Updated in May 2025

Novac Terms of Use

This Terms of Use page outlines the rules and responsibilities that govern your relationship with Novac. Please review the following details carefully.
NOVAC’S FRAMEWORK TERMS RELATING TO THE USE OF THE NOVAC APP, THE NOVAC WALLET, FOREIGN EXCHANGE AND PAYMENTS

Terms And Conditions Of Use

These Terms of Use, govern your use of the services provided by Novac Payment Solution and constitute the legal relationship between you and us. You are also advised to print or download and keep a copy of the Terms of Use (including the Definitions - Terms of Use and other terms and conditions referred to herein) for future reference.
BY USING ANY OF OUR SERVICES DESCRIBED IN THESE TERMS OF USE, YOU ARE AGREEING TO BE BOUND BY THESE TERMS OF USE. PLEASE DO NOT USE ANY OF OUR SERVICES IF YOU DO NOT ACCEPT THESE TERMS OF USE. THESE TERMS OF USE ARE A LEGALLY BINDING AGREEMENT BETWEEN YOU AND US AND IT IS IMPORTANT THAT YOU TAKE THE TIME TO READ THEM CAREFULLY.

1.0 General Information On Service Provider

1.1.    Novac Payment Solution (“Novac Payment Solution”) is a legal entity incorporated under the laws of England and Wales with its operating address at 86-90 Paul Street, London EC2A 4NE, United Kingdom.
1.2.    Novac Payment Solution is an authorized payment institution for cross-border payments and currency conversion services. It is authorised and regulated by the Financial Conduct Authority (FRN: 811078) and has its registered office at 86-90 Paul Street, London EC2A 4NE, United Kingdom.
1.3.   Novac Payemnt Solution provides a range of financial services on its platform (app and website), including:
  •     E-money issuance and payment services
  •     Multi-currency wallets
  •     Currency conversion/foreign exchange services
  •     GBP collection services
1.4.    By agreeing to these Terms and Conditions, clients also agree to the Terms of Use, which can be found here:
1.5.    You must read the policies before entering an agreement with us:
  •     Privacy Policy
  •     Complaints Policy
  •     Cookies Policy
1.6.    These terms may be amended from time to time subject to the changes of business environments, regulatory frameworks, and conditions of us, our Partners and/or service providers. Every time you wish to use our platform, please check these terms to ensure you understand the terms that apply at that time. Novac Payment Solution will notify you of any updates on these terms via email and announcement on our website. You may be treated as consent and agree if no contrary intention is received from you within 30 calendar days.
1.7.    In order to open a Novac Payment Account, you must:
  1.    Be at least 18 years old;
  2.     Be a Sole-Trader or a Limited Company (or equivalent) registered in the UK;
  3.     Have a smartphone with a mobile number and valid identity document;
  4.     Have a business that is not restricted.
1.8.    You must provide us with an email, postal address, and phone number, and notify us of any changes.
1.9.    You confirm that you have provided accurate information when creating a Novac Payment Account. You are responsible for notifying us of any changes and bear the consequences of inaccurate information.
1.10.   We may monitor and/or record telephone calls between you and us or our service providers.
1.11.    We may transfer our rights or obligations under this agreement. You may not transfer your rights or obligations under this agreement.
1.12.    We can delay enforcing rights under this agreement without losing them.
1.13.   If any part of this agreement is unenforceable, the remaining parts will remain in full effect.
1.14.    The following services, accessible via the Novac Payment Platform, are subject to these terms:
  •    E-money issuance and payment services
  •     Currency conversion services
  •     The GBP Collection Service
1.15.    All communications should be sent to Novac Payment via email: Hi@reflow.zone
1.16.    Novac Payment Solution is subject to the relevant Payment Services Regulations of the countries they are operating the business and under the relevant supervisory authority. These regulations regulate how payments must be transmitted and provide protection when you send money.
1.17.     If you require further information on the status of Novac Payment as an authorised payment institution, details are available on the FCA’s website www.fca.org.uk. The FCA can be contacted at 12 Endeavour Square, London, E20 1JN or on telephone number (+44) (0)20 7066 1000.

2.0 Commencement And Term

The execution of the contract begins on the day Novac confirms your Novac Payment account has been approved and continues until terminated in accordance with these Terms.

3.0 Your Novac Zone Account

3.1.    Your Novac Payment Solution Multi-currency E-money account is an account in which Electronic Money is stored in exchange for receiving the corresponding funds from you.
3.2.    Novac Payment Solution is authorised to collect funds from you on behalf of our Partners acting as the principal for safeguarding purposes.
3.3.    When Electronic Money is stored in your Novac Payment E-money account, holding the funds corresponding to the Electronic Money is not the same as a bank holding money for you in that:
  1.     Must safeguard the funds received, in exchange for Electronic Money that has been issued, meaning that the funds will be protected by being held in a designated safeguarding account and not mixed with any of ’s own funds and;
  2.     Cannot and will not use the funds received, in exchange for Electronic Money that has been issued, to invest or lend to other persons or entities;
  3. Your Electronic Money will not accrue interest; and
  4.     Your Electronic Money is not covered by the Financial Services Compensation Scheme.
The funds corresponding to Electronic Money will be held in one or more segregated bank accounts separately from our own funds, in accordance with the provisions of the relevant Regulations.

