1. Introduction

1.1 About Us: Paaysay Ltd. (“We,” “Us,” or “Our”) is a UK-registered financial services provider offering electronic money and payment services to individuals.

1.2 About These Terms: These Terms and Conditions (“Terms”) form a legally binding agreement between Paaysay Ltd. and you (“Customer” or “You”) regarding your use of our services.

1.3 Acceptance of Terms: By using our services, you confirm your acceptance of these Terms. If you do not agree, you must not use our services.

2. Definitions

• Account: A payment account provided by Paaysay Ltd. to hold, send, and receive funds.
• Transaction: Any payment, transfer, or withdrawal initiated through your account.
• Authorised User: Any individual authorized by you to access and use your account.
• Fees: Charges applicable for using our services, detailed on our fee schedule.

3. Scope of Services

3.1 Services Provided:

• Payment accounts to hold and transfer funds.
• Direct debits and standing orders for recurring payments.
• Credit transfers for domestic and international payments.
• Multi-currency support with exchange rate transparency.
• Payment initiation and account information services (PIS and AIS) under Open Banking regulations.

3.2 New Features: We may introduce new services or features. Notice of significant changes will be provided as per Section 15.

4. Eligibility

4.1 You must:

• Be at least 18 years old.
• Provide accurate and verifiable information during account registration.
• Comply with anti-money laundering (AML) and know-your-customer (KYC) requirements.

4.2 Your account is for personal use only. Business transactions require a separate business account.

5. Safeguarding Funds

5.1 Protection of Funds: Customer funds are safeguarded in segregated accounts with regulated financial institutions.
5.2 Insolvency Protections: In case of insolvency, safeguarded funds will be repaid before other creditors.
5.3 No FSCS Coverage: Funds are not covered under the Financial Services Compensation Scheme (FSCS).

6. Acceptable Use Policy

6.1 Prohibited Activities: You may not use your account for:

• Illegal activities, including money laundering or fraud.
• Currency speculation or high-risk activities.
• Abusive behavior toward Paaysay staff or misuse of the platform.

6.2 Violations may result in account suspension or termination.

7. Security and Privacy

7.1 Your Responsibilities:

• Use strong passwords and enable two-factor authentication.
• Notify us immediately of suspected unauthorized access or fraud.

7.2 Our Responsibilities:

• Adhere to UK GDPR and ICO standards to safeguard your personal data.

8. Fees and Charges

8.1 Fee Schedule: A detailed fee schedule is available on our website.
8.2 Fee Updates: Any changes to fees will be communicated at least 30 days in advance.
8.3 Deductions: Fees will be automatically deducted from your account balance.

9. Transactions

9.1 Execution Times:

• Domestic payments are processed on the same business day if received before the cut-off time.
• International payments may take up to four business days.

9.2 Reversals and Refunds:

• Report unauthorized transactions within 13 months to be eligible for refunds.
• Refunds are processed in compliance with applicable regulations.

10. Direct Debits and Standing Orders

10.1 Setting Up: Customers can set up direct debits or standing orders through their account.
10.2 Refunds: Direct debits are eligible for refunds under the SEPA or BACS schemes within eight weeks.
10.3 Cancellation: You may cancel direct debits before the payment is processed.

11. Open Banking and Third-Party Access

11.1 Third-Party Providers (TPPs): You may authorize TPPs to access your account or initiate payments.
11.2 Revocation of Access: You can revoke TPP access at any time.
11.3 Security: We may block TPP access for security or regulatory concerns.

12. Multi-Currency Features

12.1 Currency Conversion: Exchange rates are transparent and displayed before transactions.
12.2 Auto-Conversion: Multi-currency accounts allow automatic conversions based on preset conditions.
12.3 Usage Limits: Limits on transactions and currency exchanges may apply.

13. Account Suspension and Termination

13.1 Suspension: Accounts may be suspended for security concerns, suspected fraud, or regulatory compliance.
13.2 Termination: Either party may terminate the account with notice.
13.3 Post-Termination: Funds in the account will be returned, subject to compliance checks, within six years.

14. Liability

14.1 Customer Liability: You are liable for losses resulting from negligence in safeguarding credentials.
14.2 Paaysay Liability: Our liability is limited to correcting errors or refunding unauthorized transactions as required by law.

15. Changes to Terms and Conditions

15.1 Notice Period: Changes to these Terms will be communicated with at least 30 days’ notice.
15.2 Continued Use: Continued use of services constitutes acceptance of the updated Terms.

16. Complaints and Dispute Resolution

16.1 Complaints: Submit complaints to [email protected].
16.2 Ombudsman Service: Unresolved disputes may be referred to the Financial Ombudsman Service within six months of our final response.

17. Governing Law

17.1 These Terms are governed by the laws of England and Wales.

18. Contact Information

• Email: [email protected]
• Phone: +44 20 7097 7160
• Address: Unit 400, Wenta Business Centre, Colne Way, Watford, WD24 7ND, United Kingdom.