New Payment Innovation Limited (NPI) buddy platform Terms and Conditions

Welcome to buddy, a software platform designed for the collection and processing of personal data to onboard merchants into financial services. These Terms and Conditions (“Terms”) govern your use of buddy. By accessing the platform, you agree to comply with these Terms in full.

1. buddy enables merchants to submit personal and business data required for financial assessments and onboarding. We may integrate with third-party financial institutions and verification services to process applications efficiently.
2. buddy is continually evolving, and we may update or modify features to align with regulatory requirements, security standards, and industry best practices.

By using buddy, users agree to:

• Provide accurate and complete personal and business details.
• Maintain the confidentiality of their credentials.
• Adhere to all applicable financial regulations, including anti-money laundering (AML) and know-your-customer (KYC) compliance.
• Avoid fraudulent activity, misrepresentation, or submission of falsified information.

Failure to meet these responsibilities may result in account suspension, denial of services, or legal consequences.

1. NPI collects and processes personal data in compliance with data protection laws, including the General Data Protection Regulation (GDPR) and other relevant frameworks.
2. Types of Data Collected:
   • Personal Data: Name, address, contact details, and government-issued identification.
   • Financial Data: Banking details, revenue records, and credit history.
   • Business Data: Company registration, tax ID, ownership structure, and operational details.
3. Data Usage and Sharing:
   • NPI does not sell user data.
   • Personal and business information is shared only with authorised financial institutions and verification providers to facilitate onboarding.
   • Users have the right to request access, correction, or deletion of their data in accordance with applicable privacy laws.
4. Refer to our Privacy Policy for more details on how we store, process, and protect your data.

1. buddy implements strict security protocols, including:
   • Data encryption to protect sensitive information.
   • Access controls and authentication mechanisms to prevent unauthorized access.
   • Regular audits to ensure platform integrity.
2. While we prioritise security, users must take necessary precautions, such as safeguarding their login credentials and avoiding submission of data over unsecured networks.

To qualify for financial services through buddy, merchants must meet industry-standard compliance, financial stability, and risk assessment criteria as outlined below.

1. General Eligibility Criteria

   Merchants must:

   • Operate a legally registered business, providing valid company registration, tax identification, and proof of ownership.
   • Have an active business bank account for financial transactions and service payments.
   • Demonstrate financial stability by submitting verifiable revenue records, financial statements, and creditworthiness reports.
   • Comply with industry regulations, including Anti-Money Laundering (AML) and Know-Your-Customer (KYC) standards.
   • Not be engaged in prohibited activities, such as fraudulent operations, high-risk financial schemes, or illegal trade.
2. Industry-Specific Eligibility Criteria

   Certain industries may be subject to additional verification requirements based on regulatory and risk factors.

   High-Risk Industries (Subject to Enhanced Due Diligence)

   Merchants in the following categories may be subject to enhanced financial scrutiny and additional compliance checks:

   • Cryptocurrency businesses (exchanges, brokers)
   • Online gambling and betting platforms
   • Adult entertainment services
   • High-value luxury goods trading
   • Debt collection agencies
   • Money transfer and remittance services

   For these industries, NPI may request additional financial disclosures, fraud prevention measures, and third-party risk assessments to ensure compliance.

   Restricted Industries (Subject to Approval or Denial)

   NPI does not onboard merchants involved in:

   • Illegal financial activities (e.g., Ponzi schemes, unregistered investment funds)
   • Weapons and firearms sales
   • Unregulated pharmaceuticals or supplements
   • Counterfeit goods or intellectual property violations

   Businesses within these categories may face automatic denial of financial services or require explicit approval from financial partners.

3. Financial Risk Assessment

   buddy applies standardised financial risk assessments to determine a merchant’s eligibility, including:

   • Credit history checks to assess reliability.
   • Revenue stability analysis to ensure ongoing financial health.
   • Fraud risk evaluation to identify potential regulatory violations.
   • Debt-to-income ratio assessment for financial viability.

   Merchants flagged as high risk may be required to submit additional documentation, undergo manual review, or be denied access to certain services based on financial institution guidelines.

1. buddy provides its services on an “as-is” basis and does not guarantee uninterrupted or error-free functionality. We are not liable for damages resulting from:
   • Data processing errors or delays caused by technical issues.
   • Third-party financial decisions, including service approvals or denials.
   • Unauthorized access or security breaches beyond our control.
2. Users acknowledge that buddy is a data processing platform, not a financial institution, and final financial service approvals are determined by our partner institutions.

buddy integrates with external verification services and financial institutions. Users are responsible for reviewing and accepting the terms of third-party providers before engaging with their services. buddy does not control third-party data processing policies and is not liable for decisions made by financial partners.

1. NPI reserves the right to update these Terms at any time to reflect changes in legal requirements, security improvements, or service enhancements.
2. We will notify users of significant modifications via platform alerts or registered email addresses. Continued use of buddy after updates constitutes acceptance of revised Terms.

For inquiries regarding these Terms and Conditions, please contact:

Email: getintouch@np.ie
Postal Address:
New Payment Innovation
Citywest Business Centre
3010 Lake Drive
Citywest
Dublin 24
Postcode: D24 R98P