Investec Online Terms and Conditions

Unless the context indicates otherwise, the following terms shall have the following meanings:

1.1. "account" means any account at Investec, held in the name of the Client which has online functionality;

1.2. "affected transaction" means any transaction to which the parameters set apply;

1.3. "applicable law" means any local, provincial, national or international statutes, regulations, regulatory guidelines, ruling or code and judicial, regulatory, industry or administrative interpretations or directives;

1.4. "Business Online" means the business banking services or products provided by Investec Corporate and Institutional Banking, a division of Investec, from time to time accessed through Business Online and includes for purposes of these Terms accessing Investec Business Online through Investec Online or via the Investec Business Online App;

1.5. "Client" means a person or entity holding a valid account with Investec, including any person authorised or deemed to be authorised by the Client to have access and utilise the account and the Investec Online Services on behalf of the Client; 

1.6. "Client Consent" means the instruction and consent provided to Investec by the Client using Investec Online directly or using a Third Party Window;

1.7. "Communication" means communications between the Client and Investec exchanged by means of an e-communication and/or such other communication as Investec may allow from time to time;

1.8. "Data" means the qualitative and quantitative data accessed through any of the Investec Online Services as selected by the Client at the time the Client Consent is provided and which may include Transactional Data as applicable to the Investec Online Services;

1.9. "Data Exportation" means the process whereby Data is exported using the Investec Online Services, following receipt by Investec of the Client Consent;

1.10. "device(s)" includes mobile phones or smartphones, smart watches, tablets, computers, laptops and notebooks and SIM cards;

1.11. "e-communication" means an electronic communication by means of a data message as defined in the ECT Act and includes communications exchanged by means of the Investec website, email and mobile phone (e.g. WAP, WIG, SMS);

1.12. "ECT Act" means the Electronic Communications and Transactions Act 25 of 2002;  

1.13. "Foreign Payment Instruction" means an instruction to make an international payment from one denominated currency into another via Business Online; 

1.14. "GDPR" means the EU General Data Protection Regulation 2016/679;

1.15. "IDE" means the integrated development environment situated on Investec Online;

1.16. "Internal Account Transfers" means any transfer of funds between the Client’s Investec accounts;

1.17. "Investec" means any member of Investec Bank Limited and/or any duly appointed agent of Investec;

1.18. "Investec API" means the Investec application programming interface which is a channel made available to Clients and Third Parties to allow access and/or use of the Investec API Features either directly with Investec or through a Third Party Application as the case may be;

1.19. "Investec API Features" 1.1.     means those Investec Online Services available through the Investec API;

1.20. "Investec App" means the Investec application accessible to Clients which can be downloaded onto a device and provides application programming interfaces and services which enables a Client to carry out transactions and other functions (whether of a financial nature or not);

1.21. "Investec Data Integration Offering" means the service of Data Exportation provided by Investec to the Client;

1.22. "Investec Group" means Investec Bank plc, Investec plc and Investec Limited and any direct or indirect subsidiaries of those three companies and includes Investec; 

1.23. “Investec Online” means the online platform provided by Investec which gives the Client and/or Third Party access to the Investec Online Services that the Client or Third Party are eligible and authorised to access via any device;

1.24. "Investec Online Password" means the password chosen by the Client and/or Third Party in respect of a profile for access to Investec Online which must be used, together with any other verification mechanism, every time Investec Online is accessed;

1.25. "Investec Online Services" means the services, access to products and/or features provided by Investec to eligible Clients and Third Parties through Investec Online, including but not be limited to online banking; Business Online; the API channel; Investec Data Integration Offering, Programmable Banking and IDE 

1.26. "Investec Website" means the Investec website being http://www.investec.com (including all its constituent web pages), including all pages over which Investec exercises control.

1.27. "merchant" means any supplier of goods and/or services who is enabled and authorised to process the Send Cash Functionality;  

1.28. "mobile authentication message" means a message to provide additional validation when accessing online banking or effecting a transaction, sent by Investec to the Client’s device, which may include, without limitation, a one-time pin or an In-App authentication message or verification by the Touch ID required standard; 

1.29. "mobile banking" includes all the services and facilities provided by Investec from time to time via a mobile device such as a mobile phone or tablet;

1.30. "notification" means a real time e-communication notification which Investec sends to the Client and includes SMS or push messages;

1.31. "online banking" means all digital banking services to access the Client’s accounts, related services and tools and facilities provided by Investec Private Banking via Investec Online or the Investec App; 

1.32. "parameters" means the rules (in compliance with these Terms) which the Client developed and authorised through the Programmable Banking Offering for his/her/their/its account/s that are eligible for programmable banking  which will result in the affected transactions being declined;

1.33. “payer” means the natural person or juristic person who makes a payment (including a PayShap payment) to another person or juristic person;

1.34.   “PayShap” means an electronic payment service which allows the Client to make and/or receive instant payments; 

1.35. "personal information" means personal information as defined in POPIA or GDPR as may be applicable;

1.36. "POPIA" means the Protection of Personal Information Act 4 of 2013;

1.37. “Privacy Policy and Data Protection Statement” means Investec’s privacy policy and data protection statement, which can be accessed at www.investec.co.za/legal.html, as amended from time to time;

1.38. "process/processing" has the same meaning assigned thereto in POPIA or GDPR as applicable, when referred to in the context of personal information;

1.39. "product agreement/s" means the various terms and conditions and/or agreements governing the particular services, accounts and/or facilities offered by Investec;

1.40. "Programmable Banking Offering" means a developer-driven root card accessible type product offering which the account holder uses to set parameters by means of Communications sent by the account holder to Investec;  

1.41. "recipient" means the nominated recipient of a redemption code and remittance amount;

1.42. "redemption code" means the unique code generated and issued by Investec and sent by means of a SMS notification to the recipient;   

1.43. "remittance amount" means the amount to be withdrawn as requested by the Client and specified in the SMS notification sent to the recipient;   

1.44. "Sanctioned Transaction" means the use of online banking for the purpose of financing directly or indirectly the activities of any person or entity which is on a Sanctions List or for the purpose of financing directly or indirectly the activities of any person in a country which is subject to Sanctions by a Sanctioning Body (“Sanctioned Country”), and/or the contribution or making available of amounts to any person or entity, if the Client has actual knowledge, without having made enquiry, that such person or entity intends to use such funds for the purpose of financing the activities of any person or entity which is in a Sanctioned Country and/or is on a Sanction List, in each case to the extent that such financing or provision of funds would be prohibited by Sanctions;

1.45. "Sanctioning Body" means any one or a combination of the following entities:

1.45.1. The South African government (if applicable);

1.45.2. the Office of Foreign Assets Control of the Department of Treasury of the United States of America;

1.45.3. the United Nations Security Council;

1.45.4. the European Union or any participating member state of the European Union;

1.45.5. Her Majesty's Treasury of the United Kingdom; and

1.45.6. any other Sanctioning Body of a foreign country in whose currency Investec may facilitate payment;

1.46. "Sanction List" means any of the lists of specially designated national or designated persons or entities (or equivalent) held by a Sanctioning Body, each as amended, supplemented or substituted from time to time and/or any other sanctions lists that Investec may from time to time deem necessary or be required to screen, verify and process transactions against;

1.47. "Sanctions" means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctioning Body;

1.48. "Send Cash Functionality" means the service offered by Investec to eligible Clients whereby Clients are, through their mobile banking or online banking able to, send cash to a recipient by sending a redemption code to the recipient’s mobile phone number which the recipient can use to redeem the relevant amount of cash at a merchant;

1.49. "service providers" means those suppliers and/or third-party service providers appointed by Investec from time to time in its sole discretion, for the purposes of providing or making Investec Online Services available to the Client;

1.50. “ShapID” means a unique identifier that can be used as an alternative for Client’s account number to receive PayShap payments. A ShapID consists of either Client’s cellphone number only, or Client’s cellphone number joined with Investec’s name (I’e cellphone number@investec) which is directly linked to Client’s nominated bank account. A ShapID is limited to account holders who are natural persons only.

