Vallis Payments Ltd

Last updated: 01.02.2026

Vallis Payments Ltd – Terms of Service | FINTRAC / MSB)

Effective Date: 01.02.2026

These Terms of Service (the “Terms” or “Agreement”) govern your access to and use of the website vallispayments.com (including any subdomains), any mobile applications, and any related products and services offered by Vallis Payments Ltd (collectively, the “Services”).

Vallis Payments Ltd is a company incorporated in British Columbia, Canada, with registered address 150-10451 Shelbridge Way, Richmond, BC V6X 2W8, Canada, company registration number BC1526121, and Money Services Business (MSB) registration number C10001567 (the “Company,” “Vallis Payments,” “we,” “us,” or “our”).

By accessing the Site, registering, opening an Account, or using any part of the Services, you agree to be bound by these Terms, our Privacy Policy, and our Fee Schedule (together, the “Agreement Documents”).

1. Definitions

In these Terms:

1.1 “Account” means a digital account made available to you for holding Funds and initiating Transactions via the Services.

1.2 “Applicable Law” includes all applicable statutes, regulations, regulatory guidance, rules, and binding requirements, including anti-money laundering and counter-terrorist financing laws and regulations applicable to the Company as an MSB.

1.3 “Bank” means any credit institution, financial institution, or banking partner used to hold Funds and/or process Transactions.

1.4 “Business Day” means a day other than Saturday, Sunday, or a public holiday in Canada.

1.5 “Cancelled Transaction” means a Transaction that is voided or not executed.

1.6 “Conversion Rate” means the foreign exchange rate applied by us (or our partners) to convert currencies.

1.7 “Funds” means monies or value held electronically in connection with the Services, subject to these Terms and Applicable Law.

1.8 “Fund Transfer” means the transfer of Funds to or from an Account, internally or externally.

1.9 “Prohibited Jurisdictions” has the meaning set out in Section 9.

1.10 “Prohibited Use” has the meaning set out in Section 11.

1.11 “Privacy Policy” means our privacy policy published on the Site, as amended from time to time.

1.12 “Remittance Fee” / “Fees” means the fees payable for Transactions and other Services as set out in the Fee Schedule.

1.13 “Reserve Account” / “Reserves” means a non-interest-bearing reserve balance required by us in accordance with Section 15.

1.14 “Services” means the account and payment services offered by Vallis Payments through the Site, including onboarding, compliance review, and processing of Transactions.

1.15 “Top-up” / “Funding” means adding Funds to an Account via permitted methods.

1.16 “Transaction” means any instruction, activity, payment, transfer, deposit, withdrawal, or other action in or relating to an Account.

1.17 “Transaction History” means the record of Transactions and activity on an Account.

1.18 “User Credentials” means login details, passwords, authentication tokens, and security methods used to access the Services.

2. Agreement Documents and Acceptance

2.1 Formation. These Terms form a binding agreement between you and the Company once you (a) access the Site, (b) register or submit onboarding information, (c) open an Account, or (d) use any Services.

2.2 Incorporated Documents. The Privacy Policy and Fee Schedule are incorporated by reference and form part of this Agreement.

2.3 Supplemental Documentation. Depending on your profile and risk assessment, we may require additional documentation and acknowledgements, including (without limitation) onboarding forms, source of funds/wealth declarations, beneficial ownership declarations, and approved communications forms. These documents form part of the Agreement.

2.4 Refusal to Agree. If you do not agree to any part of this Agreement, you must not use the Site or Services.

2.5 Amendments. We may amend these Terms at any time by posting an updated version on the Site. Changes take effect on posting unless a later effective date is stated. Continued use constitutes acceptance. Amendments do not apply retroactively to Transactions already executed unless required by Applicable Law or expressly agreed.

3. Eligibility and Authority

3.1 Age and Capacity. You must be at least 18 years old and have legal capacity to enter into this Agreement.

3.2 Entity Authority. If you act for a legal entity, you represent you have authority to bind that entity. We may require evidence of authority.

3.3 Accurate Information. You represent that all information you provide is true, accurate, complete, and not misleading, and you will promptly update it if it changes.

4. Description of Services; No Advice

4.1 Services. The Services may include opening and maintaining an Account, receiving Funds, initiating Transactions, currency conversion, and related compliance processes.

4.2 Availability. Services may be limited by destination, currency, partner capabilities, and legal restrictions. Not all features are available in all jurisdictions.

4.3 No Financial Advice. We do not provide investment, legal, tax, or financial advice. Any information we provide is for operational purposes only.

