Terms of Service

Terms of Service & Merchant Agreement – VeePay Technical Infrastructure

1. Technical Intermediary Status & Scope

VeePay operates as a Technical Intermediary and unified payment orchestration software provider in Iraq and the Kurdistan Region. VeePay's role is strictly limited to providing intelligent API routing, cryptographic tokenization, and technical software connectors between merchant applications and authorized, licensed financial institutions (including First Iraqi Bank (FIB), FastPay, ZainCash, Super Qi, and card schemes). All monetary clearing, settlement disbursement, and custodial holding of funds are executed directly and exclusively by authorized licensed banking partners and financial institutions.

2. Merchant Eligibility & Advanced KYB Onboarding

To access live payment processing, merchants must complete mandatory business verification (Advanced KYB) by submitting official corporate documents, commercial registration certificates, tax numbers, and government-issued identification of authorized representatives and beneficial owners. All accounts are screened against international and CBI anti-money laundering (AML) and counter-terrorist financing (CFT) sanctions lists. VeePay reserves the right to reject onboarding applications that do not meet regulatory compliance thresholds.

3. Permitted Use & Prohibited Activities

Merchants agree to utilize VeePay services exclusively for lawful commercial transactions. The following activities are strictly prohibited: money laundering, terrorist financing, unauthorized foreign exchange arbitrage or virtual asset trading, illegal gambling, firearms/ammunition sales, counterfeit goods, pyramid schemes, or any products/services violating Iraqi laws or Central Bank of Iraq directives. Any violation will result in immediate account termination, asset freezing, and mandatory reporting to law enforcement authorities.

4. Payment Processing, Routing & Settlements

VeePay processes and routes customer transactions through designated bank and wallet rails. Net proceeds from cleared transactions are credited to the Merchant's multi-currency ledger balance (in IQD or USD). Funds are disbursed to the Merchant's verified commercial bank account pursuant to agreed settlement schedules, subject to applicable gateway fees and rolling reserve deductions where applicable.

5. Gateway Fees, Pricing & Taxes

Merchants agree to pay the standard per-transaction processing fees according to their published or agreed pricing tier. VeePay is authorized to automatically deduct processing fees and interchange costs from gross transaction proceeds. Merchants maintain sole responsibility for calculating, reporting, and remitting all statutory taxes, VAT, and corporate levies required under Iraqi and KRG tax laws.

6. Chargebacks, Disputes, Rolling Reserves & Refunds

Merchants are solely responsible for product fulfillment, service delivery, and addressing customer refund requests. In the event of a cardholder chargeback or fraudulent transaction claim issued by an issuing bank, the Merchant must provide valid proof of delivery and transaction evidence within designated response windows. VeePay reserves the right to establish a temporary rolling reserve for high-risk accounts to mitigate settlement risks and debit lost dispute amounts and associated fees from the Merchant's balance.

7. Data Security, PCI-DSS Architecture & API Credentials

VeePay implements bank-grade architecture designed in strict alignment with PCI-DSS Level 1 technical standards and end-to-end data encryption. Merchants are strictly responsible for maintaining the confidentiality and security of their API Client Keys, HMAC secrets, and dashboard login credentials. Merchants must not capture, store, or process raw Primary Account Numbers (PAN) or card verification values (CVV) on uncertified servers outside VeePay's secure tokenization vault.

8. 7-Year CBI Regulatory Recordkeeping

Pursuant to mandatory Central Bank of Iraq (CBI) banking directives and statutory anti-money laundering frameworks, all electronic transaction records, settlement journals, and merchant KYB compliance files are archived in an immutable, tamper-proof audit repository for a mandatory statutory period of seven (7) years from the transaction date, regardless of subsequent account closure.

9. Intellectual Property & Brand Assets

All intellectual property rights in and to the VeePay payment gateway, brand assets, APIs, documentation, and SDKs remain the exclusive property of VeePay. Merchants are granted a limited, revocable, non-exclusive license to display official VeePay acceptance marks and checkout badges on their storefronts strictly to facilitate payment processing.

10. Account Suspension & Termination

Merchants may close their account at any time following full settlement of pending liabilities and dispute windows. VeePay reserves the right to immediately suspend or terminate Services and place funds on administrative hold if: suspicious fraud or money laundering activity is detected, an official directive is received from the Central Bank of Iraq or law enforcement, the Merchant breaches any provision of this Agreement, or chargeback rates exceed allowable network thresholds.

11. Limitation of Liability & Indemnification

To the maximum extent permitted by law, VeePay provides its infrastructure on an "as is" and "as available" basis without warranties of uninterrupted availability arising from third-party banking rail downtime or telecommunication outages. The Merchant agrees to indemnify, defend, and hold harmless VeePay, its directors, and officers from any third-party claims, penalties, or damages arising from Merchant's breach of this Agreement, sale of prohibited items, or regulatory non-compliance.

12. Governing Law & Jurisdiction

This Agreement shall be governed by, construed, and enforced in accordance with the laws of the Republic of Iraq, the applicable regional regulations of the Kurdistan Region of Iraq, and the statutory directives of the Central Bank of Iraq (CBI). Any dispute, controversy, or claim arising out of or relating to this Agreement shall be subject to the exclusive jurisdiction of the competent courts in Duhok, Kurdistan Region, Iraq.

13. Headquarters & Official Contact Information

For legal inquiries, regulatory clarifications, or compliance correspondence regarding these Terms of Service, please contact our legal and compliance office: