Terms & Conditions
Terms and Conditions for Cypherwave Technology
1. Introduction
Pricing List
Terms and Conditions
Annexes
Terms of Use
Privacy Policy
2. Definitions
Account means the customer profile that must be created to access and use Cypherwave Technology’s services. It is used for managing transactions, utilizing features, and interacting with our platform.
Agreement refers to these Terms and Conditions, including any relevant annexes, Terms of Use, and Privacy Policy, collectively forming a legally binding contract between you and Cypherwave Technology.
Business Day means any day other than a Saturday, Sunday, or a public or bank holiday in Tbilisi, Georgia.
Confidential Information means any information designated as confidential or which should reasonably be treated as such, including business strategies, technical data, user details, and terms of this Agreement.
Customer (also referred to as “you” or “your”) means any individual or legal entity registered with Cypherwave Technology to use our services, subject to verification and compliance with this Agreement.
Customer Account refers to the electronic account(s) maintained with Cypherwave Technology under this Agreement, including any associated balances or service-specific accounts.
Customer Application Form is the form submitted by you to request services from Cypherwave Technology, whether digitally or in physical format.
Customer Liabilities refers to any actual or potential obligations you owe to us under this Agreement, including payments for service fees, penalties, chargebacks, or refunds.
Data Protection Legislation means all applicable laws and regulations governing the collection, use, and protection of personal data, including but not limited to the General Data Protection Regulation (GDPR).
Equipment includes all devices—hardware, software, or telecommunications tools—necessary to process payments or access services.
Fines are penalties or charges imposed on Cypherwave Technology by authorities or partners due to your actions, which are then passed on to you with appropriate documentation.
Force Majeure Event refers to events outside a party’s reasonable control, such as natural disasters, war, acts of terrorism, pandemics, or government-imposed restrictions.
GDPR stands for the EU General Data Protection Regulation 2016/679, a legal framework for data protection.
Cypherwave Technology is the trading name of Cypherwave Technology, registered under company number: 400408377, providing digital services including but not limited to virtual IBAN-based payment solutions.
Cypherwave Technology Losses include all substantiated damages or costs we incur as a result of your breach of the Agreement, including legal fees, unpaid charges, or fraud-related losses.
Cypherwave Technology Services (the “Services”) means the financial and digital services we provide under this Agreement, including but not limited to virtual IBAN transactions and settlement solutions.
Person means an individual, organization, company, trust, or any other legal or natural entity.
Personal Data refers to any data classified as personal under relevant Data Protection Legislation, capable of identifying an individual.
Payment Order means your instruction to us to initiate a fund transfer or payment using the services we provide.
Pricing List is the document that outlines the applicable charges for each of our services, forming part of this Agreement.
Privacy Policy refers to the document that outlines how we collect, store, and process personal data, available on the Cypherwave Technology Website.
Restricted Transactions List refers to a classification of prohibited or controlled transactions, defined in our acceptable use policy.
Rules refers to all operational rules set by payment networks, systems, or regulatory bodies that govern the use of our services.
Security means any assurance or collateral (e.g., deposits, guarantees) we may require to mitigate financial risk.
Security Incident refers to any unauthorized access, data breach, loss, or alteration of personal data that poses a risk to affected individuals.
Service Fees means the fees you owe us for using our services, as outlined in the Pricing List.
Terms & Conditions means this contractual document which governs your relationship with Cypherwave Technology and the use of your Account.
Transaction means any payment or transfer made using your Virtual IBAN or other services provided by us.
Transaction Data means the details required to process a Transaction, including sender and receiver information, amount, and date.
3. About Us and How to Contact Us
4. General
Pricing List
Terms and Conditions
Annexes
Terms of Use
Privacy Policy
5. Registration and Opening an Account
5.1. To access our Services, you must open an account by completing the application form available on our website.
5.2. Approval of your account is subject to verification procedures, compliance with applicable laws, and our internal risk and compliance policies.