1.51. “Shap Name” means a unique identifier that can be used as an alternative for Client’s account number to receive PayShap payments. A Shap Name consists of Client’s unique business name joined with Investec’s name (i.e. business name@investec) which is directly linked to Client’s nominated business account. A Shap Name is limited to account holders who are juristic persons only.

1.52. "Third Party Application" means a website or software application owned by a Third Party which shall be used or accessed by the Client or the Third Party’s clients  for purposes of accessing or using the Investec API Features;

1.53. "Third Party" means the third party which Investec has approved to use and access the Investec API;

1.54. "transaction" means a transaction initiated by the Client through Business Online or online banking or by using the account card, card number and/or the account and/or the account number, including ad-hoc electronic fund transfers or beneficiary payments, PayShap payments, purchase of a value-added service and use of the Send Cash Functionality as may be applicable to the account; 

1.55. "Transactional Data" means credit and debit transactions and running balances and may, depending on the services selected by the Client, including Personal Information;

1.56. "value added services" means the facilitation by Investec of the sale of mobile phone airtime, SMS - and data bundles and prepaid electricity by suppliers thereof;

1.57. "verification mechanism" means the online banking password, passwords utilised by Visa Secure (where applicable), mobile authentication message or other passwords and any other form of verification mechanism implemented by Investec from time to time, in order to facilitate the use of Investec Online Services, the account and matters ancillary thereto, including specifically any e-communication which Investec may send in relation to any transaction;

1.58. "Visa Secure" means a password-protected authentication system designed to confirm the identity of the cardholder when a Visa card is used online.

2.1. Access to the Investec Online Services shall be granted to a Client and/or Third Party subject to the following conditions:

2.1.1 the Client and/or Third Party must be eligible and authorised to access the Investec Online Service/s;

2.1.2. continuous compliance with Investec’s Security Measures and Requirements and these Terms;

2.1.3 any other party who is provided with access to a Client’s Investec Online Services profile including for any transactional services or where Client shares it’s API credentials or keys, that party shall be deemed to be authorised by the Client to perform the functions assigned to it until such time

2.1.4. a Third Party who has been provided with access to Client’s Data shall be deemed to be authorised by the Client to perform the functions assigned to the Third Party until such time as the Client otherwise advises Investec in writing or terminates the access; and

2.1.5. Client Consent must have been provided in the applicable circumstances.

2.2. Where the Client has authorised another party or a Third Party to access its Investec Online Services and/or Data, the Client will be responsible and liable for any actions performed by the other party or Third Party unless Investec acted fraudulently or with gross negligence.

2.3. The Client and Third Party acknowledges and understands that the Investec Online Services may be partially or wholly unavailable from time to time due to interruptions caused by scheduled maintenance, unforeseen interruptions, and other interruptions as required by external service providers or such other reasons which are not within the control of Investec. 

2.4. Investec will notify Client and/or Third Party as soon as practicably possible of any potential delay or interruptions to services offered through Investec Online.

2.5. The Client and Third Party accepts that Investec may in its sole and absolute discretion amend, replace, substitute or terminate access to any of the Investec Online Services and / or any aspects thereof (except as indicated otherwise in these Terms). Investec will provide reasonable notification of such amendment by any means of communication, including mail, e-communication or through any other reasonable medium that Investec may appropriate. Investec shall use its best endeavours to ensure little or no impact to the Client and/or Third Party in the event of any change or replacement of the Investec Online Services and / or any aspects thereof.  Notwithstanding this, Investec shall not be liable for any losses and / or damages the Client and/or Third Party (or any Client of the Third Party) may suffer as a result of any change or replacement of the Investec Online Services and / or any aspects thereof. 

3.1.. The Client acknowledges and expressly consents to Investec processing the Personal Information of the Client within the Investec Group for purposes of providing the Investec Online Services, maintaining the Client’s account/s, providing analysis or advice and/or complying with the instructions of the Client.

3.2. Any Client or individual making an application (“the applicant”) for certain products or services provided via Investec Online does so on the basis that it has agreed that Investec may make enquiries to confirm and verify any information provided by the applicant in any application form or request.

3.3. The Client has the right to access the Client’s Personal Information held by Investec. Investec will grant such access during office hours within a reasonable time after receiving a written request for access. 

3.4. Investec takes privacy and data protection seriously. The processing of the Client’s Personal Information is subject to the Privacy Policy and Data Protection Statement. By submitting any Personal Information to Investec or by using any of the Investec Online Services, the Client agrees to the provisions of the Privacy Policy and Data Protection Statement. If you are not a Client of Investec, Investec does not process any of your data via Investec Online.

4.1. When a Client and/or Third Party uses any Investec Online Services, they Client must always adhere to and follow these Investec’s Security Measures and Requirements:

(i) protect the verification mechanism used to access the Client’s  Investec Online profile from any other party and must never disclose the verification mechanism to anyone;

(ii) run the latest anti-malware software that is compatible with the Client’s device and Investec Online Services and which is designed to keep the Client Investec Online profile secure;

(iii) be vigilant to and protect against any potential fraud that can happen on the Client’s profile (if there is any concern that there has been fraud committed on the Client’s account or any other transaction or any of the Investec Online Services, the Client and/or the Third Party must immediately contact Investec 24/7 global Client Support Centre);

(iv) logout from Investec Online in the prescribed manner. Failure to logout may result in unauthorised transactions; and

(v) be cognisant of the Things that a Third Party must not do and the Things that a Client must not do.

4.2. Investec shall not be held liable for any loss or damage suffered by anyone as a result of unauthorised use of or an account or Investec Online being compromised in any way as a result of a Client’s failure to:

(i) comply with the obligations set out in 4.1(i) to 4.1(iv) above; or

(ii) notify Investec that a Client’s mobile phone number has changed or has been compromised and as a result thereof any notification sent by Investec to the mobile phone number on record is incapable of being received by the Client.

4.3. Investec shall not be liable in any way if the Client or Third Party does not take reasonable precautions to prevent unauthorised use of the Investec Online Services. Specifically but without limitation, Investec shall not be liable in any way if the Client uses any verification mechanism in a public place or in any other unsecured environment in such a manner that the confidentiality and secrecy of the verification mechanisms is compromised. Similarly, Investec will not be liable in any way if the Client does not make use of or does not implement or does not respond to any verification mechanism or if the Client stores or records any verification mechanism on a device or network or in any other location which can be compromised.

5.1. Investec may, from time to time, and following reasonable notice to the Client, update, improve or change the verification mechanisms or parts thereof required to access Investec Online.

5.2. Investec shall be entitled to refuse to give effect to an instruction from a Client and/or refuse a Client access to Investec Online if the Client does not comply with or satisfy any verification mechanisms.

5.3. The Client agrees to use and/or implement any verification mechanisms (where applicable) according to this agreement and/or any other conditions or guidelines which Investec may impose from time to time, subject to the provisions of any applicable law. The Client acknowledges that failure to keep any verification mechanism secret may result in unauthorised use of the account (or any other account held in the Investec Group) and losses, for which the Client will be liable. 

