Service Agreement
Effective from 15.07.2024
1. GENERAL INFORMATION
1.1. Please read this Service Agreement carefully before you start using our payment services, as it includes the terms and conditions on which we provide you with electronic money (e-money) issuing and payment service.
1.2. This Service Agreement becomes effective and binding once you register on our platform and electronically consent to comply with it. It is your responsibility to ensure that you have a comprehensive understanding of this Service Agreement before opening a payment account or ordering a card with us.
1.3. Headings are included for convenience only and do not affect the interpretation of the Service Agreement. Some capitalised and non-capitalised terms used in this Service Agreement we provided in the Definitions. The singular includes the plural and vice versa. Underlined words in this Service Agreement contain hyperlinks to further information. Unless the context otherwise requires, the terms used but not defined herein shall have the meanings assigned to them in the Mastercard standards and/or applicable laws.
1.4. These terms and conditions, along with the Pricelist, Privacy Policy and Cookies Policy, and any other additional conditions for specific services apply to your use of our services and form a legal agreement (“Service Agreement”) between:
1. PayAlly Limited (“PayAlly”, “we”, “our”, “us”), is a company registered in England and Wales. Our company registration number is 10600055, and our registered office is at 80 Coleman Street, London, UK, EC2R 5BJ. Our registered VAT number is 278253770. We act as the Electronic Money Institution licensed in the United Kingdom under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 with a Firm Reference Number (FRN) of 944721. The Financial Conduct Authority fca.org.uk (“FCA”) is our licensing and supervision institution. You can learn more about PayAlly and how it is regulated; check the complete record of any regulated activities here and relevant regulations here. PayAlly is a participant in SWIFT (PYYLGB2LXXX); and
2.You, who want to use our services and have completed all relevant account and/or card opening steps for this purpose as described in this Service Agreement.
1.5. PayAlly ensures that the terms and conditions of this Service Agreement comply with the conduct of business provisions of the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 and the unfair contract terms provisions of the Unfair Terms in Consumer Contracts Regulations 1999 (UTCCRs) and the Consumer Rights Act 2015.
1.6. If you do not agree with any parts of the Service Agreement, you must notify us, and you may not use the payment services offered or continue with the process of using services. You agree that any use of our services constitutes your confirmation that you read and accept the terms and conditions of this Service Agreement and other legal terms and legally required disclosures.
1.7. If you have any questions about this Service Agreement or think there is a mistake, please email us. The most recent version of this Service Agreement is available on our website. You can download/save a copy of this Service Agreement at any time.
1.8. This Service Agreement is provided to you and concluded in English. All communication with you will be in English.
2. SERVICE WE PROVIDE
2.1. PayAlly provides services in the United Kingdom (“UK”) only and does not provide any services outside the UK. Our website https://pa-wpcoukv3-prod-wapp.azurewebsites.net/ is solely for promoting our products in the UK.
2.2. PayAlly does not maintain any physical presence or agents in any other country. If you are based outside the UK, we offer services strictly under the following conditions:
a) Any services we provide are provided in the UK only;
b) You are our client at your initiative;
c) You have been made aware that the services we provide are not authorised outside the UK;
d) You, as our client, are solely responsible for ensuring adherence to the laws, regulations, and rules of the country where you are based or operate.
2.3. The following table shows typical payment services provided by regulations applicable to PayAlly, specifying what activities we offer and don’t:
| Typical Payment Services | Activities constituting payment services (including what we do not offer) |
| Services enabling cash to be placed in your payment account | PayAlly does not offer cash payments into your PayAlly payment/card account (1) over the counter or (2) through an ATM. |
| Services enabling cash withdrawals | PayAlly offers cash withdrawals from your payment/card accounts through an ATM. We do not facilitate withdrawals over the counter. |
| Execution of the following types of payment transactions: (1) direct debits, including one-off direct debits (2) payment transactions executed through a payment card (3) credit transfers | PayAlly offers (1) payments of funds with PayAlly or with another Payment Service Provider subject to the account being in your name; (2) direct debits (including one-off direct debits) (a) when PayAlly is acting as a direct debit originator this would not, of itself, constitute the provision of a payment service (3) card payments (4) transfering e-money (5) credit payments, such as Faster Payments.
