Terms of use

1.1 Agreement Overview

These Terms of Use (the “Terms”, “Agreement”, or “Terms of Service”) constitute a legally binding agreement between you (“User”, “you”, or “your”) and Paytex Solutions Ltd., a corporation incorporated under the laws of the Province of Ontario, Canada, operating under the trade name Monitiva (“Monitiva”, “Company”, “we”, “us”, or “our”).

1.2 Acceptance of Terms

IMPORTANT: BY ACCESSING, BROWSING, OR USING THE MONITIVA PLATFORM — INCLUDING OUR WEBSITE, WAITLIST REGISTRATION FORMS, MOBILE APPLICATIONS, OR ANY OF OUR SERVICES — YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THESE TERMS, OUR PRIVACY POLICY, OUR COOKIE POLICY, AND ALL APPLICABLE LAWS AND REGULATIONS. IF YOU DO NOT AGREE TO THESE TERMS, YOU MUST NOT ACCESS OR USE OUR SERVICES.

These Terms apply from your first interaction with Monitiva, including submitting your information through our waitlist or landing pages, and remain in effect until terminated in accordance with Section 18.

1.3 Capacity to Contract

By accepting these Terms, you represent and warrant that:

1. You are at least eighteen (18) years of age, or the age of majority in your jurisdiction of residence, whichever is greater;
2. You have the legal capacity to enter into binding contracts under the laws applicable to you;
3. You are accepting these Terms as an individual acting on your own behalf; the Services are not available to legal entities, and no person may accept these Terms on behalf of a corporation, partnership, trust, or other entity (Section 4.5);
4. You are not a person barred from using the Services under the laws of Canada or any other applicable jurisdiction;
5. You are not located or resident in a jurisdiction prohibited under Section 8.2, and you are not a person designated under, or otherwise subject to, sanctions applicable to Paytex.

1.4 Regulatory Status and Nature of the Service

Monitiva is a service operated by Paytex Solutions Ltd., a company incorporated in Canada. Paytex Solutions Ltd. is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and as a Payment Service Provider (PSP) with the Bank of Canada under the Retail Payment Activities Act (RPAA). When payment services launch, user funds will be safeguarded under the RPAA (Section 9).

Monitiva is not a bank. When payment services launch, your Local Balance will be held in trust for you by Paytex, as trustee, in a trust account at a regulated Canadian financial institution, and safeguarded under the RPAA. It is not a deposit.

Once payment services launch, Monitiva will facilitate payments from Canada to its Destinations through duly regulated local partners in each jurisdiction. Monitiva is not a bank in any Destination.

1.5 Current Status — Pre-Launch

IMPORTANT — PLEASE READ: Monitiva is currently in a pre-launch phase. The only service available today is registration for our waitlist (Section 3.4). Monitiva does not currently accept, hold, transfer, or safeguard client funds, and no Monitiva Accounts or Local Balances are currently open. The description of the Local Balance in Section 1.4, the payment services described in Sections 3 and 6, the pricing described in Section 7, the rules on prohibited activities, industries and jurisdictions described in Section 8, and the safeguarding arrangements described in Section 9 describe the service as it is designed to operate at launch. They take effect for you when payment services become available to you and you open a Monitiva Account. We will notify waitlist registrants before payment services launch.

Until payment services launch, the provisions of these Terms that apply to you are those governing your use of the Platform and your participation in the Waitlist, together with the general provisions in Sections 1, 2, 5.1, 5.2, 10 through 17, 18 (as it applies to ending your participation in the Waitlist), and 19.

3.1 Core Service: The Monitiva Account

Monitiva’s primary product is the Monitiva Account — a payment infrastructure that enables Users to hold a safeguarded balance in Canadian dollars (their Local Balance) and to instruct domestic payments in Destination countries from that balance. Canada is the User’s Local: the jurisdiction where the balance is held, safeguarded, and regulated. A Destination is any supported country the User activates in order to pay locally without becoming a resident there. One financial home; multiple Destinations.

