Terms and Condition2022-01-12T12:40:28+00:00

General Terms and Conditions

Mistral Pay LTD



These General Terms and Conditions (hereinafter the “GTC”) are prepared in accordance with Laws of Malta and state the basic rights and obligations of the contractual relationship between Mistral Pay Ltd, hereinafter referred to as “MistralPay” and its individual Clients and are binding on all parties to this contract from the date of the first expression of the Client`s intentions to establish a contractual relationship with MistralPay. These GTC are part of any contractual relationship between MistralPay and the clients and in relation to the Contract, or other documents governing the terms of cooperation between the Client and MistralPay by general provisions.


Article I

Creation of Contract Relations

  1.  MistralPay provides payment services, and/or carries out other activities associated with providing payment services to clients under contract.  The contract is a legally binding instrument between the Client and MistralPay, created in accordance with section 2 of this article and the rights and obligations contained in the documents forming part of the contract, i.e. these GTC, or TC for a specific product, Price List, and eventually other documents, the text of which signifies the client`s consent by the creation of the contract.  All documents become a part of the contract as of the date of entry into the Contract.
  1. The contract between the Client and MistralPay can be completed in writing or electronically via mistralpay.com, or in other similar ways, by which there can be clearly identified positive expression of the client`s will to the contractual conditions of MistralPay.  The relationship starts with the signature of the legal documents by the Client and MistralPay, or by receipt of an electronic version of the contract, truthfully and fully completed by the Client on mistralpay.com.  The Client shall immediately be informed by MistralPay about the adoption of his proposal and the effectiveness and validity of the contract created electronically or in another similar manner, in a similar way as the contract was created.
  1.  The Client agrees to include all the necessary information at the creation of a contract always truthfully, completely, accurately and clearly, failing which, MistralPay is entitled to reject the contract or the contract may be deemed to be invalid.  With the approval of MistralPay, the contract can be amended and the situation ratified.
  1.  Upon entry into force and effect of the contract, these GTC or TC related to payment service which the client has undertaken become binding on all parties.  Individual parts of the contractual relationship, by their nature, remain valid until full settlement of the rights and obligations between the Client and MistralPay.
  1.  Setting up a payment account for the Client is part of the contract, unless the parties otherwise agree. MistralPay undertakes to keep the payment account throughout the contract period unless otherwise agreed. Details of the payment account are further specified in Part Four, Article I of these GTC.
  1.  During the term of validity of the contract, any Client is entitled to ask MistralPay for amendments of the contract, and/or expansion of the content and scope of provided payment services.  For the provision of certain payment services there must be an additional contract created, about which the client will be immediately informed.   If the client is interested in such additional services, the subject of the contract can be completed whenever the client requests it, in a manner prescribed for a particular type of contract and /or payment service (merchant account agreement).  Narrowing the scope of the contract is possible only in periods of notice set for the type of the payment service, unless the parties agree otherwise.
  1.  The client is obliged, in the event of changes of any information stated in the contract or contract draft, to inform MistralPay about the way the contract was concluded or in writing immediately after the amendment comes into force.  MistralPay is not responsible for any damage arising to the client from failure to notify him of the changes in the contract or the late notification, until the moment of the notice.  Information provided by the client in the creation of the contract is considered as binding.  MistralPay will immediately notify the Client about changes through mistralpay.com and e-mail. 

Article II

Termination of Contract Relations

  1. The contract between MistralPay and the Client shall terminate if any of the following conditions exist:

(a)  If all the parties agree to terminate the agreement;

(b)  Expiration of the validity of the contract, if concluded for a fixed period;

(c) Timely and full compliance with the terms and conditions of the contract concluded for a specific activity / specific amount of activities of the system of payments;

(d)  Termination by one of the parties in accordance with the contract;

(e)  Rescission of the contract on the basis of legal reasons;

(f)  Dissolution of MistralPay or the Client – legal entity without a legal successor or death of a natural person;

(g)  Expiration of the MistralPay license to provide payment services.

  1.  The Contract may be created for a fixed period (or labeled as “tying”) or for a specific activity / specific number of activities of the system of payment where this is directly expressed in the Contract.  Should there be no validity period stated in the contract, or should there be no specific number of activities of the system of payment for which it is created, the contract is considered to be created for an indefinite period.
  1.  The contract which is created for a fixed period may be extended by a declaration of will made by the Client on the date of termination at the latest, normally in the way it was created.  In the case the extension of the validity of a contract created for a fixed period is required, the contract shall be extended by the Client paying the fees due to MistralPay for the extended period not later than at the end of the last day of the initial validity of the contract.
  1. MistralPay is entitled to terminate any contract with the Client with immediate effect if:-

(a)  During the previous two years, there has been no movement on the payment account by the Client;

(b)  The Client has breached the contract or has not acted in accordance with the GTC or other TC, and has failed to rectify within a time limit which had been granted by MistralPay; unless such period is specifically mentioned by MistralPay as a particular breach of contractual obligations of the Client, there shall apply a 15-day correcting period;

(c)  The Client repeatedly or seriously violates the contractual conditions;

(d)  MistralPay has a good reason to believe that the client has acted contrary to the generally applicable law, morality, the principles of fair trade or Client relationships have been significantly changed and these do not guarantee compliance with the Contract;

  1.  The client is entitled to terminate any contract with MistralPay in writing with the effect on the date of its receipt by MistralPay if:

(a)  MistralPay repeatedly and /or grossly violates the Contract;

(b)  Disagrees with the amendments of these GTC or TC for the individual product;

(c)  MistralPay provides payment services in violation of the law.

  1. For the purposes of the Contract, under the flagrant violation of the Contract there may be regarded as a breach of terms and conditions, which is likely to cause injury to the other party, in every individual to the amount of at least 10,000 € or if it is so stated in the case of breach of specific contractual obligations in the Contract.
  1.  In the case of termination of the contractual relationship, the Client or his legal successor shall determine where the balances on the Client`s payment account shall be transferred.  If the Client does not determine what to do with the balance, MistralPay shall, after the mutual respect of liability, record this balance until the limitation of the right for its payment and does not pay any interest.  Payment of the balance on the client`s payment account shall be realized by MistralPay only if the total cost of payment of such a balance shall not exceed the actual balance.
  1. If within 2 months from the first request, the Client does not provide any bank account details complete of full KYC where the final balance may be transferred, MistralPay has the right to apply either a monthly charge of 5% as penalty, or a daily charge of 1000 EUR as penalty, at the sole discretion of MistralPay.
  1. If it is not otherwise agreed between the Client and MistralPay, and generally binding legal regulations do not stipulate otherwise, the Client and MistralPay are entitled at any time, unilaterally, without giving a reason, to terminate the contract, always by delivering written notice to the other side.  The notice period for termination without stating the cause is one month, if the contract was terminated by MistralPay; if the client terminates the contract the notice period is one month. The notice period begins upon receipt by the other Contracting Party.


For the purposes of these GTC and the legal relationship between MistralPay and Client, the following definitions and concepts with the following meaning will be used:

Authentication, Authorization and Identification Data (“AAID”):   A system of safety verification of requests, orders, instructions of Client or authorized person, allowing the identification of the person and the authentication and authorization of individual applications and instructions for communicating with MistralPay, in the framework of payment services.