5.4. The Client undertakes to change the Investec Online Password when using Investec Online for the first time and on a regular basis thereafter. In the event that the Client forgets or misplaces the verification mechanism or part thereof, the Client may request it via the 24/7 global Client Support Centre.

5.5. Where a Client reasonably suspects that a device has been lost, stolen, misappropriated or if someone other than the Client utilises the device or account or has knowledge of the verification mechanism or the Client has reason to believe that such verification mechanism may in future be compromised, the Client shall be obliged immediately to notify the Investec global Client Support Centre telephonically. Any delay in providing the notification to Investec shall be presumed to be sufficient proof of negligence on the part of the Client and the Client shall bear the onus of proving the contrary. 

5.6. On receipt of the Client’s notification, Investec shall be entitled to –

5.6.1. reject all instructions received after the Client’s notification; and/or

5.6.2. suspend the processing of all instructions not yet executed; and/or

5.6.3. block access to any of the Investec Online Services until Investec is satisfied that the Client’s profile and/or account is no longer at risk.

5.7. It is the Client's duty to ensure that only duly authorised users have access to the verification mechanisms. Any person using the verification mechanisms shall be deemed to be a user authorised by the Client to gain access to the account and to Investec Online. The Client acknowledges that the verification mechanisms may enable the user to access all Investec Online Services and, accordingly, unauthorised use of the verification mechanism could expose the Client to fraudulent transactions on any of the Client’s accounts held in the Investec Group.

6.1. The Client hereby authorises Investec to effect transactions in accordance with the Client's instructions issued via Investec Online (which includes, but is not limited to, the Investec API Channel), subject to the provisions of this agreement and authorizations and permissions granted by the Client.

6.2.The Client acknowledges and agrees that –

6.2.1. Investec does not act as the agent of the Client when receiving an instruction or paying any amount instructed via Investec Online;

6.2.2. information or instructions transmitted when using Investec Online are susceptible to unlawful access, distortion and monitoring and that the Client uses Investec Online at the Client’s own risk;

6.2.3. as soon as the Client has submitted an instruction to Investec and complied with the required verification mechanisms, Investec shall be entitled to, but not obliged, to carry out the instruction. Once the instruction has been carried out by Investec, it may not be possible to reverse any transaction resulting from the instruction and the Client shall not be entitled to countermand the instruction;

6.2.4. if the Client issues instructions for more than one transaction, Investec shall be entitled to determine the order in which the transactions are executed.

6.3. Subject to any applicable law, Investec shall not be obliged to verify the information provided by the Client or a user who has access to the account for any transaction, including without limitation, the account numbers, branch name, branch numbers, account holder names, ShapID, or amounts stipulated in any instruction.

6.4. The Client must take note of the Things a Client must not do.

6.5. Investec reserves the right to prohibit, reject or suspend the execution of an instruction or transaction at any time should the value or frequency of the instruction or transaction appear suspicious or out of the ordinary to Investec or should the transaction be considered a Sanctioned Transaction. On so prohibiting, rejecting or suspending an instruction or transaction, Investec undertakes to contact the Client, to the extent permitted, within a reasonable period of time and to verify the instruction and/or transaction by such means as Investec may determine. This may result in the prohibition, limitation or delay in the execution of instructions or transactions and even in the suspension of the account and the declining or terminating of any transaction or the relationship with the Client. The Client acknowledges and confirms that neither Investec, nor its employees, officers, or directors, shall be liable for any direct, indirect or consequential loss, damage, cost or expense whatsoever that may be suffered or incurred by the Client as a result of, arising from or relating to any such prohibition, limitation, delay, decline or termination due to the implementation of this clause.

6.6. Failed Transactions

If any transaction instructed by the Client fails, including as a result of insufficient funds being available in the Client’s account or of a third-party account having been closed, Investec will not be liable.

7.1. nvestec will automatically send a notification to the Client’s mobile phone via the mobile number or via the Investec App in respect of certain activities performed during an online banking session, including the setting up or amending of beneficiaries and the making of occasional or beneficiary payments or initiating a transaction.

7.2. Unless the contrary is proven, the Client will be deemed to have received the notification within 10 seconds of the time indicated on the applicable transmission logs as being the time at which the notification was sent.

7.3. Unless the Client informs Investec immediately after receipt of the notification that the applicable transaction was unauthorised, the transaction shall be deemed to have been performed or authorised by the Client.

7.4. In the event that a Client performs a transaction for which the Client should have received a notification but has not received one within 10 minutes of having completed the transaction, the Client must inform Investec without delay in order to determine and rectify the cause of such failure.

7.5. In the event that the Client’s mobile phone or any device to which notifications are sent by Investec is stolen, misappropriated, lost or damaged and as a result thereof incapable of receiving any notifications from Investec or where the Client changes his/her mobile phone number, the Client must notify Investec immediately. Failure to do so may cause unauthorised access to the Client’s online banking and all such transactions will be deemed, unless the contrary is proven, to have been authorised by the Client.

8.1. These Terms contain provisions which limit Investec’s exposure to legal liability and make the user on behalf of the Client responsible for a variety of acts. Some of these provisions do have the effect of limiting the Client’s rights in law and conferring obligations on the Client by virtue of agreement to these Terms. The Client can find these provisions in the Liability section below. The content and products available through Investec Online are made available to the Client for limited uses.

8.2. Insofar as Business Online is concerned, the Client may not use the service and a user may not access or use the services on behalf of the Client (collectively referred to as “the Client”) and the Client may not accept these Terms if the Client - (a) lacks the legal capacity to enter into a binding contract with Investec; (b) is a person who is not permitted to access or use Business Online by the Client and/or under the laws of the country in which the user is resident or from which the user accesses Business Online.

8.3. All services and products offered in Business Online are subject to completion (in the manner required) of the requisite application forms and other documentation and are governed by the relevant provisions contained in these Terms as well as any applicable product terms. Investec may reject, in its absolute discretion and without affording the Client any reason, any application submitted for services contained through Business Online. 

9.1. In accordance with the requirements of the Exchange Control Department of the South African Reserve Bank, and the Exchange Control Rules, Regulations and/or Legislation, as amended from time to time, each foreign exchange trading transaction is required to be transacted under the terms of the ISDA Master Agreement.

9.2. For purposes of the above, the Client hereby agrees and confirms that it is the mutual intention of the Client and Investec that any foreign exchange trading transaction entered into by the Client via Business Online shall be governed by the ISDA Master Agreement, the provisions of which are incorporated by reference in this agreement, as if specifically stated herein.

9.3. All foreign exchange trading transactions are entered into in reliance of the fact that these Terms, the ISDA Master Agreement and all confirmations form a single agreement between the Parties, and the Parties would not otherwise enter into any foreign exchange trading transaction. The Client warrants that it is familiar with the provisions of the ISDA Master Agreement and fully understands the implications of this clause. The Client shall be entitled to request copies of the ISDA Master Agreement from Investec, and Investec shall be obliged to provide such copies to the Client promptly, whether in electronic format or otherwise.

10.1. These provisions apply to a Client who issues forex trade instructions via Business Online.

10.2. Auto Confirmations

10.2.1. The Client hereby acknowledges and accepts that Investec may wish to confirm each forex transaction relating to forex entered into by the Client, in writing, upon execution of an instruction by the user. Should Investec request confirmation of a transaction by the Client, the Client is obligated to do so within a period of 72 (seventy-two) hours from execution of the instruction by the Client (the “Confirmation Period”).