5.4. You are required to submit all information we request, including personal or corporate data and documentation needed to meet Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations.
5.5. You grant us the right to audit your compliance with this Agreement, provided that reasonable prior notice is given.
5.6. You must cooperate fully during any audit. We may retain copies of records reviewed during the audit, subject to applicable confidentiality obligations.
5.7. Audits will generally be limited to once per calendar year unless otherwise agreed or required due to compliance concerns.
6. Use of the Services
6.1. Use of our Services begins after approval of your application and supporting documentation by Cypherwave Technology.
6.2. Funds are transferred via a Virtual IBAN provided by Cypherwave Technology, with the involvement of third-party service providers.
6.3. Your information may be shared with trusted third parties as necessary to deliver our Services, as outlined in our Privacy Policy.
6.4. Access to the Services is subject to the terms of this Agreement and the Pricing List.
6.5. Cypherwave Technology may assist with onboarding to third-party System Participants, but we do not guarantee the availability or quality of their services.
6.6. The availability of Services depends on the continued operation of our banking relationships, infrastructure partners, and insurance coverage. Interruptions to these may affect service access.
6.7. Credit, mortgage, or similar financial services may be offered through approved partners, subject to eligibility checks and appropriate security or collateral arrangements.
7. Notification of Material Changes
7.2. Failure to notify us of such changes may result in additional liabilities, penalties, or suspension of services.
7.3. The Client acknowledges and agrees that the VIBANs associated with their account are issued through RYVYL EU EAD. Furthermore, the Client understands, accepts, and explicitly consents that RYVYL EU EAD executes all incoming payments related to their VIBAN account. By accepting these Terms and Conditions, the Client grants their irrevocable consent for RYVYL EU EAD to handle, process, and execute all such payments related to their VIBAN account and further acknowledges that RYVYL EU EAD shall not be liable for any issues arising from the execution of such transactions, provided they are carried out in accordance with the operational procedures set by RYVYL EU EAD.
The Client agrees that all payment-related transactions conducted via the VIBAN account will be subject to the operational procedures, terms, and conditions of RYVYL EU EAD. These may include, but are not limited to, security protocols, compliance checks, transaction limits, and processing timelines as determined by RYVYL EU EAD. The Client further acknowledges that RYVYL EU EAD reserves the right to refuse or delay any transaction that does not meet its internal compliance requirements.
8. Security of Your Account
8.2. You must follow security best practices, including using strong passwords, securing your devices, and avoiding insecure communication methods.
8.3. You agree to cooperate with any security-related measures we implement, which may include providing legal guarantees or complying with additional verification processes.
9. Processing Payment Orders
9.2. Once a Payment Order is submitted, it is considered final and cannot be revoked.
9.3. We may request further details or documentation to process a Payment Order, or suspend it if we identify any risk or irregularity.
9.4. Any interest earned on funds held before execution of a Payment Order remains the property of Cypherwave Technology.
10. Fees and Taxes
10.2. We reserve the right to deduct any amounts you owe us directly from your account balance or to issue you an invoice.
10.3. Any overdue payments may accrue interest at a rate of 2% above the current base rate of the Bank of Georgia.
10.4. All Service Fees are exclusive of VAT. You are responsible for paying any applicable taxes.
10.5. You are liable for any taxes that arise in connection with payments or services used through your account.
10.6. If your account balance is insufficient to cover fees or taxes, we may invoice you and charge interest on any overdue amounts.
11. Limitation of Use
11.1. You agree not to misuse the services or systems provided by Cypherwave Technology. Prohibited actions include but are not limited to:
Violating any applicable laws or regulations
Introducing or distributing malicious software, viruses, or malware
Participating in fraudulent, deceptive, or illegal activities
Disrupting or attempting to interfere with our systems or initiating cyberattacks
12. Suspension of the Services
12.1. Cypherwave Technology may suspend or restrict your access to services if required for reasons of security, regulatory compliance, legal obligations, insolvency, or material changes in your status.
