Terms of Use of Veem Inc. for Electronic Funds Transfers
These Veem Terms of Use (“Veem Terms” or “Terms”) supplement the Terms of Use that govern your relationship with Masref Ltd., doing business as nsave (“nsave”). The Veem Terms apply to electronic funds transfer services delivered by Veem Inc. (“Veem”), a US money services business, to move funds received from an nsave banking partner at your direction, to a bank account that you control in a country outside of the United Kingdom. This payment activity is delivered from the United States and will be referred to as the “Veem Services.” Veem is also referred to in these Veem Terms as “we,” “our,” or “us,” and the person electing to use the Services is referred to as “you,” “your,” or “user.”
Access to information regarding transaction activity performed by Veem and the associated fees and payment details is provided through the nsave user interface (the “nsave Account”).
All disputes between you and Veem will be resolved by BINDING ARBITRATION. YOU AGREE TO GIVE UP YOUR RIGHT TO GO TO COURT to assert or defend your rights under this contract, except for matters that may be taken to small claims court. Your rights will be determined by a NEUTRAL ARBITRATOR and NOT a judge or jury, and your claims cannot be brought as a class action. Please review Section 5.13 (“Dispute Resolution and Arbitration”) for the details regarding your agreement to arbitrate any disputes with Veem. Veem is located at 1160 Battery St. East, Suite 100, San Francisco CA 94111.
1. Relationship for the Services
1.1 Our Role. Veem acts as a payment services provider. We are not a bank and do not offer banking services. We may use the services of one or more third parties to provide the Services and process your transactions (each a “Processor”).
1.2 Your Authorization. You authorize us to disburse funds in accordance with your payment instructions delivered to us via the nsave Account. Your authorization permits us to transfer funds we receive from the service provider holding funds on your behalf in association with the nsave Account per the instructions you designate through the nsave Account. Once you have provided your authorization for the transfer, you authorize and order us to commit your payment (less any applicable Pricing, foreign exchange, or other amounts we may collect under these Terms) to the destination bank account.
1.3 Confidentiality; Your Privacy. Protecting your privacy is very important to us. You agree to our Privacy Policy which explains our commitment to maintaining your privacy, as well as our collection, use and disclosure of your Information. As noted in the Privacy Policy, we will disclose information to third parties about the transfers you authorize Veem to make on your behalf: (i) where it is necessary for completing transfers; (ii) In order to verify the existence and condition of your account for a third party, (iii) In order to comply with government agency or court orders; or (iv) as otherwise provided in our Privacy Policy.
1.4 Intellectual Property. You acknowledge and agree that (i) all right, title and interest in the Veem Services and associated software, website and technology, including all intellectual property rights therein, are and will remain with us or our third party licensors; (ii) no right or interest in the software or the Services is conveyed herein; and (iii) the software, website and the Services are protected by the copyright and other intellectual property laws. All rights not expressly granted in these Terms are reserved.
1.5 Password Security. You are responsible for maintaining adequate security and control of any and all IDs, passwords, or any other codes that you use to access your nsave Account (the “Login Credentials”). See Section 3.9 regarding your liability for Unauthorized Transactions.
1.6 Notices. You agree that we may provide you communications about your nsave Account and the Services electronically or to the email address registered on your nsave Account. Any electronic communications will be considered to be received by you within 24 hours after the time it is presented in the nsave Account or we email it to you.
1.7 Prohibited Businesses and Activities. You may not use the Services for any services, activities or business type we have identified as prohibited as set forth in our Acceptable Use Policy. We retain full rights over the customers and the industry types we elect to service. We may amend our Acceptable Use Policy at any time by posting a revised version on our website. You may not use the Services in or for the benefit of a country, organization, entity, or person embargoed or blocked by any government, including those on sanctions lists identified by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”).
2. CONDITIONS FOR RECEIVING VEEM SERVICES
Veem will deliver Services provided through the User’s nsave Account under the following conditioins:
2.1 nsave Account Eligibility. You must be an approved user of nsave, be at least 18 years old and a resident of the United States or one of the countries on our Countries Service List. You may use the Services only to make authorized payments. We may terminate your use of the Services at any time for any reason.