Authorized Person:  A person empowered by the Client, in the manner required by MistralPay, and relevant safety regulations for disposal with the payment account, with the exception of the implementation of transfer orders(“Authorized Person of Category A”) and /or for disposal with the payment account, including the implementation of transfer orders on behalf of and to the account of the Client (“Authorized Person of Category B”) in accordance with identification by the specimen signature.

  • Category A (the account holder, statutory, supervisory authority):  A Person is of Category A when authorized by the client through specimen signatures for the creation, changes and repeal of relations connected to the individual payment account, for the award, modification of, or repeal of persons in specimen signatures for an individual payment account and upon request for bank information about the bank account or passbook.
  • Category B (clerk): A person is of Category B when authorized by a client through specimen signatures for the implementation of transfer orders and the individual requesting of account information necessary for the exercise of its authority (i.e. information on the name and account number, balance and transactions on the account and /or statements of account). 

Client: Individual who has entered into contractual relationship with MistralPay.  The object of this relationship is, will be, or may be, payment services or other similar services provided by MistralPay.  For purposes of legal relations between MistralPay and its Clients, MistralPay assigns individuals, groups of individuals, or groups of entrepreneurs into groups of legal persons. The term “account holder” GTC uses only for more accurate differentiation of the status of the Client. 

Confidential Information: All information, facts and realities contained in the contractual arrangements between MistralPay and Client and /or information, facts and realities about matters related to the Client and MistralPay and their business, with which the participants have become familiar, in connection with the creation of the contract or performance of various contractual conditions.  Includes information on payment transactions and the use of funds by means of payment and all other and any other information related to the activities of one of the parties that have some value and are thus likely to bring benefit or harm to MistralPay / Client, or are marked as confidential by the party providing them or their privileged nature is implied because of their nature or circumstances known to the other party. 

Contract:  A legal relationship binding MistralPay to provide payment services, or a single payment service, to the Client.  This legal relation is based on a legally binding act of the Client enacted in a written and /or electronic form. The subject of the contract is to provide payment services or opening of a payment account.  It may also provide other services, products, or execution of other deeds on the basis of an agreement of the contract parties in the Contract, special Terms and Conditions or other agreements. These GTC are also part of the contract as well as TC for an individual product /payment service which the client has chosen if they are issued, unless otherwise indicated in Price List. GTC and TC create a general overview of the contract while the arrangements contained in the specific contract are to be given precedence over the provisions of these GTC and TC. 

Cut-off Time:  The time when MistralPay takes or receives payment orders for the corresponding working day and makes the transaction.  Payment orders or transactions taken or made after the cut-off time are considered to be received the next day.  Cut-off time is posted on the MistralPay website. “Cut-off time for taking or receiving orders” is the time of the working day in which MistralPay monitors incoming foreign payment operations.  Payments received for the benefit of the Client before the cut-off time, MistralPay charges to the Client’s account on the same working day. “Cut-off time for payment orders” is the time of the working day in which MistralPay receives an order for execution of the payment transaction, which is provided on a transfer order if the Client specifies it on the same working day before the cut-off time expires. 

Electronic Means of Communication (“EC”):  Any means of electronic communication through which it is possible to conduct electronic communication with MistralPay; especially electronic communication networks like the Internet, fixed and mobile terrestrial networks used for transmission of signals between the Client and MistralPay, or other similar networks. 

Electronic Signature:  An electronic signature and an advanced electronic signature as specified in the Maltese Electronic Commerce Act. 

International Bank Account Number (IBAN):  A standard means for quoting account numbers across Europe; allows clear identification of the recipient and the automated processing of a payment.  The use of an IBAN and the receiving bank SWIFT address /BIC code (Bank Identifier Code) enables international / SEPA payment to be made automatically, ensuring the correct identification of receiver’s bank account. 

mistralpay.com:  The MistralPay security environment connected to the Internet, where the client, after registration and identification, can, in accordance with the terms of the contract, dispose his payment accounts; perform specific payment operations by implementation of transfer orders; obtain immediate information on the status of his payment account; and obtain information on services and products of MistralPay.  Mistralpay.com denotes the total electronic system of MistralPay, which is the base of communication between the Client and MistralPay by electronic means of communication (i.e. MistralPay hardware platform and MistralPay software platform, such as web page or other applications for communication via EC) by a separate security channel between MistralPay on one hand and a particular Client on the other (Client /User account). 

MistralPay:  The Company, Mistral Pay ltd., established at Central Business Center, Level 2, Suite 1, Mdina Road, Zebbug ZBG 9015, MALTA, registered in Malta no. C 63632 which is a Financial Institution licensed by the MFSA (Malta Financial Service Authority) to undertake business in terms of the Financial Institution Act. 

Passive Access Rights:  Rights granted by the account owner to a third party. The authorized user with passive access rights is entitled only to receive information regarding the account; i.e. view transactions on the account and the account balance but not to give instructions in respect to the account.  Passive access rights are granted on the basis of a unilateral legal act executed in written form delivered to MistralPay which may constitute part of the Agreement on the providing of payment services. 

Payment Account:  Account which is provided by MistralPay for the client for the purposes of provision of payment services.  Payment Account is not a current account.  Through the payment account there can be made any payment for transactions provided by MistralPay for its clients included in payment service.  Unless otherwise agreed, payment account is established only in Euros. 

Payment Service Provider:  (i) a bank, a branch of a foreign bank, (ii) a payment institution and /or an electronic money institution established according to the law; also a branch of a payment institution and/or electronic money institutions, (iii) another similar financial institution providing payment services. 

Payment Transaction (otherwise “Payment”):   Any transfer of funds between individual payment accounts (for the definition of a payment transaction a payment account, a bank account of the third person, or any other similar account of a payment service provider).  Transactions between MistralPay payment accounts are “their own transactions,” and transactions between an MistralPay payment account on the one hand and payment account of a different payment service provider on the other hand are “foreign payment operations”. 

Price List:  Overview of services and activities provided by MistralPay to the Client, together with the related fees for use of these services and implementation of various operations.  Price list is part of the GTC and the contract with the Client.  MistralPay is authorized to change and update the Price List at any time.  Changes in the Price List of services are valid and effective at the moment of publication of the revised price list on the website of MistralPay, or mistralpay.com interface, with notification of when the current Price List becomes effective, or sending an updated version of Price List to the Client. 

Specimen signature:  A method of identifying a person authorized to act on behalf of a client, including determination of the scope of its proceedings.  A person authorized to act on behalf of the Client may be in the specimen signature defined as being in the category A or B.  If a part of the specimen signature is a hand-signed graphical representation of the Client`s signature, i.e. his first and last name or, if only the last name it must include personal characteristics with elements of individuality. The specimen signature is used to identify the client in dispositions with the payment account or the completion of payment transactions. 

Supported Institution:  Payment service provider, which is in partnership with MistralPay for the purposes of cooperation in carrying out payment transactions.  A List of eligible institutions is published by MistralPay on their website. 

System of Payments:   All payment transactions and activities related to the working of the payment account.  Implementation of individual activities of the system of payments for another person (Client) based on the contractual relationship with that person is referred to as “Payment Services”. 