10.2.2. The Client hereby acknowledges and accepts that should it not confirm or dispute the forex transaction within the Confirmation Period, the terms of the forex transaction shall be deemed to be accepted as a true and accurate reflection of the Client’s executed instruction (“Auto Confirmation”). The Client further acknowledges and accepts that Investec shall not accept any disputes relating to the terms of the transaction upon Auto Confirmation of any transaction.

10.2.3. Should the Client dispute any term of a transaction within the Confirmation Period, the disputed transaction shall be investigated by Investec within a period of approximately 2 (two) business days from the date of lodgement of the dispute. Upon settlement of the disputed forex transaction, Investec may request further and / or additional confirmation of the amended terms of the transaction. Such further and / or additional confirmation shall be bound to the obligations and timelines set out in the abovementioned clauses.

10.3 Auto Rollover

10.3.1. In the event of non-settlement of a matured forex transaction, the forex transaction shall be deemed as overdue on the next business day succeeding maturity, thereby, conferring the right and not the obligation on Investec to rollover the transaction (“Automatic Rollover”) for a discretionary period (the “Next Value Date Period”) at prevailing market rates.

10.3.2. The Client acknowledges and hereby accepts that an Automatic Rollover shall only be discretionarily permissible if the Client has sufficient funds in an account held with Investec to cover the settlement of the transaction plus applicable costs, fees and ancillary charges (“Costs”). Furthermore, the Client acknowledges that a forex transaction can only be subject to 3 (three) successive rollovers. Upon the expiry of the third Next Value Date Period, Investec reserves its right to cancel the transactions without any prior notification to the Client. Upon cancellation of the transaction, Investec shall levy a cancellation fee on the Client which shall be immediately due and payable by the Client.

10.3.3. Should a Client have insufficient funds in an account held at Investec to settle the forex transaction plus Costs, Investec shall reserve its right to levy interest on the principal amount of the forex transaction.

10.3.4. The Client acknowledges and hereby accepts that Investec may levy a fee per Automatic Rollover (“Automatic Rollover Fees”). The Automatic Rollover Fees shall be for the full account of the Client.

10.3.5. The Client acknowledges that Investec shall not request a trade confirmation of an Automatic Rollover but may, in its sole discretion, inform the Client of an Automatic Rollover by way of an advice.

10.4. Cross currency forex rate acceptance

10.4.1. The Client hereby acknowledges and accepts that Investec may confirm an exchange rate on behalf of the Client under certain circumstances in cross currency forex transactions, namely: International Receipts, International Payments and Internal Account Transfers.

10.4.2. International Receipts: The Client acknowledges and accepts that upon receiving an international receipt of foreign currency into an alternate currency denominated account, it shall have 30 days from the date of receiving the international receipt (the “Transaction Period”) to accept the international receipt and, either elect to confirm the exchange rate by itself or permit Investec to accept the exchange rate on behalf of the Client (the “Election”). Upon making the Election, the Client is required to complete a mandatory Balance of Payments form (the “BoP Form”) which shall be submitted to the South African Reserve Bank (the “SARB”) for regulatory reporting purposes. Subject to the affirmative approval from Investec Exchange Control and in the event of the Client electing to confirm the exchange rate itself, the Client has until the 29th day of the Transaction Period (inclusive thereof) to confirm the exchange rate of International Receipt. Should the Client fail to do so by the close of business on the 29th day of the Transaction Period, on the 30th day of the Transaction Period Investec will confirm the exchange rate on behalf of the Client in its sole discretion. Subject to the affirmative approval from Investec Exchange Control and in the event of the Client nominating Investec to confirm the exchange rate on the Client’s behalf, Investec shall confirm the exchange rate on behalf of the Client in its absolute discretion. The Client further acknowledges and accepts that Investec shall not accept any liability for confirming the exchange rate on the Client’s behalf and does not indemnify the Client for any losses and / or damages it may suffer as a result of the confirmed exchange rate.

10.4.3. International Payments: The Client acknowledges that it is required to fully authorise a Foreign Payment Instruction on the Investec Business Online platform prior to Investec processing the instruction. The Client accepts that in order for Investec to process the Foreign Payment Instruction, it is required to make an Election and complete a mandatory BoP Form which shall be submitted to the SARB for regulatory reporting purposes.

10.4.4. Subject to the affirmative approval from Investec Exchange Control and in the event of the Client electing to confirm the exchange rate by itself, the Client has until the payment date to confirm the exchange rate of the Foreign Payment Instruction. Should the Client fail to do so upon the payment date, Investec will confirm the exchange rate on behalf of the Client in its absolute discretion and shall process the Foreign Payment Instruction on the next business date. Subject to the affirmative approval from Investec Exchange Control and in the event of the Client nominating Investec to confirm the exchange rate on behalf of itself, Investec shall confirm the exchange rate in its absolute discretion. The Client further acknowledges and accepts that Investec shall not accept any liability for confirming the exchange rate on the Client’s behalf and does not indemnify the Client for any losses and / or damages it may suffer as a result of the confirmed exchange rate.

10.4.5. Internal Account Transfers - The Client acknowledges that prior to up submitting a request to make an Internal Account Transfer from one denominated currency into another (“Internal Account Transfer Request”), it is required to fully authorise the Internal Account Transfer Request on the Investec Business Online platform prior to Investec to processing the same. The Client accepts that in order for Investec to process the Internal Account Transfer Request, it is required to make an Election and complete a mandatory BoP Form which shall submitted to the SARB for regulatory reporting purposes. Subject to the affirmative approval from Investec Exchange Control and in the event of the Client electing to confirm the exchange rate by itself, the Client has until the transfer date (inclusive thereof) to confirm the exchange rate of the Internal account Transfer Request. Should the Client fail to do so, on the transfer date Investec will confirm the exchange rate on behalf of the Client in its absolute discretion and shall process the Internal Account Transfer Request on the next business day. Subject to the affirmative approval from Investec Exchange Control and in the event of the Client nominating Investec to confirm the exchange rate on behalf of itself, Investec shall confirm the exchange rate in its absolute discretion. The Client further acknowledges and accepts that Investec shall not accept any liability for confirming the exchange rate on the Client’s behalf and does not indemnify the Client for any losses and / or damages it may suffer as a result of the confirmed exchange rate.

11.1. Investec may charge the Client or Third Party for utilising one or more of the Investec Online Services. If fees are charged, Investec will inform the Client or the Third Party of such fees and the fees charged will be debited to an account nominated by the Client.

11.2. If fees are charged, the fees may be amended from time to time on prior written notice to the Client. 

12.1. The Client acknowledges that certain documents including documents such as account statements and IT3b tax certificates are available for download from Investec Online on a monthly basis and that Investec is not required to notify the Client of such.   

12.2. Investec shall not be obliged to retain account statements on online banking for longer than 3 (three) months after the date of each statement. Should the Client wish to retain account statements for longer than 3 (three) months, the Client must save and record a copy in a format and manner acceptable to the Client.

13.1. Investec may provide account balance notification:

13.1.1. by SMS and/or e-communication; and/or

13.1.2. on request from the Client, via the global Client Support Centre or via online banking from time to time.

13.2. An account balance notification is provided for convenience only and cannot be used, or relied upon, as proof of any amount. The Client acknowledges that account balance notification may be delayed and therefore outdated for various reasons, including backlogs on the email or SMS server as a result of high volumes. The Client also acknowledges that any account balance notification provided by Investec on request from the Client is not provided real time and will not necessarily be an accurate representation of the account.

