Virtual IBAN Terms & Conditions (for Corporate Cards)
These Virtual IBAN Terms and Conditions (for Corporate Cards) (“T&Cs”) govern the use of the Virtual IBAN payment option offered by AMEX (Middle East) B.S.C. (c) or AMEX (Middle East) B.S.C. (c) – Emirates, the issuer of the Company’s Card Account (“AEME”, “AMEX”, “American Express”, “us” or “our”), to a Company who accepts these T&Cs (“I”, “my”, “you”, or “your”), and are in addition to the Relevant Card Agreement. Any term used in this T&Cs document, but not expressly defined herein, shall have the meaning given to it in the Corporate Card Cardmember Agreement, the Company Card Cardmember Agreement, the Corporate Purchasing Card Agreement, or the Terms and Conditions for Vpayment Accounts (collectively hereinafter the “Relevant Card Agreement”) that are applicable to the relevant Card.
This T&Cs document is made up of two (2) parts, each as defined in clause (1) below.
The Company should carefully review these T&Cs to understand their rights and obligations related to the use of Virtual IBAN. By accepting this T&Cs document, and by utilizing the Virtual IBAN linked to your Card Account, you agree to adhere to the following:
1. Interpretation
1.1 Part 1 – Definitions
In this section, you will find definitions of key terms and concepts relevant to the Virtual IBAN payment option.
1.2 Part 2 – General Terms
This section contains general terms that apply to the use of the Virtual IBAN payment option.
2. Part 1 – Definitions
The following words and expressions shall have the meanings set out hereunder, unless the contrary is expressly indicated otherwise.
2.1 “Account”: refers to any account established by AEME in the name of the Cardmember’s Company for the issuance of a Card.
2.2 “Beneficiary Account Name”: refers to AMEX (Middle East) B.S.C. (c), which is the entity who owns the Virtual IBAN and is the intended recipient of funds when payments are made to the Virtual IBAN.
2.3 “Beneficiary’s Bank”: refers to AEME’s bank, which is the issuer of the Virtual IBANs for use in this Virtual IBAN payment option.
2.4 “Card” or “Card Account”: refers to the Corporate Card or the vPayment Account issued by AEME to the Cardmember under a Corporate Card Account, to operate the Account, and includes Basic and Replacement Cards.
2.5 “Company”: means the Company, business, firm or Corporate Card Account holder in whose name the Account is held with AEME and who has authorized the issuance of a Card to the Cardmember.
2.6 “OPM Portal”: pertains to the Online Programme Management (“OPM”) portal which is the online platform used by the Company on behalf of the Cardmember to manage the Card.
2.7 “Virtual IBAN”: means a unique international bank account number (“IBAN”) assigned by AEME to a specific Card Account.
3. Part 2 – General Terms
3.1 The Virtual IBAN payment option is intended for making online payments linked to a Card Account and cannot be used for any other purposes. Each Virtual IBAN is uniquely assigned to a Card Account and is strictly intended for the purpose of making payments to that specific Card Account. Under no circumstances should the Virtual IBAN or any associated details be shared with any third party. In addition, the Virtual IBAN must not be used to initiate payments or transfers to any Card Accounts belonging to other entities.
3.2 You may initiate a payment at any time. However, your bank may process the transfer only during official banking hours. In addition, crediting funds to the Card Account is also subject to cut-off times limit, rules and market practice of the country in which your bank account is situated. For the avoidance of doubt, the funds will be credited to your Card Account only once they are received in AEME’s bank account.
3.3 AEME will not charge you fees for using the Virtual IBAN payment option. However, you are responsible for charges applied by your bank for the payment transfer.
3.4 You are required to make the payment in the currency of the Virtual IBAN. If the payment is made from a bank account with a currency different from the Virtual IBAN’s currency, your bank will process the payment as a foreign exchange transaction. Any foreign exchange charges, including currency conversion losses, will be borne by the Company and the Cardmember. AEME will process the amount as received in AEME’s bank account.
3.5 You must ensure that the Virtual IBAN, the other bank details notified to you, and the transaction amount are correct before proceeding with any payment. You will be liable for any errors or discrepancies, as payment transaction are irreversible once they have been processed. If a payment is made to the wrong Virtual IBAN or bank account, you are liable for any payments processed to the wrong Virtual IBAN or bank account. It is the responsibility of the Company to ensure that payment details are entered correctly. Any recovery of funds will need to be coordinated directly with your bank, and such efforts may not be successful.
3.6 By accepting this T&Cs document, you acknowledge that your Card Account(s) will be linked to a Virtual IBAN(s). Any payment you make to a Virtual IBAN will be credited to respective linked Card Account.
3.7 The Virtual IBAN should be used strictly in accordance with these terms and conditions and not for any unlawful or unauthorized purposes. AEME reserves the right to suspend or terminate the Virtual IBAN for any reason without notice to you. The Virtual IBAN linked to your Card Account is owned by AEME. AEME may, in its sole and absolute discretion, withdraw or revise the use of the Virtual IBAN.
3.8 AEME reserves the right to request for any documentation AEME may require that is related to the payments to the Virtual IBAN linked to your Card Account.
3.9 The Company and the Cardmember are responsible for maintaining the security and confidentiality of the Virtual IBAN. You must exercise utmost care to ensure the confidentiality and safety of your Virtual IBAN. The details of the Virtual IBAN shall not be disclosed to any person. You shall not permit any unauthorized use thereof and shall immediately notify us in case of unauthorized use of the Virtual IBAN assigned to the Card Account or for any suspicion of a breach of security.
3.10 AEME reserves the right to modify, amend, or update these T&Cs at its sole discretion. We will notify you of any changes by posting the revised T&Cs on our website, OPM Portal, or by other means of communication. Your continued use of the Virtual IBAN after the effective date of the revised T&Cs constitutes your acceptance of the changes.
3.11 All questions or disputes regarding the use of Virtual IBAN will be resolved by AEME in its sole discretion. Any such decision on all matters relating to transactions using the Virtual IBAN shall be final, binding and conclusive.
3.12 AEME shall not be liable for any direct, indirect, incidental, special, or consequential damages arising out of or in any way connected with your use of the Virtual IBAN.
3.13 The Company and the Cardmembers release and discharge AEME from any and all liability resulting from any unauthorized human intervention, or any other cause, including but not limited to malfunction of any computer component, software or communication line, any loss or absence of network communication, any faulty, incomplete or unintelligible transmissions which could affect the Company and the Cardmember’s use of the Virtual IBAN.
3.14 These T&Cs should be read in conjunction with the Relevant Card Agreement available on AEME’s website. In the event of any contradiction between these T&Cs and the Relevant Card Agreement, these T&Cs shall prevail to the extent of such inconsistency.
3.15 AEME’s failure to enforce any term or condition under these T&Cs does not constitute a waiver of that term or condition by AEME.
3.16 AEME's obligations on the use of Virtual IBAN is subject to any restriction or limitation imposed by any regulatory, judicial or administrative authority with jurisdiction over AEME, and AEME will not be liable to the extent any decision, direction, order or determination by such body prohibits or restricts AEME's ability to comply with this T&Cs document.
This Card is issued by AMEX (Middle East) B.S.C. (c) pursuant to a license from American Express.
American Express is a registered trademark of American Express.
AMEX (Middle East) B.S.C. (c) is regulated and licensed by the Central Bank of Bahrain as a Financing Company.
AMEX (Middle East) B.S.C. (c) - Emirates is regulated and licensed by the Central Bank of the UAE as the branch of a Financing Company.