1. Parties and status of these terms
These Account & IBAN Terms apply to electronic money, payment accounts, IBANs and payment services made available through Mon by ConnectPay. They apply together with the Mon Personal Terms, any applicable card terms, the Fees & Limits and the product-specific terms presented to you.
ConnectPay UAB (company code 304696889) is an electronic money institution authorised and regulated by the Bank of Lithuania under licence No. 24. MonTech Group, UAB operates the Mon app and the MonCore technology platform. ConnectPay provides the regulated electronic-money and payment-account services. Mon and MonCore do not hold customer funds.
2. Scope of the issuer service
The issuer service may include opening and servicing a payment account, assigning an IBAN or another unique identifier, issuing and redeeming electronic money, receiving and executing payment orders, providing account statements, and applying the compliance and security controls required for those services.
Through Mon, approved services may include balance and IBAN access, account statements, account controls, transfer instructions, bank withdrawals, and account lifecycle actions. Only services enabled in Mon and approved for the customer are available. Acquiring services, business merchant services, and unrelated ConnectPay products are outside these terms.
3. Eligibility and account opening
Account opening is subject to the customer being at least 18 years old, residing in a supported EEA country, acting for personal purposes, providing complete and accurate information, passing identity and sanctions checks, and receiving ConnectPay approval. Continued maintenance or reactivation of account access also depends on supported-currency configuration, technical availability, and continuing eligibility. ConnectPay or Mon may request translations, certifications, source-of-funds information, transaction explanations, or other documents needed to meet legal and regulatory obligations.
A customer may ordinarily hold one ConnectPay payment account through Mon unless an additional account is expressly approved for an enabled service. ConnectPay may refuse or discontinue onboarding where information is missing, inaccurate or misleading, the service would be unlawful, or the customer falls outside the approved MonCore programme or risk criteria.
4. Electronic money and safeguarding
Funds credited to the payment account are represented as electronic money issued at par value after any properly disclosed and applicable charge. Electronic money is not a bank deposit, does not earn interest, and is not protected by a deposit-guarantee scheme.
ConnectPay safeguards customer funds in accordance with applicable Lithuanian law. A customer may redeem electronic money by submitting an eligible payment instruction to transfer funds to another payment account. Any applicable payment charge is disclosed through Mon before confirmation where required.
5. Currency balances and conversion
Your account may hold balances in supported currencies. The currencies and services available to you are shown in Mon and depend on your account, location and the services enabled by ConnectPay. Supported currency balances may share the same IBAN; adding a currency does not necessarily create a separate IBAN.
Where currency exchange is available, you can convert between supported balances. Mon shows the currencies, amount to exchange, exchange rate, applicable fee and amount to receive before you confirm. Quotes may expire and must be refreshed when necessary. A conversion is complete when its status confirms completion.
Available balances reflect completed transactions, pending payments, holds, fees, refunds and adjustments. Payment and card settlement currencies depend on the service being used. Review the account details and currency requirements shown in the app before receiving or sending money.
6. IBAN and unique identifiers
An IBAN or other unique identifier identifies the payment account for payment execution. The customer must use only the identifiers assigned to that customer and must verify the beneficiary name, beneficiary account, amount, currency, address information where required, payment purpose, and reference before submitting an instruction.
Payments are executed using the account identifiers you provide, subject to the recipient verification and other checks required for the payment route. A mismatch, incomplete information or a verification concern may lead to a warning, delay, rejection, return or investigation.
7. Submitting and authorising payment orders
Payment orders are submitted through Mon and transmitted through MonCore to ConnectPay. A complete instruction may require the source account, beneficiary details, amount, currency, purpose, and any additional information requested for the relevant payment route. The customer must check those details before confirmation. Mon or ConnectPay may require additional authentication, recipient verification, fraud checks, or manual review.
The customer authorises an instruction by confirming it through the authentication method presented in Mon. Authentication may include device possession, a secret known by the customer, or an inherence factor such as biometric confirmation. A properly authenticated confirmation is evidence of the customer's consent to the payment order.
8. Receipt and execution
A payment order is treated as received when the required information, supporting documents, authentication, and sufficient funds are available. An instruction received outside a ConnectPay business day or after the applicable cut-off may be treated as received on the next business day.
Eligible euro SEPA payments are executed within the applicable scheme and legal timelines. Where a non-euro EEA payment is supported, execution may take up to four business days after receipt. Actual crediting can also depend on the recipient institution, payment scheme, screening, technical availability, and intermediary institutions.
9. Additional information and payment review
ConnectPay or Mon may request documents or explanations supporting a payment. The customer must provide them promptly and, where a specific deadline is stated, within that deadline. ConnectPay may suspend an instruction while information is reviewed and may refuse it where the information is missing, inaccurate, inconsistent, appears forged, does not support the payment, or execution would breach law or regulatory obligations.
10. Cancellation and irreversibility
A payment order generally cannot be cancelled after ConnectPay has received it and execution has started. Cancellation may remain possible before execution begins, with the payee's consent for certain payee-initiated payments, or before the applicable cut-off for a future-dated instruction.
Mon will display cancellation controls only where cancellation remains operationally available. A recall, trace, correction, or recovery request is not a guarantee that funds will be returned, and a properly disclosed charge may apply where a payment scheme or institution charges for the request.
