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.

1. About Paaysay and Contact Information

1.1 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].

1.2 Contact Us:

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

2. What Open Banking Services We Provide

2.1 Account Information Services (AIS):

• Access, view, and share account information from your linked payment accounts.

2.2 Payment Initiation Services (PIS):

• Initiate payments directly from your linked bank accounts.

2.3 Data Collection:

• With your consent, we retrieve account information, including balances and transaction details, for processing payments or verifying the source of funds.

3. Your Consent

3.1 Granting Consent:

• By using our Open Banking services, you grant Paaysay permission to:
  a) Contact your Payment Service Provider (e.g., your bank).
  b) Access and retrieve account information.
  c) Initiate payments on your behalf when explicitly authorized.

3.2 Using Credentials:

• You confirm that:
  a) The credentials used to access your account are your own.
  b) You are authorized to use these credentials to link accounts.

3.3 Strong Customer Authentication (SCA):

• You will be required to authenticate your identity using SCA (e.g., via your bank’s app or website) when linking accounts or authorizing payments.

3.4 Withdrawing Consent:

• You can withdraw consent for AIS or PIS at any time via your Paaysay account settings.

4. Payment Initiation Services (PIS)

4.1 How It Works:

• When you request a payment through our PIS, you authorize us to:
  a) Redirect you to your financial institution for authentication.
  b) Process the payment once details are confirmed.

4.2 Accuracy of Payment Details:

• You are responsible for ensuring the accuracy of payment details (e.g., amount, recipient). Incorrect details may result in failed or irreversible transactions.

4.3 Payment Confirmation:

• Payments cannot be canceled once confirmed. Ensure all details are correct before authorizing the payment.

4.4 Payment Limits:

• Payments are subject to daily or transaction-specific limits, which may vary based on regulatory or security requirements.

4.5 Failed Payments:

• Payments may fail if:
  a) Payment details are incomplete or incorrect.
  b) The payment amount exceeds applicable limits.
  c) The transaction is suspected to be unlawful or fraudulent.

5. Responsibilities and Liability

5.1 Your Responsibilities:

• Ensure the security of your login credentials.
• Report unauthorized transactions or suspected fraud immediately to your financial institution and Paaysay.

5.2 Our Responsibilities:

• We are not liable for disputes or errors with your Payment Service Provider.
• Paaysay is not responsible for unauthorized or incorrect payments caused by inaccurate details provided by you.

5.3 Disruption of Services:

• We are not liable for delays or non-performance resulting from circumstances beyond our control (e.g., technical issues with your bank).

5.4 Unauthorized Payments:

• Notify your financial institution immediately if you notice unauthorized transactions. You must report these within 13 months of the transaction date to be eligible for a refund.

6. Data Privacy

6.1 Collection and Use of Data:

• We collect and process your account information only with your explicit consent and in accordance with applicable data protection laws (e.g., UK GDPR).

6.2 Third-Party Providers:

• We may use FCA-authorized third-party providers to facilitate our Open Banking services.

6.3 Revocation of Data Sharing:

• You can revoke data-sharing permissions at any time through your account settings.

7. Amendments to These Terms

• Paaysay reserves the right to amend these terms. Changes will be communicated to you via email or through updates on our website. Continued use of our services constitutes acceptance of the revised terms.

8. Complaints and Dispute Resolution

8.1 Submitting Complaints:

• If you have complaints about our Open Banking services, contact us via:
  • Email: [email protected]
  • Phone: +44 20 7097 7160

8.2 Ombudsman Services:

• If your complaint is not resolved to your satisfaction, you may escalate it to the Financial Ombudsman Service.

9. Governing Law

• These terms are governed by the laws of England and Wales. Disputes arising from these terms shall be resolved in the courts of England and Wales.