13.3. The ability to receive or request account balance notifications may be suspended or withdrawn by Investec at any time without notice to the Client.

As a benefit to being a Client of Investec, to the extent that the Client has been approved, the Client will be able to participate in the Programmable Banking Offering.

14.1. In order to participate in the Programmable Banking Offering, the following will apply:

14.1.1. Participation in the Programmable Banking Offering is only available to account holders whom have been approved to partake in such offering and holds an Investec account.

14.1.2. Investec will be entitled to determine eligibility for the Programmable Banking Offering. To be eligible for the Programmable Banking Offering, each card to which the Programmable Banking Offering applies, must be registered separately and unless otherwise advised, the cardholder must be in possession of a valid card, whether physical or virtual.

14.1.3. Only a Client whose account is open and in good standing will be entitled to participate in the Programmable Banking Offering.

14.1.4. The Client may, pursuant to an application, participate in the Programmable Banking Offering in respect of any other cards issued under an account as well.

14.1.5. Only the Client or card holder (where duly authorised by the Client), will have the right to set parameters on such cards. Investec will not be liable for any costs incurred or any loss or damage suffered by the Client in this regard and the Client indemnifies Investec accordingly.

14.1.6. Investec may, in its sole discretion without affecting any rights it may have, cancel or suspend a Client’s participation in the Programmable Banking Offering pursuant to the agreement.

14.1.7. Investec will not act nor will it be deemed to be acting as the Client’s agent nor as the agent of any merchant and/or related third party.

14.1.8. Subject to 14.1.9, the parameters and all the rules, information technology code (including the language used) and configuration to execute these parameters will belong to the Client as his/her/their intellectual property for so long as it is distinguishable from the Programmable Banking Offering.

14.1.9. By submitting the parameters into the Programmable Banking Offering (thereby taking the code live into production for that account or product), the Client grants to Investec a perpetual, irrevocable, transferable, worldwide, fully paid up license to use, retain, commercialise, and transmit such parameters.

14.1.10. Otherwise than as required by applicable law, Investec will not be responsible for any certification, clarification or directive to the Client or be responsible for any obligations or liability owing by the Client arising from the Programmable Banking Offering.

14.1.11. The Client waives any rights it may have against Investec arising directly or indirectly from any loss or damage of whatsoever nature, which may be suffered as a result of the Programmable Banking Offering or any matter incidental thereto or the acts or omissions of any merchant and/or service provider. The account holder agrees that Investec is not responsible for any consequential loss or damage (including loss of profits or data) arising from the Programmable Banking Offering.

14.1.12. The Client accepts that Investec may in its sole and absolute discretion from time to time amend, replace or substitute the Programmable Banking Offering and/or any aspects thereof. Investec will give no less than 90 (ninety) days’ notification of such amendment by any means of communication, including mail, statement, facsimile, e-communication or through any other medium that Investec may deem fit.

14.1.13. The Client agrees and consents thereto that by participating in the Programmable Banking Offering, Investec may, in its sole discretion, send marketing and promotional information relating to the Programmable Banking Offering to the Client and such information will not be considered unsolicited. The Client has the right to request that Investec not send any such information.

14.1.14. Any communication contained on the Investec Website or Investec Online will be deemed to be sufficient communication or notice relating to the Programmable Banking Offering and will be binding on the Client.

14.1.15. If there is any conflict between these Terms and any other terms, rules, regulations or procedures applicable to the Programmable Banking Offering, these Terms will prevail.

14.2. Programmable Banking Participation

14.2.1. Parameters will only apply to the affected transactions with effect from (and including) the later of the date on which the provisions of the agreement apply to the account holder and/or cardholder (as the case may be) in respect of a particular card or the date on which the particular card is registered ("effective date").

14.2.2. Investec reserves the right at its election to refuse to record or honour parameters set for the reasons as set out below. This will result in the authorisation of an affected transaction notwithstanding the parameters that have been set for the decline of such transactions if (amongst other things):

(i) the affected transaction is an under the floor limit purchase;

(ii) any failure, delay and/or malfunction in the application of the parameters to affected transactions for any reason whatsoever;

(iii) Investec by law is obliged to refuse to record or honour parameters;

(iv) the account is not in good standing; or

(v) participation in the Programmable Banking Offering is cancelled or suspended.

14.2.3. All transactions remain subject to Investec’s internal approval/authorisation processes notwithstanding any parameters set by the Client.

14.2.4. The Client acknowledges and accepts that he/she/it will not be compensated for any transaction where any parameter has been dishonoured or refused or where a transaction was declined as a result of the parameter set.

14.2.5. The Client can view all existing parameters on Investec Online within IDE. In the event that the parameters do not reflect, the Client is obliged to contact Investec with regards to any discrepancies the account holder has or may have. If Investec is not contacted accordingly, any affected transaction shall be processed as if the parameters had not been set.

14.2.6. Existing parameters set can be cancelled or amended through using IDE.

14.2.7. The Client will bear all risk and liability for his/her/their and/or any cardholder’s participation in the Programmable Banking Offering unless caused as a result of Investec’s gross negligence or wilful misconduct.

14.2.8. The Client accepts that affected transactions will not be processed against any parameters set after suspension or cancellation of the relevant card used or suspension or termination of the credit facility or account.

14.2.9. It is the Client’s sole responsibility to ensure that, if a card is replaced for any reason whatsoever, the Programmable Banking functionality is deactivated from the old card and activated on the new card using IDE. Investec accepts no responsibility for any affected transactions not processed against any parameters set as result of the Client’s failure to process the required deactivation and/or activation.

15.1. Investec grants a royalty-free, limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Investec API to develop, test, connect with and utilise the Investec Online Services either directly or through a Third Party Application, subject to these Terms. Except as otherwise stated herein, no rights or licenses, express or implied, are hereby granted or transferred to the Client or Third Party (or any of the Third Party’s clients) with respect to any of Investec’s intellectual property rights.

15.2. The Client and Third Party acknowledges and accepts that Investec is merely offering a platform for use with various Investec API Features. The usage of the Investec API and sharing of API credentials and keys is at the sole risk of the Client and/or Third Party.

15.3. Copyright in all materials made available through the Investec API and / or Investec API Features, including any metadata received and related to the Investec API is owned either by Investec, its third parties and / or such service providers as may be applicable to Investec and is protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation or exploitation of any such material will constitute an infringement of that copyright. This includes trademarks, logos and service marks displayed relating to the Investec API and / or Investec API Features, registered and unregistered trademarks of Investec, a third party and / or any service providers that are applicable. Nothing contained in the Investec API should be construed as granting any license or right to use any trademark, logos or service marks without the written permission of Investec, the third party and / or such other service providers. 

15.4. Use of the Investec API

15.4.1. Investec shall enable the Investec API Features and access shall be granted:

15.4.1.1. following receipt of the Client Consent through Investec Online; or

15.4.1.2. following receipt of the Client Consent passed on to Investec by the Third Party; or

15.4.1.3. following a direct request by the Third Party (once authorised by Investec) in order to provide access to Investec Online Services to its own Clients via the Investec API; or

15.4.1.4. following a request by Client through his/her/its private banker (if applicable).

51.4.2. The Third Party, by accessing the Investec API acknowledges and warrants that he/she/it shall keep his/her/its Investec Online login details, API credentials and API keys safe.  Failure to do so, shall lead to unauthorised access and use of the Third Party and/or Client’s online profile and Investec API access; and Investec shall not be responsible for any losses and / or damages suffered by the Client and/or Third Party and/or its clients.  