PayAlly does not offer execution of payments where a credit line covers funds. |
| Issuing payment instruments | PayAlly issues debit Mastercard. |
| Money remittance | PayAlly does not offer money payments/remittances that do not involve the creation of payment/card accounts. |
| Payment initiation services | PayAlly does not offer services that contract with online merchants to enable customers to purchase goods or services through their online banking facilities instead of using a payment instrument or other payment method. |
| Account information services | PayAlly does not offer (1) an electronic “dashboard” where PayAlly clients can view information from various payment/ card accounts in a single place, (2) clients with personalised comparison services supported by the presentation of account information, or (3) services based on a client’s instruction that provide information from client’s various payment accounts to both the client and third-party service providers such as financial advisors or credit reference agencies. |
2.4. Under this Service Agreement, we provide and you can use the following Services:
1) Open your multicurrency IBAN account and manage it;
2) Purchase and redeem e-money;
3) Send payments to and receive payments from other PayAlly accounts and non-PayAlly accounts by SEPA/SWIFT payments;
4) Send money and receive money using Faster Payment or Direct Debit; Order a card, make purchases, and withdraw funds using an ATM;
5) Top-up your account using debit and credit card;
6) Make currency exchange. We provide facilities for purchasing or selling currencies ancillary to our payment services. We do not offer these services for speculative or investment purposes and do not advise on the merits of a proposed currency exchange;
7) Offer FX Booking for clients with insufficient funds in their account for immediate spot currency exchange to secure a favourable exchange rate for a specified period and flexibility in adding funds to their account.
2.5. Acquiring services and co-badged card-based payment instruments are covered by the additional agreement(s).
3. USE OF OUR SERVICES
3.1. Your Confirmations
3.1.1. By accepting this Service Agreement, you confirm that:
▪ You’re a resident, and/or your business is organised or registered in a country or territory that we support to use our Services.
▪ You’re 18 years old or over,
▪ You have a total legal capacity to enter into the Service Agreement under applicable laws in your country, and your use of our Services does not violate any laws applicable to You,
▪ You have read and understood these terms and conditions, our Pricelist, Privacy Policy and Cookies Policy,
▪ If you are applying on behalf of a legal entity, you have the authority to bind the legal entity on whose behalf you use and access our Services, and that legal entity accepts the terms and conditions of this Service Agreement,
▪ You’re not opening an account or card on someone else’s behalf,
▪ Incoming/outgoing funds in your account(s) are not obtained as a result of criminal activity,
▪ You will not use our Services for any illegal purposes, including actions and transactions to legalise funds derived from criminal or other unlawful activities,
▪ You are informed and accepted that your balance amount (on account or card account) does not fall within the regulatory scope of the UK Financial Services Compensation Scheme (“FSCS”) or other similar deposit guarantee schemes, the insurance of deposits,
▪ You understand that you are not eligible to, nor will we, or our third parties, pay you any interest on the balance on your account,
▪ All the information you provided regarding the Service Agreement is true, accurate, and not misleading.
3.1.1. You will not be able to use our Services if:
▪ There is any reason that we are unable to grant you the Services under the applicable laws or risk criteria that apply to us;
▪ You do not meet risk tolerance criteria determined by us;
▪ You conduct an activity restricted or unacceptable by us;
▪ We have reasonable grounds to believe that you use our Services in a non-compliant or misleading manner;
▪ You miss the deadline for the provision of the information specified by us or fail the process of identification and due diligence;
▪ We determine that anyone other than you are using your account/card.
