These terms and conditionsregulate the conditions under whichVelaf(hereinafter, "VelaFi" or the "Provider") provides toCustomer(hereinafter, the "Company") the technical and regulatory infrastructure for offering payment accounts through the modality ofPSPCP as a Service (PSPaaS).
1. Purpose and Scope of the Service
Under this arrangement, Velafi provides the Company with FIAT infrastructure services in legal tender pesos (ARS), which exclusively include:
- CVU Assignment:Generation of Uniform Virtual Keys for the Company's end users.
- Pay-In and Pay-Out Management:Processing of accreditations and outgoing transfers in ARS.
- API Integration:Provision of programming interfaces for the technological connection between the Company's systems and the infrastructure platform.
2. Regulatory Framework and Role of the Parties
- Infrastructure Provider:The Company acknowledges that the infrastructure is provided byMOMENTUM PAGOS S.A.U., PSPCP duly registered with the BCRA.
- Relationship with End Users:According to BCRA Communication "A" 8432, end users who use payment accounts are legally clients of the Infrastructure Provider, without prejudice to the fact that the Company acts as the visible face to said clients.
- VelaFi Entity Registration:Velafi will manage the registration of the Company with the BCRA's Registry of Payment Service Providers as "VelaFi Entity".
3. Compliance Obligations
The Company assumes full responsibility for the implementation of preventive controls on its platform, undertaking to:
- Onboarding y KYC:Implement identity verification and customer due diligence processes following the minimum risk standards (Low, Medium and High) defined in current regulations.
- Prevention of Money Laundering (AML/CFT):Maintain an up-to-date Prevention Policy Manual, perform cross-checks against sanctioned lists (OFAC, UN, RePET) and report suspicious transactions (ROS) to the UIF.
- Fraud Prevention:Implement continuous transaction monitoring mechanisms and preventative blocking of unusual operations in your own interface.
4. Pre-Funding and Operational Scheme
- Funds Guarantee:For the execution of Pay-Out operations, the Company must maintain a minimum pre-funding balance in the designated account, in accordance with the agreed mechanisms.
- Suspension due to lack of funds:Failure to restructure the pre-funding will allow the immediate suspension of outgoing operations (Pay-Out).
5. Transparency and User Interface
The Company undertakes to ensure that its user interface complies with regulatory transparency requirements:
- Identification ofPSPCP:The name of Momentum Pagos S.A.U. as the PS PCP responsible for the payment account must be clearly displayed.
- Mandatory Legend:All advertising or documentation must clarify that the funds do not constitute bank deposits and are not guaranteed by financial institutions.
6. Audit Powers
Velafi and/or the Infrastructure Provider reserve the right to conduct periodic audits of the Company's systems, processes, and controls to verify compliance with regulatory obligations [cite: 106, 107, 110]. The Company shall provide all required documentation within a maximum of 48 hours.
7. Liability and Indemnity
The Company will indemnify and hold harmless Velafi from any penalty, damage or claim arising from deficiencies in its Onboarding, AML/CFT, fraud prevention processes or non-compliance with UIF/BCRA regulations.
Note: These terms and conditions expressly exclude any transactions involving digital assets or crypto assets, strictly limiting themselves to FIAT services in Argentine pesos.