4.4 Your Use and Fraud Risk. You agree to use the Services only with persons or entities you know and trust. You are responsible for verifying recipients and instructions.

5. Account Opening, KYC, AML/ATF Compliance (FINTRAC / MSB)

5.1 Compliance Program. As an MSB, we maintain an AML/ATF compliance program and conduct client identification, verification, risk assessment, ongoing monitoring, recordkeeping, and reporting as required by Applicable Law.

5.2 Required Information. To register and open an Account, you must provide information and documents we request, which may include: identity documentation, corporate documents, beneficial ownership information, address verification, bank account details, transaction purpose, source of funds/wealth, and any other compliance information.

5.3 Verification Methods. We may verify identity and information using documentary and non-documentary methods, including third-party databases, screening tools, and video/phone verification.

5.4 Ongoing Due Diligence. We may request updated information or additional documentation at any time, including for enhanced due diligence (EDD), higher-risk profiles, or where required by our risk assessment. Until satisfactory completion, we may restrict, suspend, or refuse Transactions.

5.5 Screening. You consent to screening for sanctions, politically exposed persons (PEPs), adverse media, watchlists, and other risk indicators.

5.6 Monitoring and Reporting. You acknowledge that we may monitor Accounts and Transactions and may be required to file reports with competent authorities (including FINTRAC or other regulators) and to respond to lawful information requests. We are not liable for any action taken to comply with Applicable Law.

5.7 Refusal and Termination for Compliance Reasons. We may refuse to open an Account, refuse to process a Transaction, suspend access, or terminate the relationship at our sole discretion, including where required by Applicable Law or where our compliance obligations or risk appetite so require.

5.8 No Obligation to Disclose Reasons. To the extent permitted by law, we are not required to provide you details regarding compliance decisions, investigations, or reports.

6. Transactions; Acceptance; Bank Partner Approval

6.1 Transaction Instructions as Offer. Each Transaction instruction is an offer by you to request processing. We may accept or reject any instruction.

6.2 Partner and Bank Approval. Transactions are subject to our partners’ and/or Banks’ approval. A Transaction may be delayed, rejected, returned, recalled, or reversed by a Bank or intermediary.

6.3 Cut-Off Times and Processing. Processing times depend on cut-off times, corridors, holidays, intermediary banks, payment systems, compliance checks, and other operational factors.

6.4 Limits and Restrictions. We may impose limits (including per-transaction, daily, or monthly limits) and may apply additional controls based on destination, currency, or risk.

6.5 Change of Banking Partners. We may change banking partners without prior notice for operational, risk, or regulatory reasons. We will use reasonable efforts to communicate material changes where practicable.

6.6 Instruction Accuracy. You are solely responsible for accuracy of recipient details, amounts, and purpose. We are not responsible for losses due to incorrect instructions.

7. Service Availability; Force Majeure

7.1 No Guarantee. We do not guarantee uninterrupted availability of the Site or Services.

7.2 Suspension or Downtime. We may suspend or restrict Services for maintenance, security, compliance, partner issues, or operational reasons.

7.3 Force Majeure. We are not liable for delays or failures due to events beyond our reasonable control, including acts of God, government actions, natural disasters, war, civil unrest, labour disputes, telecommunications failures, cyber incidents, and partner or payment system outages.

8. Security of User Credentials

8.1 Your Responsibilities. You must keep User Credentials confidential, use strong passwords and security practices, and ensure devices are malware-free.

8.2 Unauthorised Access. You must notify us immediately of suspected compromise or unauthorised access.

8.3 Your Liability. You are responsible for activity under your Account using your User Credentials, except to the extent required otherwise by Applicable Law.

9. Prohibited Jurisdictions

9.1 Sanctions and High-Risk Restrictions. We do not provide Services to clients in jurisdictions subject to sanctions or where services are prohibited under Applicable Law or our internal policies.

9.2 United States and Quebec. The Services are not available to United States nationals/residents.

9.3 Other Restricted Locations. We may designate additional restricted or prohibited jurisdictions at our discretion, including where partner constraints, sanctions, or elevated risk apply.

9.4 Your Warranty. You represent you are not located in, a resident of, or acting on behalf of persons in a Prohibited Jurisdiction and will not use Services from such jurisdictions.

9.5 Enforcement. If we suspect a breach of this Section, we may immediately restrict or close Accounts and refuse or return Transactions.

10. Fees; Payment; Interest

10.1 Fees. You will pay applicable Fees as set out in the Fee Schedule (as amended from time to time). Fees may be deducted from your Account.