3.2. Restricted Activities
3.2.1. During the using our Services, you must not:
▪ Opening an account/card under a fictitious name or in the name of another person without a power of attorney or using the Services of anonymous telephone numbers or email addresses provided by other persons;
▪ Use the account/card and execute or receive payments (commonly services) earned as a result of activities contradicting applicable laws and contracts and for unlawful purposes, including but not limited to money laundering, terrorist financing, fraud, purchase or sale of illegal and counterfeit products and services, illegally acquired funds, stolen goods (including digital and virtual goods);
▪ Use the Services to let any person benefit from any activities that we have identified as restricted, including using the service in or for the benefit of a country, entity, or person sanctioned by any government or international organisation;
▪ Use our Services in a manner that may result in abuse or violation of Mastercard or other bank/payment services provider’s standards or rules and for activities prohibited by law or in a way that contradicts public order and moral principles;
▪ Obtain a cash advance from a card (or assist others to do so);
▪ Have a negative balance on payment or card account;
▪ Use the Services in a way that causes the third party losses, liability, or other adverse legal consequences to other third parties or us;
▪ Disclose to the third person your personal and Identity Authentication Data, or allow another person to use your account and card on its behalf;
▪ Provide incorrect, false, misleading, or inaccurate information;
▪ Refuse the submission of information reasonably requested by us in connection with the usage of our Services we may receive under any applicable laws;
▪ Refuse the cooperation with us in investigating your background, activity, transactions, and breaches/violations of the Service Agreement or legislation;
▪ Disturb or facilitate the spreading of computer viruses and conduct any other activities which could or harm our system and its proper operation, cause PayAlly Online Platform/App malfunctions, damage or destroy the information, or result in any other damage to systems, equipment, or information of us or any third parties;
▪ Disclosing passwords and other Personalised Security Credential information to third parties or allowing others to use the Services on the user’s behalf;
▪ Tamper, hack, modify, damage, interfere with, or otherwise corrupt the functionality or security of our Services or attempt to do so;
▪ Infringe our and third-party rights related to the trademarks, copyrights, and other Intellectual Property Rights.
▪ Violate the terms and conditions established by PayAlly.
3.2.2. In our sole discretion, we reserve the right to add categories of prohibited transactions and payments by adding such categories to this Service Agreement.
3.2.3. Upon entering into a Service Agreement, you expressly agree that we have an immediate right to immediately cancel any of your card or account without notice to you and to report activity to the appropriate authority where we suspect or detect any crime committed by you or any third party acting on your behalf.
4. SERVICE FEES
4.1. Pricelist
4.1.1. Our Pricelist sets out fees that we charge related to our Services. This Pricelist forms an integral part of this Service Agreement. You acknowledge and understand that you must read and recognise fees before using the Services.
4.1.2. In the case of non-standard Services not listed in our Pricelist, we may charge individual fees. However, these fees will be mutually agreed upon between you and us. We will always provide you with the necessary information about these fees for your confirmation.
4.1.3. The fee rate, minimum commission amount, and any other charges are subject to change at our discretion. We will notify you of any such changes, which will then become an integral part of this Service Agreement. You have the right to terminate this Agreement without penalty before these changes take effect.
4.2. Fees Deduction
4.2.1. You must keep enough funds on your account/card account for us to deduct any fees or any funds you owe us. We will debit any monthly fee once per month in advance for the upcoming fee period.
4.2.2. You may also be responsible for paying taxes or costs that apply to payments we are not responsible for collecting from you. In such a case, you must pay the taxes or costs without delay.
4.2.3. You cannot borrow funds from us, and if your balance becomes negative, you must top-up your account or card account to remedy this.
4.2.4. If you owe us service fees and do not top-up your account/card account, we may without notice:
▪ Suspend your account/card account;
▪ Deduct the funds from your account once it has funds (this can be in parts);
▪ Exercise a right of set-off;
▪ Take other legal steps to recover the money, e.g., instruct debt collectors.