The Monitiva Account operates as follows:

1. The User funds their Local Balance in Canadian dollars from their own Canadian bank account, which the User first links to their Monitiva Account and which is verified as belonging to the User. Funding is executed as a pre-authorized debit (PAD): the User instructs the funding from the Monitiva app, and Paytex debits the linked account by Electronic Funds Transfer (EFT) on that instruction. Additional funding methods may be added in future phases. Funds received are recorded to the User’s Local Balance and held in trust for the User under the RPAA safeguarding regime.
2. The Local Balance is held in Canadian dollars in the Trust Account. There is no obligation for the User to convert or spend the balance.
3. When the User instructs a payment in a Destination country, Paytex applies a foreign exchange conversion at the rate confirmed at the time of instruction and executes the corresponding domestic payment from the prefunded balance that Paytex will hold with its payment provider in the Destination, via the applicable domestic payment rail.
4. No foreign currency balance is held on the User’s behalf at any point. The User’s remaining Local Balance stays in the Trust Account, safeguarded under RPAA, until debited from the Trust Account to execute an instruction.
5. All payments in Destination countries are executed in Paytex Solutions Ltd.’s name. The User does not require a local bank account or local tax identification number in the Destination country. Certain services, such as Cardless Withdrawal, require the User to be physically present in the Destination at the time of the transaction.

3.2 Nature of the Local Balance

The Local Balance IS safeguarded client funds held in trust in the Trust Account. It IS subject to RPAA safeguarding requirements. Funds are held in Canadian dollars in the Trust Account until they are debited from it to execute a payment or withdrawal the User has instructed. A Local Balance is NOT a bank account, deposit account, savings account, or e-money instrument. It represents the User’s beneficial ownership of funds held in trust by Paytex in the Trust Account.

The Local Balance is subject to the following operational constraints:

• Denominated exclusively in Canadian dollars. No foreign currency balance is held on the User’s behalf at any time.
• Local Balances do not earn interest.
• Local Balances are non-transferable to third parties.
• Users may only fund their Local Balance from their own Canadian bank accounts. Third-party deposits are not permitted.
• Local Balances are subject to the funding and transaction limits described in Section 6.6.

3.3 Payment Services

• Currency Exchange: foreign exchange via a regulated FX partner that Paytex will engage before payment services launch. The applicable rate is disclosed and confirmed at the time of instruction. The exchange spread depends on the type of payment, as set out in Section 7.
• Domestic Payment Execution: payments executed in the Destination country through the applicable domestic payment rail, in Paytex Solutions Ltd.’s name. At launch, the supported Destination is Mexico, and Local Payment is executed via the SPEI clearing system. Bill Pay by Reference and Cardless Withdrawal may not be available when payment services launch; we will notify you on the Platform before each becomes available. Additional Destinations and rails, including SEPA in the European Union, are planned for later phases and are not available at launch.
• Bill Pay by Reference (when offered): payment of domestic bills and obligations using service reference numbers (utilities, property tax, HOA, and similar). Priced per transaction as set out in Section 7.
• Cardless Withdrawal (when offered): enabling the User to withdraw cash in local currency from their Local Balance at participating retail locations in the Destination country. Cardless Withdrawal applies layered controls prior to and at the point of voucher issuance: biometric liveness verification of the customer within the application before voucher emission, geographic presence validation in the Destination country, single-active-voucher seriality, a time-limited voucher validity window, per-voucher value caps set by the retail network, and daily caps on voucher generation and redemption count. Monitiva does not rely on identity verification at the retail counter as a control. Priced per transaction as set out in Section 7.
• Local Payment: transfers to any CLABE in Mexico, to a person or business, executed via SPEI. Priced per transaction as set out in Section 7.

Withdrawal to your own account. You may withdraw all or part of your Local Balance back to the same Canadian bank account you linked and that we verified as belonging to you. Withdrawals are made only to that own, verified account — never to a third party. A withdrawal is executed as an electronic funds transfer (credit) from the Trust Account to your linked account and is subject to your explicit confirmation, to the funds having settled and become available (Section 6.6), and to verification that the destination is your own linked account. A withdrawal does not count against your monthly limit and remains available where your payment limits are reduced to zero or suspended, subject to Sections 3.7, 6.7 and 18 and Applicable Law. If your Account is under review, we will complete the review and return your available balance to your verified linked account within 30 days of the start of the review, unless we are required by law to hold the funds (for example, under sanctions law or an order of a court or regulator). In that case we will tell you, to the extent the law allows. Until a withdrawal is completed, the amount shown as “in transit” is not available to spend. The fee treatment for withdrawals is set out in Section 7.5.

