Privacy Policy

Version as of 04.06.2024


This Privacy policy (the “POLICY”) constitutes a part of the ECOS-M Cloud Services Terms of Use (hereinafter – the “Terms of Use”). Except where otherwise specified, the terms used in this POLICY shall have the same meanings as in the Terms of Use. CJSC ECOS-M, is a closed joint-stock company incorporated under the laws of Armenia, with the legal address: 26/1, V.Sargsyan Str., Kentron 0010, Yerevan, Armenia (hereinafter – “ECOS”).


1.1. This policy applies to the ECOS PLATFORM, which include, but are not limited to, its subdomains and connected mobile applications (for instance, relevant iOS, Android and Microsoft apps) (hereinafter – the “PLATFORM”).

1.2. By accessing or using the PLATFORM, you agree that you have read, understand, and agree to be bound by the POLICY, Terms of use, Refund Policy and Cookies Policy published on the PLATFORM.

1.3. If you disagree with any part of the POLICY, please do not use the PLATFORM. If you do not understand the POLICY’s provisions or you have any questions on the content thereof, please contact [email protected].

1.4. We may revise the POLICY at any time without prior notice by posting the revised version of the POLICY on the PLATFORM (respective changes will not be applied retroactively). You hereby confirm that by continuing to use the PLATFORM you accept such changes.

1.5. This POLICY determines the manner in which ECOS process information collected from users of the PLATFORM (each, a “USER” or “you”).

1.6. Personal data in this POLICY means information relating to an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.

1.7. Processing of personal data means operation or set of operations, which is performed on personal data or on sets of personal data, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaption or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.

1.8. This POLICY constitutes an integral part of the Terms of Use (which may be amended from time to time) relating to the PLATFORM operation and published at the PLATFORM.


2.1. Using this PLATFORM, the USER confirms acceptance of this POLICY. The USER is entitled to withdraw respective consent in any time; however, in certain cases it may prevent them from participating or engaging in certain PLATFORM related activities. Such withdrawal of consent shall not affect the lawfulness of processing based on consent before its withdrawal.

2.2. USERS may visit the PLATFORM anonymously.

2.3. The personal data we collect allows us to keep you in touch with ECOS’s latest services and product announcements, software updates, etc.

2.4. By accepting this POLICY, you agree to be contacted by us or by our associates or third parties with marketing communications related to this PLATFORM by way of e-mail or SMS or push-notifications (or other forms of written communication), any of which you may unsubscribe from at any time by contacting us.

2.5. Before permitting you to use the PLATFORM and if so required by applicable law, we may request you to provide additional information so that we can verify your identity and/or address. We may also obtain information about you from third parties such as identity verification services.

2.6. We shall not be required to accept you as a counterparty, including acceptance as a user, and we may be unable to accept you as a client until all Know-Your-Client and Anti-Money-Laundry documentation we require is duly executed and received, if required under applicable laws, and we reserve the right to reject your payments of any nature until it has received all necessary documentation, properly completed and duly executed.

2.7. We may share your data with our partner companies or contractors to be able to provide you with services. By accepting this POLICY, you provide us your permission to share your data with our partner companies. For example, your Transactions may be handled by external payment service providers. We may disclose your data to one or more of those selected payment service providers via APIs and/or other integration methods to enable them to connect your personal account with their services. Each such payment services provider will act as a data controller concerning the data that we supply to it and can provide you a copy of its own privacy policy, which will govern that third party’s use of your personal data.

2.8. HEREBY you irrevocably declare:

  1. that you have read, understood, found satisfactory and fully accepted this POLICY;
  2. that you confirm that your affirmative consent for processing of personal data is given freely, clearly, specifically and unambiguously;
  3. that you are familiar with other legal documents published at the PLATFORM and risk warnings and risk disclosures provided in the PLATFORM in any form and you accept it as an integral part of this POLICY.


3.1. As a rule, we may collect only what it needs and will not share your personal data with any third parties, unless otherwise indicated in this POLICY.

3.2. We can collect the following data and information sent to us by your computer, mobile phone, or other access device:

3.2.1. information you have provided to us, including through the PLATFORM (including but not limited to personal data, such as your name, address, telephone number, email address details);

3.2.2. information provided by other companies who have obtained your permission to share information about you to third parties (including personal data);

3.2.3. information about your interaction with adverts and services such as registration, comments;

3.2.4. information we collect (or may collect) using cookies;

3.2.5. your IP-address;

3.2.6. e-mails or other messages sent by USERS within PLATFORM;

3.2.7. information regarding location of the device when you access and use the PLATFORM;

3.2.8. device information including, but not limited to, identifier, name, and type, operating system, other technical information about USERS means of accessing the PLATFORM;

3.2.9. other profile data including but not limited to: personal pages, gender, age and mobile number.

3.3. We may request you to provide information that we, in our sole discretion, consider as required under applicable laws, regulations and (or) policies, and you should provide such information if you intend to continue using the PLATFORM and (or) receiving new services or possibilities within the PLATFORM (i.e., in case further use of the PLATFORM is not possible in absence of such information).

