SWIIT TERMS
Section 1: Terms of Use
1.1 Acceptance of Terms
Welcome to Swiit. By creating a Swiit account, downloading or using the Swiit mobile application or web platform, or accessing any services offered through Swiit (collectively, the “Swiit Services” or “Services”), you agree to be bound by these Swiit Terms (this “Agreement”), including all sections, appendices, disclosures, and policies incorporated herein. This Agreement is a legally binding contract between you and Sweet Intelligence Inc. (“SII,” “Swiit,” “we,” “us,” or “our”), a Colorado corporation registered as a Money Services Business (MSB) with FinCEN. If you do not agree to all of these terms, do not use the Swiit Services.
1.2 Description of Services
Swiit is a financial technology platform that, through partnerships with regulated financial institutions and licensed service providers (“Service Providers”), allows you to open and maintain a multi-currency financial account (“Swiit Account” or “Account”), send and receive funds, execute international wire transfers, access card payment services, and use related financial services. Our primary Service Providers include: (a) Zenus Bank International, Inc. (“Zenus Bank” or “Bank”), a Puerto Rico-licensed International Financial Entity (IFE) regulated by the Office of the Commissioner of Financial Institutions (OCIF), which provides custodial banking and deposit services; (b) BVNK (System Pay Services, Inc. d/b/a BVNK, or System Pay Services (Malta) Limited for customers resident in the European Union), which provides fiat payment account and payment services; (c) Connect Financial (Connect Fintech Services, LLC) and other card service providers, which provide debit card issuance and payment processing services; and (d) Infinitus Pay (InfinitusPay Inc.), a technology platform that facilitates payment account and disbursement services through its Financial Services Partner banks. Swiit also utilizes other licensed third-party payment service providers (“Payment Partners”) to facilitate certain payment processing and currency conversion services.
Your Swiit Account structure depends on the Service Provider through which your account services are provided. In each case, your funds are held in accounts maintained by the applicable Service Provider or its banking partners, separate from SII’s own funds. SII acts as the platform operator (the “Platform Operator”) and maintains individual sub-ledger records for each customer. With respect to Zenus Bank services, SII additionally serves as the authorized Program Manager under the Zenus Bank agreement. The specific fund protection structure, account type, and applicable disclosures for each Service Provider are described in Section 1.5 and Exhibit A.
We offer two types of accounts:
Swiit App (Individual Account): A personal financial account available to individual natural persons for personal, non-commercial use.
Swiit Business (Business Account): A business financial account available to eligible legal entities for commercial and business purposes. Business Accounts may have multiple authorized users and administrators.
1.3 Eligibility
Swiit App (Individual): The Swiit App is available to natural persons who are at least 18 years of age and possess full legal capacity, hold a valid government-issued identification document, are not residents of Puerto Rico, and are not designated on any U.S. Office of Foreign Assets Control (OFAC) sanctions list (including the SDN List) or resident in a comprehensively sanctioned country or territory (currently Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, Luhansk, Kherson, and Zaporizhzhia regions of Ukraine). By opening an Individual Account, you represent that you meet these requirements.
Swiit Business: Swiit Business is available to duly registered and existing legal entities (corporations, LLCs, partnerships, and other business organizations) in the United States and select international jurisdictions. The authorized representative opening a Business Account must be at least 18 years of age, authorized to act on behalf of the entity, and able to provide all required Know Your Business (KYB) documentation, including beneficial ownership information. The entity must not be organized in or primarily operating from an OFAC-sanctioned country or territory, must not be listed on any sanctions or denied-party list, and must not be a shell company with no legitimate business purpose. The entity must not be an unregistered money services business, unlicensed money transmitter, or virtual-asset service provider, and must not operate as a nested payment aggregator, unless separately disclosed to and agreed in writing by SII.
The Services are available only in jurisdictions where SII and its banking partner are authorized to operate. Service availability may vary by state or territory, and SII reserves the right to restrict access in any jurisdiction where it determines it lacks the requisite authorization.
By applying for an Account, you authorize SII and the Bank to obtain consumer reports, credit reports, or other background checks from consumer reporting agencies or other sources as needed to verify your identity and eligibility, both at the time of Account opening and at any time during your Account relationship, subject to applicable law. For Business Accounts, this authorization extends to checks on the entity, its beneficial owners, and authorized representatives.
Tax Information. You agree to provide accurate and complete tax certification information (such as IRS Forms W-9, W-8BEN, W-8BEN-E, or other applicable FATCA/CRS tax forms for individuals and entities) and to update it upon request. You authorize Swiit and its Service Providers to withhold taxes or report Account information to tax authorities if required by the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), or other applicable tax laws. Failure to provide required tax information may result in Account restrictions or closure.
1.4 Account Usage
Individual Accounts are for personal use only. You may not use an Individual Account for business or commercial transactions. Business Accounts are for legitimate business purposes only and may not be used for personal transactions of the entity’s owners or employees.
For Business Accounts, the entity must designate at least one Administrator with authority to manage the Account, add or remove authorized Users, approve transactions, and communicate with SII on behalf of the entity. All actions taken by authorized Users are binding on the entity. The entity is responsible for ensuring that its authorized Users comply with this Agreement.
You are responsible for maintaining the confidentiality of your login credentials and any biometric or multifactor authentication factors used to access the app. If you use biometric authentication (fingerprint, Face ID, or similar) on your device to access Swiit, be aware that any person whose biometric data is enrolled on your device may be able to access your Account. You are responsible for any login or transaction authorized via stored biometrics on your device. Notify us immediately at zoe@swiit.ai if you suspect unauthorized access to or use of your Account.
You must promptly notify us through the app or customer support if any of your contact information, personal details, or (for Business Accounts) entity information, beneficial ownership, or authorized representative details change.
1.5 Account Operation; Service Providers; Fund Protection
Upon successful application and verification, your Swiit Account will be established through one or more of our Service Providers. SII, as the Platform Operator, performs day-to-day account servicing, customer support, KYC/KYB verification, and transaction monitoring. SII does not independently transmit money; all fund movements are executed by the applicable Service Provider or its correspondent network, or by licensed Payment Partners acting on your instructions.
The protection of your funds depends on the Service Provider: (a) Zenus Bank: Customer funds are held in an omnibus custodial FBO account in trust for your benefit. They are not assets of SII. However, Zenus Bank is not a member of the FDIC, and your funds are NOT insured by the FDIC, SIPC, or any other U.S. government deposit or investor protection program. You bear the credit risk of Zenus Bank directly. (b) BVNK: Customer funds are held by the applicable BVNK entity (System Pay Services, Inc. d/b/a BVNK, or System Pay Services (Malta) Limited for customers resident in the European Union) (“BVNK”) in segregated or safeguarded accounts separate from BVNK’s own funds, in accordance with applicable law and BVNK’s fund protection or safeguarding policies. BVNK is not a bank and does not provide banking or deposit services. Your funds are not insured by the FDIC, SIPC, or any other government deposit or investor protection program, and are not covered by any deposit guarantee or investor compensation scheme. (c) Card Services: Funds loaded onto your card are held in custodial (FBO) accounts at Zenus Bank, as custodian, maintained through the card program manager (Connect Financial). These funds are not FDIC-insured. (d) Infinitus Pay: Customer funds are held by InfinitusPay Inc.’s Financial Services Partner banks in accounts maintained separately from InfinitusPay’s own funds. InfinitusPay is not a bank and does not itself hold customer deposits. Your funds are not insured by the FDIC, SIPC, or any other government deposit or investor protection program.
Where funds are processed through or temporarily held by Service Providers or Payment Partners in connection with transactions you initiate, those funds are subject to each partner’s applicable fund protection regime and credit risk during the processing period.