3.4 Waitlist Services

Submission of a Waitlist registration does not constitute an Account, does not guarantee access to the Platform upon launch, and does not create any contractual payment obligation between you and Monitiva. Waitlist participation is governed by the data collection practices described in our Privacy Policy.

3.5 Service Availability

The availability of specific Services may vary by jurisdiction, regulatory status, and completion of verification procedures. We reserve the right to modify, suspend, or discontinue any Service at any time, subject to Applicable Law and any notice obligations to registered users.

3.6 Funding Methods

At launch, Monitiva will accept a single funding method: pre-authorized debit (PAD) by Electronic Funds Transfer (EFT) from a Canadian bank account that the User has linked to their Monitiva Account and that has been verified as belonging to the User. Additional funding methods may be made available in subsequent phases. Monitiva does not accept cash deposits under any circumstances, and does not accept funding from accounts belonging to third parties.

3.7 Pre-Authorized Debit — Authorization and Your Rights

Funding your Local Balance is executed as a pre-authorized debit (PAD) against the Canadian bank account you have linked to your Monitiva Account. Before Paytex may debit your account, you must provide a PAD authorization. The terms of that authorization, including the type of PAD, are presented to you when you link your account, and are separate from and in addition to these Terms.

You have certain rights under the Payments Canada rules governing pre-authorized debits, including the right to receive advance notice where required, the right to revoke your authorization, and the right to dispute a debit and seek reimbursement where the debit was not authorized or was not consistent with your authorization. The full terms, including the time limits that apply to a reimbursement claim, are set out in your PAD authorization and are available from your financial institution or at www.payments.ca.

You may revoke your PAD authorization at any time, subject to the notice period specified in the authorization. Revoking your authorization does not cancel a funding operation already in progress, and does not affect your obligations in respect of payment instructions you have already confirmed. Revoking your authorization will prevent further funding of your Local Balance until a new authorization is provided.

The linked account must belong to you. When you link an account, we verify that the name of the account holder of record matches your verified legal name. Where the linked account is a joint account, it may be used only where you are one of the named account holders and the name matches. If your financial institution returns a debit on the basis that it was not authorized, did not conform to your authorization, or that authorization had been revoked or that you had not confirmed it, that funding source is made non-transactional immediately — on a single occurrence, without any threshold — and is placed under review before it can be used again. This protects both you and Monitiva against unauthorized use of a bank account.

4.1 Account Creation

To access payment Services, you must complete our online registration and identity verification process. You agree to provide accurate, current, and complete information and to keep it updated.

4.2 Identity Verification — Individual Clients (KYC)

In compliance with PCMLTFA and FINTRAC regulations, we verify your identity through our third-party verification provider before providing any financial services. Required information includes:

• Full legal name, date of birth, and country of residence (and nationality where shown on your identity document)
• Valid government-issued photo identification (passport, driver’s licence, or equivalent)
• Recent proof of residential address (such as a utility bill or bank statement)
• Email address and mobile phone number
• Occupation and employment information
• Biometric liveness verification

4.3 Enhanced Due Diligence (EDD)

We may require additional documentation for users classified as high-risk, Politically Exposed Persons (PEPs), Heads of International Organizations (HIOs), and their close associates, users transacting with high-risk jurisdictions, or users exhibiting unusual transaction patterns.

4.4 Account Security

You are solely responsible for maintaining the confidentiality of your Account credentials. You agree to: use a strong, unique password and enable multi-factor authentication (MFA); never share your credentials with any third party; notify us immediately at security@monitiva.com upon discovering any unauthorized access; and accept full responsibility for all activity conducted under your Account.

4.5 Eligibility Conditions

The Services are available only to Users who meet all of the following conditions. These are conditions of eligibility, assessed before an Account is opened; failing any of them means the Services cannot be provided to you.