4.2.5. If we exercise any of the above rights, you may be required to pay our costs.
5. ACCOUNT OPENING
5.1. General
5.1.1. To start using our Services, you must register an application in our PayAlly Online Platform, PayAlly Mobile App, or in writing and provide the necessary details as prompted. Once you are accepted, we will provide you with a payment account.
5.1.2. We are not obligated to accept any client and have the legal right to dismiss your application for our Services without specifying any reasons. However, you can be sure that such rejection will always be justified by substantive reasons and under non-discriminatory conditions, which we may or may not disclose.
5.1.3. You may open only one payment account unless we confirm in writing otherwise. If we detect duplicate accounts, we may, in our sole discretion, suspend the provision of our Services, merge or close duplicate accounts, or terminate this Service Agreement. This limitation may not apply to having a payment account and card account.
5.1.4. We do not offer joint accounts. We take account security matters seriously, and colluding or sharing account information can result in the termination of this Service Agreement and the closure of your account/card.
5.1.5. You can’t open a new account or card if PayAlly has previously closed it for the cause.
5.2. Application Filing
5.2.1. We will handle your data responsibly. Our system will outline the steps you need to take when submitting your data.
5.2.2. By entering the necessary details, you should confirm that you have provided the correct data. If you need to change or add data, please get in touch with your relationship manager.
5.2.3. You must update personal information (including changes in name, company name, change of your representative, beneficial owner, residence/location address, nature of business, place of tax residence or taxpayer’s number, email, phone number, other contact data, or data/persons who have the right to manage funds in your account, initiation of bankruptcy proceedings against you, etc.) immediately, and no later than 7 (seven) calendar days from the day of the change, and submit to us the appropriate documentation proving the change.
5.3. Necessary Checks
5.3.1. We are required by applicable laws to carry out all necessary security, verification, client due diligence, and activity checks to provide any Services to you or receive obligatory information and data essential for the proper provision of our Services. We have the right to request checks at any time at our discretion, and you agree to perform such procedures.
5.3.2. We adapt the necessary verifications for each client, so you may need to provide additional information. If so, you provide such requested information at your own expense in a language and format acceptable to us. All information you provide must always be accurate, complete, and truthful.
5.3.3. We may ask you (including during your ordering additional Services) at any time to confirm the accuracy of your information or provide additional supporting documents (including but not limited to identity, sources of funds used, activities, purposes of transactions executed). The list of such documents will be communicated to you by us depending on the nature of your activity/business, where you are based, and any other requirements set out in the relevant legislation.
5.3.4. You agree that we may make any necessary inquiries to validate and verify the information you provided (including personal data) directly or through any third party. You agree to us apply reasonable discretion in using and sharing relevant personal data to conduct identity and verification checks. Records of such inquiries may be left on your files with such third parties and also held by us. We may also require your authorisation to request and receive such information or documents from other institutions/payment service providers.
5.4. About your Account
5.4.1. Your account is open for an indefinite period. We will continue providing you with e-money issuing and payment services until either this Service Agreement is terminated or Services are suspended for any reason set out in this Service Agreement.
5.4.2. Your account allows you to top-up and use funds intended to send or receive payments, pay for goods and services, and perform other transactions. Funds held in your account are considered e-money, which we credit to your account while issuing e-money at the nominal value after receiving payments or deposits. These two values are equal.
5.4.3. We are not a credit institution. Your e-money account is not a credit institution account, and we do not act as a trustee, fiduciary, or escrow holder regarding your account balance. Therefore, the balance amount does not fall within the regulatory scope of the UK Financial Services Compensation Scheme (FSCS) or other similar deposit guarantee schemes. However, we must legally keep your funds in segregated accounts with an authorised credit institution.
5.4.4. PayAlly diligently safeguards your funds in a dedicated account(s) held by a trusted third-party credit institution(s). These funds are meticulously kept separate from PayAlly’s corporate funds. All your funds are protected under applicable laws and will be returned to you in full if we decide to cease operations or become insolvent.
5.4.5. The e-money held in your account:
▪ Does not constitute a deposit, and we will not, in any circumstances, provide any benefits associated with their storing in the account and pay you any interest on your balance,
▪ Considered as yours or a legal entity that owns funds and should not be used by any other person or legal entity. All activities on your account(s) are deemed activities you carry out as a registered user. You shall not transact on behalf of any other person or entity,
▪ May be accepted, held, and transferred in any currency we support,
▪ Linked to a unique IBAN,
▪ Could be withdrawn at any time subject to certain conditions mentioned below this Service Agreement.
5.4.6. According to our terms in Pricelist, PayAlly could charge an additional fee if you exceed certain balance limits.
5.4.7. Please use all the information within this Service Agreement and information available from the Financial Conduct Authority (FCA), the regulatory body overseeing our operations, to make an informed decision about how your funds with PayAlly are safeguarded. You may find further information about safeguarding here.
5.5. Type of Accounts
5.5.1. We offer accounts for personal use – Private Card Accounts and business use – Corporate Accounts. You shall sign up through a duly authorised representative if you are a legal entity.
5.5.2. We may refuse to create duplicate accounts for the same profile.
5.6. Authorised Persons
5.6.1. You can authorise other persons to use your Services on your behalf and access information related to your account. You are responsible for the actions of any authorised person who transacts on your account.
5.6.2. If you have any authorised person(s) to act on your behalf, the person must register an account with us and will also be bound by this Service Agreement.
6. CARD ORDERING
6.1. Card Issuance
6.1.1. You can apply for a card if you successfully passed the procedure of determining and verifying your identity.
6.1.2. The card could be a plastic and virtual form, where you can only see your card details in the PayAlly Mobile App and the PayAlly Online Platform.
6.1.3. To order a card, click relevant fields during the application and enter the card delivery address. We reserve the right to limit the number of cards you can request from us or that you may have active at any time.
6.1.4. The card is not transferable to another person and cannot be ordered for someone else.
6.1.5. We reserve the right to refuse to issue you a card at our sole discretion, including if you do not have sufficient funds in your account.
6.2. Fees
6.2.1. Fees and expenses related to the issuance and use of the card are stated in the Pricelist. We will automatically deduct card issuance and delivery fees when you order.
6.3. Card Delivery
6.3.1. Card delivery usually takes up to one week. Delays may occur depending on the/availability of the postal/courier in your area.
6.3.2. You will receive your card via mail to the indicated address. You shall inform us if you do not receive the card in one calendar month. If the situation analysis detects that you did not receive the card through no fault of your own, we will permanently block the card already sent, and you will need to order a new card.
6.3.3. If the card pack is damaged or there are suspicions that the card may have been extracted from the package, you must not activate the received card and must inform us.
6.4. Card Activation
6.4.1. Delivered cards are not activated. You need to activate your card before using it, either through the PayAlly Online Platform or the PayAlly Mobile App, following all security procedures and standards we prescribe.
6.5. Card Expiry
6.5.1. Your card is valid for the period stated on the face of the card unless its use is canceled earlier by you or us under this Service Agreement. You can’t use your card for transactions or withdrawals after its expiry date.
6.5.2. Upon the expiration of the card’s validity, you need to order a new card.
6.5.3. We have the right to issue a new card even before the expiration of the existing one due to updating the card’s security mechanisms, implementing new technology standards, or conditioning for other business reasons. If such happens, we will notify you about the card validation and on which date the new card will replace the existing one.
6.5.4. The fee for issuing a new card after expiration is indicated in the Pricelist.
7. USE OF YOUR ACCOUNT
7.1. Login and Authorisation
7.1.1. You can access and manage your account:
▪ Via PayAlly Online Platform (website) by logging and entering your Identity Authentication Data;
▪ Via our PayAlly Mobile App by entering your Identity Authentication Data after downloading it and performing the necessary steps to launch it.