2.2 Registration. To fulfill our regulatory obligations, we may collect personal information (including name, birthdate, and government-issued identification number) about you. We may also collect valid bank account information, and certain other information about you that we require. You agree to provide us with accurate and verifiable information about you. Legally we are required to verify some of your information. You must provide accurate and complete information in response to our questions, and keep that information current.
2.3 Identity Authentication. You authorize us, directly or through third parties, to make any inquiries we consider necessary to validate your and your company’s identity and information. This may include asking you for further information that will allow us to reasonably identify you, requiring you to take steps to confirm ownership of your email address or valid bank account, ordering a credit report, or verifying your information against third party databases or through other sources.
2.4 Continuing Validation. At any time during your use of the Veem Services, we may require additional information from you to validate information you provided, verify your identity, and assess the risk associated with your payment activity. This additional information may include copies of government-issued identification, copies of bank statements, or other information. Your failure to provide this information may result in placing a hold on or cancelling your transaction.
2.5 Service Fees. We will provide the Services to you at the rates and for the fees described in the nsave Account. All Service Fees are non-refundable.
2.6 nsave Account Suspension, Limitation or Termination. We will remit any payments that you have committed to prior to account closure, but have not been processed and paid out after closure. We may terminate your use of the Services at any time for any reason. Any termination of these Terms does not relieve you of obligations to pay costs accrued prior to the termination and any other amounts owed to us as provided in these Terms. We will not be liable to you for any losses that you incur in connection with our closure or suspension of your account.
3. SENDING AND RECEIVING PAYMENTS
3.1 Payment Purpose. You warrant and represent that your use of the Veem Services is solely to make payments to an account that you control as permitted under these Terms.
3.2 Payment Limits. The amount of funds you can send or receive may be restricted based on a risk assessment and the amount of verification on your nsave Account. We may limit the dollar amount of transfers, on a per transaction or cumulative basis.
3.3 Payment Review. We review and monitor payment transactions for risk, fraud, money laundering and terrorist financing activity. For certain potentially high-risk transactions, we will place a hold on the payment, conduct a review, may contact you for additional information, and either clear or cancel the payment. To prevent financial loss to you or to us, we may place a delay on a payment for a period of time, refuse to process a payment, or deactivate your nsave Account. If we have reason to suspect that you are using the Services to violate local, state or federal laws, we may share information about you with law enforcement agencies.
3.4 Refused and Refunded Transactions. When you send money, the receiving bank is not required to accept it. You agree that you will not hold us liable for any damages resulting from a receiver’s decision not to accept a payment made through the Services. Any unclaimed, refunded or denied payment will be returned to the account from which we received the funds. Unless provided for sooner under your agreement with nsave, we will return any unclaimed payment to you within 30 Days of the date you initiated payment. To be eligible for a refund, a transaction must not have been fulfilled by any statutory refund timelines.
3.5 Insufficient Funds and Reversals. When you send a payment, you are liable to us for the full amount of the payment plus any Pricing if the payment is later invalidated for any reason (e.g. insufficient funds from sender). This means that, in addition to any other liability, you will be responsible to us for the amount of the payment, plus the applicable Pricing if there is a reversal of the payment. You are liable for any of our costs associated with collection in addition to any amounts owed, including attorneys’ fees and expenses, collection agency fees, and any applicable interest. Your liability under this Section extends to any of your guarantors, successors and assigns.
3.6 Refund and Reversal Currencies. All refunds and reversals will be made in the same currency as the original transaction. If your transaction must be refunded or reversed and you do not have the correct currency available in your bank account, a currency conversion will be performed.
3.7 Payment Processing Delays. We will use commercially reasonable efforts to process and facilitate your payment in accordance with these Terms and applicable law. When you send a payment to a receiver, the payment is treated as authorization to process your payment and complete the transaction. Some receivers may delay claiming your payment, in which case the payment may be held as pending until the receiver claims your payment. We will cancel the transaction within 30 Days of the date you initiated payment in accordance with Section 3.4.