Terms and Conditions (hereinafter “TC”):  A set of rights and obligations of clients and MistralPay governing the use of various products and /or services in the system of payments provided by MistralPay; if MistralPay issues TC for the specific product, the rights and obligations which are not covered by the TC of the specific MistralPay product are governed by these GTC.  TC provisions shall prevail over the provisions of GTC. 

Transfer Order:  An unconditional and unequivocal instruction of the remitter (MistralPay Client) for implementation of payment operations or other disposition of funds on the client`s payment account, unless otherwise agreed.  A transfer order may be made once by the client or for periodic payments in accordance with the conditions given in mistralpay.com from the moment of their settings until they are repealed by the Client (hereinafter referred to as “Permanent Transfer Order”). A transfer order may also be for a number of payment operations (hereinafter referred to as “Bulk Transfer Order”). 

Unsupported Institution: Payment service provider, not in partnership with MistralPay, in relation to the execution of payment transactions. 

Working Day:  A day on which MistralPay and other institutions involved in the transfer of funds operate, usually Monday through Friday. Bank working days are not rest days (weekends, public and other holidays  and the days officially declared as non-working days in the Republic of Malta), or other days that MistralPay declares as a non-working days, unless otherwise indicated.


Article I 

Payment Account

  1. Establishment, management and disposition of the payment account

1.1. For the purpose of providing payment services, MistralPay establishes and manages client`s payment account /accounts.  Unless MistralPay and the Client otherwise agree, MistralPay establishes one payment account for the Client after the creation of the contract.  In special cases, MistralPay reserves the right not to establish a payment account for a particular person.  No person has any legal right to have a payment account set up.

1.2. Unless MistralPay and the Client otherwise agree, the payment accounts are held in the name and surname / trade name of the Client.  Every payment account has an allocated number, alphanumeric or e-mail, which is unique within MistralPay.

1.3. MistralPay is authorized to establish a minimum balance of the payment account, and the minimum value of a transfer for a particular type of payment transaction.  The Client is obliged to comply with the minimum value of the transfer as well as the minimum balance of the payment account, under which MistralPay will not execute payment.  Lowering of the minimum value set up for the specific payment transaction or overdraft of the minimum balance of the payment account may occur only with prior approval by MistralPay.

1.4. The account holder is entitled in full range, in terms of a contractual relationship with MistralPay, to dispense with the payment account and the funds in his payment account, particularly to set up and cancel the payment account, enter, change and cancel persons entitled to dispense with the payment account, require Client information, unless the specific disposition of the payment account is limited in his chosen package of payment services / in the particular payment service.  By abandoning the payment account the contract also terminates unless the parties agree otherwise.

1.5. The owner of the payment account may authorize other persons to carry out individual disposition authorities on his behalf regarding the payment account and /or funds on the payment account, but only by granting a proxy by creating a specimen signature, unless MistralPay agrees with another form.  The account holder is required to state how empowered persons are authorized and entitled to act (alone or jointly).  Any further restrictions on the procedures and signing are not obligatorily accepted by MistralPay.

1.6.  Unless generally binding regulation or these GTC state otherwise, a license to dispose of the payment account and /or funds in the payment account, pending the receipt of a written appeal of the warrant or any other document showing the facts that lead to the creation, modification or termination of authorization to dispose of the account and /or funds in the payment account, the changes to disposal authorizations are binding for MistralPay no later than the next business day after their delivery to MistralPay.

  1. Interest on funds in clients` accounts

2.1. MistralPay does not pay any interest on funds in the payment accounts unless otherwise agreed in writing.

  1. Fees

3.1 For all activities related to the working of payment accounts (such as providing information to Clients on matters related to the Client for the various actions required for the clearance items in the accounts, etc…) MistralPay charges fees pursuant to the current Price List of the services.  The Client undertakes the duty to pay fees under the current Price List valid on the date of the act for the activities for which MistralPay charges fees in the system of payments.  In the event that the Client has an account denominated in a currency for which there are no fees specified, MistralPay shall apply fees valid for any other account of the Client denominated in a different currency.  For the purpose of payment of fees MistralPay is justified to offset these claims against the funds in the payment accounts.  Individual information services related to the contract, GTC or the payment account are exempt from fees if this is stated in the provisions of these GTC or by law. 

  1. Providing information on the status of payments and payment accounts

4.1. The Client receives all information about the movements and the status on their accounts electronically, by means of the services of MistralPay.  mistralpay.com service grants the Client online access to the current balance in his payment account as well as to the list of all payment transactions.

4.2.  After each payment transaction of the Client, MistralPay shall make available all the data enabling the identification of the payment transaction made on mistralpay.com to the Client; namely: the amount of the payment transaction to be debited from the payment account or to be credited to the account; identification data of the recipient or payer; the amount of all fees for the payment transaction; the exchange rate used in the payment transaction by the provider payment service of payer or payee and the amount of the payment transaction after the conversion; the reference date of the crediting or debiting of the amount of the payment transaction from the payment account or the date of acceptance of the bank order or the date of credit card transaction.  MistralPay is not obliged to provide such information separately for each payment transaction made, unless the client specifically requests it; in this case MistralPay provides the required information electronically, via e-mail.

4.3. MistralPay does not provide account statements in paper form or on a physical medium, except when the Client requests so and pays the appropriate fee pursuant to the current Price List.

4.4. MistralPay will afford information, within the extent of paragraphs 4.1 to 4.3 of this article, to a third party if this third party was granted passive access rights in accord with these General Terms and Conditions.

  1.  Blocking of funds

5.1. MistralPay blocks the disposal of the funds in the payment account of the Client required for:

(a)  Enforcement of the decision or service of a garnishee order on a payment account in MistralPay ordered by the court, executors, tax authorities or other competent body;

(b)  Requirement to do so under the current law, the enforcement of the judicial or administrative authority;

(c)  An agreement between MistralPay and the Client.

5.2. The client is obliged to inform MistralPay clearly, in writing, that the funds in his account are excluded or are not subject to enforcement of the decision or execution, and these facts must be shown by the relevant documents.  Otherwise, MistralPay is not entitled to unblock the payment account and it is not responsible for damage possibly caused thereby.

5.3. MistralPay can block disposal of the funds in the payment account of the Client for the necessary time:

(a)  If MistralPay suspects that the funds in the account are intended to commit a criminal offense, come from criminal activity or involvement in criminal activity, or the conduct of the Client is not in accordance with generally binding legal regulations or these general terms and conditions, or there is imminent danger of causing damage to the Client or MistralPay;

(b)  For security reasons, if there is suspicion that an unauthorized payment operation was made;

(c)  When the Client is late in the performance of his contractual obligations;

(d)  A declaration of insolvency of the Client, start of the restructuring of Client, cancellation of the proposal for declaration of bankruptcy, due to lack of funds to pay the trustee in bankruptcy, Client`s entry into liquidation, or unduly increase of the risk of client’s solvency in the short term;

(e) For the purposes of amending the clearance.

Article II

Payment operations

  1. General provisions

1.1. On the basis of the Contract MistralPay makes payment transactions for the Client, generally in written form.

1.2. Payment transactions are carried out through the payment account of the Client unless otherwise agreed. The Client can agree with MistralPay based on a special contract at a single payment service and at realization of the single payment transaction.  In this case there is no payment account established for the Client.