You acknowledge and agree that: (a) the applicable Service Provider is the legal holder or custodian of your funds in accordance with the applicable provider’s fund protection structure; (b) SII acts as the authorized agent for account operations; (c) Service Providers may directly contact you regarding your Account when required by law or regulation; and (d) both SII and the applicable Service Provider may freeze, restrict, or close your Account if required by applicable law, regulation, or internal compliance policies.
1.6 Wire Transfers and Payment Services
You may request international (cross-border) wire transfers (“International Wires”) and other fund transfers through the Swiit platform. When you initiate an International Wire instruction, SII transmits it to the Bank for execution through the Bank’s correspondent banking network. Certain payment services, including domestic transfers and currency conversions, may be processed through our Payment Partners.
Security Procedures. For Business Accounts, you agree that our security and authentication procedures (including multi-factor authentication, password protections, and transaction confirmation steps) are commercially reasonable security measures under UCC §4A-202. For Individual Accounts, electronic fund transfers are governed by the Electronic Fund Transfer Act (EFTA) and Regulation E — see Section 5.2 below. For all accounts, you accept the risk of any transaction confirmed through these procedures.
Instruction Accuracy and Compliance. You are solely responsible for the accuracy and completeness of all wire transfer instructions and payment details, including beneficiary name, account number, bank identifiers (SWIFT/BIC, routing number), and amount. Neither SII nor the Bank is liable for errors, delays, or losses resulting from incorrect or incomplete instructions.
Processing and Limits. When you initiate a valid instruction, we will transmit it to the Bank or applicable Payment Partner for execution. Processing times depend on the destination, intermediary banks, and compliance checks. We and the Bank may impose daily, per-transaction, and periodic limits on transfers, which may differ between Individual and Business Accounts. Applicable limits are communicated through the app.
Cut-Off Times. Transfer instructions received after applicable daily cut-off times may be processed on the next business day.
No Warranty and Liability. Neither SII nor the Bank guarantees that a wire transfer will be sent or received by a specific date or time. Transfers may be delayed or rejected due to compliance reviews, correspondent bank processing, beneficiary bank requirements, or other factors beyond our control.
Fees. All fees for wire transfers and payment services are disclosed to you in the Swiit app or Swiit Business Web Portal (as applicable to your Account) before you confirm each transaction, as described in Section 4.2.
Finality of Payment Instructions. Once a payment instruction (including ACH transfers, wire transfers, and disbursements) has been submitted and accepted for processing by SII or a Service Provider, it is generally irrevocable and cannot be cancelled or reversed, except as expressly required by applicable law (including your cancellation rights under the Remittance Transfer Rule described in Section 5.3). You are solely responsible for verifying the accuracy of all payment details, including recipient information and transfer amounts, before submitting an instruction. SII shall not be liable for losses resulting from payment instructions that were accurately executed in accordance with the information you provided.
1.7 Communications and Notices
Because Swiit is a digital service, all communications, notices, disclosures, and statements (“Communications”) will generally be provided electronically, as described in Section 2 (E-Sign Consent). By using the Services, you agree to receive all Communications electronically.
1.8 Prohibited Activities
You agree not to engage in any activities that could harm SII, the Bank, our Payment Partners, other users, or the integrity of the financial system. Prohibited activities include but are not limited to:
Illegal Activities: Using the Account for any unlawful purpose, including money laundering, terrorist financing, the purchase or sale of illegal goods or services, sanctions evasion, transactions involving embargoed or comprehensively sanctioned jurisdictions, operating unlicensed money services businesses or unlicensed cryptocurrency exchanges, facilitating darknet or anonymous marketplace transactions, or any transaction that would violate applicable law.
Gambling and Wagering: Using the Account for unlawful internet gambling or any restricted transaction as defined under the Unlawful Internet Gambling Enforcement Act (UIGEA) and Regulation GG (12 CFR Part 233). For Business Accounts, you certify that your business does not engage in any internet gambling activity as part of the account onboarding process.
Structuring: Structuring transactions to evade Currency Transaction Report (CTR) reporting thresholds (aggregate transactions of $10,000 or more in currency equivalents per day) or other regulatory reporting requirements.
Abuse of Service: Engaging in transactions or account activities designed to evade regulatory requirements, circumvent transaction limits, exploit the Services, or conduct debt collection activities in violation of applicable law.
Unauthorized Access: Allowing unauthorized persons to access your Account, sharing login credentials, or using any unauthorized methods to access the Services or other users’ accounts.
Intellectual Property Misuse: Using the Swiit app or content in violation of our or any third party’s intellectual property rights, or using the Account in connection with the sale or distribution of counterfeit goods or services.
Misrepresentation: Providing false, inaccurate, or misleading information to SII, the Bank, our Payment Partners, or regulatory authorities, including during account opening, KYC/KYB verification, or transaction processing.
Shell Company Activity (Business Accounts): Operating a Business Account for an entity that has no legitimate business operations, was formed solely to move funds, or whose beneficial ownership has been misrepresented.
Cannabis / Marijuana-Related Business: Using the Account for cannabis or marijuana-related business activity, unless separately disclosed to and approved by SII in writing.
Prohibited Business Types: Operating pyramid schemes, Ponzi schemes, multi-level marketing structures that primarily compensate recruitment over product sales, or other inherently fraudulent business models; trafficking in weapons, ammunition, or military equipment; or providing adult or sexually explicit content or services.
Engaging in any prohibited activity can result in immediate suspension or closure of your Account, reporting to law enforcement or regulatory authorities, and forfeiture of any associated funds to the extent permitted by law. SII reserves the right to update its list of prohibited and restricted activities at any time and will provide notice of material changes.
1.9 User Representations and Warranties
You represent and warrant that: you have full legal capacity and authority to enter into this Agreement; all information you provide is true, accurate, and complete; you will comply with all applicable laws in connection with your use of the Services; and you will not use the Services for any prohibited purpose.
Additional Business Account Representations: If you are opening or maintaining a Business Account, you additionally represent and warrant that: (a) the entity is duly organized, validly existing, and in good standing under the laws of its jurisdiction; (b) the authorized representative has full power and authority to bind the entity to this Agreement; (c) all beneficial ownership information provided is accurate and complete as required by the Customer Due Diligence (CDD) Rule (31 CFR §1010.230); (d) the entity’s business activities are lawful and consistent with the description provided during KYB verification; and (e) you will promptly notify us of any material changes to the entity’s structure, ownership, business activities, or authorized representatives.
1.10 Service Availability; No Warranty
We aim to keep the Swiit Services available 24 hours a day, 7 days a week, but we do not guarantee uninterrupted access. The Services may be temporarily unavailable due to maintenance, system upgrades, technical issues, or circumstances beyond our control. THE SWIIT SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
1.11 Limitation of Liability
TO THE FULLEST EXTENT PERMITTED BY LAW, NEITHER SII, THE BANK, NOR ANY OF OUR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR PAYMENT PARTNERS SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, DATA, BUSINESS OPPORTUNITY, OR GOODWILL, ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE SERVICES. OUR TOTAL AGGREGATE LIABILITY FOR ANY CLAIMS ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL NOT EXCEED THE LESSER OF (A) THE TOTAL FEES PAID BY YOU TO SII IN THE TWELVE (12) MONTHS PRECEDING THE CLAIM OR (B) YOUR ACCOUNT BALANCE AT THE TIME OF THE EVENT GIVING RISE TO THE CLAIM.
NOTHING IN THIS SECTION LIMITS LIABILITY FOR: (I) FRAUD OR GROSS NEGLIGENCE; (II) BODILY INJURY; (III) STATUTORY DAMAGES UNDER THE ELECTRONIC FUND TRANSFER ACT (REGULATION E); (IV) STATUTORY DAMAGES UNDER THE CALIFORNIA CONSUMER PRIVACY ACT (§1798.150); (V) STATUTORY DAMAGES UNDER THE ILLINOIS BIOMETRIC INFORMATION PRIVACY ACT; OR (VI) ANY OTHER LIABILITY THAT CANNOT BE LIMITED UNDER APPLICABLE LAW.