4.0 Electronic Money Exchanges

4.1.    You can use Electronic Money from one of your Novac Payment Accounts to purchase Electronic Money in the currencies of any of your other Novac Payment Solution E-Money Accounts by accessing the relevant section of the Novac Payment platform and following the on-screen instructions. The currencies of Electronic Money which you are able to purchase and store in your Novac Zone Accounts are limited to those set out on the Novac Payment platform and are subject to change from time to time without us being required to provide you with notice. You may only enter into Electronic Money Exchanges for immediate settlement and delivery.
4.2.    You will be informed, on the Novac Payment Platform, prior to sending your request to enter into the Electronic Money Exchange, of:
  •     The amount of Electronic Money you will use to purchase the amount of Electronic Money in your required currency;
  •     The amount and currency of the Electronic Money you wish to purchase;
  •     The exchange rate of the Electronic Money Exchange.
4.3.    In order to submit the request to enter into the Electronic Money Exchange, You will need to confirm the details which have been entered by hitting the button on the relevant part of the Novac Payment platform.
4.4.    The request to enter into an Electronic Money Exchange will be accepted when we confirm to you that the Electronic Money Exchange has been entered into, on the Novac Payment platform.
4.5.    We shall use our standard exchange rates when performing Electronic Money Exchanges. Our standard exchange rates are based on a mark-up of the rate we are able to obtain ourselves as wholesalers. Our exchange rates are therefore constantly changing with the currency markets.
4.6    Please note that we reserve the right to limit the amount of Electronic Money Exchanges you can enter into.

5.0 Novac Zone Payments

5.1.    Novac Payment payments are executed by and are subject to the Novac Payment's terms under its licence. The following provisions set out how you can instruct a Novac Payment Payment through the Novac Payment Platform:
5.2.    The Services provide for the transmission of funds from Customers to recipients (“Recipients”) via electronic funds transfer, wire transfer or other electronic methods. The Services involve the use of the platform for the remittance of money, the buying or selling of foreign currency, and any other global payment solutions provided by from time to time.
5.3.    Novac Payment platform Users can make a request to enter into a payment through the Novac Payment Platform (Mobile App or Web App).
5.4.    In order for a Payment instruction from you to be properly executed, you must provide us with the information or Unique Identifier which is necessary for the proper execution of the Payment instruction. If this is incorrect, it could result in the Payment being delayed or the monies transferred being lost. The information could comprise the Beneficiary Bank Account’s bank sort code and account number or, where applicable, the payee’s SWIFT number, BIC number and IBAN number.
5.5.    In order to complete the request to enter into the Payment, the Novac PaymentPlatform User will need to confirm the details which have been entered by hitting the relevant button on the relevant part of the Novac Zone Platform and complying with any additional security requirements requested on the Novac Zone Platform.
5.6.    Once you have entered or confirmed (as appropriate) the information by clicking on the relevant button and/or complying with the additional security requirements on the Novac Zone Platform, this will constitute you providing consent to Novac Zone for the Novac Zone Payment. You cannot revoke consent to enter into a Novac Zone Payment.
5.7.    It is essential that you check the details of each Payment before providing its consent for the execution as Novac Zone is unable to recall a Payment once it has been executed.
5.8.    Once the Payment has been completed, you will be able to view the completed Payment on the Novac Zone Platform.
5.9.    After we receive a request to enter into an Novac Zone Payment, we shall provide the following information:
  1.     A reference enabling you to identify the Novac Zone Payment and, where appropriate, information relating to the Beneficiary;
  2.     The amount of the Novac Zone Payment in the currency used;
  3.     The amount of the charges and transfer fees for the Novac Zone Payment payable by you (with a breakdown of such amounts where applicable);
  4.     Where applicable, the exchange rate used in the Novac Zone Payment and the amount of the Novac Zone Payment after that currency conversion; and
  5.     An estimate of the date your payment will reach your beneficiary and be completed.

5.10.    If, for whatever reason, the funds are not deposited in the Beneficiary Bank Account and are returned to your Novac Zone Account, they will be converted into the currency of the Novac Zone Account they were originally withdrawn from. Due to the difference in price for purchasing and selling currencies and/or fluctuations in exchange rates, the amount of Electronic Money you receive back into your Novac Zone E-Money Account may be more or less than what was originally redeemed to perform the Payment. Novac Zone is not liable for any losses you incur in this respect.