3.8 Errors Regarding Payments. It is your responsibility to review all payment transactions initiated through the nsave Account. Your payment transaction information is maintained in your nsave Account and included in the receipts we provide you. We will rectify any of our processing errors that we discover. If the error results in a receiver’s receipt of less than the correct amount to which a receiver is entitled, we will credit their account for the difference. If the error results in their receipt of more than the correct amount to which a receiver is entitled, we will debit the extra funds from their account.
3.9 Your Liability for Unauthorized Transactions. An “Unauthorized Transaction” occurs when an EFT payment is made using your nsave Account Login Credentials, and you neither authorized that payment nor benefited from the payment. Please note, however, if you give someone access to your Login Credentials and they process a transaction, this will not be considered an Unauthorized Transaction, even if that person uses your Login Credentials without your permission, unless you previously notified Unauthorized Transactions will be governed as described under the nsave Terms of Service. For purposes of Unauthorized Transactions Veem is acting as an intermediary.
3.10 Funds in Settlement Process. Veem uses bank accounts to help fulfill payments. Funds in the payment settlement process may be stored in a master bank account owned by Veem, as custodian and for the benefit of Veem customers. Such funds may be commingled with other funds similarly collected by and held by Veem for purposes of making payments requested through the Service.
4. CHANGES TO THE SERVICE
We have the right at any time to change, modify, add to, discontinue or retire any aspect or feature of the Veem Services including, but not limited to, the hours of availability, the maximum or minimum settlement amounts or the availability of the Services. We have no obligation but will make a reasonable effort to provide you with notice of any such changes.
5. GENERAL PROVISIONS
5.1 Indemnity. Notwithstanding the foregoing or anything to the contrary in these Terms, you agree to defend, indemnify, and hold us harmless, and our respective employees, directors, agents, affiliates and our Processors (collectively, “Veem Parties”) from and against any claim, suit, demand, loss, liability, damage, action, or proceeding arising out of or relating to (a) your breach of any provision of these Terms; (b) your use of the Services; (c) your obligation to pay for Pricing or other amounts owing to us, or third parties; and (d) negligence or willful misconduct by you, your employees, contractors, agents or Representatives.
In addition, you will indemnify, defend, and hold Veem Parties harmless from and against any and all claims, costs, losses, damages, judgments, Taxes, penalties, interest, and expenses (including reasonable attorneys’ fees) arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to any transaction submitted by you through the Services.
5.2 Limitation of Liability. In no event will Veem Parties be liable for any lost profits, lost revenue, lost business opportunity, loss of data, or any indirect, punitive, incidental, special, consequential, or exemplary damages arising out of, in connection with, or relating to these Terms, or the Services, including without limitation the use of, inability to use, or unavailability of the Services. Under no circumstances will any of the Veem Parties be responsible for any damage, loss or injury resulting from hacking, tampering, or other unauthorized access or use of the Service or your nsave Account or the data contained therein, or your failure to use or implement security, controls, or processes that are appropriate for your business.
Veem Parties assume no liability or responsibility for any (a) any misuse of Services or data; (b) any interruption or cessation of transmission to or from the Services; (c) any software bugs, viruses, or other harmful code that may be transmitted to or through the Services; (d) any errors, inaccuracies, or omissions in the Services or data, or any loss or damage resulting therefrom (other than the transfer amount and the transfer fees charged directly by Veem, for which Veem will be responsible), regardless of the manner of transmission; or (e) being prevented from, hindered or delayed by reason of acts of God, war or war-like hostilities, civil commotions, riots, blockades, embargoes, sabotage, strikes, lock-outs, fire, flood, shortage of material or labor or act of state, including currency control measures, in its performance under these Terms of Use (e.g. “Force Majeure” events).
The Veem Parties’ cumulative liability to you is limited to direct damages and in all events will not exceed in the aggregate amounts actually received by us (including any Pricing paid to us) for providing the Services to you during the three (3) month period immediately preceding the event that gives rise to the claim for liability (in addition to refunding the transfer amount and transfer fee). This limitation of liability section applies regardless of the legal theory that the claim is based on, including without limitation contract, tort (including negligence), strict liability, or any other basis. The limitations apply even if we have been advised of the possibility of such damage.