1.12 Indemnification
You agree to indemnify, defend, and hold harmless SII, the Bank, our Payment Partners, and each of our respective affiliates, officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys’ fees) arising out of or related to: (a) your use of the Services; (b) your breach of this Agreement; (c) your violation of any applicable law; or (d) any inaccurate information you provide.
1.13 Changes to Terms
We may amend or update this Agreement from time to time. If we make material changes, we will provide you with at least thirty (30) days’ advance notice via email, in-app notification, or other electronic communication. For material changes that affect your rights or obligations, we may require your affirmative re-consent. Your continued use of the Services after the effective date of any amendment constitutes your acceptance of the revised terms. If you do not agree to the amended terms, you must stop using the Services and close your Account. Whether a change is material is assessed in relation to the terms and Services applicable to your Account; a change that does not apply to or affect your Account is not a material change as to you and does not require advance notice to you.
1.14 Mobile App and Web Platform Use
You may access the Swiit Services via the Swiit mobile application and/or the Swiit web platform. We grant you a limited, non-exclusive, non-transferable, revocable license to use the Swiit app and platform solely for the purpose of accessing the Services in accordance with this Agreement. You may not reverse-engineer, decompile, disassemble, or otherwise attempt to derive the source code of the app or platform. We may provide updates or upgrades to improve functionality, security, or legal compliance. You agree to install required updates promptly.
1.15 Right of Set-Off
You agree that the Bank may set off any obligations you owe to the Bank (such as fees, debts, or other liabilities) against funds in your Swiit Account, to the extent permitted by law. Similarly, SII may set off any amounts you owe to SII (such as fees or charges under this Agreement) against your Account balance. We will provide notice of any set-off in accordance with applicable law. This right of set-off is in addition to any other rights or remedies we have under this Agreement or at law, and will survive termination of this Agreement.
1.16 Miscellaneous
This Agreement, together with the Data Privacy Policy and any terms accepted at service activation, constitutes the entire agreement between you and SII regarding the Services. If any provision is found unenforceable, the remaining provisions remain in full force. SII may assign this Agreement to a successor in a merger, acquisition, reorganization, or sale of assets relating to the Swiit business, subject to notice to you; you may not assign your rights or obligations without our prior written consent. Our failure to enforce any right or provision does not constitute a waiver of that right or provision. This Agreement is provided in English; if we provide translations, the English version controls in the event of any conflict.
Force Majeure. Neither SII nor any Service Provider shall be liable for any delay or failure to perform any obligation under this Agreement to the extent caused by events beyond reasonable control, including but not limited to: natural disasters, epidemics or pandemics, acts of government or regulatory authorities, changes in sanctions regimes or applicable law, disruptions to banking or payment processing infrastructure, failures of Service Provider or third-party systems, cyberattacks or security incidents affecting critical infrastructure, labor disputes, utility failures, or civil unrest (each, a “Force Majeure Event”). During a Force Majeure Event, affected obligations are suspended, and the affected party shall use commercially reasonable efforts to resume performance as soon as practicable. If a Force Majeure Event continues for more than thirty (30) consecutive days, either party may terminate the affected Services without penalty upon written notice.
Data Security Breach Notification. In the event of a data security breach that affects your personal information, SII will notify you in accordance with applicable federal and state breach notification laws and as described in our Data Privacy Policy. Such notification will be provided without unreasonable delay, consistent with the needs of law enforcement and any measures necessary to determine the scope of the breach and restore the integrity of our systems.
Section 2: Electronic Communications Consent (E-Sign Consent)
2.1 Consent to Electronic Delivery
By agreeing to this Agreement and using the Swiit Services, you consent to receive all Communications from SII and the Bank electronically. “Communications” includes but is not limited to: this Agreement and any amendments, account statements, transaction confirmations, regulatory notices and disclosures (including privacy notices, Regulation E disclosures, and remittance transfer receipts), tax documents, and any other notices or correspondence related to your Account or the Services. For Business Accounts, Communications delivered to the designated Administrator constitute delivery to the entity.
2.2 Scope of Consent
Your E-Sign consent applies to all Communications we provide to you now or in the future in connection with the Services, including Communications that we are legally required to provide in writing.
2.3 Methods of Electronic Delivery
We will deliver Communications to you by one or more of the following methods: (a) by posting within the Swiit app or web platform; (b) by sending to the email address you have on file with us; (c) by push notification to your mobile device; or (d) by posting on the Swiit website.
2.4 Hardware and Software Requirements
To access and retain electronic Communications, you must have: (i) a device (such as a smartphone, tablet, or computer) with internet access; (ii) a current web browser that supports TLS encryption; (iii) a valid email address; (iv) sufficient storage space or a printer to save or print Communications for your records. During onboarding, you will be asked to confirm that you can access electronic documents before proceeding. If these requirements change, we will notify you.
2.5 Withdrawing Consent
You may withdraw your E-Sign consent at any time by contacting us at zoe@swiit.ai. If you withdraw consent, we will not be able to provide the Services electronically and your Account will be closed in accordance with Section 9.
2.6 Updating Contact Information
It is your responsibility to keep your primary email address and other contact information current. If your email address or other contact details change, you must update them promptly through the app or by contacting customer support.
2.7 Requesting Paper Copies
You may request a paper copy of any Communication that was originally provided electronically by contacting us at zoe@swiit.ai. We will provide paper copies free of charge.
2.8 Electronic Signature
By clicking “I Agree” or otherwise electronically indicating your acceptance of this Agreement, you are signing this Agreement electronically. Your electronic signature has the same legal effect as a handwritten signature under the Electronic Signatures in Global and National Commerce (E-SIGN) Act and applicable state law.
2.9 Consent Confirmation
By accepting this Agreement, you confirm that you have the ability to access and retain Communications electronically, that you have read and understand this E-Sign Consent, and that you agree to receive all Communications in electronic form.
Section 3: Consumer Financial Privacy Notice (GLBA)
3.1 Introduction
Federal law requires financial companies to explain how they collect, use, and share customers’ personal information. This notice is provided by Sweet Intelligence Inc. (“SII”) on behalf of itself, Zenus Bank (the “Bank”), and in connection with services facilitated through our other Service Providers, including BVNK, Infinitus Pay, and card service providers. This GLBA notice applies to individual consumer customers. For Business Account holders, data handling practices are governed by our Data Privacy Policy. All customers should review the Data Privacy Policy for comprehensive information about our data practices.
3.2 Information We Collect
We collect personal information about you from various sources, for example: information you provide on applications or forms (such as name, address, date of birth, Social Security number, government ID); information about your transactions with us or our partners (such as account balances, transaction history, payment activity); and information from third parties (such as identity verification services and sanctions screening databases).
3.3 How We Share Information
All financial companies need to share customers’ personal information to run their everyday business. The types of sharing we engage in, and your ability to limit that sharing, are as follows:
For our everyday business purposes: Such as to process your transactions, maintain your Account, authenticate your identity, prevent fraud, comply with laws and regulations, and respond to legal process. We share for these purposes as necessary and you cannot limit this sharing.
With our banking partner (Zenus Bank): As the issuer of your Account, the Bank receives your personal information necessary to operate and service your Account. You cannot limit this sharing.
With payment processing partners: We share transaction and identity information with licensed third-party payment service providers as necessary to process transactions you initiate, including currency conversion and fund transfers. You cannot limit this sharing when you use these services.
With fiat payment service partners (BVNK): We share personal and transaction information with the applicable BVNK entity as necessary to operate your BVNK-powered account and process transactions through BVNK. You cannot limit this sharing when you use BVNK-powered services.