15.5.   Third Party Direct Access to the Investec API

15.5.1. Investec’s sole role as part of the Investec API is to provide access to the Investec API and Investec API Features in accordance with these Terms. The Third Party acknowledges and accepts that Investec has no control over the actual usage of the Investec API and / or the Investec API Features by the Third Party or the Third Party’s clients. The Third Party shall bear all risk associated with the usage of the Investec API and / or Investec API Features by it or its clients. By using and/or accessing the Investec API and / or any of the Investec API Features, the Third Party acknowledges and agrees to indemnify Investec against any and all direct and/or indirect claim, loss, damage or cost incurred by the Third Party or by the Third Party’s clients.

15.5.2. Investec makes no warranties, guarantees and/or assurances as to the availability, use case, value or support of the Investec API or any of the Investec API Features.

15.6.   Data Integration between Client and a Third Party

15.6.1. Access to the Investec Data Integration Offering is linked to the Client’s Investec Account and will only be available for so long as the Client holds an Investec Account that is open and in good standing.

15.6.2. The use of the Investec Data Integration Offering is solely at the risk of the Client. Investec is merely facilitating Data Exportation as requested by the Client.

15.6.3. Except as required by applicable law, Investec will not be responsible for any certification or directive to the Client, nor be responsible for any obligations or liability of any kind owing by the Client arising from their use of the Investec Data Integration Offering.

15.6.4. Use of the Investec Data Integration Offering

(i) Investec will, following receipt of the Client Consent either through Investec Online or through receipt of consent passed on to it by the authorised Third Party (“Third Party Window”), enable Data Exportation at such intervals or automatically as required.

(ii) The Client and Third Party are obligated to keep his/her/their Investec Online login details, API credentials and/or API keys safe as by not doing so could lead to unauthorised access and use of the Client’s online profile. The Client and Third Party acknowledges and accepts all risks associated with the failure to keep his/her/their Investec Online login details, API credentials and/or API keys safe.

(iii) The Client can revoke the Third Party access at any time by submitting a revocation request using Investec Online after which no further Data Exportation will be possible, whilst any Data Exportation that was performed prior to the revocation shall remain with the Third Party.

15.6.5. Investec’s sole role as part of the Investec Data Integration Offering is the provision of the Data subject to the Client Consent and in accordance with the process as set out above. Investec has no control over the actual use by the Third Party of the Data received. By using the Investec Data Integration Offering, the Client acknowledges and agrees to indemnify Investec against any direct and/or indirect claim, loss, damage or cost incurred by the Client and/or any third party as a result of any unauthorised use by any Third Party or other service providers (to the extent applicable) of the Data shared by the Client.

15.6.6. Delays in or malfunction of Data Exportation:

(i) All Data shared will be based on information available to Investec at the time of Data Exportation.

(ii) The Client should take note of the Disclaimers provided in these Terms.

15.6.7. Limited Liability

(i) Investec provides the Data to the Third Party and/or the Client (subject to the provisions of this section) at the behest of the Client and therefore does not warrant in any way that the Investec Data Integration Offering will meet any of the Client’s personal, financial or such other practice management related needs.

(ii) The Client will bear all risk and liability for his/her/its use of the Investec Data Integration Offering including his/her/its failure to comply with the provisions as contained in these Terms. Investec will not bear any liability at all, howsoever arising, and the Client accordingly indemnifies Investec against any claims, losses, damage or costs (including consequential losses) directly and/or indirectly incurred by the Client or another third party as a result of the Client’s use of the Investec Data Integration Offering unless caused as a result of Investec’s proven gross negligence or proven wilful misconduct.

15.7.   Use of Third Party Products and Services

15.7.1. Investec is not acting as an agent for and/or on behalf of the Third Party in relation to the Investec API and/or the Investec API Features.

15.7.2. The Client and Third Party acknowledges and agrees that the use (including any Third Party’s clients’ use) of the Investec API and/or the Investec API Features via the Third Party Application is also subject to the third-party’s terms and conditions (the “Third-Party Terms”), which are distinct from Investec’s services, systems and these Terms.

15.7.3. It is the Client’s sole responsibility to familiarise him/her/itself and comply with any Third-Party Terms.

15.7.4. Investec will not be responsible or liable for any content, information, goods, services and/or quality and accuracy of such content, information, goods or services available on or through the Investec API; nor for any claim, loss, damage, cost or expenses incurred by the end-user or any other third-party as a result thereof.

15.7.5. Any dealings, communication, correspondence and interaction with the Third Party will be at the Client’s own risk and solely between the Third Party and Client or the Third Party and its own clients, including (amongst other things) matters related to payment and delivery of goods and services, any terms, conditions, warranties or representation associated with such dealings, communication, correspondence and interactions.

15.8.   Things the Third Party must not do:

The Third Party must not use or access or allow any end-user to use or access the Investec API and/or Investec API Features as follows:

(i) to do anything illegal, unethical, offensive, abusive or inconsistent with these Terms;

(ii) to seek to copy, modify, reproduce, tamper, disrupt, interfere or in any way compromise any other party’s lawful and authorised use or access to the Investec API;

(iii) to introduce or transmit any viruses or malware into the Investec API that would compromise Investec’s security and/or any end-user’s use and access to the Investec API;

(iv) to access or use the Investec API on a device or computer which contains or is vulnerable to viruses or other damaging properties or which does not have up-to-date anti-virus, anti-spyware software, firewall and security patches installed on it; or

(v) to collect data from Investec or its systems or attempt to decipher any transmissions to or from the servers running any of the functions provided by Investec’s Online services.

15.9. The Client or Third Party can revoke their access at any time by submitting a revocation request using Investec Online after which access to the Investec API and / or Investec API Feature will cease.  Notwithstanding this, any actions performed via the Investec API through the Third Party prior to the revocation shall remain with the Third Party.

15.10. Third Party Warranties

By accessing and/or using the Investec API, the Third Party hereby warrants and undertakes that when accessing and/or using the Investec API:

(i) the access and use thereof is based on a legitimate and lawful purpose;

(ii) the Third Party is not concealing or disguising its identity to Investec;

(iii) it will act in accordance with these Terms;

(iv) the Third Party will immediately notify Investec and block and cease access to any unauthorised party or party using the Investec API or Investec API Features in an unlawful manner; and

(v) the Third Party has obtained all necessary consents from its own clients  to authorise access to the Investec API Features. 

16.1. Investec may publish notices to the Client from time to time by way of "pop-up" windows on the device browser.

16.2. Pop-up notices shall be deemed to be have been read and accepted once the Client has closed such notice and proceeded with the Investec Online Services.

16.3. The Client must ensure that any device browser used by the Client permits pop-up notices from Investec to be displayed. Failure to do so shall not entitle the Client to claim non-receipt of a pop-up notification.

17.1. Investec will at all times retain its copyright in or licence to software and associated information and documentation belonging to or licensed to Investec and used in the provision of the Investec Online Services and in respect of any logos, trademarks or service marks used.

17.2. Neither the Client nor any Third Party may duplicate, reproduce, reverse engineer or in any way tamper with any of the Investec Online Services, including the Investec API, any software and associated documents without the prior written consent of Investec.

17.3. Copyright in all materials made available through Investec Online is owned by Investec or the service provider as clearly indicated and is protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation or exploitation of any such material will constitute an infringement of that copyright. The trademarks, logos and service marks displayed are registered and unregistered trademarks of Investec or the applicable service provider. Nothing contained in these Terms should be construed as granting any licence or right to use any trademark, logos or service marks without the written permission of Investec and/or service providers as the case may be.

