Rules for providing the payment initiation service
Payment initiation service provider / NEO Finance - "NEO Finance", AB (legal entity code 303225546, registered address: Verkių str. 25C-1, LT-08223 Vilnius, Republic of Lithuania, tel. 8 700 70075, e-mail: info@paskoluklubas. lt website: https://www.paskoluklubas.lt/ ; Electronic money institution license No. 7, issued January 5, 2017, licensed and supervised by the Bank of Lithuania https://www.lb.lt/ data on NEO Finance are collected and stored by the State Enterprise Center of Registers), its branches and representative offices and other legal entities, which NEO Finance uses to provide its services and which are authorized to act on behalf of NEO Finance. All payment services will be provided exclusively by NEO Finance, AB.
Payer - a natural (private)or legal person, who initiates a payment order in the NEO Finance system using the Payment initiation service provided by NEO Finance, AB.
Payment initiation service (PIS) - means the service of initiating a payment order related to a payment account held at another payment service provider at the request of the Payer through the Payment initiation service provider.
Payment service provider (PSP) - for the purposes of these Rules, is understood to mean the Payment service provider at which institution, the Payer has its own payment account from which the Payer intends to execute the payment transfer (i.e. banks, other credit institutions, etc.).
Basic features of a payment initiation service
- These Rules, which are made available to the Payer prior to the use of the PIS, determine the operation of the Payment initiation service in NEO Finance system, provide the main features of the Payment initiation service, regulate the provision of Payer's data for the purpose of the Payment initiation service, as well as the safety and confidentiality of such data.
- The Payment initiation service provided by NEO Finance enables the Payer to connect to his / her personal electronic banking system via NEO Finance, submit an automatically generated payment order to his PSP and approve (authorize) it. The Payer initiates and submits the Payment order, not connecting directly to his electronic banking system, but through a software solution developed by the Payment initiation service provider.
- The Payer shall be informed in NEO Finance system about the commission fee applicable to the Payer and the amount thereof prior to initiation of the payment order. By means of the present Terms and Conditions, the Payer is informed that payment orders are subject to a standard PSP commission fee applicable to Payers charged for the payment order of a corresponding type, which shall be debited by the Payer’s PSP. If the Payer’s PSP informs about the price of such payment order, Neo Finance shall also notify the Payer prior to authorisation of the payment order.
Detailed operation of the payment initiation service
- When initiating a payment order from a payment account held by the Payer, he shall submit his electronic banking data in a secure PIS medium (website) created by NEO Finance, which shall be entered into the specific information fields provided in the NEO Finance system. Whenever the Payer's Bank:
4.1. "Swedbank", AB 1) M. Signature - User ID and telephone number; 2) Smart-ID - User ID and phone number; 3) Code card - User ID and password; 4) PIN Generator - Used ID and password; 4.2. "SEB Bankas", AB 1) M. Signature - Identification code; 2) Smart-ID - Identification code; 3) Generator / card - identification code; 4.3. "Luminor bank", AB (DNB) - 1) M. Signature - Access code; 2) Smart-ID - Access code; 3) PIN card / Generator - identification code; 4.4. "Luminor bank", AB (Nordea) - 1) M-signature - Customer number; 2) Nordea Codes - Customer number; 3) Generator - Customer number; 4.5. Lithuanian branch of AS "Citadele banka" - 1) M-signature - Username; 2) Code Card - Username and Password; 3) Generator - Username and Password; 4.6. "Šiaulių bankas", AB - 1) M. Signature - Username (ID) and user password; 2) Username (ID) and user password; 3) Code Card - Username (ID) and user password; 4) Generator - Username (ID) and user password.
- Using the electronic banking data provided by the Payer, the NEO Finance system automatically connects to the Payer's electronic banking and initiates a payment order. In performing this function, NEO Finance does not collect, store or protect electronic banking data (personalized security features) provided by the Payer and the final data recipient is the beneficiary, specified by the Payer. The information used to connect to the Payer's e-banking (customer identification code, password, generator codes, password card codes, etc.) is encrypted and used only for one-off payment order initiation and one session, until the signed payment confirmation is received from PSP.
- The payer is expressing consent to initiate the PIS shall enter his electronic banking data electronically. The payer, through the use of PIS provided by NEO Finance, personally and unilaterally initiates the submission of a payment order in his own name to the PSP of his choice. The payment order may be revoked until the Payer has given his consent to initiate the PIS.
- If the Payer has more than one payment account in a particular PSP institution, the Payer shall choose, during the payment process, the one from which he intends to make the payment.
- If the account specified by the Payer does not contain the currency indicated in the payment order or the amount thereof is insufficient, the Payer shall not be given the possibility of currency exchange.
- By providing PIS to the Payer, NEO Finance automatically generates a payment order based on the Payer's data, provided to NEO Finance, which automatically specifies:
9.1. the payment amount approved by the Payer at the time of initiating the payment order, where the payment amount was specified by either the Payer himself or the Seller (NEO Finance business customer) from which the Payer intends to purchase the services or goods; 9.2. the name and the account number of the beneficiary; 9.3. the purpose of payment: 9.3.1. if the beneficiary is the Seller (business customer of NEO Finance) from whom the Payer intends to purchase the services or goods - the purpose of payment is indicated according to the data of the Seller (customer of NEO Finance) in the system, according to which the Seller (beneficiary) could easily recognize the payment order and for what goods or services, or for what purpose it was executed; 9.3.2. if the beneficiary is the Payer himself who seeks to top-up his NEO Finance payment account, the purpose of payment shall be indicated taking into account the purpose of account replenishment, chosen by the Payer.
- 0nce a transfer order has been formed, it is impossible to change the amount, beneficiary or other details of the transaction.
- The Payer shall approve (authorize) the automatically generated payment order of NEO Finance.
- After successfully initiating the execution of a Payment order, NEO Finance shall submit to the Payer and the beneficiary - a confirmation of the proper initiation of the Payment order and the successful execution of the Payment order. Together with this information, NEO Finance shall provide data, enabling the payer and the beneficiary to identify the payment transaction, the amount of the payment transaction and, where appropriate (i.e. while using personal identification number transfer service) to identify the payer to the beneficiary, together with the data transmitted with the payment operation.
- Upon initiation of a payment order by the payer, the payment shall be made:
13.1. if the Payer's and beneficiary's accounts are in the same bank - on the same banking day; 13.2. if the beneficiary's account is in another bank - no later than the end of the next banking day.
- NEO Finance informs the beneficiary of the successful execution of the payment.
- When initiating the submission and execution of a payment order, NEO Finance shall provide the Payer and the Beneficiary with data enabling to identify the Payment and the Payer.
- NEO Finance shall not, at any time, keep the Payer's funds when providing the Payment initiation service, but shall immediately credit them to the Beneficiary's NEO Finance account after issuing electronic money for them or to the Beneficiary's account with another financial institution.
- If, at the initiation of a payment order, the Payer's PSP requests a change of password, filling in a questionnaire or answering any questions, these PSP questions shall not be submitted to the Payer. NEO Finance will inform the Payer that further provision of the PIS is not possible in this particular case because the Payer's MPT requests a password, a questionnaire or answers to any questions.