12.2. We will notify you of any suspension unless doing so is legally prohibited or would compromise an investigation.
12.3. Any suspension of services is intended to be temporary and services will be restored once the issue prompting the suspension is resolved.
13. Intellectual Property
13.1. Each party grants the other a limited license to use their trademarks, logos, or brand assets solely for the purposes outlined in this Agreement.
13.2. Cypherwave Technology may reference or display your name, trademarks, or logo in marketing or promotional materials unless otherwise agreed in writing.
13.3. Upon request, you must immediately cease using any intellectual property owned by Cypherwave Technology.
13.4. All content, code, and materials on the Cypherwave Technology website are owned or licensed by us. You may use this content solely for your own personal, non-commercial purposes.
14. Confidentiality and Data Protection
14.2. Disclosure of Confidential Information is permitted if required by applicable law, regulation, or competent governmental authority.
14.3. Cypherwave Technology may share your information with trusted third-party partners for the purpose of delivering services, provided such parties are subject to confidentiality obligations.
14.4. The duty of confidentiality does not apply to information that is already public, was known prior to disclosure, or is lawfully obtained from third parties.
14.5. Confidentiality obligations remain in force even after the termination of this Agreement.
14.6. Both parties agree to enter into a Data Processing Addendum (DPA) to ensure compliance with applicable Data Protection Legislation.
14.6.1. The DPA forms an integral part of this Agreement. In the event of a conflict between the DPA and this Agreement, the DPA shall prevail.
15. Changes to This Agreement
15.2. Notice of changes will be provided via email or postal mail. It is your responsibility to ensure your contact information is current.
15.3. Unless otherwise stated, changes will take effect 14 days after the notice is sent, unless you object within that period.
15.4. You have the right to object to the changes or to terminate the Agreement during the notice period.
15.5. In certain cases, such as updates required by law or those offering clear benefits or addressing urgent security issues, changes may take effect immediately.
16. Liability Limitation
16.2. You agree to indemnify and hold harmless Cypherwave Technology from any claims, damages, or liabilities arising from your use or misuse of the Services or breach of this Agreement.
16.3. Cypherwave Technology is not responsible for losses caused by hardware or software failures, internet outages, or third-party service disruptions.
16.4. Neither party will be held liable for failure or delay in fulfilling obligations due to events beyond their reasonable control (Force Majeure), provided prompt notice is given to the other party.
16.5. Each party agrees to defend, indemnify, and hold the other harmless from claims, losses, or expenses arising from acts of negligence, contract breaches, or intellectual property infringements.
17. Closing Your Account and Termination
17.2. Before closing your account, you must withdraw any remaining funds. After account closure, you may contact support for up to six years to retrieve any unclaimed funds or request account information.
17.3. Cypherwave Technology reserves the right to suspend or terminate your account if you violate this Agreement, for legal or regulatory reasons, or due to security concerns. Notice will be given where reasonably possible.
17.4. In cases of serious or repeated breaches, termination may be immediate and without prior notice.
17.5. Upon termination, both parties must cease the use of each other’s intellectual property and return or destroy any confidential information obtained during the course of the relationship.
17.6. Any outstanding obligations, such as unpaid balances or service fees, must be settled immediately upon termination. All licenses granted under this Agreement shall also terminate.
18. Other Legal Terms
18.1. Warranties: Each party represents that it has the lawful authority to enter into and perform its obligations under this Agreement and will do so in compliance with all applicable laws and regulations.
18.2. Assignment: You may not assign or transfer your rights or obligations under this Agreement without our prior written consent. Cypherwave Technology may assign its rights and obligations freely.
18.3. Enforcement: A delay or failure to enforce any part of this Agreement shall not be considered a waiver of rights.
18.4. Relationship: Nothing in this Agreement creates a partnership, agency, or joint venture. The relationship between the parties is that of independent contractors.
18.5. Non-solicitation: Both parties agree not to solicit or hire the other party’s employees or contractors during the term of this Agreement and for six months following its termination.
