For the purposes of these Terms, the Owner is Oval Money LTD (“Oval”, the “App” or “us”).
Oval Money LTD’s offices are based at 27 Shorrolds Road, London, SW6 7TR United Kingdom.
By using the service offered by Oval you confirm that you accept these Terms and Conditions (or ‘Terms’) and that you agree to be bound by them in your use of the service. If you do not agree to these Terms, please do not use the service.
Oval’s App service enables the Users to better manage their finances through savings and investment options on the basis of a defined set of instructions, specifically set by the Users themselves.
The App links to Users’ personal accounts, credit cards and mobile payment solutions (the ‘Source Accounts’), through bank-level secure technology, to track spending patterns and to automatically transfer funds to a personal electronic money wallet.
Oval’s goal is to educate Users to save through micro-transactions. Oval will also automatically take the spare change out of the linked account on every transaction and store it in a secure and guaranteed personal savings account.
Use of the Service and Registration
To use the App, you must be at least 18 (eighteen) years old and register an account with us providing accurate, correct and up to date information.
Upon registration, or during the later use of the App, the User is required to provide the following:
Mobile Phone Number;
Date of Birth;
Country of Residence and Address;
IBAN and BIC/Swift;
Copies of Personal Identification Documents (such as your Passport, ID, Driver License).
Bank Account and Financial Details are collected through and stored by a secure third party account aggregation service provided by Yodlee, Inc. in order to allow Users to link their bank accounts to the App for the purposes of the service.
Direct Debit Mandate. After completing registration or at a later time, the User will receive notice within the App requiring to mandate a Direct Debit; to do so, the User will have to complete the provided Mandate form with your Bank details. The Single European Payment Area (’SEPA’) Direct Debit Mandate (’the Mandate’) allows the periodical automatic transfer of funds from your Source Account to your e-wallet for the purposes of the service. GC re Mangopay and Oval Money Ltd will be the names that appear as Creditor Reference Parties on your Bank statement. By signing the provided Mandate form, you thereby authorize:
GC re Mangopay to send instructions to your Bank to debit your Source account, and
Your Bank to debit your Source Account in accordance with the instruction from GC re Mangopay.
The Mandate reference number will be available to you after confirmation. You will always receive notice before being charged, via email, three days before each transfer occurs.
Third Party Services
In providing the service, Oval relies upon a number of third party service Providers (the ‘Providers’). By using the service, you agree that we acquire and share information about you with those Providers. You agree to abide by the terms and conditions of those Providers and that Oval will not be held liable for their actions or omissions. The Providers we use and their terms of service may vary from time to time and you can obtain a full and up to date list of Providers by emailing your request at email@example.com
Yodlee. Yodlee is an account aggregation service that allows the User to Monitor his/her credit card, bank accounts and investments. To use the App you shall link your bank account(s) to the App by using Yodlee’s platform service. Yodlee will allow you to connect with your bank account(s) using your online login credentials and will store your financial details through a bank-level security system. Oval will never receive nor store User’s personal online login credentials and will receive from Yodlee only the information required to provide the service. By creating an Oval account you acknowledge and agree that you have at all times a direct contractual relationship with Yodlee in regards to the management and storage of your own online banking login credentials and financial details.
Mangopay. Mangopay issues e-money and is licensed in Luxembourg by the Financial Sector Supervisory Commission (as defined by Directive 2009/110/EC ‘E-Money Directive’). Mangopay’s Application Programming Interface (‘API’) allows the management and distribution of e-money directly to the User. By creating a Mangopay account, you acknowledge and agree to be bound by Mangopay’s Terms and Conditions and that you have at all times a direct contractual relationship with the e-wallet Provider in regards to the e-wallet account. Oval allows the User to purchase e-money from the e-wallet Provider, using funds deposited in your personal Source Accounts. The funds deposited with the e-wallet Provider are maintained in accordance with the above mentioned E-Money Directive and legislation regarding the combating of money laundering and the financing of terrorism. The funds deposited in your e-wallet are full-fledged segregated funds from Mangopay’s own funds and they will continue to be available at all times via the e-wallet Provider.
Content provided by Third Parties
Oval is not responsible or liable for any content or links provided by Third Parties shown therein, as well as for their availability.
Deleting your account and account termination
Registered Users may cancel their accounts and stop using the service at any time, through the App interface or by directly contacting us.
Oval reserves the right to suspend or terminate the service at any time, even without notice, in case of breach of these Terms through your use of the service.
You agree to indemnify and hold Oval and its subsidiaries, affiliates, officers, directors, agents, co-branders, partners and employees, as the case may be, harmless from any claim or demand, including reasonable attorneys’ fees, made by any Third Party due to or arising out of your content, use of or connection to the service, violation of these Terms, or violation of any Third Party rights.
Users may not:
Reverse engineer, decompile, disassemble, modify or create derivative works based on the App or any portion of it;
Circumvent any technology used by the App or its licensors to protect content accessible via it;
Copy, store, edit, change, prepare any derivative work of or alter in any way any of the content provided through the App; use any robot, spider, site search/retrieval application, or other automated device, process or means to access, retrieve, scrape, or index any portion of the App or its content;
Rent, lease or sublicense the App;
Use the App in any other improper way that violates these Terms.
Copyright and Intellectual Property
All trademarks, trade names, service marks, word marks, illustrations, images, logos that appear in the App or concerning Oval are, and remain, the exclusive property of Oval or its licensors and are protected by the laws in force.
Changes to these Terms
Oval reserves the right to modify these Terms at any time and will inform the Users of such changes by publishing a notice within the App.
Users who continue to use the App after the publication of such changes, thereby accept the new Terms in their entirety.
Limitation of Liabilities
Oval shall not be held liable for any loss suffered by the User unless such loss arises from our negligence, breach of Terms, willful default or fraud or from our failure to comply with applicable laws.
Oval will not be held liable for any loss incurred by the User arising, wholly or partly, as a result of an event which is beyond our reasonable control to prevent and the effect of which is beyond our reasonable power to avoid in relation to your Oval account.
The User expressly releases and exempts Oval from any liability relating to possible damages or claims of any kind, against Oval or Third Parties, arising from improper use of the service or caused by failure to comply with the law by the User.
Governing Law and Jurisdiction
These Terms and any dispute concerning the implementation, interpretation and validity of this agreement are subject to UK law.
The parties agree to carry out any dispute, within the limits of the applicable law, under the jurisdiction of UK Courts.
You may contact us at: firstname.lastname@example.org