• Individuals only. The Services are offered to natural persons acting on their own behalf. We do not open Accounts for corporations, partnerships, trusts, or other legal entities.
• Canadian residents, excluding Quebec. You must be resident in Canada. The Services are not available to residents of Quebec at this time. If you are a resident of Quebec, you are not eligible to open an Account or use the payment Services, and any waitlist registration will not convert to an Account.
• Age of majority. You must be at least the age of majority in your province or territory of residence.
• Own-account use only. You may use the Services only for your own payments, funded from a Canadian bank account that belongs to you and that you have linked and verified. Acting for, or on behalf of, any third party is not permitted, and funding from an account that is not yours is not permitted.

5.1 Compliance with Laws

You agree to comply with all Applicable Laws in connection with your use of the Services, including laws relating to anti-money laundering, counter-terrorist financing, sanctions, tax reporting, and consumer protection.

5.2 Accurate Information

You represent and warrant that all information provided to Monitiva — whether during Waitlist registration, account creation, KYC verification, or in connection with any Transaction — is true, accurate, complete, and not misleading. You agree to promptly update any information that becomes inaccurate.

5.3 Legitimate Use

You agree to use the Services exclusively for lawful purposes. You shall not:

• Engage in money laundering, terrorist financing, tax evasion, fraud, or any other financial crime
• Violate any sanctions, embargoes, or trade restrictions applicable in Canada or any other relevant jurisdiction
• Transfer funds on behalf of, or for the benefit of, any third party. The Services may be used only for your own payments, funded from your own account (Section 4.5)
• Structure Transactions to avoid reporting thresholds under PCMLTFA
• Provide false or misleading information about the source, purpose, or destination of funds
• Use the Platform or Services to circumvent any applicable regulatory requirement
• Link to your Monitiva Account, or fund your Local Balance from, a bank account that does not belong to you

5.4 Source of Funds

You represent and warrant that all funds used in connection with the Services are derived from legitimate sources and are not proceeds of criminal activity. Monitiva reserves the right to request source of funds documentation for any Transaction.

5.5 Migration, Tax Residency, and Legal Obligations in Destinations

Monitiva is not a migration, tax, or legal advisor. It does not process visas or residencies, nor manage applications to immigration programs. It does not determine or advise on the tax residency of its users. Migration residency and tax residency are determined independently by the authorities of each country according to applicable laws, the objective facts of the user’s conduct (days of presence, centre of life, source of income, permanent home available) and, where applicable, the international treaties in force.

Each user is responsible for complying with the migration rules applicable to their nationality in each Destination where they operate, as well as with their tax obligations in each jurisdiction where they have relevant activity. Use of Monitiva does not exempt, replace, or modify the user’s legal obligations in any jurisdiction.

Before making decisions of material impact (changing country of residence, acquiring property abroad, generating income in another country, or exceeding tourist-visitor time limits), the user must consult migration and tax advisors specialized in the applicable jurisdictions.

5.6 Complaints

If you are unhappy with any aspect of the Services, you may make a complaint at no cost through the channels published on the Platform and in the Help Centre. If you prefer to make your complaint by telephone, you may ask for a call-back through the app or by email to support@monitiva.com. We will acknowledge your complaint within five (5) business days of receiving it (sooner where feasible, and immediately for complaints made in the app), and we will provide a substantive response within thirty (30) calendar days. Where we need more time, we will tell you before the thirty-day point, explain why, and give you a revised date.

If you are not satisfied with our response, you may ask that your complaint be escalated internally to our Compliance Officer for review.

You also have the following external options:

• Privacy matters may be referred to the Office of the Privacy Commissioner of Canada (OPC) and, for residents of Quebec whose personal information we have processed, the Commission d’accès à l’information du Québec (CAI).
• The Bank of Canada supervises payment service providers, but it does not resolve individual disputes and will not adjudicate your complaint. You may report a concern about Monitiva to the Bank of Canada as a supervisory matter; the Bank may use it in its oversight, but it will refer you back to Monitiva for resolution of your individual complaint.

5.7 Keeping Your Information Current

You must keep your residential address (including your province) accurate and current, and notify us promptly of any change — in particular, a change of residence to a province in which the Services are not offered. If you become a resident of an ineligible province (including Quebec), you are no longer eligible for the Services: your relationship will be wound down and your remaining Local Balance returned to your own verified linked account. Failure to keep your address current may result in suspension of the Services in accordance with Section 18.