5.3 No Warranty; Disclaimer. THE SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. VEEM AND OUR AFFILIATES, AND THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF VEEM, OUR PARENT OR OUR AFFILIATES, SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. We do not guarantee continuous, uninterrupted or secure access to any part of the Services, and operation of our site may be interfered with by numerous factors outside of our control. We make no representations or warranties regarding the amount of time needed to complete processing because the Services are dependent upon many factors outside of our control, such as delays in the banking system. Certain Services may not be available to you based on residency, geographic location or other eligibility criteria.
5.4 Entire Agreement. These Terms and all policies and procedures that are incorporated by reference constitute the entire agreement between you and us for provision and use of the Services. Except where expressly stated otherwise in a writing executed between you and us, these Terms will prevail over any conflicting policy or agreement for the provision or use of the Services. These Terms sets forth your exclusive remedies with respect to the Services. If any provision or portion of these Terms is held to be invalid or unenforceable under law, then it will be reformed and interpreted to accomplish the objectives of such provision to the greatest extent possible, and all remaining provisions will continue in full force and effect.
5.5 Applicable Law. You agree that, except to the extent inconsistent with or preempted by federal law and except as otherwise stated in these Terms, the laws of the State of California, without regard to principles of conflict of laws, will govern these Terms and any claim or dispute that has arisen or may arise between you and us.
5.6 Assignment. You may not transfer or assign any rights or obligations you have under these Terms without our prior written consent. We reserve the right to transfer or assign these Terms or any right or obligation under these Terms at any time. These Terms shall inure to the benefit of all permitted successors and assigns.
5.7 Taxes. You are responsible for determining any and all Taxes assessed, incurred, or required to be collected, paid, or withheld for any reason for your use of the Services (“Taxes”). You also are solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obligated to, nor will we determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction. We specifically disclaim any liability for Taxes.
5.8 Severability. In the event that any provision contained herein shall for any reason be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, to such extent such provision shall be deemed null and void and severed from these Terms, the remainder hereof shall remain in full force and effect and enforceable.
5.9 Independent Contractor. We are an independent contractor for all purposes. Except as otherwise provided herein, neither we nor you have any right or authority to assume any obligations, or to make any representations or warranties, whether express or implied, on each other’s behalf, or to bind each other in any matter.
5.10 Survival. The following shall survive the termination of these Term: (i) all liabilities accrued under these Terms prior to the effective date of termination; (ii) all provisions that give rise to a party’s ongoing obligation; (iii) all provisions of Sections 1.2, 2.5, 2.8. 3.4, 3.6 and 5.1 through 5.13 of these Terms of Use; and (iv) any other terms which by their nature should survive.
5.12 Compliance with Laws. You represent and warrant that you will comply (and will cause your employees, agents, and representatives to comply) with all laws applicable to your business and the Services. Use of the Services is subject to all applicable laws and regulations regarding the prevention of terrorist financing and anti-money laundering. You agree and acknowledge that your use of the Services will comply with such laws and regulations, including, without limitation, the sanctions programs administered by the Office of Foreign Assets Control of the United States Department of the Treasury.
5.13. Dispute Resolution and Arbitration
a. Agreement to Arbitrate. In the interest of resolving disputes between you and Veem in the most expedient and cost-effective manner, you and Veem agree that every dispute arising in connection with this Agreement will be resolved by binding arbitration. Arbitration is less formal than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury, may allow for more limited discovery than in court, and can be subject to very limited review by courts. Arbitrators can award the same damages and relief that a court can award (although the arbitrator must abide by the contractual limits on damages in this Agreement) and must enforce applicable statutes of limitation and legal defenses. This Agreement to Arbitrate disputes includes all claims arising out of or relating to any aspect of this Agreement, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and regardless of whether a claim arises during or after the termination of this Agreement. BY ENTERING IN THIS AGREEMENT, YOU AND VEEM ARE EACH WAIVING THE RIGHT TO FILE A LAWSUIT AND THE RIGHT TO A TRIAL BY JURY. YOU UNDERSTAND AND AGREE THAT ANY ARBITRATION UNDER THIS AGREEMENT WILL BE ON AN INDIVIDUAL BASIS.
