Notices of amendments to such provisions of the Terms call attention to the fact that customers may notify ISX of the termination of the master contract before the changes enter into effect. The customer is considered to have approved changes unless he/she notifies ISX otherwise before the date of entry into force. If a customer terminates a master agreement before the two months’ notice is up yet continues to use the payment account in question or a payment instrument linked to the account after the two months’ notice has lapsed, the customer is considered to have approved the changes.

Bálkar Miðlun hf., Reg. No. 550819-1200, Dalsbyggð 23, 210 Garðabær, Iceland

As part of due diligence, the customer shall provide proof of identity by showing valid identification issued or attested by a competent authority, e.g. a passport, driver's licence, Icelandic identity card or valid electronic ID. For underage customers, who do not have own personal identification, legal guardians can show their ID. If a business relationship is established on behalf of a legal entity, trust fund or comparable party, all board members, managing directors, authorised signatories and beneficial owners must verify their identity by showing valid identification. The same applies to all owners in a residents' association when property holdings in multi-family dwellings number six or less. Legal entities prove their identity by providing a certificate from the Enterprise Register of the Directorate of Internal Revenue (Fyrirtækjaskrá ríkisskattstjóra) or equivalent registry as proof of their registration. An assessment shall be made on a case-by-case basis whether to request a copy of a company's Articles of Association and/or audited annual financial statements.

To log in to ISX, the customer shall always do so through ISX’s website or open the app through means provided by ISX and identify/authenticate in a secure manner, in accordance with ISX’s requirements. The customer shall show enhanced precaution as regards false messages, such as text messages or emails that include links to purported log-in pages for ISX/the app, which the customer may receive from a third party, for such purposes as gaining access to personalised security credentials and/or defraud the customer. ISX does not send customers messages with links to log in to ISX. ISX may send to customers messages that include links following customers’ requests to access certain of ISX’s services. The message from ISX will refer to the requested service. If the customer receives a message that includes a link, without having previously requested a specific service from ISX, the message is fraudulent and the customer shall not click on the link, reply to the message or authenticate him-/herself as the message requests.

In these Terms, the section on payment accounts contains special provisions for payment accounts and foreign currency payments.

Personalised security credentials are personalised components, such as PIN, passwords, security codes, unique identifier numbers/codes sent to the customer to confirm transactions, approved by ISX at each time for customer verification/authentication. Verification/authentication is a method that allows ISX to verify the customer’s identity or confirm authority to use a specific payment instrument, including the use of personalised security credentials. Strong verification is verification based on two or more components classified as knowledge, possession and inherence. ISX reserves the right to amend its verification/authentication requirements without notice. Once the customer has logged in to ISX, the customer is responsible for and obliged by all actions carried out on ISX. The same applies if a third party gains access to information about access to ISX or is able to access it in another manner. The customer is responsible for adequately ensuring the safety of personalised security credentials he/she uses for verification/authentication. The customer is prohibited from granting third parties access to his/her personalised security credentials and shall at all times ensure that no-one can get their hands on, see or copy the customer’s personalised security credentials. The customer shall keep secret his/her personalised security credentials and all information relating to his/her verification/authentication for ISX and information linked to payment instruments (such as payment card numbers) and is responsible for ensuring that such information is neither divulged nor accessible to unauthorised parties. The customer shall show enhanced precaution as regards false messages, such as text messages or emails that include links to purported log-in pages for ISX/the app, which the customer may receive from a third party, for such purposes as gaining access such information, including to personalised security credentials and/or defraud the customer. Should the customer fail to safeguard personalised security credentials and other aforementioned information securely or in accordance with the above, such as fail to show precaution with respect to false messages from a third party, this shall constitute gross negligence by the customer. Should the customer become aware that an unauthorised party has attempted to gain or acquired knowledge of the customer’s personalised security credentials and other aforementioned information, the customer shall notify ISX without delay and, as the case may be, alter his/her personalised security credentials. The same applies if a customer becomes aware of loss, theft or misuse of a payment instrument or unauthorised use thereof. To ensure safety, the customer shall activate locking mechanisms on the equipment he/she uses to log in to ISX. ISX shall not be responsible for the customer’s use of ISX through the app, ISX’s website or mobile. ISX shall not be responsibility for damages caused by use of ISX or the use of connections to ISX. Nor shall ISX bear responsibility for loss the customer suffers as a result of a third party gaining access to personalised security credentials, access to accounts on ISX/the app, e.g. through the aid of false messages, or access to information about a payment instrument (such as payment card numbers). ISX shall not be liable for any direct or indirect damage which may be caused by the suspension of ISX, links or additions to ISX without prior notice, for instance, due to necessary maintenance actions, malfunction of software or hardware, system modifications, or other circumstances beyond its control. If the customer lends, sells or authorises a third party to access a device on which the app has been installed, he/she is obliged to log out of the app first. If the device has been tampered with in a manner that compromises its security in any way, for instance, with the installation of insecure applications, use of the app on that device is no longer secure and thus prohibited. The customer shall show caution in the use of ISX. If the customer receives a unique identifier number/code from ISX for the purpose of confirming an electronic transaction, the customer shall not confirm the number/code without first verifying the validity of the payment (valid transaction). Failure by the customer to uphold precautionary obligations in accordance with the above is considered gross negligence on behalf of the customer.

