but has not received them or is otherwise dissatisfied with the supply.

A claim is not reimbursable if the sending PSP or we determine that:

• the customer claiming to be a victim is in fact a party to the fraudulent activity;
• the victim is not a "vulnerable customer" and through gross negligence, fails to satisfy the "consumer standard of caution";
• the customer is claiming for an amount which is already the subject of a civil dispute or other civil legal action; or
• the customer is claiming for an amount which they paid for an unlawful purpose.

In the event of an APP fraud reimbursement claim, you are required to promptly provide all relevant details and information necessary to process your claim. This includes, but is not limited to, full details of the disputed transaction(s), including the date, amount, and recipient's information, as well as any supporting documentation or evidence that may assist in the investigation, such as correspondence with the recipient, proof of intended payment details, or any communications with third parties regarding the transaction.

You must cooperate fully with us and any other third-party investigators involved in reviewing and resolving of your claim. This includes responding to requests for additional information or clarification within the timeframes we specify.

Failure to comply with these requirements may result in delays or the inability to process your APP fraud reimbursement claim.

8. Complaints

8.1. If you have a complaint about our Services, please email us at info@mmfintech.io so that M&M can investigate the circumstances for you. We will aim to deal quickly and fairly with any complaints you have about our Services in accordance with our obligations under applicable law. M&M may, however, direct you to: a. your Account Provider, if your complaint relates to the services provided under the Account Terms or involves an incorrect or unauthorised payment in accordance with paragraph 5 above; or b. the Application through which you accessed our Services, if your complaint relates to the products and/or services provided by the Application under the Application Terms.

8.2. If your complaint relates to our Services and we do not resolve it, you may be able to refer it to the UK Financial Ombudsman Service. You can contact the UK Financial Ombudsman by telephone on: from inside the UK: 0300 123 9123 or 0800 023 4567; from other countries: +44 20 7964 0500 on Monday to Friday, 8am to 8pm and on Saturday 9am to 1pm; by post at The Financial Ombudsman Service, Exchange Tower, London E14 9SR; or by email: complaint.info@financial-ombudsman.org.uk. The UK Financial Ombudsman Service is also available in a number of different languages and if you need it you will be put in touch with a translator when you contact the UK Financial Ombudsman Service.

8.3. M&M is not responsible for any complaints or disputes about purchases made using our payment initiation services. You should settle these with the person from whom you bought the goods or services. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased using our payment initiation services. Remember that once you have used our payment initiation service to make a purchase, M&M cannot cancel or stop that payment transaction.

8.4. M&M is also not responsible for any complaints or disputes about products and/or services provided by the Application through which you accessed our Services, other third parties, or your Account Provider. You should settle these with the Application, third party, or Account Provider directly.

9. Changes to this Agreement

9.1. The contract between you and M&M which is set out in this Agreement and which governs your use of the Services will continue until cancelled in accordance with this paragraph 9.

9.2. We will give you at least two months' prior written notice via, at a minimum, the contact details you have supplied to us of any intended material change to this Agreement along with the new version of the Agreement.

9.3. If you do not agree with the proposed change(s) you must tell us using the M&M contact details set out in paragraph 4.3. before that change takes effect and you will have the right to terminate this Agreement at any time before the proposed date of their entry into force. If you do not contact us in order to tell us that you do not accept the changes and request to terminate this Agreement you will be deemed to have accepted the change(s) to the Agreement.

10. Termination

10.1. You have the right to cancel the contract between us, which is set out in this Agreement, at any time without notice by contacting M&M using the M&M contact details set out at paragraph 4.3.

10.2. We may cancel the contract with you, with immediate effect, by giving written notice: a. if you repeatedly break this Agreement and fail to resolve the matter to M&M's satisfaction in a timely manner; or b. in the event of your death or incapacity.

10.3. We may cancel this Agreement with you for any reason by giving you at least 2 months' written notice.

11. Governing law and language

11.1. This Agreement is governed by English law and is subject to the non-exclusive jurisdiction of the English Courts.

11.2. This Agreement is in English and all communications with you will be in English.

Annex 1 – APP Fraud Claim Form

APP Fraud Claim Form

The APP Fraud Reimbursement Scheme is only applicable in the UK and requires in-scope PSPs sending payments to reimburse their customers if they become victim of an APP scam, subject to certain exceptions. An in-scope payment order is one where (i) payment (GBP-denominated) is authorised by a customer (victim) who holds the UK payment account as a consumer, micro-enterprise, or small charity; and (ii) payment (GBP-denominated) is settled through the UK Faster Payment System (FPS) to a receiving payment account located in the UK, which is not controlled by the customer (victim) and which was identified in the customer’s (victim) payment order as a result of dishonesty or a fraud perpetrated.

In the event of an APP fraud reimbursement claim, You are required to promptly provide all relevant details and information necessary to process your claim, please provide us with the following:

Please also provide us with all the supporting documentation or evidence that may assist in the investigation, such as correspondence with the recipient, proof of intended payment details, or any communications with third parties regarding the transaction.

I, the undersigned ……………………………………………………………………………………… , declared that the claimed amount is not the subject of a civil dispute or other civil legal action and I have not paid it for an unlawful purpose.

Full name and signature