6.1 Authorization

By initiating a Transaction or payment instruction, you authorize Paytex to execute that instruction in accordance with the details you provide. You are responsible for the accuracy of all Transaction details, including the Beneficiary’s name, account information, payment rail, and amount. Paytex is not liable for losses arising from inaccurate instructions provided by you.

6.2 Execution of Payment Instructions

When you confirm a payment instruction:

1. When you confirm the instruction, the CAD amount equivalent to your payment at the exchange rate confirmed at the time of instruction, together with the applicable fees set out in Section 7, is reserved against your Local Balance. That amount remains held in trust for you until Paytex executes the payment; it ceases to be held in trust for you at the point of execution, when it is debited and applied to execute your payment. A payment that is held or placed under review remains held in trust for you until it is executed or released back to your Local Balance.
2. Paytex executes the corresponding domestic payment in Paytex Solutions Ltd.’s name, from the prefunded balance that Paytex will hold with the provider described in paragraph 3, via the applicable domestic payment rail or, for Cardless Withdrawal, the participating retail network.
3. The Beneficiary receives funds from Paytex, not from you directly. Paytex executes the payment in the Destination country through a locally regulated money-services provider engaged by Paytex to execute payments in that country, under a contract with Paytex for SPEI payments; arrangements for the other Services are being put in place. Paytex remains responsible to you for the Service.
4. Your remaining Local Balance continues to be held in trust for you under the RPAA safeguarding regime.

Payment instructions are irrevocable once transmitted to the domestic payment rail unless Paytex, at its sole discretion and subject to rail-specific rules, is able to recall the payment before settlement.

6.3 Exchange Rates

The exchange rate applicable to your payment instruction is disclosed and confirmed at the time you approve the instruction. The rate is not guaranteed until you confirm it. The exchange spread applied to your conversion depends on the type of payment, as set out in Section 7.

6.4 Transaction Screening

All Transactions are subject to: verification of your identity and Account standing; AML/CTF screening and transaction monitoring under PCMLTFA; sanctions screening against applicable Canadian, US, UN, and EU lists; fraud detection and risk assessment; and available balance and applicable limit verification.

6.5 Travel Rule Compliance

Where required by law, Monitiva includes information identifying you and the Beneficiary with the payment instruction and shares it with the institutions involved in executing the transfer. This information must not be removed in transit, and Monitiva may suspend or reject a transfer where required information is missing or cannot be obtained. This disclosure is a mandatory legal requirement and does not require additional consent.

6.6 Funding, Availability, and Limits

Funds must be available before you can spend them. When you fund your Local Balance by pre-authorized debit, the funds are not available to spend, to make a payment, or to create a Cardless Withdrawal voucher until they have settled and the applicable clearing period has passed. A funding instruction that is still in transit does not create a spendable balance and is not treated as safeguarded funds until it settles. You fund your Local Balance and then wait for the funds to become available.

Your use of the Services is subject to the following limits, which are displayed in your Account and may be modified at any time by Paytex upon notice:

• Monthly limit (a limit on payments out). A maximum aggregate value of payments you may make in a calendar month, based on your verification level and risk profile. This limit measures outbound payments only; funding your Local Balance does not count against it.
• Retained balance limit (a limit on the balance you hold). A separate maximum on the total balance you may hold in your Local Balance at any one time. This is separate from, and normally lower than, your monthly limit: the monthly limit governs how much you can pay out over a month, while the retained balance limit governs how much you can hold at any instant. A funding instruction that would take your balance above this limit is declined. For this purpose, funding you have already instructed that is still in transit counts toward the balance you hold: a new funding instruction is declined where your current balance, plus any funding still in transit, plus the new instruction, would exceed this limit — so that the limit still holds once the in-transit funding settles. A new funding instruction may also be declined while an earlier funding instruction is still in transit. Reaching your monthly limit therefore involves funding and paying more than once in the month.
• Per-funding limit. A maximum amount per funding operation, set by the banking rail through which the funding is executed. This limit applies to all Users.
• Funding-attempt limit. A maximum number of funding attempts within a rolling 24-hour period.
• Cardless Withdrawal sub-limit. Cardless Withdrawal is subject to its own monthly sub-limit, which may be lower than your overall monthly limit.
• Raising your retained balance limit for a specific payment. Certain legitimate payments — such as an annual property tax (predial) or a fideicomiso payment — may require you to hold, for a short period, more than your standard retained balance limit. You may request a temporary increase from within the application, stating the purpose of the payment and providing supporting documentation and evidence of the source of the funds. If approved, the increase applies for a defined window, is subject to an absolute maximum, and expires automatically at the end of the window, after which your limit returns to its standard level. Approval is at Monitiva’s discretion and subject to review.