7.1.2. Your authorised representative having appropriate powers, could be allowed to use and operate the account on your behalf as a user and enter into transactions in your name using the funds held on your account. The user’s authority to represent you must be confirmed by the relevant document, including, but not limited to, articles of association, a resolution of a competent corporate body, a power of attorney, or others.
7.2. Strong Authentication
7.2.1. We apply strong authentication to ensure the security of your PayAlly account when performing actions such as logging in, depositing funds, redeeming e-money, initiating a payment transaction, sending a signed message, or performing any other action that may involve a risk of payment fraud or abuse. Our strong authentication is based on two or more elements that are categorised as knowledge (something that only you know), possession (something that only you possess), or inherence (something that only you are).
7.2.2. To log in to the PayAlly Online Platform or PayAlly Mobile App, we offer OTP (via SMS or email) as an authentication method. If you use OTP to access your PayAlly account, please follow the security guidelines published on our homepage. This includes taking all reasonable steps to keep your OTP device or email address safe and securing the means enabling it, such as your credentials.
7.2.3. If your OTP device or email address is lost, stolen, or used without authorisation, you must promptly notify us. We must be able to communicate with you securely, and we will inform you of any additional requirements. We reserve the right to block your credentials or OTP anytime for security purposes if we suspect any misuse.
7.3. Security of Data
7.3.1. You are prohibited from disclosing your personal and Identity Authentication Data to any third person and/or letting anyone access your profile or watch you access it.
7.3.2. It is of utmost importance that you keep your Identity Authentication Data confidential. You are solely responsible for the loss or misuse of any Identity Authentication Data, including exclusive liability for any consequence of their use by unauthorised persons.
7.3.3. You must take at least the following actions to keep your PayAlly profile safe:
▪ Use strong passwords that should be complex, not related to your public data, consist of capital and small letters, numbers, and special symbols, not used elsewhere,
▪ Change your password regularly and do not use the same across other online accounts,
▪ Set up and use strong customer authentication were prompted for the logging up and confirmation of your transactions wherever possible,
▪ Regularly check your email due to potential notices of us of security breaches and/or unusual behaviour (e.g.,logging in to the profile from a new IP address/device or fraud suspected or committed),
▪ Regularly, at least once a month, check IP addresses used for logging in to the PayAlly Online Platform and PayAlly Mobile App,
▪ When logging in to the profile, make sure that the environment (internet address) is not of fraudsters,
▪ Use antivirus software and other security means recommended by security experts during the use of our Services and regularly update operating systems and software used in hardware,
▪ Regularly check transactions executed on your account to make sure that unauthorised transactions have not been conducted,
▪ After using our system, immediately log out of it and close it.
7.4. Account Funding
7.4.1. You can top-up your account using any debit/credit card issued by a financial or credit within the EEA region.
7.4.2. You may be unable to top-up your account with any prepaid cards.
7.5. Incoming Transactions
7.5.1. You can receive funds into your account using methods that we support and from anyone, regardless of whether you have an account in the PayAlly Online Platform.
7.5.2. After receiving a payment and deducting the fee (if applicable), we will issue e-money and credit it to your account, which you can use.
7.5.3. We are not responsible for the funds transferring until we have received them. For clarity, in an incoming transaction, we are the recipient of funds and not the payment services provider.
7.6. Outgoing Transactions
7.6.1. You can send SEPA/SWIFT from your account to:
▪ Another account holder in the PayAlly Online Platform;
▪ UK/EU payment services provider accounts; and
▪ Foreign banks (except for banks in foreign countries, which are forbidden under the sanction regime).
7.7. Compliance and Security Verifications
7.7.1. You undertake to fail to use our Services for criminal, unlawful, or other activity and operations breaching the legislation.
7.7.2. Before processing an incoming or outgoing transaction, we reserve the right to review all transactions. This review is particularly necessary if the transaction is deemed to carry a higher-than-average risk. For instance, such reviews will be conducted if we reasonably suspect that the transaction may involve a restricted or prohibited activity, or for any other reason we may determine from time to time. If we need to limit the fund sources to manage the potential risk from the incoming transaction, we will inform you before approving the transaction of any such limitations.