10.2 Insufficient Funds. If Fees cause or would cause a negative balance, you must promptly (and in any event no later than 7 Business Days after notice) fund your Account to cover amounts due.

10.3 Late Payment Interest. Overdue sums may accrue interest at 5% per annum above the base rate of Bank Of London, accruing daily until paid in full (before or after judgment).

10.4 Fee Changes. We may update Fees by publishing a revised Fee Schedule and/or notifying you through approved channels.

11. Prohibited Use; Freezing and Blocking

11.1 Prohibited Use. You must not use the Services for illegal activities, including fraud, money laundering, terrorist financing, sanctions evasion, trafficking, unlawful gambling, criminal proceeds, cybercrime, or any activity that breaches Applicable Law or our policies.

11.2 No Circumvention. You must not conceal location, use VPNs or similar tools to misrepresent jurisdiction, or attempt to circumvent controls (including opening multiple accounts to bypass limits).

11.3 Actions We May Take. If we suspect or determine Prohibited Use or non-compliance, we may, without notice where legally permitted, suspend access, freeze Funds, block or refuse Transactions, return Funds to the sender (less applicable fees), close Accounts, and/or report to authorities.

12. Cancellations and Refunds

12.1 Cancellation vs Refund. A cancellation occurs where an outgoing Transaction is stopped before execution. A refund generally applies where inbound Funds are returned to the originator.

12.2 Client-Initiated Cancellation. You may request cancellation only if a Transaction has not been executed. Requests must be sent from your registered email to support@vallispayments.com.

12.3 Company Cancellation. We may cancel non-fully-funded Transactions after 3 Business Days from initiation.

12.4 Fees on Cancellations. If you cancel more than three (3) Transactions within any 365-day period, Fees may be non-refundable and we may restrict Services.

12.5 Refund Method. Refunds are made to the original source account/payment method where possible. If not possible, we may request an alternative account owned by the same sender and supporting documentation.

12.6 Verification. We may require proof (including bank statements) for disputes about delivery or amounts.

13. Recall of Funds; Investigations; Indemnity

13.1 Recall Requests. If we receive a request to reverse or recall Funds from any bank, payment institution, regulator, counterparty, or other third party (the “Demanding Party”), this Section applies.

13.2 Freezing / Suspension. We may immediately freeze balances and/or suspend activity in your Account, in whole or in part.

13.3 Partner Actions. You acknowledge that our banking partners and intermediaries may debit, freeze, or reverse Funds and/or suspend access, with or without notice.

13.4 Settlement Period. You must promptly contact the Demanding Party and use best efforts to settle the recall within 3 Business Days of our notice.

13.5 Investigation. We may investigate the recall and cooperate with authorities and partners. Investigations may take at least 60 days or longer as required by law or partner processes. We may be legally restricted from sharing details.

13.6 Indemnity for Recalls. You will indemnify and hold us harmless for losses, damages, penalties, costs, and expenses (including legal fees) arising from recalls and investigations.

13.7 Negative Balance. If a recall creates a negative balance, you must promptly repay it. We may take collection and enforcement measures.

13.8 Recall Fees. We may charge a recall fee of EUR 300 for the first recall and EUR 600 for each subsequent recall, plus associated costs. These amounts may be amended from time to time.

14. Reserves / Reserve Account

14.1 Right to Require Reserves. We may require you to maintain a non-interest-bearing Reserve Account or minimum reserved balance at any time based on risk assessment.

14.2 Minimum Reserve Balance. You must maintain the required minimum reserve balance and replenish it if used for fees, losses, recalls, chargebacks, fines, penalties, or other liabilities.

14.3 Triggers. Reserves may be required due to changes in business, risk profile, complaint levels, recall risk, delivery time-frames, financial standing, insolvency risk, or other factors reasonably assessed by us.

15. Term and Termination

15.1 Term. These Terms commence on acceptance and continue until terminated.

15.2 Termination by You. You may terminate your Account by emailing us from your registered email. We will aim to complete closure within 3 working weeks, subject to compliance requirements and settlement of obligations.

15.3 Termination/Suspension by Us. We may terminate with one (1) month notice, or immediately (without notice where permitted) if we reasonably believe any of the following applies: non-payment; non-compliance; suspected illegal activity; inability to verify identity; sanctions/Prohibited Jurisdiction; partner constraints; legal requirement; excessive regulatory inquiries; attempts to circumvent controls; material breach; negative balance; or termination of our bank/partner arrangements.