Monitiva also monitors transaction activity on an ongoing basis and may hold, review, or block Transactions in accordance with Section 6.7.

6.7 Transaction Delays, Holds, and Blocks

Paytex may delay, hold, or block any Transaction for purposes including: AML/CTF compliance verification; fraud investigation or suspected unauthorized activity; source of funds verification; technical issues with domestic payment rails; or compliance with court orders, regulatory requests, or instructions from FINTRAC or the Bank of Canada. While a Transaction is held or under review before execution, the corresponding funds remain held in trust for you in the Trust Account until they are debited to execute the Transaction or released back to your Local Balance.

6.8 Irrevocability of Payment Instructions

Once you confirm a payment instruction, you cannot cancel it, except that you may cancel an unredeemed Cardless Withdrawal voucher (Section 6.9). Paytex executes confirmed payments promptly, subject to the screening, holds and reviews in Sections 6.4 and 6.7; a held or blocked payment may be released back to your Local Balance (Section 6.7), and Paytex may attempt a recall under Section 6.2. Users are responsible for verifying all payment details — including Beneficiary name, domestic payment identifier, and amount — before confirming any instruction. Paytex is not liable for payments made to an incorrect Beneficiary due to inaccurate instructions provided by the User.

6.9 Cardless Withdrawal — Voucher Mechanics

When you request a Cardless Withdrawal, Monitiva issues a voucher that you redeem for cash at a participating retail location in the Destination country. The following apply:

• Reservation on confirmation, debit on redemption. When your voucher is issued, the corresponding amount of your Local Balance is reserved and cannot be spent elsewhere. Your Local Balance is debited when the voucher is redeemed. If the voucher expires unredeemed, the reservation is released back to your Local Balance.
• Validity window and expiry. Each voucher is valid for a limited period and expires automatically at the end of that period. Only one active voucher is permitted at a time.
• Cancellation. You may cancel an unredeemed voucher before it expires; the reserved amount returns to your Local Balance.
• Redemption is final. Once a voucher is redeemed for cash, the transaction is irreversible and cannot be cancelled, reversed, or refunded.
• Retail network conditions. Redemption is subject to the participating retail network’s own requirements and hours. Where a retail network charges its own counter fee, that fee is disclosed to you before you confirm the withdrawal.

6.10 Failed, Returned, and Undelivered Payments

If a payment cannot be completed — for example, because the Beneficiary details are incorrect, the Destination account or reference is invalid, the receiving institution rejects the payment, or the payment is returned to us — Monitiva credits the corresponding amount in Canadian dollars back to your Local Balance, and refunds the service fee for that payment. Your Local Balance is held in Canadian dollars throughout; a payment that is not completed does not expose you to any exchange-rate difference. Monitiva is not responsible for a payment made to an incorrect Beneficiary as a result of details you provided. Cash withdrawn from a redeemed Cardless Withdrawal voucher cannot be refunded (Section 6.9).

7.1 How Pricing Works

Monitiva charges on a per-transaction basis. There are no subscription fees, monthly fees, or recurring charges of any kind. You pay only when you confirm a payment, or a withdrawal for which a fee is shown to you before you confirm (Section 7.5).

Each payment is priced in two separate parts:

• an exchange spread — a percentage applied when your Canadian dollars are converted for the Destination payment; and
• a service fee — a percentage of the payment amount in Canadian dollars, subject to a per-payment minimum and a per-payment maximum (cap).

The cap applies only to the service fee. It does not cap the exchange spread or the total cost of your payment. The exchange spread is a percentage of the amount converted and is not subject to a maximum: it scales proportionally with the size of your payment, so larger payments carry a proportionally larger spread.

7.2 Pricing by Payment Type

Pricing varies by Destination and payment type and may be updated as new Destinations and payment types become available.

