This document outlines the terms and conditions governing the use of Open Banking services provided by Paaysay Ltd. (“Paaysay,” “We,” “Us,” or “Our”). By accessing and using these services, you agree to be bound by these terms.

About Paaysay and Contact Information:

Company Information:

• Paaysay Ltd. is a UK-registered company authorized by the Financial Conduct Authority (FCA) to provide Open Banking services under the Payment Services Regulations 2017.

• FCA Registration Number: [Insert Number].

Contact Us:

• Email: [email protected]

• Phone: +44 20 7097 7160

• Address: Unit 400, Wenta Business Centre, Colne Way, Watford, WD24 7ND, United Kingdom

1. Addition of New Payment Services

• Payment Accounts: The terms and conditions now outline how customers can open, manage, and use payment accounts. This includes:

  • Rights to fund and withdraw money from accounts.

  • Limits on balances, transaction values, and account usage.

  • Conditions under which the firm may freeze or close accounts.

  • Safeguarding of funds held in payment accounts, as required by the FCA.

• Direct Debits (Including One-off Direct Debits): New provisions specify the rights and responsibilities regarding the initiation and execution of direct debits. Customers will be informed of the process, the timeline for setting up direct debits, and how they can cancel or amend them.

• Payment Transactions through Payment Cards or Similar Devices: The contract has been updated to reflect how transactions through payment cards, mobile devices, and similar instruments will be executed. It includes:

  • Security requirements for card usage.

  • Customer obligations in the event of unauthorized use.

  • Transaction limits, fees, and potential delays.

• Credit Transfers and Standing Orders: The terms now cover the processing of credit transfers and standing orders, outlining:

  • Customer responsibilities when initiating transfers.

  • Processing timelines and potential delays.

  • Fees associated with credit transfers or standing orders.

• Merchant Acquiring Services: For merchants using acquiring services, the contract specifies the terms of payment acceptance, settlement times, and associated fees. It also details:

  • The process for resolving disputes related to chargebacks.

  • Conditions under which the firm may suspend acquiring services.

• Payment Initiation Services (PIS): The updated terms include:

  • The process for customers to authorize payment initiation from accounts held with other financial institutions.

  • The rights of customers to revoke payment instructions.

  • Liability provisions for failed or unauthorized transactions.

• Account Information Services (AIS): Customers are informed about the terms for aggregating account information from multiple payment accounts, including:

  • Consent required to access their account data.

  • How the firm ensures the security of account information.

  • The right of customers to withdraw access to their account data.

2. Customer Consent and Authorizations

• Informed Consent: The new terms emphasize the importance of obtaining explicit customer consent before providing PIS and AIS services. This includes explaining:

  • What information will be accessed or shared.

  • The purpose for which the information will be used.

  • The duration for which consent will remain valid.

• Authorization for Direct Debits and Standing Orders: Updated procedures now require customers to explicitly authorize any direct debits or standing orders. Customers are provided with clear instructions on how they can withdraw authorization or modify these services.

3. Security and Fraud Prevention

• Security Enhancements: The updated contract includes provisions outlining the security measures the firm will take to protect customer data and transactions, particularly with respect to:

  • Payment Cards and Mobile Devices: Requirements for safeguarding card details and ensuring two-factor authentication for online transactions.

  • PIS and AIS: Security protocols for accessing external accounts and managing sensitive customer data.

• Fraud Liability: The terms detail how the firm and customers share liability for unauthorized or fraudulent transactions. Specifically, customers are advised to report unauthorized transactions immediately, and the firm outlines how it will handle disputes or fraudulent claims.

4. Fees and Charges

• New Fee Structure: The updated contract introduces a detailed fee schedule for the new services, including:

  • Fees for managing Payment Accounts.

  • Transaction fees for Direct Debits, Credit Transfers, and Standing Orders.

  • Merchant acquiring fees, including transaction processing and settlement fees.

• Transparency in Pricing: All fees are clearly disclosed, ensuring that customers understand the costs associated with each service. There are also provisions outlining how and when fees can be changed, with sufficient notice to customers.

5. Customer Rights and Dispute Resolution

• Right to Refund: For services like Direct Debits, the updated contract outlines the customer’s right to a refund in cases of unauthorized or incorrect transactions.

• Complaint Handling: The terms include updated procedures for handling customer complaints, including those related to the new services. This includes:

  • Timeframes for resolving disputes.

  • Access to independent adjudicators if the firm’s resolution is unsatisfactory.

  • The role of the Financial Ombudsman Service (FOS) for escalated complaints.

• Chargebacks for Merchant Services: Merchants using the acquiring services are informed of their rights in case of chargebacks, including the process for disputing them.

6. Changes to the Contract

• Contract Modifications: Customers are informed of how the firm may update the terms and conditions, with specific clauses about how changes related to new services will be communicated. Customers are provided with a minimum notice period, usually 30 days, before significant changes take effect.

• Right to Terminate: Customers retain the right to terminate the contract without penalty if they do not agree with the updated terms related to new services.

7. Data Protection and Privacy

• Data Protection Compliance: The contract now includes enhanced clauses on GDPR compliance, particularly concerning AIS and PIS. Customers are informed of:

  • The types of data that will be collected and processed.

  • How their data will be protected and stored.

  • Their rights to access, correct, or delete their personal data.

• Third-Party Data Sharing: Customers are made aware of how their data may be shared with third-party service providers (e.g., for processing payments or accessing account information) and the safeguards in place to protect their data.

8. Force Majeure and Limitation of Liability

• Expanded Liability Clauses: Given the new services, the liability clauses have been updated to specify the firm’s responsibilities and limitations in scenarios involving:

  • Service disruptions or delays (e.g., with Payment Initiation Services).

  • External provider failures (e.g., failure of a third-party bank in AIS).

  • Circumstances beyond the firm’s control (e.g., network outages or system failures).

9. Effective Date of Changes

• Notification of Changes: Customers will be informed of the effective date of these updated terms and conditions. The contract clarifies how customers will be notified of the changes (e.g., email, website notice), and what actions they must take to continue using the services under the new terms.