3.4. We may collect and use USERS information (including personal data) for the following purposes:

3.4.1. to provide our services via PLATFORM;

3.4.2. to improve the ECOS services;

3.4.3. to elaborate carefully commercial version of our PLATFORM and of ECOS services;

3.4.4. to promote the ECOS services (if needed further);

3.4.5. for contacting the USER;

3.4.6. for interaction with external networks and platforms;

3.4.7. for registration and authentication;

3.4.8. for handling payments;

3.4.9. for infrastructure monitoring;

3.4.10. for managing contacts and sending messages;

3.4.11. for analytics;

3.4.12. to protect the PLATFORM and USERS;

3.4.13. for interaction with support and feedback platforms;

3.4.14. for managing support and contact requests;

3.4.15. for USER database management;

3.4.16. to run, maintain and operate the PLATFORM (including for provision of services);

3.4.17. for risk management purposes;

3.4.18. to run promotion, contest, survey or other PLATFORM features;

3.4.19. to comply with applicable laws or by-laws;

3.4.20. to send USERS information they agreed (or have requested) to receive about topics we consider as interesting for them;

3.4.21. to send USERS a service-related announcement (these communications are not promotional in nature).

3.5. If we intend to process your personal data subsequently for a purpose other than stated in sub-Clause 3.4, we will prior provide you with the relevant information on such processing including the right to withdraw your consent to processing of the personal data for such purpose.

3.6. Your personal data will be processed adequate, relevant and limited to what is necessary in relation to the purposes for which they are processed as stated in sub-Clause 3.4.

3.7. Information is collected and processed through running the PLATFORM.

3.8. The personal data may be freely provided by the USER, or, in case of usage data, collected automatically when using the PLATFORM.

3.9. We do not sell, trade, or rent USERS personal data to others.

3.10. We may share aggregated information not linked to any personal data regarding visitors and USERS with business partners, trusted affiliates and advertisers.

3.11. We may disclose the USER’s personal data when we believe that such disclosure is necessary:

3.11.1. to conform to legal requirements or to respond to a subpoena, search warrant or other legal process received by us, whether or not a response is required by applicable law;

3.11.2. for legal purposes by us in court or in the stages leading to possible legal action arising from improper use of the PLATFORM or the related services;

3.11.3. to reveal personal data upon request of public authorities;

3.11.4. to protect our rights; or

3.11.5. to protect the safety of members of the public and USERS of the service and (or) the PLATFORM.

3.12. By giving us affirmative consent for personal data processing you provide us with the right to share your personal data (in the scope limited to the necessary to disclose) with:

3.12.1. our banking partners;

3.12.2. other USERS – only for the purposes and to the extent necessary for normal ECOS services use or function (including for making ratings, etc.) related to the commercial use of ECOS services;

3.12.3. third parties, including its own subsidiaries and affiliated companies, which we may engage from time to time to preserve, analyze or otherwise store or manipulate data received*;

3.12.4. entities we plan to merge with or be acquired by;

3.12.5. third party identification services providers for fraud prevention purposes;

3.12.6. law enforcement, government officials, or other third parties when we believe in good faith that the disclosure of personal data is necessary to prevent physical harm or financial loss, to report suspected illegal activity or to investigate violations of the legal documents published on the PLATFORM; or

3.12.7. other third parties only with your prior consent or direction to do so.

3.13. We reserve the right to transfer personal data to a successor that has acquired such rights as a result of sale or substantial sale of all of our assets to that successor.


4.1. We process personal data lawfully, fairly and in a transparent manner.

4.2. Within ECOS access to USER’s personal data shall be limited to a subset of employees who work on compliance and identity verification matters. In some cases, the data (including personal data of the USERS) may be accessible to certain types of persons in charge, involved with the operation of the PLATFORM (administration, sales, marketing, legal, system administration) or external parties (such as third-party technical service providers, mail carriers, hosting providers, IT-companies, communications agencies) appointed by us.

4.3. We will collect personal data from USERS only if they voluntarily submit such information to us. By submitting your personal data, you agree to this transfer (including cross-border transfer), storing, or processing.

4.4. We and third parties engaged by us to store and process your personal data on the servers where its respective facilities or its service providers are located. We or such third parties may be located in countries where the laws on processing personal data may be less strict than in your country. We ensure that your personal data will be stored or processed only within countries that provide adequate protection of the rights of the subject of personal data.

4.5. While we cannot guarantee that loss, misuse or alteration to data will not occur, we make every effort to prevent such occurrences.

4.6. Any other particularly sensitive information (such as credit card numbers collected for commercial transactions) is encrypted prior to transmission to us by USER.

4.7. The data is kept for the time necessary to provide the services requested by the USER, or stated by the purposes outlined in this document, and the USER can always request us to suspend or remove the data.

