COORPID terms and conditions

In using the website as an online platform as provided by COORPID, you agree to be bound by COORPID’s terms and conditions (“Conditions”) and the general banking conditions as may be amended from time to time (together “terms and conditions”). If you do not accept these terms and conditions, you must refrain from using the website and COORPID’s secure and centralized cloud-based tool where corporates can store their KYC related information and share with multiple external financial institutions such as banks, who require access to that information for the purpose of providing KYC information due to their legal and regulatory obligations (the “Vault”). You shall not use the Vault for activities or purposes that are in violation of any law or regulation, or that can have a detrimental effect on the reputation of ING or the integrity of the Vault.

If applicable, the terms and conditions must be read in conjunction with other applicable terms and conditions (if any) governing the use of this website. By signing the service agreement between you and us (“Agreement”) (whether or not electronically) or accepting any other document which refers to the applicability of the terms and conditions, you confirm that you have received and agreed to the terms and conditions and acknowledges that these terms and conditions are binding upon it.

In these Conditions, the expressions "we", "us" and "our" are a reference to ING Bank N.V. as represented by the COORPID Wholesale Banking Accelerator initiative. Capitalized terms used in these Conditions have the same meaning when used in the Agreement except as expressly otherwise defined in these Conditions.

Amendments Conditions

We may, at any time, amend these Conditions. We shall inform you of amendments no later than one (1) months prior to the effective date of such amendments. You will be deemed to have accepted the amendments, unless you have terminated the Agreement, or in case no Agreement in place you have notified us of such non-acceptance, in writing prior to the proposed effective date of the amendments. Such termination is free of charge. If you choose to so terminate, the Agreement shall terminate on the effective date of the amendments.

The Service

You accept that, by its nature, the Vault is for the purpose of validating and improving a concept that is in development. While the Service (as defined in the next paragraph) provided by us through the website as an online platform and pursuant to the terms and conditions is provided in good faith, for this Service, we do not make any representations your access to the services will be uninterrupted. You agree to use the information and personal data provided through the Service for lawful purposes only.

In order to be able to access the Vault, you must have been asked by us to participate in a collaboration in relation to the Vault(the “Service”). To ensure that each of us and you get the most out of the Service, you will need to comply with your obligations set out in the Agreement (if any), the terms and conditions and our reasonable requests for the duration of the Service.

Upon on boarding, you will be provided with a password and account credentials, which you are required to keep secure.

Use of credentials

You shall use the credentials in accordance with the Agreement, the terms and conditions and instructions or information provided by us. We may assign a validity period to the credentials. The credentials are strictly personal and non-transferable and may not be copied or reproduced.

You shall upon receipt of the credentials take measures to keep the credentials safe. You shall furthermore take any measure that can reasonably be expected to ensure the security and secrecy of the credentials. If any user’s credentials have become known to any third party or if there is any suspicion thereof, such user shall change its credentials immediately. You shall ensure that users shall observe and comply with all obligations of the Agreement and these Conditions.

You shall take note of the information provided by us in relation to the secure use of credentials and the measures that it must take to prevent fraud or other misuse of such credentials and shall act, and shall ensure that users shall act, in accordance with such information. We may change such information and in urgent situations such changes can be applied by ING with immediate effect. We will inform you accordingly.

Blocking

We are authorised to block or suspend the access to the Vault, credentials, or access to (any services accessible through) the platform in case of the non-compliance with the instructions and requirements as referred to in the Agreement and the terms and conditions, security reasons or the suspicion of improper, unauthorised or fraudulent access or use thereof. You may block your or a user’s credentials or access to (any services accessible through) the Service.

Upon becoming aware of any improper, unauthorised or fraudulent access or use of the Service, credentials by a user, you shall immediately terminate or block such person"s access to and use of the credentials and shall inform us promptly thereof. We are not liable for any loss and/or damage incurred by you. You will indemnify us for any loss and/or damage incurred, as a result of the failure by you to comply with this clause. We are not liable for any loss and/or damage incurred by you or a third party as a result of the blockage.

In case of a block by us, we shall, where possible prior to such blocking, inform you of such a block and the reasons thereof, unless such communication would compromise objectively justified security reasons or is restricted or prohibited by applicable laws or regulations. We shall unblock the access to the Vault or the credentials, or replace the latter by new credentials, once the reasons for blocking no longer exist.

Disclaimer

To the extent permitted by law, we do not accept responsibility for any loss damage, however caused, which you may directly or indirectly suffer in connection with your use of this website, the Service or any linked website.