18.6. Notices: All notices must be provided in writing and may be sent by email, post, or courier. It is your responsibility to keep your contact details current.
18.7. Governing Law: This Agreement shall be governed by and interpreted under the laws of Georgia. Any disputes not resolved through good-faith negotiation will be subject to mediation or the competent courts of Georgia.
18.8. Waivers: Any waiver of rights must be made in writing. Failure to enforce a provision does not waive the right to enforce it later.
18.9. Severability: If any provision of this Agreement is deemed invalid or unenforceable, the remaining provisions shall remain in full force and effect.
18.10. Entire Agreement: This Agreement constitutes the complete and exclusive understanding between the parties and supersedes all prior agreements, representations, or communications.
18.11. Variation: No changes or amendments to this Agreement shall be valid unless made in writing and signed by both parties.
Annex I – Prohibited Business Model
You are not permitted to send or receive payments in connection with the following goods, services, or activities:
Alcohol sales
Fake or counterfeit identification documents, visas, or licenses
Goods or services that infringe upon intellectual property rights
File sharing or torrent-based services
Weapons, including firearms, knives, and ammunition
Materials that promote or incite violence, hatred, or racial discrimination
Pornographic or adult entertainment content
Prepaid or stored value cards not directly linked to specific transactions
Precious metals or gemstones
Illegal drugs, controlled substances, or anabolic steroids
Pyramid schemes, multi-level marketing (MLM), or high-yield investment programs
Satellite or cable TV descrambling services
Shell banks or anonymous financial institutions
Tobacco products, electronic cigarettes, or e-liquids
Timeshares or advance property reservation payments
Unlicensed gambling or betting operations
Unregistered charities or non-governmental organizations (NGOs)
Unregulated foreign exchange (Forex) brokerage services
Annex II – Data Addendum
1. General
1.1. The terms “processing”, “personal data”, “data controller”, “data processor”, and “data subject” shall have the meanings assigned to them under applicable Data Protection Legislation.
1.2. Cypherwave Technology may amend this Data Processing Addendum (DPA) without prior notice. All updates will be published on our official website and shall take effect upon posting.
2. Data Protection Principles
2.1. Our Services are designed with appropriate IT security and data protection considerations. We act as a data controller or data processor depending on the nature of the processing activity.
2.2. You acknowledge that you provide personal data under this Agreement, which we process for the purpose of delivering our Services.
2.3. The parties acknowledge their respective roles in processing personal data. We will act as a data processor on your behalf when processing on your instructions, and in some instances, we may act as a data controller.
Process personal data only in accordance with your documented instructions;
Implement appropriate technical and organizational security measures;
Assist in responding to data subject access requests;
Return or securely delete personal data upon termination of this Agreement, where appropriate.
2.6. Both parties shall ensure that personal data is processed lawfully and will collaborate to ensure compliance with applicable Data Protection Legislation.
2.7. You are responsible for ensuring that data subjects are informed of their rights and that all necessary notices and consents are obtained prior to data processing.
2.8. Upon request, you will provide evidence of compliance with the requirements of this DPA and applicable laws.
3. Processing Details
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Subject matter: The processing of personal data is carried out to perform payment services, initiate Payment Orders, and meet Anti-Money Laundering (AML) and other regulatory compliance requirements.
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Duration: Personal data will be processed throughout the term of the Agreement, and retained thereafter only as required by applicable laws.
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Nature and purpose: To support the execution of payment transactions and related operations, including risk, security, and compliance activities.
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Type of data: Information processed may include but is not limited to identification data (name, ID number, passport), contact details (email, address), financial information (account number, IBAN, transaction history), and other compliance-related data.
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Data subjects: Individuals whose data may be processed include customers, users, their representatives, and transaction beneficiaries.
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Return and destruction: Data will be retained in compliance with regulatory retention obligations. In the absence of a specific request, no predefined deletion process is applied.