b. Waiver of Class Actions and Right to Trial by Jury. To the fullest extent permitted by law, you acknowledge and agree that you may bring claims against Veem only in your individual capacity and not as a plaintiff or class member in any purported class or representative proceeding. CLASS ACTIONS, CLASS ARBITRATIONS, REPRESENTATIVE ACTIONS, AND/OR CONSOLIDATION OF ACTIONS OR ARBITRATIONS ARE NOT ALLOWED. YOU AGREE THAT YOU HAVE EXPRESSLY AND KNOWINGLY WAIVED YOUR RIGHTS TO PARTICIPATE IN A CLASS ACTION AND TO A TRIAL BY JURY.
c. Procedures. Any arbitration between You and Veem will be settled under the Federal Arbitration Act, and governed by the Commercial Dispute Resolution Procedures and, where the claim is by or against a natural person and involves a product or service for personal or household use then the AAA Consumer Rules (collectively, “AAA Rules”) of the American Arbitration Association (“AAA”), as modified by this Agreement, and will be administered by the AAA. The AAA Rules and filing forms are available online at www.adr.org.
d. Notice. If you intend to seek arbitration, you must first send a written notice (“Notice”) of Your claim or dispute to Veem by certified U.S. Mail or by Federal Express (signature required). Veem’s address for Notice is 1160 Battery Street, Suite 100, San Francisco, CA 94111, ATTN: LEGAL. The Notice must describe: (a) the nature and basis of the claim or dispute; and (b) the remedy that you want (“Demand”). You and Veem agree to make good faith efforts to resolve the claim directly, but if You and Veem do not reach an agreement within 30 days after the Notice is received, you or Veem may commence an arbitration proceeding. During the arbitration, the amount of any settlement offer made by you or Veem must not be disclosed to the arbitrator until after the arbitrator makes a final decision and award, if any.
e. Fees. If you commence arbitration in accordance with this Agreement, the payment of fees related to the arbitration will be decided by the AAA Rules. If your claim is less than ten thousand dollars ($10,000.00), Veem will reimburse you for the payment of the filing fee. However, if the arbitrator finds that either the substance of your claim or the relief sought in the Demand is frivolous or brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)), you agree to reimburse Veem for any fees paid on your behalf that would otherwise be Your obligation under the AAA Rules.
f. Location. The arbitration hearing will take place at a location to be agreed upon in San Francisco County, California. If your claim is for twenty five thousand ($25,000) or less, you may choose whether the arbitration will be conducted: (a) solely on the basis of documents submitted to the arbitrator; (b) through a non-appearance based telephone hearing; or (c) by an in-person hearing as established by the AAA Rules in the county (or parish) of your billing address.
g. Severability. The arbitrator has exclusive authority to resolve any dispute relating to the interpretation, applicability, or enforceability of this Agreement. If this Agreement to Arbitrate is found to be, in whole or in part, invalid or unenforceable, the remaining provisions of this Agreement will remain in effect, and, where this Section 5.14 cannot be enforced, you agree that the exclusive jurisdiction and venue described in Section 5.15 will govern any action arising out of or related to this Agreement.
h. Exceptions to Agreement to Arbitrate. Notwithstanding any other provision of Section 5.14, nothing in this Agreement will be deemed to waive, preclude, or otherwise limit the right to: (a) bring an individual (non-class, non-representative) action in small claims court so long as such action remains in small claims court; (b) pursue a private general attorney action where arbitration cannot be required under applicable law; (c) seek injunctive relief in a court of law; or (d) to file suit in a court of law to address an intellectual property infringement claim.
5.14. Court Proceedings
Subject to and without waiver of the arbitration provisions above, you agree that any judicial proceedings (other than small claims actions as discussed above) will be brought in and you hereby consent to the exclusive jurisdiction and venue in the state courts in the City and County of San Francisco, California, or federal court for the Northern District of California.
Last update: May 06, 2025