6.0 Your Balance And Negative Balance

6.1.    You acknowledge that balances and available funds reported on the Novac Zone Platform are only approximate real-time balances rather than the settled balances in your Novac Zone Account. A real-time balance may not take into account pending debits and credits. Novac Zone will provide you with information on pending debits and credits as soon as it has that information.
6.2.    If for any reason you have a negative balance in any of your Novac Zone Accounts, you agree to immediately send the required amount of money to correct the negative balance, such amounts being due without the need for previous notification. Failure to send us the required amount of money within a reasonable period of time shall be deemed a material breach of these Terms in accordance with and In addition, we may:
  1.     exercise our right to automatically redeem your Electronic money in one of your other Novac Zone E-Money Accounts in accordance with Our Right for Compensation in these Terms;
  2.     Initiate a chargeback procedure for any specific transaction which led to your Novac Zone Account having a negative balance;
  3.     Close or suspend any or all of your Novac Zone E-Money Accounts;
  4.     Report you to any credit reference agencies; and/or
  5.     Take debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court.

6.3.    We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts.

7.0 Security

7.1.    We may stop Novac Zone Users’ use of the Novac Zone Platform on reasonable grounds relating to the security of the Novac Zone Platform and the suspected unauthorised and/or fraudulent use of the Novac Zone Platform.
7.2.    Where we cease use in accordance with clause 7.1 above, we shall inform you of same and inform you of our reasons for doing so. Where we and/or our Partners are unable to inform you before ceasing such use, we shall do so immediately afterwards, unless we are prohibited from doing so by law.

8. Transaction Disputes

8.1   If You believe you did not authorise a particular transaction or that a transaction was incorrectly executed, in order to obtain a refund, You must contact Our Customer Service without undue delay as soon as you notice the issue, and in any case no later than 13 months after the amount of the transaction has been deducted from the Novac Zone Account.
8.2     We will, as soon as reasonably practicable, reimburse (no later than the close of business on the day following the date that we became aware of the unauthorised transaction) any unauthorised transactions and related transaction fees and charges due under this Agreement, subject to the remainder of this Clause, unless We maintain a concrete, circumstantial suspicion of fraudulent conduct on Your part. In such a case, We will initiate an investigation as soon as is practically possible and inform You of the result. If this investigation shows that the transaction in question was indeed unauthorised and was not fraudulent, grossly negligent, or intentional on Your part, We will process a refund in accordance with this Clause.
8.3    In the following cases, You will be liable for all losses incurred in relation to an unauthorised transaction, provided that we are not at fault:
  •    8.3.1    You have demonstrably acted fraudulently; or
  •    8.3.2    You bear demonstrable responsibility for intentional or gross negligence.
8.4    If our investigations reveal that a disputed transaction has been authorised by You or that You have been found to have acted fraudulently or with gross negligence, we together with Partners may reverse any refunds made to You and You shall be liable for all damages incurred by us in connection with the transaction, including, but not limited to, the cost of any investigation conducted by us or Partners in connection with the transaction. We will offer You reasonable notice of any reversed refunds as soon as is practicable.
8.5    Under certain circumstances, a transaction will be initiated (but not fully executed). This may result in the value of the transaction being deducted from the balance on your Novac Zone Account and will therefore no longer be available for use. We refer to this as “pending authorisation” or “blocking”. In such cases, You must inform Our Customer Service Department accordingly, describing the facts of the case. We will then investigate with the relevant third parties and will ensure Your balance is adjusted in accordance with the applicable legal requirements.
8.6     Except where You have acted fraudulently, You will not be liable for any losses incurred in respect of an unauthorised transaction:
  • 8.6.1     Which arise after Your notification to Us;
  • 8.6.2    Where We have failed to provide You with the appropriate means of notification, as set forth in this Agreement.
8.7    Under certain circumstances, We may be required to refuse to complete a transaction authorised by You. These circumstances include the following cases:
  • 8.7.1     If We maintain a concrete, circumstantial suspicion that You are acting contrary to this Agreement;
  • 8.7.2     We reasonably believe that it is necessary to do so to comply with any law or as a matter of good practice; or
  • 8.7.3    We are required to do so by law.
8.8    Unless we are violating any laws, we will inform you, as soon as practically possible, of the rejection and the reasons for the rejection in cases where we refuse to conclude a transaction in accordance with this Agreement, and together with you, if necessary, tell you what to do to correct any factual errors that have resulted in the denial.