18.1. The Client is alerted, and agrees to, the possibility that all information submitted or transmitted via email is susceptible to monitoring and interception.

18.2. The Client is therefore discouraged from transmitting to Investec any information which may be confidential, proprietary or sensitive unless adequate security arrangements are agreed with Investec.

18.3. The Client shall bear all risk of transmitting such information via email and, unless Investec acted fraudulently or with gross negligence, Investec shall not be liable for any loss, harm or damage suffered by the Client as a result thereof.

18.4. The Client acknowledges that Investec will not enquire into the validity of any information transmitted via email and Investec will assume that any person who submitted the information on behalf of the Client is authorised to do so, unless the contrary is proved.

18.5. Notwithstanding any other provisions in this agreement, Investec reserves the right to request independent verification of any information transmitted via email and the Client consents to such verification from any source should Investec deem it necessary.

19.1. In the event that the Client forgets or misplaces his verification mechanism or part thereof, Investec will provide the Client with a temporary verification mechanism, subject to the provisions below and any other conditions Investec may impose ("disclosure").

19.2. The disclosure is subject to the Client being verified to the satisfaction of Investec.

19.3. After the Client has been provided with a temporary verification mechanism, the Client is obliged to access Investec Online and to change the verification mechanism within the time period determined by Investec, failing which the Client shall be held liable for any loss, claim, damage or expense which he may suffer or incur as a result of his failure to change the online banking password timeously in accordance with this clause.

20.1. The Client acknowledges and agrees that:

20.1.1. while Investec provides the mechanism within which Client can purchase value added services, Investec is not a party to any agreement in terms of which value added services are obtained by the Client. Whilst Investec will assist as far as possible with the resolution of any queries, the Client has contracted directly with the supplier of the value added services, including without limitation, prepaid electricity, cellular airtime, SMS and data packages;

10.1.2. any purchase of the value added services is subject to the terms and conditions of sale of the supplier;

20.1.3. certain prepaid electricity, airtime, SMS and data packages are subject to expiry dates determined by the supplier; and

20.1.4. the correct mobile phone number or meter number, as the case may be, must at all times be entered on online banking to ensure a successful transaction and no refunds can be made in the event that an incorrect mobile phone or meter number is entered.

21.1. By using the Send Cash Functionality service, the Client acknowledges that a withdrawal of the remittance amount is deemed to be effected at the time of the Client's request, subject to the provisions below.  

21.2. The Client acknowledges and agrees:

21.2.1. to take all reasonable precautions to prevent unauthorised use of the redemption code and shall notify Investec immediately if the mobile phone to which a redemption code was sent has been lost, stolen or malfunctions;  

21.2.2. that the correct recipient's mobile phone number must be entered to ensure a successful allocation of the redemption code; 

21.2.3. Investec cannot be held liable for any losses suffered as a result of:

(i) an incorrect mobile phone number being entered by the Client; or

(ii) the redemption code not being received as a result of the recipient’s mobile network not being available at the time that the redemption code is sent; and

(iii) the intended recipient not receiving the redemption code as a result thereof;  

21.2.4.  whilst Investec will assist as far as possible with the resolution of any queries, Investec shall not in any way be held liable if a merchant cannot perform or comply with the Send Cash Functionality as a result of the merchant's failure or malfunction of its systems or unavailability or lack of the requested remittance amount;

21.2.5. that Investec will charge the Client a non-refundable fee and the Client shall be liable for the fee regardless of whether the Client cancels the redemption code before the remittance amount is redeemed or whether the remittance amount is redeemed by the recipient or should the redemption code expire. The fees charged will be debited from an account nominated by the Client; and

21.2.6. that the redemption code will expire upon expiration of a certain time period, as advised by Investec from time to time, if not presented by the recipient at a merchant. In the event that the redemption code expires, the Client will be refunded the remittance amount.

22.1.   Certain Investec accounts include the functionality for the Client to manage account visibility. Account visibility can only be managed by the Client on Investec Online.

22.2.   When an account is hidden, the Client will no longer be able to view or transact on that account on Investec Online and mobile banking, until that account is unhidden by the Client.

22.3.   The Client acknowledges that, in order to view and transact in an account while on Investec Online and mobile banking, the account must be unhidden on Investec Online.

22.4.   Client further acknowledges that account visibility is managed at a user and Client profile level. In other words, an account will only be hidden or unhidden in the profile where the change is made, and that visibility change will only apply to that user. A change to visibility will update only on that profile and user’s mobile banking as well. 

22.5.   The Client will bear all risk and liability for any change to their account visibility unless a loss is caused as a result of Investec’s gross negligence or wilful misconduct. 

23.1. PayShap payments;

23.1.1. are final and irrevocable. It is the client’s responsibility to ensure they have verified the recipient’s details.

23.1.2. may only be made to and from South African accounts;

23.1.3. have a transaction limit of R 3,000.00;

23.1.4. are instant, subject to the payment being processed successfully by all payment participants (sending and receiving bank as well as the payment operator);

23.2. PayShap is only available to Investec clients who hold transactional accounts and excludes transactional accounts with dual signatories.

23.3. Should the client’s cellphone number or name (as the case may be) used as the ShapID or Shap Name change, it is the client’s responsibility to ensure that these details are updated accordingly and the old ShapID and Shap Name are deregistered.

23.4. Investec reserves the right to confirm the cellphone number and/or name (as the case may be) with the client. Should Investec be unable to do this, Investec may deregister the client from PayShap without prior notice.

23.5. Investec will not be held responsible for unsuccessful PayShap payments arising from whatsoever cause unless it is a direct result of an error on the part of Investec.

24.1.   The Client is required to act in compliance with all applicable laws when issuing an instruction to Investec or a Third Party when accessing the Investec Online Services; making a payment from the Client’s Investec Online profile or accessing a Third Party Application.

24.2.   The Client must not use the Investec Online Services:

24.2.1.   in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these Terms, or act fraudulently or maliciously;

24.2.2.   to seek to copy, reproduce, modify or tamper with Investec Online or the Investec App in any way;

24.2.3.   on a device or computer which contains or is vulnerable to viruses or other damaging properties or which does not have up-to-date anti-virus, anti-spyware software, firewall and security patches installed on it;

24.2.4.   in a way that could damage or affect Investec’s systems or security or interfere with other Clients or users, 

24.2.5.   to restrict or inhibit anyone else’s use of Investec Online Services;

24.2.6.   to collect data from Investec or its systems or attempt to decipher any transmissions to or from the servers running any of the functions provided by Investec’s Online services in an unauthorised manner;

24.2.7.   to collect debts of any nature from other parties;

24.2.8.   to upload, store or share inappropriate or illegal images or content that breaches the right of others; or

24.2.9.   to conclude any transaction with a person on the Sanctions List or a person located in any Sanctioned Country, and will ensure that online banking is not used for a Sanctioned Transaction.

25.1.  From time to time Investec may make changes to the Investec Online Services (such as introducing new features or making updates to the Investec App, Investec API and any other Investec Online Services). Depending on the update, the Client may not be able to use one or more of the Investec Online Services until the Client has updated their browser or software or downloaded the latest version of the Investec App.

25.2.  The Client may also need to agree to new terms if the Client wants to continue to use the Investec Online Services.

25.3.  Investec will inform the Client through Investec Online or the Investec App if there is a new version of the Investec App.

26.1.   The Client may terminate any of the Investec Online Services via Investec Online, or by giving written or telephonic notice of termination to Investec and where applicable the Third Party.