4.8. We confirm that processing of personal data is carried out in a manner that ensures appropriate security of the personal data, including protection against unauthorized or unlawful processing and against accidental loss, destruction or damage with appropriate technical and organizational measures that are strictly necessary for processing of personal data.

4.9. We may be sometimes required to compare the personal data provided by the USER to third-party databases in order to verify its accuracy and confirm USER’s identity to comply with relevant regulations.

4.10. USERS are entitled, at any time, to know whether their personal data has been stored and can consult with us to learn about their contents, origin and other information regarding its processing.


5.1. From time to time we may make changes to this POLICY. If we make changes, we will post them on the PLATFORM to notify the USERS thereof.

5.2. A USER shall acknowledge and comply with all changes to the POLICY when using the PLATFORM after those changes are posted.

5.3. Further use of the PLATFORM (including by simply accessing and reviewing it) means that you accept and agree with any alterations made to this POLICY.

5.4. You acknowledge and agree that it is your responsibility to review the POLICY periodically and become aware of any modifications.

5.5. We will notify you about all the changes and amendments to this Privacy Policy via popup windows and/or notifications on this PLATFORM.


6.1. You have the right to obtain confirmation as to whether or not your personal data is being processed, and, where that is the case, access to the personal data and the following information:

6.1.1. the purposes of the processing;

6.1.2. the categories of personal data concerned;

6.1.3. the recipients or categories of recipient to whom the personal data have been or will be disclosed, in particular recipients in third countries or international organizations;

6.1.4. where possible, the envisaged period for which the personal data will be stored, or, if not possible, the criteria used to determine that period;

6.1.5. the existence of the right to request from us rectification or erasure of personal data or restriction of processing of personal data concerning the data subject or to object to such processing;

6.1.6. the right to lodge a complaint with a supervisory authority;

6.1.7. where the personal data are not collected from the data subject, any available information as to their source;

6.1.8. the existence of automated decision-making.

6.2. You have the right to obtain without undue delay the rectification of your inaccurate personal data.

6.3. Considering purposes of the processing, you have the right to have incomplete personal data completed, including by means of providing a supplementary statement.

6.4. You have the right to obtain from us the erasure of your personal data without any delay if any of the following grounds applies:

6.4.1. personal data are no longer necessary in relation to the purposes for which they were collected or otherwise processed;

6.4.2. you withdraw your consent on which the processing is based and there is no other legal ground for processing;

6.4.3. you object to the processing pursuant to sub-Clause  6.7 and there are no overriding legitimate grounds for the processing, or you object to the processing pursuant to sub-Clause 6.8;

6.4.4. personal data have been unlawfully processed;

6.4.5. personal data have to be erased for compliance with a legal obligation stated in the applicable law.

6.5. You have the right to obtain restriction of processing where one of the following applies:

6.5.1. accuracy of the personal data is contested by you, for a period enabling us to verify the accuracy of the personal data;

6.5.2. processing is unlawful and you oppose the erasure of the personal data and request the restriction of their use instead;

6.5.3. we no longer need the personal data for the purposes of the processing, but they are required by you for the establishment, exercise, or defense of legal claims;

6.5.4. you have objected to processing pursuant to sub-Clause.

6.7 pending verification whether our legitimate grounds override yours.

6.6. You have the right to receive your personal data provided to us in a structured, commonly used, and machine-readable format and have the right to transmit those personal data to another entity.

6.7. You have the right to object at any time to processing your personal data when such processing is necessary for the performance of a task carried out in the public interest or in the exercise of official authority and for the purposes of legitimate interest pursued by us or a third party, except where such interests are overridden by your interests or fundamental rights and freedoms which require the protection of personal data.

6.8. Where personal data are processed for direct marketing purposes, you have the right to object at any time to processing your personal data for such marketing.

6.9. You have the right to lodge a complaint before the relevant data protection authority or supervisory authority.


7.1. You are responsible for the security of the login information, such as usernames and passwords, which give you access to your private information maintained by us.

7.2. Make sure you keep login information in a safe place and do not share it with others.

7.3. Please note that key-loggers, viruses, or other surveillance devices can intercept login information on the computers from which you access the PLATFORM, so you should take precautions regarding such devices, especially on public computers.

7.4. USERS are responsible for any third-party personal data obtained, published, or shared through the PLATFORM and confirm that they have the third party’s consent to provide the personal data to us. Hereby you indemnify us against any losses and/or damages that may occur in case of your default in having respective consent.


If you are under 16 years old, you can’t use the PLATFORM and ECOS services. We do not knowingly solicit or collect information from anyone under 16 years old. If we become aware that a person under the age of 16 has provided us with personal information, we will delete it immediately.


Any questions, comments, requests, or complaints concerning this Policy and other materials from the PLATFORM shall be directed to our legal help desk – [email protected].


*In all such cases, such third-party service providers will be required to treat all such data with the same degree of care as we and they will be prohibited from disclosing such data to any other person or party, except as otherwise provided for in this Policy.