7.3 Price Disclosed at Confirmation Governs

Before you authorize any payment, Monitiva shows you (i) the exchange rate that will be applied, (ii) the service fee, and (iii) the total amount that will be debited from your Local Balance and the amount that will be delivered at your Destination. The amounts shown to you at the time you confirm a payment govern that payment. The percentages published in these Terms are indicative and may change; the figures disclosed to you at the time of each transaction are the binding price for that transaction. No fee is charged until you confirm the operation to which it applies, and all fees are debited together with that operation at the time of execution.

7.4 Changes to Pricing

Monitiva reserves the right to modify its pricing upon notice through the Platform. Any change applies only to payments instructed after the change takes effect. The price disclosed to you at the time you confirm a payment always governs that payment.

7.5 Withdrawal Fee

Withdrawing your Local Balance to your own linked bank account is a separate operation from a payment. The withdrawal fee, if any, is disclosed to you in the application before you confirm the withdrawal; no withdrawal fee is charged unless it is shown to you at that time. Any charge applied by a banking rail or intermediary to the transfer is disclosed on the same basis. As with all pricing, the amount shown to you when you confirm the withdrawal governs.

8.1 Prohibited Industries

Monitiva may decline to open, or may close, an Account where your activity is incompatible with its regulatory obligations or risk appetite, as assessed under its risk-based customer acceptance procedures.

8.2 Prohibited Jurisdictions

Monitiva does not provide Services to Users located or resident in, or for Transactions involving: North Korea (DPRK), Iran, Myanmar, Syria, Russia and Belarus, the Crimea, Donetsk, and Luhansk regions of Ukraine, or any other jurisdiction prohibited under Paytex’s Country Acceptance Policy. That policy covers the jurisdictions subject to Ministerial Directives under Canada’s anti-money-laundering legislation, the jurisdictions subject to a call for action by the Financial Action Task Force, and the jurisdictions and regions subject to comprehensive sanctions under Canadian law, and is updated as those measures change.

8.3 Prohibited Activities

You agree not to use the Services for: money laundering, terrorist financing, or any financial crime; sanctions violations; tax evasion; identity fraud or payment fraud; structuring transactions to avoid PCMLTFA thresholds; operating an unlicensed money services business; using another person’s identity or payment credentials without authorization; reverse engineering or interfering with the Platform; or any activity that violates Applicable Law.

9.1 Safeguarding of Client Funds

In compliance with RPAA and Bank of Canada safeguarding requirements, Paytex holds all client funds in trust in the Trust Account, maintained with a prudentially regulated Canadian financial institution or trust company and used for no other purpose. Client funds are held in trust for the benefit of the User to whom they belong, with each User’s entitlement tracked in a segregated individual sub-ledger, and are subject to the safeguarding regime under section 20 of the RPAA.

Key safeguarding principles:

• Client funds are held in trust in a trust account not used for any other purpose, in accordance with RPAA s.20(1)(a).
• Each client’s funds are tracked in an individual sub-ledger in the core banking system that Paytex is to operate under a licence from Variant Technologies Holdings, S.L.; that licence is being put in place and will be in force before payment services launch (Section 2).
• Client funds are not Paytex’s property. They are not used for Paytex’s operating purposes, are not available to Paytex’s creditors, and are held separately from Paytex’s own operating funds.
• The account provider may not assert any right of set-off or compensation against these funds (RPAA s.20(3)).
• Funds for a payment or withdrawal you have instructed remain held in trust for you until they are debited from the Trust Account to execute it, including while a payment is held or under review. Once debited, the amount is no longer held for you; it is applied to settle your payment. If a payment is returned or cannot be completed, the amount is credited back to your Local Balance (Section 6.10).

9.2 Corporate Operating Accounts

Before payment services launch, Paytex will open, and will then maintain, corporate operating accounts, separate from the Trust Account, exclusively for Paytex’s own operational purposes, including revenue accumulation and the corporate capital necessary to execute payment instructions on behalf of Users. Funds held in trust for Users are transferred out of the Trust Account only to execute a payment or withdrawal that the User has instructed, or as otherwise required by Applicable Law.