With payment account technology partners (Infinitus Pay): We share personal and transaction information with InfinitusPay Inc. and its Financial Services Partner banks as necessary to open and maintain your payment account and process transactions through Infinitus Pay. You cannot limit this sharing when you use Infinitus Pay-powered services.
With card service providers: We share personal, identity, and transaction information with card program sponsors and processors (such as Connect Financial and Zenus Bank as BIN sponsor) as necessary to issue and service your debit card, process card transactions, and comply with card network rules. You cannot limit this sharing when you use card services.
For our marketing purposes: To offer you products and services from SII or jointly with the Bank. You may opt out of marketing communications at any time.
For joint marketing with other financial companies: We may enter into formal agreements with other financial companies to jointly market financial products. You can limit this sharing by contacting us.
For our affiliates’ everyday business purposes: Information about your transactions and experiences. SII’s affiliated entities (identified in the Swiit Data Privacy Policy) process this information only as service providers acting on SII’s behalf and do not use it for their own everyday business purposes.
For non-affiliates to market to you: We do not share your personal information with non-affiliated companies for their own marketing purposes.
3.4 Your Rights and Choices
Federal law gives you the right to limit some but not all sharing. You can opt out of joint marketing and affiliate marketing by contacting us at zoe@swiit.ai or through the privacy settings in the Swiit app. State laws may give you additional rights. Please see our Data Privacy Policy for information about rights under the California Consumer Privacy Act (CCPA/CPRA), the Colorado Privacy Act (CPA), and other applicable state privacy laws.
3.5 How We Protect Your Information
We maintain administrative, technical, and physical safeguards designed to protect your personal information from unauthorized access, use, or disclosure. These include encryption, access controls, employee training, and regular security assessments. For more detail, see our Data Privacy Policy.
3.6 Additional Details
This privacy notice is provided by Sweet Intelligence Inc. (“SII”) on behalf of itself and Zenus Bank. SII qualifies for the annual privacy notice exception under Regulation P §1016.5 because we limit sharing to the categories permitted under §§1016.13, 1016.14, and 1016.15 exceptions and have not changed our information-sharing practices from those disclosed in this notice. If our sharing practices change, we will provide an updated notice. Questions or concerns may be directed to zoe@swiit.ai.
Section 4: Subscription and Fee Addendum
This section outlines the fees, charges, subscription terms, and membership tiers associated with your Swiit Account. Current membership and subscription fee amounts, and all per-transaction and per-channel fees, are disclosed to you in the Swiit app or Swiit Business Web Portal (as applicable to your Account). Per-transaction and per-channel fees are disclosed before you confirm each transaction, as described in Section 4.2.
4.1 Membership Fee
Individual Accounts: Your Swiit App Account is offered on a tiered membership basis. Each tier includes specific pricing, transaction limits, and included features as described below. Current fee amounts are set forth in the fee schedule made available in the Swiit app, including on the membership upgrade screen before you activate or renew a paid membership tier (the “Fee Schedule”). The Fee Schedule is incorporated into this Agreement by reference. SII may update the Fee Schedule from time to time; material changes will be communicated to you at least thirty (30) days in advance in accordance with the notice provisions in Section 4.4. Your continued use of the Services after the effective date of any Fee Schedule update constitutes acceptance of the updated fees. Fees for services provided through different Service Providers or payment channels may vary; the applicable fees for each transaction will be clearly disclosed to you prior to your confirmation of that transaction. For remittance transfers, fee disclosures will comply with the requirements of the CFPB Remittance Transfer Rule (12 CFR §1005.31).
The Free tier provides access to a Local Account with basic features at no membership fee. Individual Accounts on the Free tier have a monthly outbound transaction limit of $5,000 USD (or equivalent). No annual commitment is required. SII reserves the right to modify the Free tier features or impose new limitations with 30 days’ prior notice.
The Pro tier provides access to both a Local Account and a Global Account, enabling SWIFT transfers and expanded financial services. The annual membership fee for the Pro tier is set forth in the Fee Schedule and is billed as a single debit from your Swiit Account balance upon activation or annual renewal. Individual Accounts on the Pro tier have a monthly outbound transaction limit of $25,000 USD (or equivalent). The Pro tier membership period is twelve (12) months from the date of activation.
Membership fees are debited directly from your Swiit Account balance. If your account balance is insufficient to cover the membership fee at the time of billing, SII may: (a) retry the debit within the following 7 business days; (b) downgrade your account to the Free tier; or (c) suspend account features associated with the unpaid tier. SII will notify you before taking any action under this section.
You may upgrade from the Free tier to the Pro tier at any time through the Swiit App. Upon upgrade, the annual Pro membership fee will be debited from your Swiit Account balance immediately. You may request a downgrade from the Pro tier to the Free tier at any time by contacting SII customer support or through the Swiit App. If you downgrade before the end of your twelve-month Pro membership period, your Pro features will remain active until the end of the paid period, after which your Account will revert to the Free tier. No refund of the annual membership fee will be issued for early downgrade or cancellation. By upgrading to the Pro tier, you acknowledge and agree to this no-refund policy.
The Pro tier membership renews automatically at the end of each twelve-month membership period. SII will notify you at least 30 days before the renewal date. If you do not wish to renew, you must downgrade to the Free tier before the renewal date. Failure to downgrade before the renewal date constitutes your consent to renewal and the corresponding fee debit.
Business Accounts: Swiit Business Accounts are offered on a subscription basis with pricing that may differ from Individual Accounts. The current fee schedule for Business Accounts is made available in the Swiit Business Web Portal (the “Business Fee Schedule”). The Business Fee Schedule is incorporated into this Agreement by reference. Until a separate Business Fee Schedule is made available in the Swiit Business Web Portal, transaction fees for Business Accounts are the same as those applicable to Individual Accounts. Business Account membership fees are currently waived. SII will make its Business membership fee schedule available in the Swiit Business Web Portal at a future date; membership fees will not apply until made available and communicated to Business Account holders with at least thirty (30) days’ prior written notice, in accordance with the notice provisions in Section 4.4 of these Terms. Transaction and per-channel fees applicable to Business Accounts are disclosed in the Swiit Business web portal before you confirm each transaction, in the same manner as for Individual Accounts, as described in Section 4.2.
Billing Cycle: The Pro tier annual membership fee is billed as a single lump-sum charge, debited from your Swiit Account balance at the time of upgrade or renewal.
Introductory Waiver: We may offer promotional fee waivers for new customers. Any introductory period and its terms will be disclosed at the time of Account opening.
Payment of Fee: The membership fee is automatically debited from your Swiit Account balance at the time of upgrade and upon each annual renewal. By activating your Pro membership, you authorize this preauthorized debit at upgrade and at each renewal. You will receive a confirmation of your preauthorized debit authorization at the time you activate your membership. If your balance is insufficient, you authorize us to retry the charge.
Currency: All fees are charged in United States Dollars (USD).
4.2 Other Account Fees
In addition to the membership fee, certain services and transactions may incur separate fees that are disclosed to you in the Swiit app or Swiit Business Web Portal (as applicable to your Account) before you confirm each transaction. When you initiate a transfer or payment, the system will display the estimated fee for that transaction before you confirm it, and you can view the full fee rates applicable to your payment channel at any time via the fee information icon on the transfer or payment page. For remittance transfers, fee disclosures are provided in accordance with Section 5.3.
4.3 Fee Collection and Non-Payment
You authorize SII (and the Bank) to deduct all fees from your available Account balance. If your balance is insufficient to cover a fee, the fee remains outstanding and payable. Swiit does not permit overdrafts; no transaction will be processed if it would cause your Account balance to become negative. Repeated or accumulated unpaid fees may result in Account suspension, reduced service access, or Account closure.
For the avoidance of doubt, any arrears balance recorded under this Section does not constitute a loan, credit extension, or consumer credit transaction. The arrears mechanism is solely a deferred fee collection arrangement, and no interest, finance charge, or borrowing cost shall accrue on any outstanding arrears balance.
