Payment Policy and Procedure

Purpose

The purpose of this Payment Policy & Procedure (hereinafter – the "Payment Policy") is to establish operational processes and procedures for Bank transfer and Card payment on the Platform to minimize risk and provide the greatest value, and availability of high quality services to each OKONTO User.

Definitions

Bank: means any bank, which collects payments made by the OKONTO Users on its account.
Bank transfer: means an electronic transfer of the User's Funds from one bank/financial institution to another.
Banking Day: means the part of a day on which the Bank is open to the public for carrying on substantially all of its banking functions.
Cardholder: means any User, who makes payments on the Platform using a Payment card.
Funding (also mentioned as "Deposit" on the Platform): means a transfer of a certain amount of money to the User’s Account via a Payment card or Bank transfer.
Funds: means a certain amount of money transferred to and accumulated on the User’s Account.
Online bank transfer: means a technical connectivity service enabling any User to fund their Accounts with a valid bank account by submitting an electronic transfer request to their bank for selected funds to be transferred to OKONTO.
Order: means a personal application to the Terms of Use.
Payment card, Card, Debit card, Credit card: means a payment card Visa, Visa Electron, MasterCard, Maestro or CUP verified under KYC, which is used by the User as the means of payment on the Platform.
Rules of International Payment Systems: means any rule, instruction, recommendation, etc., of MasterCard and/or Visa, which regulates order of processing transactions, technical requirements for processing transactions, as well as other provisions on acceptance of a Payment card.
Withdrawal: means removing User’s Funds from his/her Account under the User’s instructions.
SEPA (Single Euro Payments Area): means process initiated by European banks and supported, inter alia, by the Eurosystem and the European Commission with a view to integrating retail payment systems and transforming the euro area into a true domestic market for the payment industry.
3-D Secure: means XML-based protocol designed to be an additional security layer for online payment card transactions.

All other terms and definitions in the Payment Policy are used in the same meaning as under the Terms of Use.

Payment Methods

For the Users’ convenience, OKONTO offers several payment methods for Funding Account, including Bank transfer and Card payment. Please note that withdrawal is available for verified Users only through Wire transfer and SEPA bank transfer.

Bank transfer

Bank transfer includes: (a) Wire transfer, (b) SEPA bank transfer and (c) Online bank transfer.

(a) Wire transfer

Payment procedure

For Wire transfers, to initiate Funding, the User needs to obtain an electronic document with payment details on the Platform. The document should be printed and provided to the User’s bank for relevant payment.

In order to initiate Withdrawal via Wire transfer, the User has to fill in the electronic form on the Platform. After successful acceptance of the details provided by the User within the electronic form, the Withdrawal transaction will be done within the timeline indicated herein.

Amount limits

Referring to OKONTO internal policies and rules, the User should make payments with regard to the following amount limits set for the Wire transfer:

Thresholds
EUR
Min.
20
Max.
unlimited

(b) SEPA bank transfer

SEPA bank transfer is available in the countries covered by SEPA. The information on the countries covered by SEPA is available here. User will be able to use SEPA bank transfer under the following conditions:
a payment should be done in EUR, and user who wants to use SEPA bank transfer has at least one successful Wire transfer on the Platform.

Payment procedure

For SEPA bank transfer, to initiate Funding, the User needs to obtain an electronic document with payment details on the Platform. The document should be printed and provided to the User’s bank for relevant payment.

In order to initiate Withdrawal via SEPA bank transfer, the User has to fill in the electronic form on the Platform. After successful acceptance of the details provided by the User within the electronic form, the Withdrawal transaction will be done within the timeline indicated herein.

Amount limits

Referring to OKONTO internal policies and rules, the User should make payments with regard to the following amount limits set for the SEPA bank transfer:

Thresholds
EUR
Min.
20
Max.
unlimited

(c) Online bank transfer

Payment procedure

Online bank transfer is available in the following countries: Austria, France, Germany, Italy and Spain. Users from the mentioned countries will be able to use Online bank transfer to fund their Accounts on the Platform under conditions provided by the Online bank transfer service provider and with regard to the following limits:

Thresholds
EUR
Min.
20
Max.
unlimited

Card payment

Payment procedure

In order to make Funding, OKONTO will accept from the User only that Payment card on which he/she is indicated as the Cardholder.

OKONTO WILL ACCEPT ONLY VERIFIED PAYMENT CARDS.

The User has the right to use several Payment cards as long as they are verified.
OKONTO warns that for the payment purposes the User can use only a 3-D Secure Payment cards.
NOTE: You can check if your card is 3-D Secure protocol with your bank.

Amount limits

With regard to OKONTO internal policies and rules, as well as taking into account the Rules of International Payment System the User should make payments with regard to the following maximum amount limits, but no less that EUR 20:

The maximum amount limits for the User, who passed the identity verification procedure specified in the AML/KYC Policy:

EUR
Period
1 000
per one funding
1 000
per day
10 000
per month

Payment Processing Timeline

In accordance with the internal rules and requirement of OKONTO and taking into account the Rules of International Payment Systems, Bank transfer and Card payment processing timeline will be as follows:

Action
Timeline
Funding
up to 14 Banking Days
Withdrawal
up to 20 Banking Days

OKONTO reserves the right, in its sole discretion, to change the above mentioned processing timeline.

Banks/financial institutions, which initiate and make the Bank transfer and Card payment, can prolong the above processing timeline with regard to their internal rules and procedures.

Payment Investigation

In case if the User discovers that Funding or Withdrawal has failed (i.e. no Account Funding/Funds Withdrawal occurred within the processing timeline indicated above and no notification on processing timeline prolongation was obtained) the User has the right to initiate the investigation by notifying OKONTO on the payment problems. The User should comply with notification procedure indicated in the Terms of Use.

OKONTO will investigate User’s case and will notify the User on the investigation results. The time needed to complete an investigation will be set on the case-by-case basis.

OKONTO reserves the right to suspend the User's Account and to lock the User’s Funds in accordance with the Terms of Use, including for investigation purpose, which means that the Funds could be inaccessible during certain period.

NOTE: All expenses, which arise upon investigation process, shall be borne solely by the User.

Funding/Withdrawal Charges

Bank/financial institution fee will be charged on the amount of Withdrawal/Funding and will depend on the chosen payment method. Such fee will be reflected on the Platform when choosing payment method and will be charged automatically while processing payment transaction.

Modifications

The amount limits and processing timeline, as well as other terms and conditions of this Payment Policy are subject to modification by OKONTO and in the case of any such modification, OKONTO will make proper announcement. The modifications will apply after OKONTO has given notice.

In case if the User does not wish to accept the revised Payment Policy, he/she should not continue to use OKONTO Services. If the User continues to use the Services after the date on which the modifications come into effect, his/her use of the Services to be bound by the modified Payment Policy.