Terms of Service

These Terms of Service (the “Terms”) form a legally binding agreement which governs your access to and use of MetaFinance Platform Inc. and its subsidiaries, (“MetaFinance”, “we”, “us” or “our”) services (the Services”), and our website, software, network, and applications (“the Platform”).

PLEASE READ THESE TERMS OF SERVICE CAREFULLY.

These Terms of Service, together with the MetaFinance Privacy Policy, constitute the entire agreement. These Terms of Service may be modified by MetaFinance with notice to you.

If you have any questions about these Terms of Service please email: hello@metavest.io

MetaFinance provides Services for Personal Accounts and Business Accounts. You may only open one Personal Account. To create a Personal Account, you must be a Canadian resident, at least 16 years old, hold an active Canadian chequing or savings bank account in your name, and own a mobile device with a cellular data plan and a Canadian phone number (excluding VOIP numbers).

Personal MetaVest accounts let you do things like:

  • Load Canadian Dollars from your bank account into your MetaVest account
  • Deposit your MetaVest balance back into your bank account
  • Request or send payments between contacts
  • Send payments to another personal MetaVest account using a Username or QR code
  • Make payments to verified businesses on the MetaVest platform
  • Make a purchase with a balance on your MetaVest account

Restricted to Personal Payments

Personal MetaVest accounts are prohibited from collecting payments for business, commercial, or merchant transactions. If you intend to use MetaVest for the commercial sale of goods or services, you must use a Business Account.

By accessing our Services through a Personal Account, you indicate that your use of the Services are exclusively for personal payments. You certify that such use excluded Money Transfers and payments that may be deemed by the Canada Revenue Agency as connected with a Business, Commercial Activity, or Adventure or Concern in the Nature of Trade.

MetaVest Balances & Bank Transactions

Loading a balance onto the MetaVest platform or depositing an account balance back to your Canadian bank account occurs via electronic funds transfer (EFT or E-Transfers). Transactions typically settle between 5 mins and three business days. MetaVest shall attempt to process these transactions in a timely manner but we make no guarantee pertaining to the timing or settlement of these transactions or any other payments within our platform. MetaVest is not responsible for losses and liabilities induced by delayed payments, transactions, or bank settlements resulting from our Services.

By instructing us through an “Add Funds” transaction inside the MetaVest app, you authorize us to debit your linked Canadian bank account for the amount instructed. You are responsible to ensure your linked bank account has sufficient available funds for all “Add Funds” transactions that you initiate. When we do not receive transfers from your Canadian bank account within an expected timeframe or if your or our bank reverses the transaction between our accounts, MetaVest is entitled to:

  • Engage in collection efforts to recover such amounts from you;
  • Make subsequent debit attempts on your linked financial accounts; or
  • Place a limitation or take other action on your MetaVest account to ensure funds recovery.

You agree to reimburse MetaVest for any reasonable third-party fees or penalties resulting from disputes or chargebacks associated with your account including any events where you initiate a transaction but do not have sufficient balance in your bank account. We will not be responsible for or reimburse any fees, penalties, or charges imposed by your financial institution to your accounts resulting from MetaVest transactions.

No Credit Card Chargebacks or Bank Disputes

Where an “Add Funds” transaction has been initiated and approved from your device and you subsequently initiate a bank dispute or credit card chargeback for any legitimate MetaVest transaction, you will be subject to recovery efforts and are deemed to have violated these Terms of Service.

Identity Verification and Transaction Limits

MetaVest will only link and process “Add Funds” and “Send to Bank” transactions where we have verified your identity and your legal name matches the beneficial owner named on the bank account you have linked.

We may limit how many transactions you can initiate between your MetaVest account and your linked financial accounts. We reserve the right to delay or further limit such transactions while we screen for risk, or we request additional documentation to verify your identity. You may not send a balance from your MetaVest account to another MetaVest account or a bank account in an attempt to evade our risk investigation. If you attempt to send your MetaVest balance to another MetaVest account or bank account while we are conducting an investigation, we may take additional account restricting measures at our discretion to protect us or third parties against liability.