4.4 Changes to Fees
We reserve the right to modify our fees or introduce new fees. If we do so, we will provide you with at least thirty (30) days’ advance notice (which exceeds the 21-day minimum required by Regulation E for adverse changes to EFT terms). Your continued use of the Services after the effective date of a fee change constitutes acceptance.
4.5 No Interest; No FDIC Insurance
Funds in your Swiit Account do not earn interest. Your Account is a non-interest-bearing account; the specific account classification depends on your Service Provider as detailed in Exhibit A. As detailed in Section 1.5, your funds are NOT insured by the FDIC, SIPC, or any other government deposit or investor protection program.
4.6 Fee Disputes
If you believe a fee was charged incorrectly, contact Swiit Support at zoe@swiit.ai within sixty (60) days of the charge. We will review and, if applicable, refund any fee charged in error.
Section 5: Regulatory Disclosures
5.1 USA PATRIOT Act / Customer Identification Program
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions and their third parties to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open a Swiit Account, we will ask for your name, address, date of birth (for individuals), taxpayer identification number or equivalent, and other information that will allow us to identify you. We may also ask for a government-issued photo ID, corporate formation documents (for Business Accounts), or other documentation. You agree to provide applicable IRS tax certification forms (such as W-9, W-8BEN, W-8BEN-E, or other FATCA/CRS forms for individuals and entities) upon request for tax reporting purposes.
5.2 Electronic Fund Transfer Act (EFTA) / Regulation E Disclosure
The following disclosures are provided pursuant to the Electronic Fund Transfer Act (15 U.S.C. §1693 et seq.) and Regulation E (12 CFR Part 1005). These protections apply to Individual Account holders for electronic fund transfers (EFTs) including ACH transfers and other electronic payments or transfers made through your Swiit Account. This disclosure is provided at or before the time of your first EFT. Wire transfers and cross-border remittance transfers are not electronic fund transfers subject to Subpart A of Regulation E; your rights with respect to remittance transfers are described in Section 5.3.
Note for Business Accounts: Regulation E generally does not apply to transfers for business or commercial purposes. However, SII may voluntarily extend certain protections described below to Business Account holders as a matter of customer service.
(a) Liability for Unauthorized Transfers
If you believe your Account credentials have been compromised or an unauthorized electronic fund transfer has been made from your Account, contact us IMMEDIATELY at zoe@swiit.ai or through the Swiit app.
If you notify us within two (2) business days after learning of the loss or theft of your access credentials, your liability for unauthorized transfers is limited to the lesser of $50 or the amount of the unauthorized transfer(s) that occurred before notification.
If you do NOT notify us within two (2) business days but do notify us within sixty (60) days after the statement showing the unauthorized transfer was sent to you, your liability will not exceed $500.
If you fail to notify us within sixty (60) days after the statement was sent, you may be liable for the full amount of unauthorized transfers that occurred after the 60-day period and before you notified us, if we can establish that we could have prevented the loss had you notified us in time.
(b) Error Resolution Procedures
If you believe an error has occurred in connection with an electronic fund transfer to or from your Account, or if you need more information about a transfer listed on your statement, contact us as soon as possible at:
Email: zoe@swiit.ai
In-App: Through the Swiit app’s support feature
Mail: Sweet Intelligence Inc., Attn: Compliance, 1312 17th St, Unit Num-2955, Denver, CO 80202
You must contact us no later than sixty (60) days after we sent the FIRST statement on which the error or problem appeared. Provide: (i) your name and Account number; (ii) a description of the error or the transfer you are unsure about and why you believe it is an error; and (iii) the dollar amount of the suspected error.
We will investigate your complaint and determine whether an error occurred within ten (10) business days. If we need more time, we may take up to forty-five (45) calendar days, but we will provisionally credit your Account within ten (10) business days for the amount you think is in error. For new accounts (open less than 30 days), we may take up to twenty (20) business days to provisionally credit and up to ninety (90) calendar days to investigate.
We will notify you of the results within three (3) business days of completing our investigation. If no error occurred, we will reverse any provisional credit and notify you.
(c) Documentation of Transfers
You will receive a confirmation for each EFT you initiate. We will provide periodic statements (at least monthly if there is EFT activity) showing all EFT activity. Statements are available electronically through the app and/or via email for at least two (2) years.
(d) Right to Stop Preauthorized Transfers
If you have authorized preauthorized electronic transfers from your Account (including the annual membership fee debit), you may stop any individual payment by notifying us at least three (3) business days before the scheduled transfer date. You may notify us orally or in writing. If you notify us orally, we may require written confirmation within fourteen (14) days.
(e) Our Liability
If we fail to complete an EFT on time or in the correct amount, we may be liable for your losses or damages. We will not be liable if: (i) your Account has insufficient funds; (ii) circumstances beyond our control prevent the transfer; (iii) the transfer would exceed an applicable limit; or (iv) we have reason to believe the transfer may be unauthorized or related to illegal activity.
5.3 Remittance Transfer Disclosures (Reg E Subpart B)
If you send an international (cross-border) remittance transfer through Swiit, the following rights apply pursuant to the Remittance Transfer Rule (12 CFR §§1005.30–.36):
(a) Pre-Payment Disclosure. Before you authorize each remittance transfer, we will provide you with a disclosure showing: the transfer amount in U.S. dollars; any fees and taxes imposed by SII; the exchange rate (to four decimal places) that will be used for the transfer; the amount in the recipient’s currency that the recipient will receive; and the total amount of the transaction.
(b) Receipt. After you authorize the transfer, we will provide you with a receipt containing: the information described above; the date of availability of funds to the recipient; the name and, if provided, the contact information of the recipient; a statement of your right to cancel the transfer; a statement of your error-resolution rights; and contact information for SII and, as applicable, the Consumer Financial Protection Bureau (CFPB) and your state regulator.
(c) Cancellation Right. You have thirty (30) minutes after you authorize a remittance transfer to cancel it for a full refund, at no cost to you, unless the funds have already been picked up by the recipient or deposited into the recipient’s account. To cancel, contact us immediately through the app or at zoe@swiit.ai.
(d) Error Resolution. You have one hundred eighty (180) days after the disclosed date of availability to report an error related to a remittance transfer. Errors include: an incorrect amount charged; a computation error related to the exchange rate or fees; a failure to make funds available to the recipient by the disclosed date; or a request for documentation or additional information about the transfer. Upon receiving your error notice, we will investigate and resolve the error within ninety (90) calendar days. If we determine an error occurred, we will correct it within one (1) business day of determination. If no error occurred, we will provide a written explanation.
These remittance transfer rights are in addition to, and may differ from, the standard Regulation E error resolution rights described in Section 5.2(b) above. In the event of a conflict for a qualifying remittance transfer, the Remittance Transfer Rule provisions in this Section 5.3 shall govern.
5.4 OFAC / Sanctions Compliance
SII and the Bank comply fully with U.S. economic sanctions laws administered by OFAC. We screen all customers, beneficial owners, and transactions against OFAC’s SDN List, Sectoral Sanctions Identifications List, and other relevant sanctions lists. Accounts or transactions involving sanctioned persons, entities, or jurisdictions will be blocked or rejected as required by law.
5.5 Anti-Money Laundering / Bank Secrecy Act
SII maintains a comprehensive AML/BSA compliance program including customer identification and verification, ongoing transaction monitoring, suspicious activity detection, record-keeping, and regulatory reporting. If we detect activity that appears suspicious, we may restrict your Account, delay or refuse transactions, or close your Account without prior notice. We are prohibited by law from informing you if a suspicious activity report has been filed.
Travel Rule Disclosure: For wire transfers of $3,000 or more, we are required under 31 CFR §1010.410(e)–(f) to transmit identifying information about the sender and recipient (including name, address, and account number) to intermediary and beneficiary financial institutions.