Accounts are in Icelandic króna, unless otherwise expressly agreed. These Terms apply to accounts both in foreign currency, in ISK or virtual currencies.

ISX will process trading or withdrawal requests on its website, given that it is not in maintenance mode or trading has been halted for other reasons. Deposits in Icelandic króna or other currencies will be processed on opening hours of Icelandic banks on bank days. Withdrawals of Icelandic króna and other currencies will be processed twice a day on banking days, after 8 o’clock am and after 8 o’clock pm, GMT. Deposits and withdrawals of virtual assets will be processed as soon as relevant blockchains show that payments are fully confirmed or ISX wallets or wallet providers are operational and relevant blockchains are operating normally.

The customer will be notified of Bálkar Miðlun's decision to reject payment orders, unless otherwise indicated by law. If the customer is the cause of ISX's decision to reject payment orders, a fee may be charged for written notification. If payment orders are rejected by ISX, this is equivalent to such orders not having been received at all. Notwithstanding the above, ISX may postpone carrying out payment orders until sufficient funds are available on the customer's account, including funds to cover fees and other expenses. ISX may attempt to debit the payment from the customer's account to satisfy payment following reception of payment orders and until the orders have been carried out. If Bálkar Miðlun receives multiple payment orders the same day,

A priori received payment orders will be carried out despite latterly occurring events that would have prevented their issuance, such as the revocation of power of attorney or death of the customer. The customer may only recall or halt payment orders if the relevant provisions of the Act on Payment Services have been met and provided the customer is a consumer. ISX may demand a fee for recalled payment orders. A priori received payment orders will not be carried out after the termination of an account. ISX is responsible for the payment being carried out in accordance with law until the recipient ISX has received the payment. After that time, the recipient ISX is responsible for the handling of the payment. The customer is responsible for ensuring the accuracy of payment instructions. ISX is not responsible for the customer's mistakes, inter alia, the customer entering erroneous identification for the recipient. Such mistakes cannot be corrected one-sidedly by ISX without the approval of the recipient of the payment. If a customer can provide evidence to show that the amount of a payment, authorised by the customer and initiated by the recipient, was not specified in the issued authorisation and that the customer's account was debited for a higher amount than he/she could reasonably expect based on his/her spending patterns, these Terms and other circumstances of the case, the customer shall notify ISX and request refund within eight weeks of funds being debited from his/her account. These conditions being met, ISX shall refund the customer such payments within 10 bankdays of receiving notice to the effect from the customer. Otherwise ISX will refuse repayment. The above does not apply when a customer, who is not a consumer as defined by the Act on Payment Services as subsequently amended, orally consents to a third party withdrawing funds from his/her account. In such cases, the customer is not entitled to a refund once he/she has directly authorised ISX to carry out payment and, if appropriate, ISX or the recipient provided a priori information about payments or transmitted such information to the payor at least four weeks prior to the date of payment. If payment orders have been revoked, Bálkar Miðlun is neither responsible for paying interest nor other fees levied on overdue payments.

In such cases, ISX may deposit the balance of accounts to an account held by ISX. ISX further reserves the right to close an account that has been inactive for a period of 2 years or longer, following a notice to the effect to the customer, and deposit the balance to another account held by the customer or, if the customer does not own a second account, to an account held by ISX. Any fees or costs owed ISX by the customer for services rendered when an account is closed in accordance with the above, may be debited from the customer's account prior to its closing. In the case of any negative balance on the customer’s account upon closing, e.g. charged fees, ISX reserves the right to enforce the claim through collection. The customer will be notified of the closing of the account as promptly as possible.

If communications leading up to and the establishment of this Terms are solely telecommunications, the Terms shall be considered a distance contract as provided for in Act No. 33/2005, on Distance Sales of Financial Services. If the customer is a consumer he/she has the right, having regard for the limitations set out in the Act on Distance Selling of Financial Services, to abandon the Terms if they constitute a distance contract as defined in the aforementioned Act without specifying a reason, provided he/she verifiably notifies ISX thereof within 14 days of approving the Terms.

ISX shall not be responsible for any direct or indirect loss which a customer may incur in connection with these Terms or transactions concluded on their basis if such loss can be attributed to events resulting from force majeure, such as natural catastrophes, wars, terrorist activity, epidemics, strikes, border closures, electricity disruption or failure, disruption of a settlement system, disruption of blockchains, telephone system or other communication routes, or other similar events. Nor shall Bálkar Miðlun be responsible for any inconvenience, expense, missed investment opportunities or other direct or indirect financial loss resulting from the closure, failure, interruption or other disruption of ISX’s activities.