Treatment of Funds

All balances held in your MetaVest account will be held separate from company operating funds. We will not use these funds for any corporate purposes, nor will we voluntarily make your balance available to our creditors in the event of bankruptcy. We will combine your account balances with the balances of other users and place those pooled balances in one or more bank accounts in MetaVest’s name.

You agree that you will not receive interest or other monies derived from the funds that MetaVest handles or places in pooled accounts. In consideration for your use of the Services, and with full knowledge and understanding that MetaVest may receive interest, you irrevocably transfer and assign MetaVest all rights that you may have in any interest that may accrue on funds held in pooled accounts.

Peer-to-Peer Payments

MetaVest will not be responsible for losses you incur resulting from peer-to-peer payments (payments between personal account holders) on our platform which are approved by your device. We cannot guarantee the cancellation of payment requests. Our ability to stop a payment request is dependent on when the request was initiated and whether the payment request has been actioned by the recipient.

If you receive a peer-to-peer payment and we later determine in our discretion that the payment was invalid for any reason, you authorize us to recover this balance from you. You acknowledge that we will not be held liable in any way for any peer-to-peer payments you may receive, regardless of whether you know who sent the payment or whether you authorized the Sender to send a payment to you.

Fraud Warning

We do not have any control over the goods or services provided by Personal or Business Account sellers who accept MetaVest as a payment method. We cannot ensure that a MetaVest user you send a payment to will actually provide the good or service as expected or whether they are authorized to do so, including any warranty or refund claims. You agree that we shall incur no liability resulting from payments you make for goods or services on our Platform.

MetaVest proactively works to keep our platform safe and secure and relies on users to do the same.

  • Use common sense when making a payment.
  • If something looks too good to be true, it probably is.
  • You are not authorized to make any payments on behalf of a third party on our platform.
  • Your payments do not benefit from any zero or reduced liability programs. Payments are final and are not cancelled or reversed by MetaVest.

Please let us know if you believe someone is trying to scam or defraud you on the MetaVest platform by emailing hello@metavest.io.

Usernames

You may select a unique MetaVest identifying username (“MetaID” to identify yourself on our Platform. Your username must not represent a business name or personal identity that you are not the beneficial owner of. You may not elect a username that misleads or deceives others as to your identity. We may require you to change your username or we may seize or make unavailable any usernames at our sole discretion.

Non-custodial accounts

MetaVest does not provide a username and password login access for personal accounts. Our mobile app employs tokenized account access, biometric verification and requires users to enroll in account recovery services to ensure that you can access your Personal Account in the event your phone is lost, damaged, stolen, or otherwise unable to access the cryptographic keys used to provide you access to your account.

BUSINESS ACCOUNTS

Business accounts may sell goods or services using our merchant payment processing services, where we process transactions as an agent on your behalf, charge you a fee, and deposit the net amount to your MetaVest account that can be withdrawn to your linked Canadian bank account (via EFT). You may be required to provide certain tax information to enable MetaVest to comply with our obligations under government legislation and regulation.

Tax

MetaVest will not be responsible for withholding, tracking, or remitting any taxes on your behalf. You will be responsible for paying all GST/HST taxes related to our Service fees under this agreement or other written agreements.

Account Management

Only signing authorities can apply and manage a MetaVest business account. These individuals must also have a personal MetaVest account and completed identity verification.

Payment Processing

MetaVest will act on your behalf to facilitate the processing of payments from MetaVest personal accounts that are purchasing your goods or services. MetaVest business accounts do not normally maintain an account balance. Our Services typically include scheduled EFT transfers directly to your Canadian bank account. To protect the integrity and safety of our platform or when we receive claims of theft, fraud, or misleading business practice against your business account, we at our sole discretion may delay EFT transfers or take additional measures to protect Personal account users or other parties.

ALL ACCOUNTS

Your Additional Obligations

You must register an account for our Services using accurate information, provide your active mobile phone number, and if you change it, promptly update your phone number in your MetaVest profile. You agree to receive SMS messages from us in order to register for our Services.

You are responsible for keeping your device and your MetaVest account safe and secure, and you must notify us when you identify any unauthorized use or security breach of your account or our Services.