9.0 Restrictions

9.1.  Novac Payment Solution will use its sole discretion based on its own risk assessment (which will change from time to time) when deciding whether to allow a prospective client to open Novac Zone Account and whether to close open Novac Zone Accounts.
9.2.    The following is a non-exhaustive list of examples of businesses that fall outside our risk assessment. You must inform us if any of these become applicable to you:
  1.     Businesses or businesses with persons associated with them that are:
  2.     Suspected or convicted of financial crime or any other offence or action that carries a reputational risk for Novac Zone;
  3.     Subject to economic sanctions;
  4.     Highly rated politically exposed persons;
  5.     Suspected or convicted of terrorism and related offences;
  6.     Knowingly providing false information to Novac Zone relating to their identity or business activities;
  7.     Businesses that are:
    1.     Actively involved in crypto or virtual currencies;
    2.     Traders of precious metals and stones;
    3.     Involved in banking and similar financial services;
    4.     Active in the betting and gambling industry;
    5.     Active in trading with unlicensed drugs;
    6.     Trading in weapons and armaments;
    7.     Operating bidding fee auctions;
    8.     Operating unlicensed scrap metal dealerships;
    9.     Active as unregistered waste management businesses.

9.3 Restricted Use Of The Service

You are not permitted to:
  •     Use the Services for any illegal purposes. Novac Zone will report any suspicious activity and cooperate with any relevant law enforcement agency or regulator;
  •     Use the Services to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services
  •     Breach these Terms or any other agreement or policy that you have agreed with Novac Zone or our Partners; create more than one Novac Zone Account without our prior written consent; use the Services to violate any law, statute, ordinance, or regulation; use the Services for any illegal purposes including the purchase or sale, or the facilitation of the purchase or sale of, illegal goods or services;
  •     Infringe Novac Zone ’s or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
  •   Act in a manner that is defamatory, libellous, threatening or harassing when using the Services;
  •     Harass our employees, agents, or other users of Novac Zone ;
  •     Provide us with false, inaccurate or misleading information;
  •     Refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us;.
  •     Use the Services to engage in debt-collection activities;
  •     Instruct us to send or receive what we reasonably believe to be potentially fraudulent funds on your behalf;.
  •     Control a Novac Zone Account that is linked to another Novac Zone Account that has engaged in any of the restricted activities set out in this clause;
  •     Conduct your business or use the Services in a manner that is likely to result in or may result in complaints, disputes, reversals, chargebacks, fees, fines, penalties or other liability to Novac Zone , third parties or you;
  •     Allow any of your Novac Zone E-Money Accounts to have a negative balance;
  •     Take any action that imposes an unreasonable or disproportionately large load on our infrastructure; facilitate any viruses, trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information; use an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our Website without our prior written permission; or interfere or attempt to interfere with the Services;
  •     Take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers;
  •     Circumvent any Novac Zone policy or determinations about your Novac Zone E-Money Account including, but not limited to, attempting to create a new or additional Novac Zone Account when an E-Money Account has a negative balance or has been restricted, suspended or otherwise limited; creating new or additional Novac Zone E-Money Account using information that is not your own (e.g. name, address, email address, etc.); or using someone else’s Novac Zone E-Money Account;
  •     Use the Services to trade FX for speculative purposes or for FX arbitrage;
  •     Refuse or fail to provide further information about you or your business activities that we may reasonably request;
  •     Conduct your business or use the Services in a manner that leads us to receive a disproportionate number of claims or chargebacks;
  •     Have a credit score provided by a third-party provider of Novac Zone ’s choosing and/or other risk scoring method (such as adverse media) which indicates a higher level of risk associated with your use of the Services than Novac Zone is willing to accept;
  •     Reveal your Security Code to anyone or use anyone else’s Security Code.

9.4   You must ensure that You only enter into Novac Zone Transactions relating to the sale or supply of goods and services in compliance with all applicable laws and regulations. The fact that a person or entity accepts payments via an Novac Zone Transaction is not an indication of the legality of the supply or provision of the goods and services.

9.5    If Novac Zone , in its sole discretion, believes that you may have breached any provision of this clause 9, we may act to protect ourselves, other users of Novac Zone and third parties. The action we may take includes but is not limited to:
  •     Closing, suspending, or limiting your access to your Novac Zone Account or any or all of the Services;
  •     Contacting other users of Novac Zone who have transacted with you; contacting your bank; and/or warning other users of Novac Zone , law enforcement, or impacted third parties of your actions;.
  •     Updating inaccurate information you have provided to us;
  •     Taking legal action against you;
  •     Terminating these Terms and/or your Novac Zone Platform Users’ access to the Novac Platform
  •     Fully or partially reversing a Novac Zone Transaction; and/or
  •     Blocking your access to your Novac Zone Account and/or the Novac Platform temporarily or permanently.

9.6    Where possible, Novac Zone will provide you with the relevant information regarding the actions imposed, but we may be unable to do so in accordance with the appropriate law including avoiding disclosing protected third party information or interfering in the course of an investigation.

10.0 Suspending Your Use Of The Service.

We reserve the right to change, suspend, or discontinue any aspect of the Services at any time, including service availability or features, without prior notice or liability.