1.3. The client can perform each of the payments under the transfer orders through mistralpay.com or any other way supported by MistralPay.  MistralPay is not responsible for incorrect data that has been submitted by the Client and is entitled to all fees under the Price List for services that result from the payment.

1.4. MistralPay handles payment orders made by the Client without undue delay, in the
cut-off times provided that at the time of the payment there is, in the payment account of the Client, sufficient financial backing to deduct the given amount.  Under sufficient financial backing in the event of a transfer order, there may be regarded such an amount of funds in the payment account, which is at least equal to the amount of the transfer order made by the Client, including all applicable fees related to the relevant payment order according to the Price List of services.  If financial backing is not sufficient MistralPay shall not realize the payment order.

1.5. If the client submits a number of transfer orders with the same term or permanent exemption or transfer order and there is not sufficient backing in the payment account when these are payable, none of the given transfer orders will become effective.

1.6. MistralPay has the right to refuse to carry out the transfer order, if there is reasonable suspicion that the execution of such an order is contrary to the generally binding legal regulations and /or morality, or if the transfer order is ambiguous, unintelligible or uncertain; however, MistralPay shall immediately inform the Client of such conditions.

1.7. In the case of carrying out payment transactions for the benefit of the payment account of the Client from the current, or any other account, from a different payment services provider, the number of the payment account of the Client is referred to as the variable symbol of the payment. A report to the recipient of this, or any other similar means to enable the identification of the payment as the payment in the account the particular Client shall be provided.

1.8. MistralPay is entitled not to credit funds in favour of the client from the payment transaction, if the data on is are not sufficiently clear, understandable and precise in accordance with legislation, and in particular, if there is a suspicion with the specific payment transactions to legalize money laundering activities, fund terrorism or commit any other crime.

1.9. MistralPay is entitled to receive funds transferred in favour of the Client`s payment account and credit these to his account.  The Client agrees that if, after the cancellation of the payment account and /or termination of the relationship between the Client and MistralPay, there will be in favour of the payment account of the Client that has withdrawn any funds remitted, MistralPay has the right to credit such funds to a different payment account of the Client, if such an account has been established or remitted.  Funds will be returned to the sender after deducting fees associated with such a payment transaction according to the current Price List.

1.10. If the payment order contains information or instructions on which it is not possible to make the payment transaction, or maintain the instruction required by the Client, or if MistralPay fails to settle the payment for any other reason, it will credit back to the payment account of the Client, or shall prompt him to enter new instructions or supplement them.

1.11. If the payment order of the Client contains incorrect information (bank connection or other), resulting in transferring back of the funds by a different payment service provider of the recipient, MistralPay shall credit the funds back to the payment account of the Client, after deducting applicable charges related to the payment.

1.12. Compensations received by MistralPay before cut-off time for receipt to the benefit of the Client, shall be credited to Client’s payment account by the end of the working day on which they were received.  MistralPay will allow the Client to dispose of funds immediately after they are credited to his account.

1.13. MistralPay reserves the right not to credit the money on the client’s payment account, if there is a reasonable suspicion that the specific payment transaction should not have been made in favour of the Client.  In this case, MistralPay undertakes to immediately contact the Client to notify him of this action and call him to show justification of the received payments.  MistralPay is not entitled to unreasonably detain or block transactions made in favour of the client`s account. 

  1. Foreign payment transactions on the account of the recipient in the supported institution

2.1. Each electronic payment order must contain the following information:

  • Beneficiary Account Number (for payments abroad IBAN)
  • BIC / SWIFT code of the payee’s payment service provider
  • Account Name
  • The amount of the payment transaction

In a transfer order the Client may also enter the constant, variable, specific symbol or other particular description for the payment if the realized payment allows this.  If any of the above information is missing or is obviously wrong, MistralPay has the right do not process such a transfer order.

2.2. MistralPay implements payment transactions based on the transfer order of the Client within one business day from placing the order by the Client if the account of the recipient is in the supported institution.  The stated period is considered to be preserved if the payment transaction is completed by the cut-off time of the particular work day on which it is to be made.

2.3. If a Client’s payment transaction in favour of the recipient’s account is a supported institution for execution of payment transactions, it is considered as sending money from the payment account of the Client to the recipient`s account in the supported institution. 

  1. Foreign payment transactions on the account of the recipient in an unsupported institution 

3.1. Each electronic payment order must contain the following information:

  • Beneficiary Account Number (for payments abroad IBAN)
  • BIC / SWIFT code of the payee’s payment service provider
  • Account Name
  • The amount of the payment transaction

In the transfer order the client may enter constant, variable, specific symbols or any other particular description of payment if the realized payment allows it.  If any of the above information is missing or obviously wrong, MistralPay has the right do not process such a transfer order.

3.2. MistralPay will implement the payment transaction based on the transfer order of the Client within two banking business days from placing the order by the Client if the recipient’s account is in an unsupported institution. The stated period is considered to be preserved if the payment transaction is completed by the cut-off time of the working day on which it is to be made.

3.3. In the case of a payment transaction of the Client in favour of the recipient`s account in an unsupported institution, sending of the funds from the Client`s payment account in MistralPay to the specific clearing house or to the recipient`s provider of payment services is considered to be an execution of the payment transaction. 

  1. Custom payment transactions

4.1. Each electronic payment order must contain the following information:

  • Beneficiary’s Account Number (For payments abroad IBAN), if Beneficiary is another MistralPay Client
  • BIC / SWIFT code of Beneficiary’s payment service provider
  • Account Name
  • Amount of the payment transaction or operations

In the transfer order the Client may enter a constant symbol or any other particular description of payment, if the realized payment allows it.  If any of the above information is missing or obviously wrong, MistralPay has the right do not process such a transfer order.

4.2. MistralPay’s custom payment transactions are processed automatically as soon as possible after their award, even outside the working day.

4.3. The Client can enter a payment order at any time, even outside the working day.

4.4. As the processing of the custom payment in the MistralPay system, it is considered the write-off of the payment from the sender’s account and its accreditation to the beneficiary`s payment account.

  1. E-mail Payment Transaction

5.1. Each electronic payment order must contain the following information:

  • Beneficiary’s E-mail, if Beneficiary is another MistralPay Client.
  • Beneficiary’s E-mail, if Beneficiary is not a MistralPay customer.
  • Beneficiary will immediately receive an email explaining that he has received a payment from Client through MistralPay. If Beneficiary is not a MistralPay Client, he simply signs up for his own account to receive Client payment and request withdrawal via bank wire. Existing MistralPay Clients will just log in to their payment account.
  • 1.1. Amount of the payment transaction or operations.

In the transfer order the Client may enter a constant symbol or any other particular description of payment, if the realized payment allows it.  If any of the above information is missing or obviously wrong, MistralPay has the right not to process such a transfer order.

5.2  MistralPay e-mail payment transactions are processed automatically.

5.3. The Client can enter a payment order at any time, even outside the working days.

5.4. As the processing of the e-mail payment in the MistralPay system, it is considered the write-off of the payment from the sender’s account and its accreditation to the beneficiary`s payment account.

  1. Permanent payment orders 

6.1. Client can set up regular payments with the same amount in mistralpay.com, if MistralPay provides such a service. These payments will be processed as all other payment transactions made on the basis of transfer orders of the Client in accordance with the terms applicable to the particular type of payment transaction.