9.3 Strict Segregation

Paytex maintains operational and legal segregation between funds held in trust for Users and Paytex’s own corporate funds. Client funds are not used to fund Paytex’s operations and are not available to Paytex’s creditors. Movements between accounts occur only as part of defined, labelled operational flows, with a complete audit trail maintained in Paytex’s internal ledger system.

9.4 Safeguarding Framework and Governance

Paytex maintains a written safeguarding-of-funds framework in compliance with RPAA s.20 and the Bank of Canada’s Safeguarding End-User Funds Supervisory Guideline (December 2024). The framework provides for: a daily-updated ledger of end-user funds; a liquidity arrangement; a legal and operational risk analysis; annual review and approval by the designated senior officer; and an independent review of safeguarding compliance to be conducted at least every three years in accordance with RPAR s.17.

9.5 Procedures for Return of Funds in the Event of Insolvency

In accordance with BoC safeguarding guidelines and RPAR s.15(2)(c), Paytex maintains documented procedures for returning Local Balances to each client in the event of Paytex’s insolvency, enabling an insolvency administrator to access all relevant records, contact each client promptly, and complete a final reconciliation of all Trust Account balances against sub-ledger records.

15.1 Governing Law

These Terms and any dispute arising out of or relating to them shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without regard to conflict of law principles.

15.2 Jurisdiction

You and Monitiva submit to the jurisdiction of the courts of the Province of Ontario, sitting in the City of Toronto, for resolution of any dispute arising out of or relating to these Terms. This does not limit any right you have under consumer protection legislation to bring proceedings in the courts of your province of residence.

15.3 Alternative Dispute Resolution

Before commencing legal proceedings, either party may propose good-faith negotiation for up to thirty (30) days. After a dispute has arisen, you and Monitiva may agree in writing to submit that dispute to arbitration administered by the ADR Institute of Canada. Nothing in these Terms requires you to arbitrate a dispute, or prevents you from commencing an action in court or from commencing or taking part in a class proceeding.

16.1 Quebec Residents

Residents of Quebec are not eligible for the Services (Section 4.5), so no service relationship arises between Monitiva and a resident of Quebec. Where Monitiva has nonetheless processed the personal information of a resident of Quebec — for example, through waitlist registration or an application that is declined — the rights under the Act Respecting the Protection of Personal Information in the Private Sector (Act 25) apply as described in our Privacy Policy.

16.2 General — International Considerations

The Services are provided by Paytex Solutions Ltd., an Ontario corporation, and are offered only to Users who meet the eligibility conditions set out in Section 4.5. All Users are subject to the laws of the Province of Ontario and the federal laws of Canada. The Services are offered only to residents of Canada (excluding Quebec). Access to the Platform from outside Canada, including by an eligible User travelling in a Destination, does not make the Services available to residents of any other jurisdiction.

18.1 Suspension by Monitiva

Monitiva may immediately suspend or restrict your access to the Services, without notice, if: we reasonably believe you have violated these Terms or Applicable Law; we detect suspicious, fraudulent, or unauthorized activity; we are required to do so by a regulatory authority, court order, or FINTRAC directive; a banking partner, payment rail operator, or settlement provider requires suspension; continuation would expose Monitiva to regulatory, legal, or reputational risk; you fail to provide required verification information; you become resident in a province in which the Services are not offered; or your Account has been dormant for an extended period.

You acknowledge that Monitiva’s ability to provide Services is dependent on its relationships with regulated banking partners and payment infrastructure providers, and that actions by those third parties may affect service availability without Monitiva being in breach of these Terms.

18.2 Termination by Monitiva

Monitiva may terminate your Account and these Terms at any time, upon notice. Upon termination, we will return your Local Balance to your registered Canadian bank account via EFT, without charge, subject to our obligations under Applicable Law and any holds required for AML/CTF purposes.

18.3 Termination by User

You may terminate your Account at any time by contacting support@monitiva.com. On termination, confirmed payment instructions will be completed under Section 6.2, subject to Sections 6.7 and 6.8, you must cancel any unredeemed Cardless Withdrawal voucher (Section 6.9), and your remaining Local Balance will be returned to your own verified linked account.

18.4 Effect of Termination

Upon termination, your right to access and use the Services ceases immediately. Sections 13 (Limitation of Liability), 14 (Indemnification), 15 (Governing Law), and applicable regulatory record-keeping obligations survive termination.