11. Refusal, suspension, and account restrictions
ConnectPay may refuse or suspend a payment where the instruction is unauthorised, incomplete, unsupported, not sufficiently funded, affected by a legal seizure or restriction, connected to suspected fraud or unlawful activity, or cannot be executed without breaching law. A refused order is treated as not received.
ConnectPay or Mon may freeze, restrict, deactivate, archive, wind down, or close account access where needed to protect funds, investigate suspected misuse, obtain required information, comply with sanctions or anti-money-laundering duties, follow an authority instruction, or enforce the customer contract. Restrictions may be full or partial. A wind-down state may allow viewing, statements, support, and permitted transfers out while preventing new incoming activity, card spend, top-ups, or other activity. Restrictions are removed when the grounds no longer apply, unless closure or another lawful outcome is required.
12. Sufficient funds and corrections
The customer must keep sufficient funds in the relevant currency to cover a payment and any applicable charge. An instruction may be rejected without further execution if the available balance is insufficient.
If funds are credited in error, ConnectPay may correct the error and debit the corresponding amount as permitted by the contract and applicable law. If that correction creates a shortfall, the customer must reimburse it when requested.
13. Statements and transaction information
Mon provides the customer with account and transaction information on a durable and retrievable basis through the app or an available export. Records may include the parties and reference, amount and currency, charges, exchange rate where applicable, and debit or credit date.
The customer must review statements regularly and report an unauthorised or incorrectly executed payment without undue delay. For a consumer, the contractual long-stop period is no later than 13 months after the debit date, unless a shorter period lawfully applies to a different customer category or the customer acted fraudulently.
14. Payment tracing, refunds, and errors
Where a properly initiated payment is not executed or appears to have been executed incorrectly, Mon will receive the report through in-app support and coordinate the trace with ConnectPay. ConnectPay will take the steps required by applicable law to trace the payment and communicate the result.
Consumer refund rights for authorised payee-initiated transactions apply where the legal conditions are met, including where the precise amount was not specified at authorisation and the amount exceeded what could reasonably have been expected. Such a request must ordinarily be made within eight weeks of the debit. ConnectPay responds within the legally applicable period, including the ten-business-day period where it applies to a qualifying request.
15. Fees, limits, and currency exchange
The customer-facing fees and limits applicable to your Mon plan are set out in Fees & Limits and in the app. Applicable fees may be debited from your account as agreed. Services and limits remain subject to account eligibility and provider controls.
For an in-app currency conversion, review the exchange rate, applicable fee and amount to receive before confirming. The rate quoted for your transaction applies; indicative rates are not guaranteed. Availability depends on the currency pair and the service enabled for your account.
SEPA transfers are made in euro. If your funds are held in another currency, conversion into euro is required before a SEPA transfer can be sent. Other payment routes and currencies are available only where shown in the app. Card payments can use card-scheme or issuer conversion rules, as explained in the applicable card terms. Recipient banks or intermediaries may apply additional charges or conversion where permitted.
16. Security and customer responsibilities
The customer must protect the device, app credentials, authentication factors, recovery channels, and any other security credentials used with Mon. The customer must keep contact and identity information current and must immediately report suspected unauthorised access, compromised credentials, a lost device, or suspicious activity through in-app support.
The customer must not use anonymising access designed to obscure unlawful activity, allow another person to control the account, or act on instructions from an unknown person claiming that funds must be moved for security. Mon and ConnectPay will not ask the customer to transfer funds to a supposed safe account.
17. Changes and termination
Changes to these terms or the services will be communicated with the advance notice required by applicable law and the relevant account agreement. You may reject a proposed change by ending the affected service before it takes effect, subject to your statutory rights.
You may request account closure through Mon. Remaining funds, pending transactions, holds and outstanding obligations must be resolved, and legal restrictions may delay closure. Closing a card does not automatically close your account. Mon or ConnectPay may end or restrict a service on grounds permitted by the applicable agreement and law, with the required notice.
18. Remaining funds and post-closure records
Before closure, the customer must provide an eligible account at another payment service provider for any remaining funds or use an available in-app transfer-out flow. If reimbursement or transfer-out cannot be completed because the customer does not provide an eligible external payment-service-provider account, required information is missing, or the customer does not cooperate, remaining funds may be held by the issuer pending valid instructions, subject to applicable law, restrictions, dispute handling, and disclosed customer-facing charges. Any customer-facing charge is handled as described in the Mon Fees & Limits page and applicable Mon Terms & Policies.
Account and transaction information remains available on a durable medium for the period required by applicable law and the account agreement. Mon and ConnectPay retain records after closure where required for financial, anti-money-laundering, tax, dispute, security and other legal purposes.
19. Complaints, governing law, and supervision
Customers should first submit service and payment complaints through Mon in-app support. Mon records the complaint and coordinates issuer review where it concerns ConnectPay's regulated service. ConnectPay's issuer complaint process provides a response within 15 business days and, where exceptional circumstances prevent that, a final response no later than 35 business days.
ConnectPay is supervised by the Bank of Lithuania. Consumers may refer an unresolved eligible financial-services dispute to the Bank of Lithuania. ConnectPay's regulated account and payment relationship is governed by the laws of the Republic of Lithuania, without limiting mandatory consumer rights that apply in the customer's country of residence.