11. Customer Services

11.1.    Our Customer Service Department is normally available 24 hours a day, 7 days a week. During these times, we will make every effort to process Your request immediately. Please note, however, that certain issues can only be resolved during our business hours. You can contact Our Customer Service Department by e-mailing: hi@reflow.zone
11.2.    Our business hours are Monday to Friday from 08.00 to 17.00. Correspondence received by Us after the close of business on a particular day will be treated as received on the following business day.

12. Complaints

12.1.    Our Complaints Policy forms part of these Terms of Use. By accepting these Terms of Use, You also agree to the Complaints Policy available on the Website. You should review the Complaints Policy before agreeing to these Terms of Use.
12.2.    If you would like to log a complaint with us, please email us Hi@reflow.zone
12.3.    Our Complaints Policy sets out the process for submitting and resolving any complaints. You may request a copy of our Complaints Policy at any time by contacting us.
If you have received our final response and you are still unhappy or not satisfied, then you may, if your complaint falls within the Financial Ombudsman Service’s jurisdiction, be able to take your complaint to the Financial Ombudsman Service (FOS), details of which are available in the complaints policy.
12.4.    Please note that complaints relating to a Novac Zone Account will be handled by Novac Zone’s behalf.

13. Novac Zone's Compensation Rights

13.1.    On the happening of any event which entitles us to be compensated by you, we shall be entitled to redeem Electronic Money held in one of your Novac Zone Accounts to pay such compensation.
13.2.    If the amount owed to us is in a currency which is different to the money or Electronic Money you hold with us, we shall convert the amount you hold with us to the currency of the amount you owe us by applying our standard exchange rates. We do not need to notify you of this conversion occurring.
13.3.    Where we are entitled to compensation, you shall be liable to pay interest on any sum due under these Terms, calculated as follows:
  •    Rate:    4% a year above the Bank of England’s base rate from time to time, but at 4% a year for any period when that base rate is below 0%.
  •    Period:    From when the overdue sum became due, until it is paid.

14. Liability For Novac Zone Payment

14.1.    Subject to clause 14.5, where:
  •     A Novac Zone Payment was not authorised by you or was incorrectly initiated or executed by us; and
  •     you have notified us without undue delay on becoming aware of the unauthorised or incorrectly executed Novac Zone Payment and in any event:
    •     If you are a Micro-Enterprise or a Charity, no later than 13 months after the date the payment was executed,
    •     If you are not a Micro-Enterprise or a Charity, no later than 2 months after the date the payment was executed,
We shall refund the full amount debited erroneously immediately and the amount debited without authorization as soon as practicable and no later than the end of the Working Day following the day on which we became aware of the unauthorized Novac Zone Payment, unless we have reasonable grounds to suspect fraud and notify the appropriate authorities.
14.2.    You will be liable for:
  •     All losses incurred in respect of unauthorised Novac Zone Payments made by Novac Zone if you have acted fraudulently, or with gross negligence;
  •     Where clause 14.2 (i) does not apply, losses incurred in respect of unauthorised Novac Zone Payments arising where you have failed to keep the Security Codes safe and/or failed to stop the Novac Zone Platform from being misappropriated, except where:
    •     The misappropriation of the Novac Zone Platform was not detectable by you prior to the Payment, unless you acted fraudulently;
    •     The loss was caused by acts or omissions of Novac Zone, its employees, agents, or third parties acting on its behalf.
14.3.    Except where you have acted fraudulently, you will not be liable for any losses incurred in respect of unauthorized Novac Zone Payments where:
  •     You have notified Novac Zone in writing, without undue delay, on becoming aware of the loss, theft, misappropriation or unauthorised use of any Security Codes or the Novac Zone Platform and the failure by Novac Zone to do anything resulted in the aforementioned loss; or
  •     Novac Zone has failed to provide appropriate means for notification of the loss, theft, misappropriation or unauthorised use of any Security Codes or Novac Zone Platform.
14.4.    Novac Zone shall not be liable for non-execution or defective execution in relation to an Novac Zone Payment which it has made in accordance with a Unique Identifier given to it by you which proves to be incorrect. However, Novac Zone shall make efforts to trace any non-executed or defectively executed Novac Zone Payment and notify you of the outcome.
14.5.    We are liable to you under clause 14.1 for the correct execution of a Novac Zone Payment unless we can prove to you (and where relevant, to the Beneficiary’s payment service provider) that the Beneficiary’s payment service provider received the amount of the Novac Zone Payment within the appropriate time period.
14.6.    Under Regulation 92 of the Payment Services Regulations 2017, you may be entitled to a refund in certain circumstances where a payment is initiated by you as payee. It is not anticipated that any payment will be initiated by you as payee under any services provided by us.
14.7.    The provisions in this clause shall survive termination of these Terms.
14.8.    12.8. In some circumstances a number of intermediaries (such as correspondent banks) may be involved in an international transfer of currency, and such intermediaries may charge fees and expenses. The charges will in most cases (but not always) be deducted prior to its delivery. These charges are beyond our control and whilst we will endeavour to minimise these for you wherever possible, those charges sometimes cannot be calculated in advance. You hereby acknowledge that you shall be liable for these charges.
Payments are performed by Novac Zone and liability for the same is therefore set out in the Novac Zone’s Terms.