26.2.   Investec is entitled, at its discretion to terminate any of the Investec Online Services to Clients or any Third Party at any time Investec deems it necessary.

26.3.   In order to protect the Client, Third Party and/or Investec, Investec is entitled to immediately suspend, withdraw or terminate all or part of the Investec Online Services if –

26.3.1.   any of the Investec Online Services are being used contrary to these Terms;

26.3.2.   Investec has reason to believe that any of the Investec Online Services is being or may be used negligently, illegally, including Sanctioned Transactions, or fraudulently; or

26.3.3.   Investec believes that the security of Investec Online may be compromised.

26.4.   The Client shall be liable for all transactions and/or obligations and related charges which are incurred up to and including the date of suspension, withdrawal or termination.

26.5.   Access to Investec Online will terminate automatically upon termination / closure of the Investec Account to which it is linked.

27.1.   Except to the extent that Investec is proven to have acted fraudulently or with gross negligence, and to the extent permissible in law, Investec shall not be liable for direct, indirect, special, incidental or consequential loss or damage which the Client may suffer or incur as a result of –

27.1.1.      any malfunction or defect in the hardware, software or device or service used by the Client in connection with Investec Online Services;

27.1.2.      non-delivery or delayed delivery of notifications;

27.1.3.      unlawful or unauthorised access to Investec Online by third parties;

27.1.4.      failures or delays caused by third party service providers;

27.1.5.      malfunctioning of any system or network which is beyond the reasonable control of Investec;

27.1.6.      online banking or any of the Investec Online Services being temporarily unavailable;

27.1.7.      erroneous, unauthorised or unlawful instructions provided or deemed to have been provided by the Client;

27.1.8.      any other circumstance not reasonably within Investec's control.

27.2.   The Client hereby indemnifies Investec against any damage, loss and/or consequential loss that Investec may suffer as a result of a breach by the Client of this agreement, or as a result of incorrect, unauthorised and/or unlawful instructions or information given by the Client, provided that Investec did not act fraudulently or with gross negligence.

28.1. The residential or registered address provided by the Client in respect of the account or authorised access (or, if the Client has more than one account, the residential or registered address provided in respect of any one of them, at Investec's election) will be the Client's chosen domicilium citandi et executandi ("domicilium") (i.e. the address at which all notices for purposes of legal process in terms of the agreement may be served on or delivered to the Client).

28.2. Investec shall use the Third Party’s registered address, address (including e-mail address) as it appears on the Third Party’s website (unless notified otherwise) as the domicilium for purposes of this section. 

28.3. The Client or Third Party may, by written notice to Investec, change his/her/their domicilium to any other physical address in South Africa or email address. Any such change of domicilium will only be effective 14 (fourteen) days after the date on which Investec receives the notice.

28.4. Investec will deliver all notices to the Client or Third Party by prepaid registered post, ordinary mail, email, printable web-page or delivery by hand to the Client's domicilium, subject to the applicable NCA provisions to the extent that the NCA applies.

28.5. Any notice to the Client or Third Party by Investec may be addressed to the Client or Third Party at his chosen domicilium and will be deemed (unless the contrary be proved) to have been received on the 10th day after posting or on the same day if delivered during ordinary business hours by hand or sent to the chosen email address or transmitted by printable web-page (if applicable).

28.6. All and any notices or communications by the Client or Third Party to Investec must be in writing and sent by prepaid registered post or by hand to Investec’s head office at 100 Grayston Drive, Sandown, Sandton alternatively via the Investec Website.

28.7. Notwithstanding anything to the contrary contained or implied in these Terms, a written notice or communication actually received by the Client, Third Party or Investec will be adequate written notice or communication.

29.1. Should the Client or Third Party breach any term of or fail to perform any of its obligations in terms of this or any other agreement that it may have with Investec, Investec will be entitled, without notice, to cancel these Terms and/or the agreement and withdraw the services with immediate effect, without prejudice to its rights to recover (i) any amounts due to Investec in terms of these Terms and/or the agreement; and (ii) any loss or damage suffered by Investec as a consequence of the breach by the Client or Third Party of any term of these Terms or the agreement or the cancellation of these Terms or agreement or the withdrawal of the services.

30.1. The Client and/or Third Party acknowledges and accepts that any of the Investec Online Services may experience malfunctions or delays in the relay of Data or Investec Online Services from time-to-time (“Malfunctions”). Investec shall use best endeavours to resolve the Malfunctions to the extent that it is able to.  

30.2. The Client and/or Third Party acknowledges and accepts that any data shared or services used may not be available and/or accurate, complete or up to date at the time of receipt or use as a result of (amongst other things) any potential failure, Malfunctions and/or delays in any network or electronic systems and/or services caused by any reason whatsoever. 

30.3. Investec shall not guarantee and/or be responsible for the availability of any Investec Online Service, nor the accuracy of any data transmitted, nor shall it be liable for any for any claim, loss, damage or cost incurred as a result thereof and the Client and/or Third Party indemnifies Investec accordingly.

30.4. Notwithstanding the subject matter of the content provided through Investec Online, the reliance on the content for any purpose whatsoever and to any extent must be on the basis set out in these Terms.

30.5. NOT ADVICE. The content provided on Investec Online is specifically not to be construed as – (a) a recommendation; or (b) financial or investment advice; or (c) an offer to buy or sell; or (d) the solicitation of an offer to buy or sell any value added services, security, financial product, or instrument; or (e) to participate in any particular trading strategy in any jurisdiction either at all or in which such an offer or solicitation or trading strategy would be illegal.

30.6. Investec Online may include references to certain transactions, including those involving futures, options, and high-yield securities, which tend to give rise to substantial risk and are not appropriate for all users. Although the content is based upon information that Investec considers reliable and which Investec endeavours to keep current, Investec does not represent that content is accurate, current, or complete and it should not be relied upon as such. 

30.7. Investec has not determined that the content is suitable for any particular purpose and/or user whatsoever, other than as a general reference and has not necessarily disclosed all risks relating to the content or its subject matter. The Client and/or Third Party must not rely on intent for professional advice (including, but not limited to business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice) or as a basis for any investment, transactional or similar decisions made or which are made on the Client or end-user’s behalf without first consulting with a preferred professional or business advisor (who may include an attorney, tax, accounting and investment advisors). 

30.8. Investec may, in its sole discretion and at times with no notification, add new services, products and/or features available on Investec Online.

31.1. No party may cede, assign, make over or transfer any of the rights or obligations in terms of this agreement, without Investec’s prior written consent. Investec may cede, assign, make over or transfer any of its rights and obligations in terms of this agreement, without notice to the Client.

31.2. Notwithstanding anything to the contrary in the agreement, Investec shall be entitled to amend this agreement and any aspect of the Investec Online Services from time to time by giving the Client and/or Third Party reasonable prior notice of any such change.

31.3. No amendment or consensual cancellation of the agreement by the Client or Third Party and no settlement of any dispute arising under the agreement and no extension of time, waiver or relaxation or suspension of any of the terms and conditions of the agreement or any estoppel against Investec shall be binding on Investec, unless recorded in a written document signed by the parties. Any such extension, waiver, relaxation, suspension or estoppel which is so given or made shall be strictly construed as relating only to the matter in respect whereof it was made or given. 

31.4. These Terms shall in all respects be governed by the laws of the Republic of South Africa.

For more information please contact the global Client Support Center on +27 11 286 9663 / 0860 110 161 or via the Investec Website www.investec.com.