15.4 Dormant Accounts. If there is no activity for 6 months, we may terminate after giving at least 1 month notice. A dormant maintenance fee may apply starting from the 7th month of inactivity, deducted monthly until reactivation or zero balance.

15.5 Effect of Termination. On termination, all sums due become immediately payable. Subject to Applicable Law and our compliance review, remaining balances will be returned to an account held by you within 30 Business Days, net of Fees and amounts due.

16. Intellectual Property

16.1 Ownership. All intellectual property rights in the Site and Services are owned by Vallis Payments or its licencors.

16.2 Limited Licence. We grant you a limited, non-exclusive, non-transferable, revocable licence to use the Services solely in accordance with these Terms.

16.3 Restrictions. You must not copy, modify, reverse engineer, create derivative works, or use the Services to build a competing product, or provide Services to third parties except as expressly permitted.

17. Confidentiality and Data Protection

17.1 Confidential Information. Each party will protect the other’s confidential information and disclose it only to personnel/agents who need to know for performance of this Agreement.

17.2 Data Protection. We process personal data in accordance with Applicable Law and our Privacy Policy. You consent to such processing for providing Services, including compliance checks and partner transfers as necessary.

17.3 Regulatory Disclosures. We may disclose confidential information where required by law, regulation, court order, or competent authority.

18. Indemnification

You will indemnify and hold harmless the Company and its affiliates, directors, officers, employees, agents, and assigns against all claims, losses, liabilities, damages, costs, and expenses (including legal fees) arising from: (a) your breach; (b) your violation of Applicable Law; (c) your misuse of Services; (d) fraud or misconduct by you or your representatives; or (e) third-party claims relating to your Transactions.

19. Non-Solicitation

For 12 months from commencement, you will not (without our written consent) solicit or entice away: (a) our employees involved in relevant services; or (b) our customers receiving relevant services. If you breach this Section, you will pay, on demand, a sum equal to one year’s basic salary (or annual fee) for the relevant individual plus recruitment costs.

20. Limitation of Liability

20.1 No Indirect Loss. We are not liable for indirect, special, incidental, or consequential losses, including loss of profits, business, goodwill, anticipated savings, or data.

20.2 Third-Party Systems. We are not liable for errors, delays, freezing, or failures caused by banks, intermediaries, payment systems, telecoms, or other third parties, except as required by Applicable Law.

20.3 Cap. Our total aggregate liability is capped at the total Fees paid by you to Vallis Payments during the preceding contract year, regardless of claim type.

20.4 Nothing Excludes Mandatory Rights. Nothing in these Terms limits liability where such limitation is prohibited by Applicable Law.

21. Complaints

21.1 How to Complain. You may submit complaints: – By email: dispute@vallispayments.com – By phone: +1 778 3001 233 (08:00–17:00 CET, Monday–Friday) – In writing: to the Complaint Handling Officer at the registered address.

21.2 What to Include. Provide your name, Account details, contact email, summary of complaint, and supporting information.

21.3 Handling. We will acknowledge receipt within 3 Business Days and aim to provide a resolution or final response within 21 Business Days, subject to complexity and lawful time frames.

21.4 External Reporting. You may report suspected fraud to the Canadian Anti-Fraud Centre. Your legal rights remain unaffected.

22. General

22.1 Entire Agreement. The Agreement Documents form the entire agreement and supersede prior discussions.

22.2 Assignment. Neither party may assign this Agreement without the other’s prior written consent, except to an affiliate or successor in connection with a merger, acquisition, or reorganisation.

22.3 Severability. If any provision is invalid, the remainder remains enforceable.

22.4 Audit / Information Rights. We may request information reasonably required to verify compliance with these Terms and Applicable Law. Where permitted, we may conduct audits or inspections, and you will cooperate.

22.5 Governing Law. These Terms are governed by the laws of Canada, and disputes are subject to the exclusive jurisdiction of the courts of Canada.

22.6 Headings. Headings are for convenience only.

22.7 Taxes. You are responsible for any taxes arising from your use of the Services.

23. Authorisations

By accepting these Terms, you authorise Vallis Payments to: – open, administer, and manage your Account and associated partner accounts; – process Transactions and currency exchange as instructed through approved channels; – collect and verify information for onboarding and compliance; – share necessary information with banking partners, service providers, and authorities as required by Applicable Law; – retain records as required by Applicable Law and internal policy.

24. Contact

For questions about these Terms or the Services, contact: support@vallispayments.com.

25. Electronic Communications and Signature

You agree that electronic communications (including via the Site and email) are legally binding and satisfy any writing or signature requirements to the extent permitted by Applicable Law.