6.2. If the due date is out of the business day, the payment transaction will be done as of the previous working day.

6.3. When the permanent payment order was not carried out due to lack of financial backing on the payment account of the Client at the time of settlement, MistralPay will not re-make the specific partial payment of the permanent payment order. In the case there is not sufficient financial backing on the Client`s payment account to carry out more than three sub-or at least two consecutive payments of a permanent payment order, this particular payment order shall be terminated by MistralPay and future transfer orders under this permanent payment order will not be processed.

6.4. The Client can cancel the permanent order at any time by the use of mistralpay.com Service, without giving any reason.  Cancellation of the permanent order becomes valid and effective immediately, and repeals all future transfer orders arising from these particular permanent payment orders. 

  1. Reverse clearing

7.1. MistralPay is responsible for the proper settlement of the payment transaction when the client meets all conditions given for the execution of the particular transfer order and implementation of the payment transaction.

7.2. When, at the implementation of individual payment transactions, it becomes clear that there was an incorrect clearing of the payment operations, MistralPay shall perform corrective clearing on its own initiative, at the instigation of a different payment service provider or the instigation of the Client, without undue delay after being informed about such a case.

7.3. In the case that, due to the incoming payment, MistralPay will credit funds in favour of the Client and will be later contacted by the provider of the payment services of the sender with the request for reimbursement, MistralPay shall contact the Client with this requirement.  If the Client agrees to return funds, these funds will be deducted in full from the Client`s payment account.  If the Client cannot or does not consent to return the money, the payment service provider shall be contacted and informed of the rejection of their request.  MistralPay will return funds credited to the account of the Client to the provider of the payment of the sender or any other institution or authority, if it is required to do so pursuant to a final court decision, state power body, public authority, or applicable law.  Any exchange differences are in this case against the person who committed the incorrect transfer order or defective clearing.

7.4.  If the Client has, as a result of their own error in the payment order, sent the funds to a different account than the one sought, if the Client identifies the payment as otherwise he intended, he has no right for reverse clearing or any other compensation of the damage from MistralPay.  However, the Client has the right to ask MistralPay for synergy in mediating recovery of funds or disclosure of the identity of the recipient, or correction of the data in the payment order. MistralPay shall provide such synergies to the Clients within its means and capabilities. 

  1. Liability of payment service provider

8.1. If the payment order is entered by the payer, payer’s payment service provider is responsible to the payer for correct execution of the payment transaction.  If the payer’s provider of payment services demonstrates to the payer or to the provider of the recipient’s payment service, that the amount of the payment transaction was delivered to the recipient’s payment service provider, the recipient’s payment service provider is responsible to the recipient for the failure or defective execution of the payment transaction.

8.2. If the payer’s payment service provider is responsible for the failure or defective execution of the payment transaction the payment service provider is required to promptly reimburse the payer with the amount not taken, or incorrectly executed payment transaction and, if possible, achieve the status in the payment account, which would correspond to its status as if the erroneous payment transaction had never occurred.

8.3. If the payee’s payment service provider is responsible for the non-execution, or defective execution, of the payment transaction, that payee is required to enable the beneficiary to dispose of the amount of the payment transaction without delay, and, if possible, to restore the amount of the payment transaction to the payment beneficiary’s account.

8.4. The Client is entitled to require amendment from MistralPay if he has notified MistralPay immediately about an unauthorized or incorrect payment operation, as late as 13 months from the date when the payment (outgoing or incoming) was executed. The financial services provider is obligated to return the sum in the amount of the unauthorized payment operation immediately to the payer´s account, unless the law states otherwise, and if it is possible, to return to the balance on the account before the processing of the unauthorized payment operation.

8.5. If there is an incorrectly made or omission of a payment transaction according to paragraphs 8.1 through 8.3, the payer`s payment service provider, at the request of the payer, regardless of his responsibility, without delay shall make reasonable effort to find the omitted or incorrectly executed payment transaction and shall notify the payer of the outcome of such efforts.

8.6. If the payment order is submitted by the recipient, or such an order is submitted by the beneficiary, the recipient payment service provider of the recipient is responsible to the recipient for ensuring the submission of a payment order, to the payer’s payment service provider within the period given in Part Three, Article II of these GTC; such a payment service provider of the recipient is required to promptly submit the payment order to the payment service provider of the payer.

8.7. If there is an outstanding or erroneously performed payment operation, which is not the responsibility of the recipient’s payment service provider under point 8.5, the payer’s payment service provider is responsible to the payer; the payer’s payment service provider shall promptly reimburse the payer with the amount of the omitted or erroneously executed payment operation, and achieve a status of the payment account, which would correspond with it as if the omitted or erroneous operation had never occurred.

8.8. If there is an outstanding payment, or erroneously performed payment operation under point 8.5, the recipient’s payment service provider shall, at the recipient’s request and without prejudice to his responsibility, and without delay, make every reasonable effort to find the omitted or incorrectly executed payment transaction, and communicate the result of this effort to the beneficiary.

  1. Dormant account charges

A dormant account charge is required to compensate MistralPay for the costs incurred in maintaining dormant accounts.

If the Client account stays inactive for 12 consecutive months and has a positive balance, a monthly charge will apply, referred as dormant account charge, as from the date of the last transaction in the payment account.

9.1. If the Client account has a balance of 10€ or less and it is inactive for 12 consecutive months, the payment account will be immediately closed and charge a fee of 10€ limited to the account balance.

9.2. If the Client account has a balance higher than 10€ and it is inactive for 12 consecutive months, a monthly fee of 2% of the Client account balance will be applied limited to the balance available.

  1. Conversion fee

If a transaction requires a currency conversion, MistralPay will use a retail exchange rate (the wholesale cost of foreign currency as denominated by an outside financial institution) plus a conversion service charge of 4.5%.

  1. Balance fee

Due to the nature of the payment account, the Client should use it only to make or receive payment without leave any positive balance unless needed for the daily operations. Consequently, for each payment account with a balance equal to or greater than EUR 100000, MistralPay will apply a monthly fee of 1%.


Article III

Electronic payment services

  1.  Authentication, authorization, and identification of persons (AAID)

1.1. After signing of the Contract on the account opening, the client is granted access into the safety electronic area of mistralpay.com without further delay.  MistralPay is obliged to give all safety accesses/passwords, including a special identifier, unique to the Client.  The access information may be used by the Client after he fulfills the safety requirements when logging in to his account, making payments and using other payment services provided by MistralPay.

1.2. Client or an authorized person uses for his identification or authentication when communicating with MistralPay through EC, performing legal acts through EC as well as the authorization of the orders delivered through EC; authentication, authorization and identification data (AAID), which MistralPay allocates him based on the Contract. MistralPay is required to identify the Client and the Authorized Person solely by AAID.

1.3. Client or Authorized Person acknowledges that the AAID are assigned to him exclusively for communication with MistralPay, and for its safe and unambiguous identification of communications through EC with MistralPay.  AAID are issued solely for the personal use of a particular natural person and therefore are not transferable and non-assignable to another person. The Client / Authorized Person are required to prevent any publication or disclosure of AAID.  Acts received by MistralPay containing AAID, provided by MistralPay, are considered acts of the Client; in communication with MistralPay, AAID are considered equivalent to an electronic signature of the Client.