Section 6: Service Providers and Third-Party Partners
6.1 Service Providers
SII partners with regulated financial institutions and licensed service providers (“Service Providers”) to deliver the Swiit Services through multiple providers. Each Service Provider operates under its own regulatory framework and may require you to accept additional terms specific to its services. The current Service Providers are:
Zenus Bank: Zenus Bank provides custodial banking services, including FBO deposit accounts, wire transfers, and ACH processing. Zenus Bank is a Puerto Rico-licensed IFE regulated by OCIF. See Section 8 for Zenus-specific disclosures.
BVNK: BVNK (System Pay Services, Inc. d/b/a BVNK, or System Pay Services (Malta) Limited for customers resident in the European Union) provides fiat payment account and payment services. When you accept these Swiit Terms, you also accept the applicable BVNK customer agreement and BVNK Privacy Policy, which are incorporated by reference (see §8.8.1). BVNK’s terms govern your direct relationship with BVNK and are separate from this Agreement. See Exhibit A for additional BVNK disclosures.
Infinitus Pay: InfinitusPay Inc. (“Infinitus Pay”) is a technology platform that facilitates payment account and disbursement services through its Financial Services Partner banks. Infinitus Pay is not a bank and does not itself hold customer deposits; funds are maintained by Infinitus Pay’s Financial Services Partner banks. Your use of Infinitus Pay-powered services is governed by this Agreement (see §8.10). See Exhibit A for additional Infinitus Pay disclosures.
Card Services: SII offers debit card services through card program sponsors and processors, including Connect Financial (with Zenus Bank as BIN sponsor). When you apply for a Swiit debit card, you will be required to review and accept the Swiit Cardholder Agreement, which contains card-specific EFTA disclosures, card fee schedule, and dispute resolution procedures. The Swiit Cardholder Agreement is a separate document presented at the time of card application.
Payment Partners are not banks. Funds processed through Payment Partners are not FDIC-insured. Each Payment Partner is responsible for its own regulatory compliance.
6.2 Separate Terms and Consent
When you activate a service powered by a Service Provider, you may be required to review and accept that Service Provider’s own terms of service and/or a Swiit service-specific agreement (such as the applicable BVNK customer agreement or the Swiit Cardholder Agreement). We will clearly identify the applicable terms within the Swiit app at the point of activation. Your use of such services is governed by this Agreement, the applicable Service Provider’s terms, and any service-specific Swiit agreement. You are not required to use any Service Provider-powered service.
6.3 Information Sharing with Service Providers and Third Parties
If you use a service provided through a Service Provider, you authorize SII to share your personal and transaction information with that Service Provider to the extent necessary to provide the service. This includes sharing with BVNK for fiat payment account services and with card program sponsors and processors for card services. See our Data Privacy Policy for details.
In addition to sharing data with Service Providers and Payment Partners, SII may disclose your personal data to third-party compliance and screening vendors for purposes of anti-money laundering (AML) checks, sanctions screening, politically exposed person (PEP) identification, adverse media monitoring, and other regulatory compliance obligations. These disclosures are made on a need-to-know basis and are subject to confidentiality and data protection agreements with such vendors. For further details, see our Data Privacy Policy.
6.4 No Endorsement; Payment Partner Responsibility
SII does not guarantee or endorse any Payment Partner’s services. Each Payment Partner is solely responsible for its own services. SII is not liable for any acts, omissions, errors, or failures of any Payment Partner.
6.5 Changes to Third-Party Services
SII reserves the right to add new Payment Partners, change existing arrangements, or discontinue any Payment Partner-powered service at any time with reasonable advance notice of material changes.
6.6 Third-Party Beneficiaries
Certain provisions of this Agreement (including the limitation of liability in Section 1.11, the indemnification in Section 1.12, and the arbitration clause in Section 7) are intended to benefit the Bank, BVNK, card service providers, and other Service Providers and Payment Partners as third-party beneficiaries.
Section 7: Dispute Resolution and Arbitration
PLEASE READ THIS SECTION CAREFULLY. IT AFFECTS YOUR LEGAL RIGHTS AND REQUIRES BINDING ARBITRATION OF DISPUTES INSTEAD OF JURY TRIALS OR CLASS ACTIONS.
7.1 Definitions
For purposes of this Section, “we,” “us,” or “our” includes Sweet Intelligence Inc., Zenus Bank, our Service Providers (including BVNK, Infinitus Pay, and card service providers), our Payment Partners, and each of our respective affiliates, officers, directors, employees, and agents. “Claim” means any dispute, claim, or controversy between you and us arising out of or relating to this Agreement, your Account, or the Services, whether based in contract, tort, statute, regulation, or any other legal or equitable theory.
7.2 Mandatory Binding Arbitration
If a Claim arises between you and us, and either party elects arbitration, that Claim shall be finally and exclusively resolved by binding individual arbitration, rather than in court, except as provided in Section 7.5. This arbitration agreement is governed by the Federal Arbitration Act (9 U.S.C. §1 et seq.).
7.3 Right to Opt Out
You may opt out of this arbitration provision by sending written notice to zoe@swiit.ai within thirty (30) days of first accepting this Agreement. Your opt-out notice must include your name, Account number (if applicable), and a clear statement that you wish to opt out of the arbitration provision. If you opt out, all other provisions of this Agreement remain in full force and effect. If you do not opt out within 30 days, you will be deemed to have agreed to this arbitration provision.
7.4 Class Action and Jury Trial Waiver
YOU AND WE EACH AGREE THAT ALL CLAIMS SHALL BE ARBITRATED OR LITIGATED (IF PERMITTED) ON AN INDIVIDUAL BASIS ONLY AND NOT AS PART OF A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION. THE ARBITRATOR MAY NOT CONSOLIDATE PROCEEDINGS OR PRESIDE OVER ANY FORM OF CLASS OR REPRESENTATIVE PROCEEDING. YOU ALSO WAIVE YOUR RIGHT TO A JURY TRIAL FOR ANY CLAIMS.
7.5 Arbitration Procedures
Arbitration Forum and Rules: For Individual Account holders, you may choose AAA Consumer Arbitration Rules or JAMS Streamlined Arbitration Rules. For Business Account holders, arbitration shall be administered under AAA Commercial Arbitration Rules or JAMS Comprehensive Arbitration Rules. If a large number of similar claims are filed (mass arbitration), the AAA Mass Arbitration Supplementary Rules or JAMS Mass Arbitration Procedures, as applicable, shall apply.
Arbitrator: A single neutral arbitrator with experience in financial services disputes.
Location: You may request a reasonably convenient location or videoconference.
Costs: The party initiating arbitration pays the filing fee. For Individual Accounts, if the filing fee exceeds what you would pay in court, SII will pay the excess. Each party bears its own attorneys’ fees unless the arbitrator awards fees to the prevailing party.
Discovery and Award: Discovery consistent with applicable arbitration rules. The arbitrator’s award is final and binding and may be entered as a judgment in any court of competent jurisdiction.
7.6 Exceptions
Either party may bring an individual claim in small claims court (if the claim qualifies). Either party may seek temporary or preliminary injunctive relief from a court to prevent irreparable harm pending arbitration. Notwithstanding the foregoing, a request for public injunctive relief as defined under California law (McGill v. Citibank, 2 Cal.5th 945 (2017)) may be brought in court in addition to or instead of arbitration. Claims related to a Payment Partner’s services may be subject to that Payment Partner’s separate dispute resolution provisions. To the extent any mandatory local consumer protection law prohibits arbitration of a particular claim, that claim may proceed in court.