15. Limitation Of Liability

15.1.    Neither Novac Zone nor its partners or service providers shall be liable in the following cases, unless they have caused damage as a result of gross negligence or culpable misconduct, have breached essential obligations under this Agreement or have caused injury to life, limb or health:
  • 15.1.1    Any error or failure related to the use of the Platform that is a result of irregular and unpredictable circumstances beyond our control and which, despite our best efforts, could not have been prevented, including but not limited to, an error or failure of the data processing systems;
  • 15.1.2    Any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
  • 15.1.3    A third party refusing to honour a transaction or refusing a payment;
  • 15.1.4    Any acts or omissions that are a consequence of our compliance with any applicable laws.
15.2    In addition to the limitations stated in Clause 13.1, our joint liability shall be limited as follows: If, as a result of our negligence or the negligence of our partners, sums have been incorrectly deducted from your account, our joint liability shall be limited to payment to you of the appropriate amount.
15.3    In all other cases pertaining to our joint negligence, our joint liability shall be limited, subject to Clause 15.1, to the repayment of those funds available on your Novac Zone Account.
15.4    Nothing in this Agreement shall limit or exclude our regulatory duties, which we may not exclude or limit, nor our liability for death or personal injury.
15.5    If you have fraudulently used (or permitted the fraudulent use of) your Novac Zone Account in a manner that is contrary to this Agreement or for other illegal purposes, or if you have allowed your data or Novac Zone Account to be compromised as a result of your gross negligence, you shall be responsible. We will take all reasonable and necessary steps to recover any damage attributable to your conduct. Your liability shall not be subject to any limitation, unless said limit is established by applicable laws and regulations.
15.6    As a responsible issuer of electronic money, we take the security of your money very seriously. Your funds are held in a secure customer account. In the unlikely event of insolvency, funds that have reached our account are protected from claims by creditors. We will take all reasonable and necessary steps to recover any loss from you, and there shall be no maximum limit to your liability except where relevant laws or regulations impose such a limit.
15.7    The UK Financial Services Compensation Scheme (FSCS) does not apply to your Novac Zone Account. This means that in the unlikely event that we become insolvent, any funds intended for but not currently held by us may become unusable. By using Novac Zone and by entering into this Agreement, you indicate that you understand and accept these risks.
15.8    We will not be liable for any abnormal or unforeseeable circumstances outside our reasonable control (for example, a failure of computer systems or any industrial action), if this prevents us from providing the usual service.

16. Notice

16.1    You agree and consent to electronic receipt of all notices and communications that we provide. We will normally provide notices and communications to you through sending a message. We may also communicate with you via post, email, SMS, and phone using the contact details you provided to Novac Zone, as updated from time to time. The contract and any communication between you and us will be in English.
16.2    It is your responsibility to ensure that you log onto the Novac Zone Platform regularly; review the Platform, your registered email address, and SMS messages; and open and review communications we deliver through those means. You must also ensure your contact information is up to date.
16.3    In the event of suspected fraud or security threats, we shall contact you via your mobile phone as registered on the Novac Zone Platform. If we suspect your phone is compromised, we may use an alternative secure method.
16.4    Any notice or communication shall be deemed to have been received:
  •     If delivered in person, on signature of a delivery receipt or at the time the notice is left at the proper address;
  •     If sent by post, at the time of delivery;
  •     If sent by next Working Day delivery service at the time recorded by the delivery service; and
  •     If sent via the Novac Zone Platform including the member support function, SMS, email or phone call, at the time of transmission.

17. Your Personal Information

17.1    Please refer to our privacy policy on how we use your data to provide our services to you.
We act as Data Controller with respect to Personal Data shared with us for the purpose of issuing and storing Electronic Money. You may contact us through : dpo@reflow.zone