1.4. The following data represent AAID:

(a)  PID:  static alphanumeric string

(b)  Password:  static alphanumeric string

(c)  Security ID:  token that generates one-time password (TAN – code)

All these data are sent or forwarded to the client automatically, within 21 days of the creation of the Contract.  AAID validity is time unlimited, but can be cancelled / modified by MistralPay, of which the client will be informed in advance.

1.5. Client / Authorized person is obliged to use AAID in accordance with GTC, the contract and technical specifications of AAID. Technical specifications of AAID are published in mistralpay.com.

1.6. In case of the Client entering the wrong password (AAID password is referred to in point 3 of this article) in mistralpay.com several times, the Client`s Security Account in mistralpay.com shall be blocked.  Only the client is eligible to sublimit a request to unblock his account in mistralpay.com after careful verification by MistralPay that there was no misuse of the security account of the Client. Unlocking the Security account in mistralpay.com, or issuing new AAID can be charged by MistralPay separately.  The Client may at any time ask for additional information on the usage and functions of mistralpay.com.

1.7. The specification of selected AAID, their method of activation, their way of expiration, the way of substitution of one type of AAID over other types of AAID, limits and other restrictions on the use of individual AAUD are listed in mistralpay.com and are binding for the client and the Authorized Person.  MistralPay has the right to unilaterally change the specification, method of AAID activation, method of expiration of AAID, method of substitution of one type of AAID with other types of AAID, and limits and other restrictions related to the usage of AAID.

1.8. Authorized Person / Client are obliged to comply with all safety instructions, directions and regulations relating to the implementation of individual payment orders and communication through mistralpay.com.  MistralPay makes only instructions and orders in which there are properly and fully provided AAID.  If the authorized person and/or the Client believe that AAID Authorized persons might be misusing or abusing AAID, they are obliged to immediately contact MistralPay by phone on the phone number published in the mistralpay.com for that purpose; otherwise, MistralPay is not responsible for damages.

1.9. In publishing certain AAID, MistralPay has the right to require from the Authorized Person / Client security for their return in good working order in the amount provided in the valid current Price List of services.  In case that such security was provided, MistralPay is obliged to return it immediately after receiving particular AAID in the state in which they were delivered, taking normal wear into account. 

  1.  Authorized person

2.1. An authorized person with AAID has full rights to dispose of funds in the accounts to which through AAID he has access from the moment of establishment of the specimen signature (according particular category).

2.2. Any act of the Authorized Person (excluding the establishment of the specimen signature, when becoming the Authorized person) is considered as an act of the Client until the particular specimen signature for the Authorized Person is sent by Client. MistralPay is not responsible for any damage caused to the Client by the acts of an Authorized Person using AAID by the Authorized Person while the particular person is properly set as an Authorized Person in accordance with these GTC and the specimen signature has not been removed by the Client, or the Client has not blocked AAID.

2.3. The person who has received AAID, i.e. the authorized person, is responsible for the received AAID.  Upon the responsibility of the Authorized Person to MistralPay for the received or misused AAID, there will be reasonable use provisions on responsibility for damage according to Part Four, Article IV, of these GTC.

2.4. MistralPay will issue AAID solely to an authorized person.  If the Client wishes AAID to be issued to a person who is not authorized, that person must first be authorized by establishment of a specimen signature and determining the appropriate category of disposition of the payment account and funds.

2.5. The Client may at any time withdraw the specimen signature of the Authorized Person in mistralpay.com using the method determined for this.  As of that moment, all entitlements of the authorized person as an Authorized Person in relation to the payment account of the Client and other payment services are terminated.

  1. Cancellation, Termination and Blocking of AAID

3.1. Request for blocking AAID may be made by an Authorized Person or the Client.

3.2. Authorized Person of Category B may require only blocking of their AAID.

3.3. Authorized Person of Category A may apply for blocking their AAID and also AAID of all other persons of Category A and Category B, who have been such defined by the Client through specimen signature.

3.4. Only the Client may require new AAID for an authorized person.

3.5. After an agreement AAID can be taken by the client or an authorized person at the headquarters of MistralPay, or they can be mailed to the address of the Client.

3.6. The Client may, at any time in the manner specified by MistralPay, block AAID of authorized persons or remove the specimen signature of authorized persons.  Removing the specimen signature of the authorized persons by the Client will result in blocking AAID of the Authorized Person. 

  1.  Services provided by MistralPay.

4.1. After registration of the Client in mistralpay.com, MistralPay provides the Client with the following services through MistralPay Online:

  1. a)      Creation of contract, its expansion, or changes in contractual terms;
  2. b)      Verification of the available balance on the client’s payment account;
  3. c)       List of all payment transactions on the client’s payment account;
  4. d)      Entering transfer orders;
  5. e)      Getting information about payment account or other payment services; and
  6. f)       Setting / removing specimen signatures for authorized persons

The services referred to in points b) and d) are available exclusively through mistralpay.com.

4.2. The Client agrees, after the creation of the contract with MistralPay, to register in mistralpay.com via the Internet on MistralPay webpage.  The interface of mistralpay.com is available to the Client with all services that the client is entitled to after a successful registration.  The client may ask MistralPay to register him in mistralpay.com but is committed to provide to MistralPay the required synergies to create an account in mistralpay.com.

4.3. The client has a possibility of any communication regarding the Contract, the GTC, and payment services through mistralpay.com if such communication is technically possible in mistralpay.com. 


Article I


  1. MistralPay and the client are aware that at the fulfillment of payment services they may provide information to each other, with which one of the contracting parties is interested in the other party not providing them to a third party or using them for their own benefit,confidential information.  The party receiving suchconfidential information commits a minimum level of professional care to ensure the confidentiality of such confidential information before any third party and refrains from their use for their own benefit.  Their commitment contained in this Article shall not expire even after the termination of the contract.
  2.  The parties agree thatconfidential Informationwithout the prior consent of the other contractual party will not be used for themselves and /or any third parties, nor they will be provided to third parties, nor allow any third parties to access confidential information unless these GTC or the contract states otherwise.
  3.  Client agrees that MistralPay provides confidential information to the extent necessary to the following persons:

(a) Persons having an ownership interest in MistralPay;

(b) Persons in which, the person according to letter A, has an ownership interest;

(c) Persons in which MistralPay has equity participation;

(d) Persons in which there is the equity participation of the person referred to in letter (c) of this provision;

(e) Persons in which there is the equity participation of the person referred to in letters (b) or (d) of this provision;

(f) Persons with whom MistralPay cooperates to recover debts, or who were given authorization to recover its claims (or some parts) against the client;

(g) Persons to whom MistralPay transmits or intends to assign its claim or its part, against the Client, or persons to whom MistralPay transfers or intends its right (its part) against the Client;

(h) Persons who take on, or intend to take on, client`s debt or its part against MistralPay, or persons to accede or intend to commit to Client’s claim or its part against MistralPay;

(i) Persons working with MistralPay in performance and exercise of their activities or those for whom it performs mediatory activities (for example, card associations, other banks or paying institutions);

(j) Recipient(s) of payment transactions (provider of the payment service) made on the basis of the transfer order of the Client; and

