About E Wallet

Our Association’s platform open-bank.org provides consent management for data processing in connection with when a member subscribes to a financial service disclosure provided by only a registered merchant and only bounded to the platform.

Gift Cards

1. Members of the Association can redeem card value. It is maintained as an e wallet in www.open-bank.org. The meter label denominated for card value is social-credits, since the card can be top up using any local currency.

2. A member can top up or purchase a gift card only from the platform. In general case, during membership onboarding(member registers a Nominee through KYC/KYB workflow), a member gets the gift card activated as an e wallet in the system.

3. Value of the gift card can only be redeemed on the platform and only on selective Trust Entitlements by registered merchants(e tenants).

4. Redeemable e-commerce product is financial data residency processing by Association’s AI between merchant and gift card holder. These data processing contracts are known as Trust Entitlement on the platform.

5. Association first grants merchant licenses in bulk(through E tenancy pt.3) when any merchant registers tenancy keys, thus permitting merchant to list their contract. When members subscribe, there is an admin fee for data processing of consent management.

6. Members can redeem granted value of gift card(e-wallet) on this fee when they go through the request management flow on the open-bank.org platform.

Ref: https://eresidency.open-bank.org

https://docs.open-bank.org/trust-entitlements/entitlements

Only registered members of the Association who have a legal tax residency in a fiscal zones( e.g. Europe Economic Area) or wherever the Foundation has a registered constituent not for profit/voluntary association or likes.

1. Please note that Trust Entitlements on www.open-bank.org are not financial services intermediation or reselling financial services in any amended form. These entitlement events are data processing services so the metered usage of the service is denominated in a token labelled social credits.

2. The inventory for the offers is restricted by the number of licenses that the organisations subscribe to before listing their offer on the platform.

3.Any member of the association goes through a KYC/KYB workflow to process Self verification for a registered Nominee associated with the Trust Account.