18. Confidentiality

18.1   The provisions of this clause shall not apply to any Confidential Information that:
  •     Is or becomes generally available to the public (other than as a result of its disclosure by the Novac Zone or its Representatives in breach of this clause);
  • Was available to Novac Zone on a non-confidential basis before disclosure by Novac Zone ;
  •     Was, is or becomes available to Novac Zone on a non-confidential basis from a person who, to Novac Zone ’s knowledge, is not bound by a confidentiality agreement or is otherwise prohibited from disclosing the information to Novac Zone ; or
  •     The parties agree in writing is not confidential or may be disclosed;
  •     Is developed by or for the receiving party independently of the information disclosed by the disclosing party.
18.2    Novac Zone shall keep your Confidential Information confidential and shall not:
  •     Use such Confidential Information except for the purpose of exercising or performing its rights and obligations under or in connection with this agreement (the “Permitted Purpose”); or
  •     Disclose such Confidential Information in whole or in part to any third party, except as expressly permitted by this clause.
18.3     Novac Zone may disclose your Confidential Information to its Representatives who need to know such Confidential Information for the Permitted Purpose and to its Partners for the purpose of improving its or its Partners' business processes, provided that:
  •     It informs such Representatives and/or Partners of the confidential nature of the Confidential Information before disclosure; and
  •     It procures that its Representatives and/or Partners shall, in relation to any Confidential Information disclosed to them, comply with obligations which are similar to those set out in this clause; and
  •     At all times, it is liable for the failure of any Representatives or Partners to comply with the obligations set out in this clause.
18.4.    Novac Zone may disclose Confidential Information to the extent such Confidential Information is required to be disclosed by law, by any governmental or other regulatory authority or by a court or other authority of competent jurisdiction.
18.5.    On termination of this agreement, Novac Zone shall keep your Confidential Information safe and shall not be under an obligation to return Confidential Information to you or delete the Confidential Information it holds unless required to do so by law.
18.6.    The provisions of this clause shall continue to apply after termination of this agreement.

19. Intellectual Property

19.1    We own all intellectual property in our products, including the content in the Novac Zone Platform (app and website) and our logo. You must not use our intellectual property as your own.
19.2    We own all intellectual property in our products, including but not limited to content on the Novac Zone website, mobile app, dashboards, and scripts. Intellectual property rights include copyrights, trademarks, domain names, design rights, database rights, patents, and all other rights worldwide, whether registered or unregistered. Novac Zone’s intellectual property also includes all logos related to the Services. You may not copy, imitate, or use any of Novac Zone’s intellectual property without prior written consent.
19.3    We reserve all rights in any intellectual property connected with these Terms. This means we remain the owners and may use them as we see fit.
19.4    Nothing in these Terms grants you any legal rights in the Novac Zone Platform or Website except as explicitly stated. You agree not to alter, circumvent, or remove any intellectual property notices or digital rights/security features embedded within the Novac Zone Platform.

20. Changes To The Agreement

20.1.    Subject to the remaining provisions of this clause, this contract may be changed by us at any time for legal, regulatory, economic or security reasons, or for any other reason.
20.2.    If any changes are made they will be published on Our Website at least 21 (twenty-one) days before the changes take effect (unless the law requires or permits Us to make a more immediate change or in the event of a change to the exchange rate). Copies of the most up-to-date version of the Agreement will be made available on Our Website at all times and will be sent to You by email upon request free of charge at any point during the Agreement. If You do not accept the change, You may invoke the extraordinary termination of this Agreement free-of-charge before the expiry of said deadline.
20.3.    We may need to amend this Agreement without notice or with less than 21 (twenty-one) days notice. However, this would only take place on a very rare basis and exclusively for legal, regulatory or security reason. In such a case, we will inform You of the changes made with as much advance notice as possible or, if that is not possible, as soon as the changes take effect. In this case You have the right to terminate the Agreement retroactively within one month after notification.

21. Law And Courts

The Agreement, and Your relationship with Us arising out of or relating to the Agreement, will be governed by Lithuanian law. All disputes arising out of or relating to the Agreement shall be subject to the jurisdiction of the Courts of England and Whales.

22. Severability Clause

If any term or provision of this Agreement is found to be unlawful or unenforceable, in whole or in part, pursuant to any law (or corresponding principle), said term or provision (or part thereof) shall not be deemed part of the Agreement to that extent, without prejudice to the validity and enforceability of the remainder of the Agreement. In such a case, the contracting parties shall undertake, taking into account the principle of good faith, to replace the invalid term or provision with a valid term or provision, which comes as close as possible to the meaning and purpose of the invalid term or provision, and which can be assumed to have been agreed by the parties at the time of conclusion of the Agreement, had they known or been able to foresee its invalidity or nullity.
In such a case, the contracting parties shall undertake, taking into account the principle of good faith, to replace the invalid term or provision with a valid term or provision, which comes as close as possible to the meaning and purpose of the invalid term or provision, and which can be assumed to have been agreed by the parties at the time of conclusion of the Agreement, had they known or been able to foresee its invalidity or nullity.

23. Limits On Your Novac Zone Account

23.1.    We reserve the right to impose at our sole discretion Account Limits based on criteria determined by us that do not have to be disclosed. Account Limits might be imposed upon the following:
  •     The maximum balance of each Novac Zone Account;
  •     The amount of a single credit you can receive into an Account;
  •     The amount of a single debit you can make out of a Novac Zone Account;
  •     The total amount of debits you can make out of your Novac Zone Accounts in a given period;
  •     The amount of Exchanges you can enter into, per transaction and per given period of time;
  •    And each Novac Zone Account in a given day;
  •     Other limits which we may impose from time to time.