Except as stipulated under this Agreement, neither Party accepts any liability or responsibility for any use which may be made by the other Party of any of the Results, nor for any reliance which may be placed by that other Party on any of the Results, nor for advice or information given in connection with any of the Results.

Each Party (the Indemnifying Party) will indemnify the other Party, (the Indemnified Party), and keep it fully and effectively indemnified, against each and every claim made against the Indemnified Party as a result of the Indemnifying Party’s use of any of the following: the Indemnifying Party’s Results, and any materials, works or information received from the Indemnifying Party pursuant to this Agreement, provided that the Indemnified Party must:

  • promptly notify the Indemnifying Party of details of the claim;
  • not make any admission in relation to the claim;
  • take reasonable steps to mitigate its losses and expenses arising from the claim;
  • allow the Indemnifying Party to have the conduct of the defence and settlement of the claim; and
  • give the Indemnifying Party all reasonable assistance (at the Indemnifying Party’s expense) in dealing with the claim.

The indemnity in this clause will not apply to the extent that the claim arises as a result of the Indemnified Party’s negligence, its breach of clause Confidentially, the deliberate breach of the Agreement or its knowing infringement of any third party’s IP Rights or its knowing breach of any third party’s rights of confidence.

In the event of a breach of the Agreement by one of the parties to these Conditions, or the Agreement (if applicable), the party in breach will compensate the other party for actually sustained direct damages arising from the breach.

Neither Party shall be liable towards the other Party for indirect, incidental, special or consequential damages of the other Party, including but not limited to loss of profits. Nothing in this Agreement limits or excludes either Party’s liability for:

  • any fraud or for any sort of liability which, by law, cannot be limited or excluded; or
  • any loss or damage caused by a deliberate breach of this Agreement.

Specific warnings

You must take your own precautions to ensure that the process which you employ for accessing the Service does not expose you to the risk of viruses, malicious computer code or other forms of interference which may damage your own computer system. For the removal of doubt, we do not accept responsibility for any interference or damage to your own computer system which arises in connection with your use of the Service, this website or any linked website.

We do not give you any assurances that any information supplied via the Service will be suitable for your purposes or that it will be error-free. You agree that you will not rely on any such information or its availability and that any reliance you make will be on your own independent assessments with the aid of qualified independent advice (or you accept the risk of not seeking that independent advice).

Copyright

Copyright in this website (including text, graphics, logos, icons, sound recordings and software) is owned or licensed by us. Information procured from a third party may be the subject of copyright owned by that third party.

The terms and conditions nor the Agreement (if any) do not affect the ownership of any IP Rights in any background material (i.e. information, data, techniques, know-how, inventions, discoveries, software and materials (regardless of the form or medium in which they are disclosed or stored) which are provided by one Party (whether belonging to that Party or to a third party) to the other Party for use in the cooperation, and whether before or after the date of the Agreement) or in any other work, invention, software, data, know-how, or materials which are not information, data, techniques, know-how, results, inventions, discoveries, software and materials identified or first reduced to practice or writing or developed in the course of the Service (“Results”). The IP Rights in them will remain the property of the Party which contributed them to the Service (or that Party’s licensors). No licence to use any IP Right is granted or implied by the terms and conditions or the Agreement (if any) except the rights expressly set out in the Agreement (if any) or the terms and conditions. Except as explicitly stated in the terms and conditions or the Agreement (or by necessary implication), a Party has no ownership interest in, or rights to use, the other Party’s IP rights.

For the purpose of the terms and conditions and the Agreement (if any) IP Rights means rights to inventions, trademarks, service marks, registered designs, copyrights and related rights, database rights, design rights, rights to use and protect Confidential Information, in each case whether registered or unregistered, including rights to apply for and be granted and applications for any of the above and any continuations, continuations-in-part, divisional applications, renewals or extensions of, and rights to claim priority from, those rights, and any similar right recognised from time to time in any jurisdiction, together with all rights of action in relation to the infringement of any of the above.

Trade marks

Except where otherwise specified, generally, any word or device to which is attached the TM or ® symbol is a trade mark. Please contact us for permission if you want to use any trade mark that appears on our website.

Linked websites

The Service may contain links to other websites, including those operated by service providers who may offer you products or services displayed in (or linked to from) our website or via the service (“Third-party Sites”). Third- party Sites are not under our control, and we are not responsible for and do not endorse their content or their privacy policies (if any). You need to make your own judgement on any Third-party Sites, including the purchase and use of any products or services accessible through them.