(k) Any other person, in case there exists an overriding interest, out of which there may appear damage to the Client or MistralPay 

Article II


  1.  Communication between the Client and MistralPay will be done primarily through mistralpay.com, a system through which information is passed between the Client and MistralPay. The publication of any information by MistralPay in mistralpay.com means that certain information is properly delivered to the Client and effective. Contractual Parties have the right to other forms of communication as an additional means of communication.  Payment orders are made through mistralpay.com unless the parties agree otherwise in writing.
  2.  Communication within MistralPay is also carried via e-mail and /or fax, as follows:  MistralPay shall send relevant information through reports of electronic mail / fax to the
    e-mail address / fax number of the Client given in the Contract, which means the information is delivered to the Client and effective; the client is entitled to request information from MistralPay, according to these GTC, by sending a report of electronic mail and / or fax to the e-mail address / fax number of  MistralPay given in the Contract.  MistralPay is not required to respond to such a report if relevant information can be provided otherwise; MistralPay client account, or, if written form is required, e-mail and fax messages are considered to be delivered on the next working day.
  3.  Communication can also be done in writing; in that case, all written documents are delivered to the address of the other Contracting Party stated in the Contract as amended according to the Article I, section 7, Second Part of these GTC.  Documents are considered as delivered on the third day after receiving notice of the impossibility of the delivery of the document, or about refusal or not collected shipment by the other party within the sampling period, even if the addressee is not aware of them.
  4.  MistralPay is not liable for any errors, inaccuracies or technical failures in communication that are not caused by MistralPay.
  5.  The Client agrees that MistralPay records, even without prior notice, any ongoing communication between the Client and MistralPay through any available technical means, and archives all the records, as well as copies of all information and documents that MistralPay receives from the Client or third parties.  Client agrees that MistralPay may at any time use the information for purposes stated in the terms and conditions or to ensure the terms and conditions. 

Article III

Personal and identification data of the client

  1. MistralPay is required by law to identify all their clients throughout the duration of the contractual relationship.  Because the client is obliged to deliver upon MistralPay request all that MistralPay considers sufficient to identify their clients, as required under the applicable law.  These documents may also include inter alia and the identification of persons acting on behalf of the Client.
  2.  By creating the Contract, the Client confirms that MistralPay has his consent to collect and process his personal data and other information supplied by the Client, in accordance withthe , as amended from time to time.  The agreement includes the right to process and collect information about the Client, use the data for statistical purposes in relation to third parties to the extent they will be provided by MistralPay during the validity of the Contract. The Client also provides MistralPay with consent to send marketing and advertising information related to payment services and MistralPay System, through electronic communication or any other form.  Client also agrees that the reported information is used in full for the above purposes and processed through third parties designated by MistralPay, even after the termination of the Contract.
  3.  In order to identify the payments in accordance with Law, the Client gives consent to MistralPay to contact the MistralPay Client with the request for explanation of certain transactions if, in the Client ‘s account, there happen a transaction or transactions that MistralPay considers as risky or unusual.  Client’s refusal to provide such information, or provision of insufficient information is considered a gross violation of these GTC.
  4. The Client undertakes to provide MistralPay with all important and crucial information concerning the economic and legal status of the Client, or any other relevant information related to the Client, (in particular information that he has filed for bankruptcy /restructuring, that he has been declared bankrupt, or there was declared execution against the Client as being insolvent or bankrupt, the Client enters into liquidation, that there was brought out the request to cancel the Client, that it was decided that the amalgamation, merger or division of the Client happened, that he was deprived of his character or fitness is limited, etc.) immediately after such information becomes known to the Client even if not in force yet. 

Article IV

Offsetting debt

  1. MistralPay has the right in relation to the Client at any time, without prior notice to set off any of its claims against the Client, against any claims of the Client against MistralPay, which are of the same type, irrespective of whether they are due, barred, conditional or unconditional, irrespective of the legal relationship of drawing and when occurred, as well as MistralPay claims that cannot be applied to the court.
  2. In order to set off claims referred to in section 1, MistralPay has the right to use funds in the payment accounts of the Client, irrespective of whether these claims arose in connection with the management of the account or otherwise.  The right of MistralPay to set off their claims takes precedence over the performance of any order relating to the payment account of the Client.
  3. MistralPay is also entitled to offset claims denominated in different currencies, even if these currencies are not convertible, and in the rate published by MistralPay on day of offset.
  4. The client is entitled to assign its claims against MistralPay, or transfer its liability from the Contract to the third party, or dispose of them otherwise, including the establishment of collateral to any of such claims, only with the prior written consent of MistralPay.
  5. Client acknowledges that MistralPay is eligible at any time to transfer its claims against the Client to third parties, even without the consent of the Client. 

Article V

Responsibility for damage

  1.  Unless the Contract or these GTC explicitly state otherwise, the injured party, in case of the breach of these terms by the other party, is entitled to compensation for the damage under Malta’s Commercial Code unless the other party proves that the breach of duty was caused by circumstances excluding liability.
  2.  The force majeure for MistralPay are in particular: various forms of civil unrest; fire; flood; terrorist attack; hacker attack; interruption, slowdown or failure (complete or partial) of electricity supply; interruption, power failure or disruption of computer operations systems (hardware or software components) or communications services (including unforeseen shortfalls of EC) on the side of the Client or a third party or by the client /third parties; any technical failures on the part of Client or Authorized Person at communication with MistralPay, or any other emergency, disaster or the imposition of emergency restrictions or guidelines or failures of timely receipt of the authorization, directly or indirectly related to individual transactions under the Contract, or any other obstacle, which occurred independently of the will of MistralPay,  and prevents the fulfillment of its obligations.
  3.  MistralPay is not liable for damage caused to the Client due to incorrect, incomplete, inaccurate or misleading information, instructions or documents that the Client (or authorized person) has provided to MistralPay for achieving their rights under the Contract, or by failing to provide relevant information, instructions or documents on time.  Client shall be fully liable for the accuracy, completeness or timeliness of any information, instructions or documents provided to MistralPay by the Client / Authorized Person.
  4. In accordance with Commercial Code the Client declares / promises to replace any MistralPay damage which result from the actions of the Client / Authorized person in breach of the contract terms or omission of client`s acts, which were required, including any direct or indirect costs, expenses, penalties, fees or costs incurred in connection with the occurrence of such damage, its disavowal and / or application of the compensation for the damage suffered.  The resulting damage, loss of profit, or all costs according to the previous sentence, are those that the Client agrees to pay within 30 days of receipt of the written evaluating the damage / individual cost.
  5.  The amount of damage compensation which MistralPay undertakes to pay to the Client for breach of contractual obligations is limited to the amount of all payments and charges paid by the Client to MistralPay at the date of damage.
  6.  In the application of contractual penalties under the provisions of the Contract or GTC, the victim`s right to claim damages in full is not touched, i.e. even above the level of the contractual penalty.


Article I

Introductory provisions

A Complaint Procedure generally governs the handling of client`s claims and complaints (hereinafter “Claim” and “Complaints Procedure”) by MistralPay; it regulates the legal relations established between MistralPay and the Client when handling complaints regarding the accuracy and quality of services provided by MistralPay to the Client.  Claims procedure is contained in the Part Six of GTC: ”Complaint Procedure”; Complaint Procedure may also be provided by MistralPay Company as a separate document for purposes of better information to the Client about his rights; however, it is formally a part of GTC. 