24. Assignment

We may assign rights and obligations under this Agreement to another company at any time. We will inform. Your rights stemming from this Agreement remain unaffected in this case. If You refuse the assignment within 14 (fourteen) days, you may invoke the extraordinary termination of this Agreement and apply for a free-of-charge refund of Your available funds.

25. Termination Of This Agreement

25.1.    You may terminate the Services and the Terms by contacting our Customer Service.
25.2.    The termination of these Terms will not affect any of our rights or your obligations arising under these Terms.
25.3.     You can close your account, and so end the agreement, at any time by letting us know. You should do this through the Novac Zone Dashboard. You will still have to pay any charges you've run up to that point. When you tell us you want to close your account we will give you the opportunity to withdraw the money we hold for you (we call this redemption). If you want us to send you money in a different currency than the currency we're holding for you, we will convert the currency using the rate that applies at the time, and take our usual fee, before sending the money to you.
25.4.     Without prejudice to any rights that have accrued under these Terms, or any party’s other rights or remedies, we or you may at any time terminate these Terms with immediate effect by giving written notice to the other if:
  •     The other party commits a material breach of any term of these Terms and (if such breach is remediable) fails to remedy that breach within a period of 14 days after being notified in writing to do so;
  •     The other party repeatedly breaches any of the terms of these Terms in such a manner as to reasonably justify the opinion that its conduct is inconsistent with it having the intention or ability to give effect to the terms of these Terms;
  •     The other party is subject to a bankruptcy, insolvency, winding up or other similar event; and/or
  •     If we or a fraud prevention agency determine that you pose a fraud or money laundering risk;
  •     The result of laws, payment scheme rules, regulatory authority rules or guidance or any change in or any introduction thereof (or change in the interpretation or application thereof) means that it is unlawful or contrary to any such law, rules, order or regulations for either of the parties to perform or give effect to any of its obligations hereunder and such obligation cannot be readily severed from these Terms.

25.5. Additional Grounds for Immediate Termination By Us

Without prejudice to any rights that have accrued under these Terms or any of the party’s rights or remedies, we may at any time terminate these Terms with immediate effect by giving written notice to you if:
  •     There is a change of Control of you or you dispose of a substantial part of your assets;
  •     We are unable to verify your information in the manner set out in these Terms;
  •     You are an individual and you die or you are a partnership and your partnership ends;
  •     We have reason to believe that your business and/or use of the Services damages, corrupts, degrades, destroys and/or otherwise adversely affects the Services, or any other software, firmware, hardware, data, systems or networks accessed or used by you;
  •     There is a material change in the type of business activities you carry out;
  •     There is a significant fluctuation (either positive or negative) in the aggregate number of Novac Zone Transactions you enter into or the average Monthly Top Up Volume;
  •     You have acted or omitted to act in any way which we reasonably determine to diminish our or our service provider/partner’s operations and/or reputation and/or goodwill and/or which we reasonably determine or suspect to give rise to any offence or any increased risk or liability to us;
  •     We are unable to provide the Services to you through the inability of any third party to provide us with any good and/or service that we require to provide the Services to you;
  •     You act in a demonstrably threatening or offensive manner towards our employees or one of our representatives;

25.6. Other Actions We May Take

If you have breached the terms of these Terms (including a breach of your obligation to pay us any amount owing) or we are otherwise entitled to terminate these Terms, we may:
  •     Suspend your use of the Services in which case we will not treat any order for an Novac Zone Transaction that you may wish to make as being received by us;
  •     Report any Novac Zone Transaction or any other relevant information about you and your use of the Services to the relevant regulatory authority, law enforcement agency and/or government department; and/or
  •     If appropriate, seek damages from you.

25.7. Effect of Termination

Upon termination of these Terms in accordance with clause 18 (Changes to this Agreement) and clause 23 (Termination):
  •     Your Novac Zone Account will be closed;
  •     You and your Novac Zone Platform Users’ licences to access the Novac Zone Platform will be revoked.
25.8    If these Terms are terminated, the Terms will automatically be terminated.
25.9    Upon termination of the Agreement, you will be refunded all funds available in your Novac Zone Account free of charge, subject to the following conditions.
Please inform our Customer Service Department, as to how You would like us to manage the unused funds available on Your Novac Zone Account. We will, with 's approval, arrange for a transfer to be made to the bank account from which You initiated the depositing of funds, or which You have designated as the account owner for this purpose
We, or , will not allow Your request for the refunding of Your funds to be executed if we reasonably believe that You have provided false information (personal details), we are concerned about the security of a transaction (use for money laundering, terrorist financing, fraud or other illegal activity) or if Your Novac Zone Account has no balance.
25.10   If you request the redemption of your entire remaining balance, we will assume that you wish to terminate this Agreement.