7.7 Severability and Survival
If any part of this Section 7 is found unenforceable, the remaining parts remain in full force. If the class action waiver in Section 7.4 is found unenforceable as to a particular claim, that claim shall proceed in court while remaining claims are arbitrated. The court or arbitrator may sever or modify any unenforceable provision to the minimum extent necessary to make it enforceable. This arbitration provision survives termination of your Account and this Agreement.
7.8 Governing Law
This Agreement and any disputes between you and SII are governed by the laws of the State of Colorado, without regard to conflict-of-law principles, except to the extent preempted by federal law (including the Federal Arbitration Act). Nothing in this choice-of-law provision deprives you of the mandatory statutory protections of your state of residence.
Section 8: Service Provider Regulatory Disclosures
8.1 Zenus Bank’s License and Regulation
This section contains regulatory disclosures specific to individual Service Providers. Zenus Bank: The deposit account and related banking services accessible through Zenus Bank are provided by Zenus Bank, a Puerto Rico International Financial Entity (IFE) licensed and regulated by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF).
8.2 No FDIC / SIPC Insurance
IMPORTANT: ZENUS BANK IS NOT A MEMBER OF THE FDIC. FUNDS HELD IN YOUR SWIIT ACCOUNT ARE NOT INSURED BY THE FDIC, SIPC, OR ANY OTHER U.S. GOVERNMENT DEPOSIT INSURANCE OR INVESTOR PROTECTION PROGRAM. YOU BEAR THE CREDIT RISK OF ZENUS BANK DIRECTLY.
8.3 OFAC Sanctions
Zenus Bank and SII do not open accounts for, or process transactions involving, persons or entities on OFAC’s SDN List or in comprehensively sanctioned countries or regions.
8.4 Puerto Rico Ineligibility
Under Zenus Bank’s IFE charter, the Bank cannot offer services to residents of Puerto Rico. If you are or become a resident of Puerto Rico, your Account may be closed.
8.5 Funds Availability
Incoming wire transfers are generally available within one (1) business day after receipt by the Bank. Incoming ACH transfers are generally available within two (2) business days. These timeframes are estimates and may vary based on the originating institution, compliance checks, and other factors.
Funds availability may be subject to processing times imposed by our Service Providers, banking partners, and payment networks. Inbound transfers may be subject to settlement periods of up to three (3) business days before funds become available for withdrawal or transfer. SII or its Service Providers may place temporary holds on incoming or outgoing funds for purposes of fraud prevention, compliance review, or reconciliation. In such cases, SII will make commercially reasonable efforts to notify you and resolve the hold promptly. SII is not liable for delays in fund availability caused by Service Provider processing times, banking network settlement schedules, or regulatory holds.
8.6 Dormancy and Unclaimed Property
If your Swiit Account remains inactive (no customer-initiated transactions or logins) for three (3) years, it may be classified as dormant. We will attempt to contact you before classifying the Account as dormant. The dormancy period and escheatment procedures described herein are subject to the applicable unclaimed property laws of the state identified as your state of residence in our records. In the event of a conflict between this section and applicable state law, the applicable state law controls. If required by law, remaining funds will be transferred to the appropriate state or territorial unclaimed property authority after the applicable holding period.
8.7 Complaints
If you have a complaint regarding your Account or the Services, you may contact SII at zoe@swiit.ai or by mail at Sweet Intelligence Inc., Attn: Compliance, 1312 17th St, Unit Num-2955, Denver, CO 80202. We will acknowledge your complaint promptly and work to resolve it in a timely manner.
8.8 BVNK Disclosures
The following disclosures apply to services provided through BVNK. Depending on your country of residence, BVNK services are provided either by System Pay Services, Inc. d/b/a BVNK, a U.S.-incorporated financial services company (for customers resident outside the European Union, including in the United States and the United Kingdom), or by System Pay Services (Malta) Limited (company registration number C66961), a company authorised and regulated by the Malta Financial Services Authority (MFSA) as an Electronic Money Institution under the Financial Institutions Act (Chapter 376, Laws of Malta) (for customers resident in the European Union). References to “BVNK” in these Terms mean the BVNK entity applicable to you. BVNK is not a bank and does not provide banking or deposit services. Funds held in your BVNK-powered account are maintained in segregated or safeguarded accounts separate from BVNK’s own funds, in accordance with the requirements applicable to the relevant BVNK entity. Your funds are NOT insured by the FDIC, SIPC, or any other government deposit or investor protection program, and are not covered by any deposit guarantee or investor compensation scheme. By agreeing to these Swiit Terms, you also agree to the BVNK customer agreement applicable to you and the BVNK Privacy Policy, each incorporated by reference, which govern your use of BVNK services accessed through the Swiit platform. The applicable BVNK customer agreement for each BVNK entity, and where to review it and the BVNK Privacy Policy, are identified in Exhibit A. For complaints related to BVNK services, you may contact SII at zoe@swiit.ai, or contact BVNK directly in accordance with the applicable BVNK customer agreement; customers served by the Malta entity may also refer complaints to the Office of the Arbiter for Financial Services (OAFS) in Malta.
8.8.1 Incorporation by Reference and Consent. By accepting these Swiit Terms, you acknowledge and agree that: (a) you are entering into a direct agreement with the applicable BVNK entity (System Pay Services, Inc. d/b/a BVNK, or System Pay Services (Malta) Limited for customers resident in the European Union) under the applicable BVNK customer agreement as identified in Exhibit A (the “BVNK Agreement”), which is incorporated herein by reference; (b) you have read and agree to the BVNK Privacy Policy, which governs BVNK’s collection, use, and disclosure of your personal data in connection with BVNK services; (c) you authorize SII to accept the BVNK Agreement and BVNK Privacy Policy on your behalf through the Swiit platform when you activate BVNK services; (d) you have the authority to bind yourself (and, for Business Accounts, your company) to the BVNK Agreement; and (e) the BVNK Agreement will not come into effect until BVNK notifies you (through the Swiit platform) that your verification is successful. In the event of a conflict between these Swiit Terms and the BVNK Agreement, the BVNK Agreement shall prevail with respect to BVNK services.
8.8.2 BVNK Service Liability and SII Non-Liability. SII facilitates your access to BVNK services through its technology platform but does not itself provide the financial services delivered by BVNK. SII acts as a Platform Partner (as defined in the applicable BVNK Agreement) and does not act as BVNK’s agent. You acknowledge that: (a) SII shall not be liable for any act, omission, default, or insolvency of BVNK, including any failure in BVNK’s fund segregation or safeguarding arrangements, any suspension or termination of your BVNK account, or any delay in processing BVNK transactions; (b) your funds held by BVNK are not insured by the FDIC, SIPC, or any other government deposit, investor, or depositor protection program, and are not covered by any deposit guarantee or investor compensation scheme; (c) your rights and remedies with respect to BVNK services are governed by the applicable BVNK Agreement and the law specified therein; and (d) SII has no obligation to make you whole for any loss of funds held by BVNK, regardless of the cause of such loss. Customers served by System Pay Services, Inc. may refer to BVNK’s US Partner Platform Customers resource center for state disclosures and fund protection information; customers served by System Pay Services (Malta) Limited should refer to the BVNK Malta E-Money Account Terms and the disclosures made available by BVNK for EU customers.
8.9 Card Services Disclosures
The following disclosures apply to Swiit debit card services. Card services are provided through card program sponsors and processors, including Connect Financial (with Zenus Bank as BIN sponsor). Detailed card-specific terms, EFTA disclosures, fee schedules, and dispute resolution procedures are set forth in the Swiit Cardholder Agreement, which you accept when applying for a Swiit debit card. Card-related disputes must be reported within sixty (60) days and will be resolved in accordance with the Swiit Cardholder Agreement and applicable law, including the Electronic Fund Transfer Act and Regulation E.