Our services may allow you to access, use, or interact with third-party products or services. When you use third-party services through our platform, their own terms and privacy policies will govern your use of those services.

You will provide us with the phone numbers of MetaVest users and other contacts in your mobile address book, including both users of our Services and your other contacts.

All payments to personal or business accounts on the MetaVest platform are final and are non-reversible, regardless of whether you sent a payment in error or initiated a payment resulting in fraud loss.

You agree that we shall incur no liability if we are unable to complete any transaction because of:

  • malfunction of the Services due to circumstances beyond our control or due to circumstances that you were already aware of at the time you initiated your Payment Instruction;
  • inaccurate or insufficient Payment Instructions;
  • failure of the Recipient to claim a Payment; or
  • either you or the Recipient does not provide us with any information that we request, or we are unable to verify your identity or the identity of the Recipient to our satisfaction.

Services Limited to Payment Provider

We offer payment services only, which are not regulated by the Office of the Superintendent of Financial Institutions. Your MetaVest account and any account balance is not a financial account or deposit or another account subject to or benefiting from the Bank Act or The Canada Deposit Insurance Corporation Act. MetaVest does not:

  • Provide you with a financial account;
  • Act as an escrow agent or trustee;
  • Enter into a partnership, joint venture, contract or employment relationship with you;
  • Guarantee the identity of any user on our Platform;
  • Determine if you are liable for any taxes, duties, or levies;
  • Collect or pay taxes on your behalf.

Limitations of Use

You are responsible for all of your use of Services, activity on the Platform, and for your compliance with these Terms. Without limiting the generality of the foregoing, you agree that you will not:

  • Use the Platform other than as permitted by these Terms;
  • Send, store, publish, post, upload or otherwise transmit any information in violation of any laws, rules or regulations including those relating to and privacy, or in violation of any of your warranties, representations or obligations under these Terms;
  • License, sublicense, sell, resell, rent, lease, transfer, assign, distribute, time share or otherwise commercially exploit or make the Platform or our Services available to any third party;
  • Use the Platform to upload, collect, transmit, store, use or process any information or other data: (i) that you do not have the lawful right to copy, transmit, distribute, and display (ii) for which you do not have the consent or permission from the owner of any personal information contained therein; (iii) that is tortious, defamatory, obscene, or offensive; or (iv) that violates, or encourages any conduct that would violate, any applicable law or regulation or would give rise to civil or criminal liability;
  • Use the Platform to send, store, publish, post, upload or otherwise transmit any viruses, Trojan horses, worms, time bombs, corrupted files or other computer programming routines that are intended to damage, detrimentally interfere with, surreptitiously intercept or expropriate any systems, data, personal information or property of another;
  • Continue to use the Platform in a manner that interferes with or disrupts the integrity or performance of the Platform following a notice from MetaVest of such use;
  • Attempt to gain unauthorized access to the Platform or its related systems or networks or third party services;
  • Use or knowingly permit the use of any security testing tools in order to probe, scan or attempt to penetrate or ascertain the security of the Platform;
  • Use any data mining, robots or similar data gathering or extraction methods;
  • Access the Platform for the purpose of building a similar or competitive product or service or for the purpose of obtaining unauthorized access;
  • Use the Platform to do anything illegal; or
  • Copy, translate, create a derivative work of, reverse engineer, reverse assemble, disassemble, or decompile the Platform or any part thereof or otherwise attempt to discover any source code or modify the Platform, except as expressly provided for in these Terms.

MetaVest reserves the right to terminate, limit, or suspend User access to the Platform for any User breach of these restrictions or any other violation of any other term of these Terms or Service.

License

The Platform and Services and the information and materials contained therein (except for information and material provided by Users of the Services), are the property of MetaVest and its licensors, and are protected from unauthorized copying and dissemination by copyright law, trademark law, and other intellectual property laws. Subject to these Terms of Service, we grant you a non-transferable, non-exclusive, license to use the Platform for your use, and not for the use of any other person or individual. The Platform is licensed to you and not sold. Nothing in the Terms of Service gives you a right to use the brand names, trademarks, logos, domain names, and other distinctive brand features we provide the Services under without our prior written consent. You shall not attempt to override or circumvent any of the usage rules or restrictions on the Platform. Any future release, update, or other addition to functionality of the Platform or Services shall be subject to the terms of these Terms of Service.