Article II

General Provisions on Complaints

  1.  A complaint is an application of the client’s claim for verification for accuracy and quality of the provision of payment system services performed by MistralPay for the Client or on his order.  A complaint is not a client’s request for payment identification or identification of the payment remitter, the request for mediation of the payment return, or other contentious requests for information, which does not include a request to review the accuracy and quality of payment system services provided by MistralPay.
  2.  MistralPay accepts complaints submitted only in certain ways, namely through the Client`s account on MistralPay in a separate section created for that purpose; after completing all mandatory data; or in writing, by delivering the complaint to the address of the Complaints Centre of MistralPay. Client`s complaint will be accompanied by all documents and materials which give rise to the facts claimed by the Client when mentioning particular rights which are believed to be violated by activities of MistralPay, or any other person.  In case the Client does not file a complaint within six months from when the alleged breach occurred, the right to claim expires.
  3. MistralPay then, through mistralpay.com, or on the request of the Client in writing, will confirm receipt of the complaint of the Client and without delay will make a decision on whether the complaint is justified, or in more complex cases, within three working days after the receipt of the complaint.  If it is not possible, without delay, or in complex cases within three working days after the application of the complaint by the client is received, to decide on the rightfulness of the complaint, MistralPay is authorized under its jurisdiction to make further examination of the complaint, of which the Client will be forthwith informed.  The time needed for professional assessment of defects is not counted into the period needed to decide whether the complaint is justified.  In case MistralPay concludes that the complaint is not eligible, it shall immediately inform the Client.
  4. After informing the Client on the eligibility of the complaint, MistralPay will immediately proceed to its treatment. MistralPay has fifteen (15) working days from the date it receives the written complaint within which to attempt to investigate and resolve the
  5.  After all necessary actions MistralPay is entitled to, MistralPay will without delay notify the Client of the outcome of the complaint and the legal consequences for the Client after the claim is closed.
  6.  MistralPay bears costs associated with handling of claims.  Costs associated with completing of a claim, including its annexes and the presentation of the claim is borne by the Client.  If the claim is unjustified, after proving the amount of the costs associated with the complaint, MistralPay has the right for compensation of necessary actual costs for handling of the claim, in accordance with the current Price List.
  7. To supplement the information necessary for the decision on a claim, MistralPay has the right to contact the client by telephone, or otherwise, and ask for their written amendment.  In case the client does not provide timely cooperation for the purpose of proper and timely handling of complaint, the period of the handling of claim is extended by the time delay of the Client with provision of information, documents, and materials necessary for the proper settlement of the claim.
  8.  In case the Client has a reasonable doubt that his claim was not thoroughly investigated and properly handled in accordance with this complaint policy, or if he believes that his contract, GTC or the provisions of the Law have been violated, the Client has the right to submit his request to the control body, the Arbiter for Financial Services.
    Postal address: Office of the Arbiter for Financial Services, 1st Floor, St Calcedonius Square, Floriana, FRN 1530, Malta.
    Contact number: +356 21249245
    Website: https://financialarbiter.org.mt

Article III

Conditions for claim of payments made by credit card

In addition to the procedures and conditions for complaints set out in the Article II of Complaints Procedure, the following special conditions also apply to claims in cases of using a credit card issued by MistralPay:

(a) A client`s complaint concerning quantity, quality of goods or provided services paid for by credit card, or a complaint to the accuracy of handling of an order paid by credit card is not considered to be a complaint.  Client is required to address these complaints directly to the provider of the goods or services.

(b) If it is a question of the use of a credit card (cash withdrawal, credit card payment) abroad or in Malta, the client may claim to remedy the error by a settlement within 45 days from the date of transaction settlement.



  1. Applicable law and competent courts

1.1. These GTC were made in accordance with the laws of the Republic of Malta, and for the relations not stated in them there apply the relevant provisions of the law, the Malta Commercial Code and other applicable regulations.

1.2. The Maltese court is competent to hear and determine any disputes between the parties.

  1.  MistralPay charges fees according to the Price List.  For non-standard fees and services that are not defined in these GTC and /or the Price List of the services, MistralPay charges the client with individually set fees, about which the client will be informed, before using such services.
  2.  MistralPay settlement currency is the euro (€, EUR).  All acts of the system of payment (management of payment accounts, execution of payment transactions, etc.) shall be performed only in Euros, and any other disposition of funds and all prices under the contract and these GTC (fees, Price List of service, etc.) are made and are shown in Euros, unless otherwise specified in writing.  For the conversion in relation to other currencies in the implementation of any payment transaction, there is used the current rate declared by MistralPay (if MistralPay does not state the current rate, the rate used by ECB is applied) on the specified working day, when the individual payment transaction is completed or cleared.  In the implementation of payment transactions or other services of the payment system, MistralPay is not responsible for exchange rate differences between different currencies.
  3.  In the case of any late payment from the Client according to the contract or these GTC, the Client shall pay MistralPay a penalty of 0.05% of the outstanding amount for each day the payment is late.
  4.  Relations between the Client and MistralPay are regulated by the Contract and the TC for the specific product, these GTC, and generally binding legal regulations of the Republic of Malta, and all in the above order. These GTC shall prevail over the General Business Conditions of the Client and business practices unless the parties agree otherwise in writing.
  5.  If the client-side has a participant in the contractual relationship between MistralPay and the Client, there are more persons, the obligations of the Client and these persons against MistralPay will be considered joint and the same, unless these GTC, special terms and conditions or the Contract state otherwise.
  6.  In the case that any provision of the Contract or GTC is or becomes invalid, ineffective and / or unenforceable, it shall not affect the validity, effectiveness, and /or enforceability of the remaining provisions of the Contract and GTC.  In this case, MistralPay is committed to the agreement with the client to replace this provision by a new provision that will be closest to the replaced provision in its content and purpose.
  7.  MistralPay is entitled, depending on the changes in generally applicable legislation and at its sole discretion, to modify or completely replace these GTC.  MistralPay will publish these changes in mistralpay.com, or any other way and determine the validity and effect of changes.  If, in the updated version of GTC, there is not listed their validity and effect the changes and /or the new version of GTC become effective on the first day of the second month after publication.  MistralPay undertakes to disclose any changes no later than two months before the changes become effective.  If the client disagrees with GTC changes they are entitled to express their disagreement in writing within 30 days after publication of the revised version of GTC; the timely expression of disagreement with the published version of GTC has in relation to the alleged provisions the  effect of suspension against the Client, which expresses such disagreement.  Unless MistralPay and the Client agree otherwise, for the Client who objected to specific changes in these GTC there shall apply the original wording of the relevant provision of the GTC article valid before GTC change; the other modified provisions of GTC, which were not challenged are in force in the current applicable version.  If the Client fails in the above mentioned period to inform MistralPay of their disagreement with the change of GTC, it is considered that they agree with the change and the mutual relationship between MistralPay and the Client are governed by the changed GTC as of the date the change takes effect.
  8. These GTC take effect on the day of their publication and they fully supersede all previous GTC of MistralPay.