8.10 Infinitus Pay Disclosures
The following disclosures apply to services provided through Infinitus Pay. Infinitus Pay services are provided by InfinitusPay Inc. (“Infinitus Pay”), a Colorado corporation. Infinitus Pay is a technology platform and is not a bank. Infinitus Pay does not itself hold customer deposits; customer funds are maintained by Infinitus Pay’s Financial Services Partner banks in accounts held separately from Infinitus Pay’s own funds. Your funds held through Infinitus Pay-powered accounts are NOT insured by the FDIC, SIPC, or any other government deposit or investor protection program. Infinitus Pay’s Financial Services Partner banks are express third-party beneficiaries of the agreement between SII and Infinitus Pay and may enforce applicable provisions thereof. Your use of Infinitus Pay-powered services is governed by this Agreement. Infinitus Pay does not require you to enter into a separate Infinitus Pay customer agreement or service documentation for these services.
Section 9: Termination and Refund Policy
9.1 Your Right to Close Your Account
Individual Accounts: You may close your Swiit Account at any time by contacting us through the app or via email. Before closing, you must withdraw or transfer all remaining funds to an external account.
Business Accounts: A Business Account may be closed by its designated Administrator by contacting us through the app or via email. Before closing, the entity must withdraw or transfer all remaining funds and ensure all pending transactions have been completed or cancelled. A reasonable wind-down period may be required.
9.2 Our Right to Terminate or Suspend
SII and/or the Bank reserve the right to suspend or close your Account at any time for any lawful reason, including but not limited to: (a) violation of this Agreement or applicable law; (b) suspicious or potentially fraudulent activity; (c) failure to provide or update required identification or verification information; (d) non-payment of fees; (e) a regulatory or legal requirement; (f) for Business Accounts, the entity’s loss of good standing, change in beneficial ownership without notification, or failure to pass periodic KYB re-verification; or (g) extended inactivity as described in Section 8.6. We will provide notice to the extent permitted by law.
Where permitted by law, you may submit a written request for reconsideration within thirty (30) days of an involuntary closure by contacting zoe@swiit.ai. We will review your request and respond within a reasonable timeframe.
9.3 Effect of Termination
Upon Account closure: (a) you must discontinue using the Swiit Services immediately; (b) any remaining Account balance (less outstanding fees) will be returned to you via wire transfer or ACH to your designated external account, at your choice; (c) for small remaining balances below applicable wire transfer minimums, we will work with you to arrange an alternative return method; (d) if you used Payment Partner-powered services, you should contact the applicable Payment Partner directly regarding any balances or pending transactions held by them; (e) SII will retain your personal information and records as required by applicable law and our Data Privacy Policy; and (f) termination of this Agreement and closure of your Swiit Account will also constitute termination of your BVNK Agreement and closure of your BVNK-powered account (in accordance with the applicable BVNK service terms), and any remaining funds in your BVNK account will be handled as specified in the BVNK Agreement.
9.4 Membership Fee Upon Termination
The annual membership fee is structured as an annual commitment. If you close your Account before the end of your annual subscription period, the membership fee for the remaining months of the current subscription year is not refundable. If SII terminates your Account without cause, we will refund any prepaid membership fees for the unused portion of the current billing period.
For Individual Accounts on the Pro tier, if you close your Account or request a downgrade before the end of your twelve-month Pro membership period, no refund of the annual membership fee will be issued. Your Pro features will remain active until the end of the paid period. See Section 4.1 for additional details.
9.5 Dispute Resolution Continues
Even after your Account is closed, any disputes or claims arising from your use of the Services remain subject to Section 7 (Dispute Resolution and Arbitration).
9.6 Handling of Remaining Funds
You are responsible for withdrawing your remaining balance before Account closure. If funds remain after closure and we are unable to return them to you, we will hold the funds in accordance with applicable unclaimed property laws. After the applicable holding period, funds may be turned over to the relevant unclaimed property authority.
Exhibit A: Service Provider Summary and Additional Terms
This exhibit provides a summary of the Service Providers available through Swiit, the additional terms applicable to each provider, and key disclosures.
A.1 Zenus Bank
Service Provider: Zenus Bank, a Puerto Rico-licensed International Financial Entity (IFE). Regulatory Authority: Puerto Rico Office of the Commissioner of Financial Institutions (OCIF). Account Type: Custodial FBO demand deposit account. Fund Protection: Funds held in omnibus FBO account at Zenus Bank. Not FDIC-insured. Additional Terms: None beyond this Agreement. See Section 8 (§§8.1–8.7) for Zenus-specific disclosures.
A.2 BVNK
Service Provider: BVNK. The applicable BVNK entity depends on your country of residence: System Pay Services, Inc. d/b/a BVNK (United States) for customers resident outside the European Union (EU), or System Pay Services (Malta) Limited (Malta; MFSA-authorised Electronic Money Institution, company registration number C66961) for customers resident in the EU. Account Type: Fiat payment account (US entity) or e-money account (Malta entity). Fund Protection: Customer funds held in segregated or safeguarded accounts separate from BVNK’s own funds. Not FDIC/SIPC insured; not covered by any deposit guarantee or investor compensation scheme. Additional Terms: the applicable BVNK customer agreement and the BVNK Privacy Policy, each incorporated by reference (see §8.8 and §8.8.1).
For customers served by System Pay Services, Inc. (US entity): the Embedded US Partner Platform Customers Agreement, together with state disclosures and fund protection details, is available at here.
For customers served by System Pay Services (Malta) Limited: the BVNK Malta E-Money Account Terms are made available at here.
The BVNK Privacy Policy is available at here.
See Section 8 (§8.8) for BVNK-specific disclosures.
A.3 Card Services
Service Providers: Connect Financial (Connect Fintech Services, LLC) (card program management), Zenus Bank (BIN sponsor), and applicable card networks. Account Type: Card-linked custodial account. Fund Protection: Funds held in custodial (FBO) accounts at Zenus Bank, as custodian, maintained through the card program manager. Additional Terms Required: Swiit Cardholder Agreement (presented at card application within Swiit app; includes EFTA disclosures, card fee schedule, and dispute resolution procedures). See Section 8 (§8.9) for card-specific disclosures.
A.4 Infinitus Pay
Service Provider: InfinitusPay Inc. (“Infinitus Pay”), a Colorado corporation. Entity Type: Technology platform (not a bank). Services Provided: API-enabled payment account and disbursement services facilitated through Infinitus Pay’s Financial Services Partner banks. Fund Protection: Customer funds are held by Infinitus Pay’s Financial Services Partner banks in accounts maintained separately from Infinitus Pay’s own funds. Your funds are NOT insured by the FDIC, SIPC, or any other government deposit or investor protection program. Third-Party Beneficiaries: Infinitus Pay’s Financial Services Partner banks are express third-party beneficiaries of the applicable service agreement and may enforce provisions thereof. Additional Terms: None beyond this Agreement; Infinitus Pay does not require a separate customer agreement or service documentation for these services. See Section 8 (§8.10) for Infinitus Pay-specific disclosures.
A.5 Future Service Providers
SII may add, remove, or replace Service Providers from time to time and may update this Exhibit accordingly. The addition of a Service Provider that does not apply to your Account is not a material change to these Terms and does not require advance notice to you. SII will notify you, and obtain any consent required under Section 1.13, only where a new or replacement Service Provider will apply to your Account—for example, before your funds or data are handled by that provider. You will not be enrolled with any new Service Provider without your affirmative consent and acceptance of any applicable additional terms. Any change to the Service Provider that holds your funds or data will be treated as a material change as to you.
By accepting this Agreement, you acknowledge that you have read all the sections above (Sections 1–9 and Exhibit A), understand their terms, and agree to be bound by them. You further acknowledge that certain Service Providers may require you to accept additional terms (such as the applicable BVNK customer agreement or the Swiit Cardholder Agreement) at the point of activation. Your electronic acceptance constitutes your signature to this Agreement.
(End of Swiit Terms)