Your Use of Information

If you receive information about another MetaVest user account or receive content provided by MetaVest, you must keep the information confidential and only use it in connection with MetaVest Services. You may not disclose or distribute any information about MetaVest users to a third party or use the information for marketing purposes unless you receive that user’s consent to do so. You may not send unsolicited messages or payment requests or payments to a MetaVest user that you do not have a personal, social, or business relationship with.

Account Termination

MetaVest retains the right to terminate these Terms and/or your ability to access the Platform, and Services at any time without notice to you if any of the following occur: (i) material breaches or violations of these Terms of Service; (ii) request by law enforcement or other government agencies; (iii) discontinuance or material modification to the Platform or Services (or any part thereof); (iv) unexpected technical, security or legal issues or problems, and/or participation by you, directly or indirectly, in fraudulent or illegal activities (including, but not limited to falsification of your credentials).

Without limiting the generality of the foregoing, in the event the MetaVest or any of its affiliates incurs any losses or damages as a result of your unlawful or unauthorized use of the Platform or Services, MetaVest shall have the right to recovery efforts, upon notice to you.

Services On Account Termination

In the event of termination, MetaVest reserves the right to retain or delete any information in your Account as application by law or this Terms of Service or our Privacy Policy. You will have the opportunity to initiate a final deposit of any MetaVest account balance back to a Canadian bank account in your name under the condition that we are able to sufficiently verify your identity.

Choice of Law

These Terms and any action related thereto 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 conflicts of law principles. The Parties hereby irrevocably attorn to the exclusive personal jurisdiction and venue of the courts sitting in Toronto, Ontario.

English Language

It is the express wish of the parties that these Terms and all related documents be drawn up in English. C’est la volonté expresse des parties que la présente convention ainsi que les documents qui s’y rattachent soient rédigés en anglais.

Disclaimer of Warranty and Release

The MetaVest Platform and its Services are provided “as-is” and without any representation or warranty, whether express, implied, or statutory. We specifically disclaim any implied warranties of title, merchantability, security, or fitness for a particular purpose. We do not guarantee continuous, uninterrupted, or secure access to any part of the MetaVest Platform or Services. We will make reasonable efforts to ensure that all user requests and instructions are processed in a timely manner but we make no representations or warranties regarding the timeliness or accuracy of processing or responding as MetaVest services are dependent on many factors outside of our control, such as banking delays.

If you have a dispute with any MetaVest account user, you release us from any and all claims, demands, and damages (actual or collateral) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes. In entering into this release you expressly waive any protections that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favour at the time of agreeing to this release.

Indemnification

You shall indemnify, defend, and hold MetaVest and its subsidiaries, affiliates, officers, agents, service providers, directors, and employees, harmless from all claims, threats, actions, proceedings, demands, damages, losses, obligations, costs, and expenses including reasonable attorneys’ fees, made by any third party due to or arising from any violation by you of these terms of service, or any violation by you of any rights of another (including, without limitation, all intellectual property rights and rights of publicity, personality, or privacy), or any violation by you of any applicable laws rules, and regulations.

Enforcement of these Terms

If any part of these terms of service is unlawful, void, or unenforceable, that part shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions. The failure of MetaVest to exercise or enforce any right or provision under these terms of service shall not constitute a waiver of such right or provision. Any waiver of any right or provision by MetaVest must be in writing and shall only apply to the specific instance identified in such writing. No waiver by MetaVest of any provision of these terms of service shall be deemed to be a further or continuing waiver of such provision or any other provision. You agree that any cause of action that you may have arising out of or related to the Services or Platform or your use of the Services or Platform must commence within one (1) year after the cause of action accrues, otherwise, such cause of action shall be permanently barred.

If you have any questions about these Terms of Service please email: hello@metavest.io

Effective Date: December 15, 2021