Security of information

Unfortunately, no data transmission over the internet can be guaranteed as totally secure. Whilst we strive to protect such information, we do not warrant and cannot ensure the security of any information which you transmit to us. Accordingly, any information which you transmit to us is transmitted at your own risk. Nevertheless, once we receive your transmission, we will take reasonable steps to preserve the security of such information.

Confidentiality

Without limiting the obligations of the existing non-disclosure agreement currently in force (if any), a Party will not disclose Confidential Information regarding the other Party, the Service and/or the Agreement (if any) to third parties without the prior written consent of that other Party. This obligation will apply for the duration of the Service or during the term of the Agreement (if any) and for five years thereafter.

For the purpose of the terms and conditions or the Agreement (if any) Confidential Information means the existence and the substance of this Agreement, any information about a Party that is or may come into possession of the other Party during the preparation and the performance of the Agreement, any information that is indicated as confidential by a Party, and any information about or received from the other Party that can reasonably be expected by the receiving Party to be confidential.

Notwithstanding the previous paragraph, both Parties may disclose Confidential Information to their respective employees, agents, suppliers, subcontractors, consultants and associated companies which are involved in the fulfilment of the Agreement, provided that:

  • disclosing Party shall nonetheless remain liable for any unauthorized disclosure; and
  • such person or entity is under non-disclosure obligations no less restrictive than the non-disclosure obligations contained in the Agreement;
  • any disclosure is only done on a ‘need-to-know’ basis.

In respect of all Confidential Information originating from a Party that is communicated to or otherwise comes into the possession of the other Party, the receiving Party shall:

  • take all reasonable measures to ensure safe custody and use of the Confidential Information;
  • not use Confidential Information for any purpose other than that for which it has been communicated;
  • subject to record retention periods and/or internal policy procedures and requirements, not retain Confidential Information longer than is reasonably necessary for the fulfilment of its obligations towards the other party, or upon written request either return the Confidential Information to the other party, including any copies which have been made, immediately after the fulfilment of all the aforementioned obligations or, after having obtained the other party’s written consent, to destroy such Confidential Information.

A Party is under no obligation to maintain confidentiality with respect to Confidential Information that:

  • is public information and/or was already in the possession of that Party on a non-confidential basis; or
  • has lawfully come into the possession of that Party independently of the disclosing Party; or
  • was previously or independently developed by the receiving Party’s employees, consultants, or agents
  • without the benefit of the Confidential Information; or
  • of which the other Party has expressly confirmed in writing that the information is non-confidential; or
  • a Party is required by law to disclose to a judicial or administrative or regulatory authority,

and that in each case where the law or a court order permits and if practicable, the Party required to make the disclosure notifies the other Party well in advance of such required disclosure so that the other Party has a reasonable opportunity to object to the disclosure.

Governing law

Please note that these terms and conditions, their subject matter and formation, are governed by the laws of the Netherlands. All disputes arising in connection with the present terms and conditions or Agreement (if any), or further contracts resulting therefrom, shall be finally settled in accordance with the Arbitration Rules of the Netherlands Arbitration Institute. The arbitral tribunal shall be composed of one arbitrator. The place of arbitration shall be Amsterdam.

General

We accept no liability for any failure to comply with these terms and conditions where such failure is due to circumstances beyond our reasonable control.

If we waive any rights available to us under these terms and conditions on one occasion, this does not mean that those rights will automatically be waived on any other occasion.

If any of these terms and conditions are held to be invalid, unenforceable or illegal for any reason, the remaining terms and conditions shall nevertheless continue in full force.

We may change these terms and conditions at any time and will inform you of a change either (i) through the website, when you next attempt to access the Service, or (ii) by e-mail. The new terms may be displayed on- screen and you may be asked to read and accept them to continue your use of the Service.

About us and our regulator

COORPID is a trade mark of ING Bank NV. ING has its registered office at Bijlmerdreef 106, 1102 CT Amsterdam, the Netherlands and is entered in the Amsterdam Trade Register under no. 33031431.

ING is registered with De Nederlandsche Bank (DNB) and the Authority for the Financial Markets (AFM) in the Register of Credit Institutions and Financial Institutions. ING is also regulated by the Netherlands Authority for Consumers and Markets (ACM). Information on the regulation of ING can be obtained from DNB (www.dnb.nl), AFM (www.afm.nl) or ACM (www.acm.nl).

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