7.7.3. We may request that you provide documents to confirm the legal background of the transaction (source of funds used and the purpose of the transaction) and/or additional information and/or documents related to your/your legal entity activity. All data should be prepared and provided at your expense and in the form we require (including acceptable language, legalisation, and confirmation with the Apostille if necessary). We have the discretion to accept or decline
any documents you provide.
7.7.4. In situations related to the obligation of compliance/due diligence, we could require you to submit data in a particular case in the way and form needed for your own expense.
7.7.5. Our request could require different types of identity and security validation and verification checks, including third-party verification systems, and you agree to such checks as part of the due diligence approach.
7.7.6. To protect your and our legitimate interests, we may refuse the execution of incoming/outgoing transactions if:
▪ You fail to provide the requested documents within the time limit specified, or documents provided to us are false or illegitimate;
▪ There are reasonable doubts that your payment order has been submitted not by you or your lawful representative;
▪ We determine any shortcomings. If we cannot complete your payment order, we will let you know the reasons for the refusal and error possible correction if such notification would not be unlawful or technically impossible;
▪ The incoming/outgoing transactions may breach or breaches the Service Agreement;
▪ PayAlly Mobile App, the PayAlly Online Platform and another financial system, does not operate properly; there are other extraordinary market conditions, unexpected technical and other reasons, or when a risk related to the payment execution is unacceptable.
7.7.7. If the incoming transaction is deemed unacceptable or we are not able to credit incoming funds, we will return the transaction amount to the sender not later than within 2 (two) business days and place the e-money back in the sender’s balance, provided that we consider such transaction unacceptable due to a breach of compliance regulations. We will notify you accordingly. The fees for returning may be applied.
7.7.8. You acknowledge that the funds received in your account may be subject to Reversal (if not belonging to you), and you agree that we may deduct the received amount without your instruction from your account if:
▪ It was reversed by the person who transferred you the received amount or any relevant payment services provider, and
▪ It was transferred by fraud, mistake, or, in other cases, with no legal basis.
7.7.9. If your remaining balance is insufficient to deduct the mistaken amount, you must unconditionally compensate us the difference upon our request and details.
7.7.10. You must not close your account to avoid a compliance inquiry. If you attempt to close your account during an investigation, we may hold your funds until the investigation is completed or the dispute is resolved to protect our or a third party’s interest.
7.7.11. We reserve the right to close or limit the account or you as a client if you do not comply with this Service Agreement, applicable laws, and regulations, do not respond to reasonable requests from us, or we are not able to verify the authenticity of the information, data, or documents provided by you for verification purposes.
7.8. Funds Withdrawing
7.8.1. At your request, e-money held on your account may at any time be withdrawn to you (in whole or part), except if our service supply is suspended or otherwise restricted to you under breach of the Service Agreement or applicable legislation.
7.8.2. Withdrawal requests may be sent as a payment order to any other account or using a card, and you must have
sufficient funds in your account to cover any requested withdrawal.
7.8.3. We shall have no liability whatsoever for withdrawals if you have not protected your Identity Authentication Data and, as a result, other persons have gained access to them, nor for illegal actions and transactions by third parties carried out using forged or illegal documents or data received illegally.
7.8.4. We do not charge additional fees for issuing or redeeming e-money. However, we do charge fees for payments or withdrawals, depending on the method. Fees applicable to withdrawing funds are set out in our Pricelist.
7.9. Transaction History
7.9.1. You can check all payments/transanctions into and out of your account through our PayAlly Online Platform or PayAlly Mobile App. Any funds you receive, send, withdraw, or use for card purchases (including fees) using our Services will be recorded and stored in the transaction history section of your PayAlly profile. To get information on performed and received transactions and their details, you need to log into your profile and view this information free of charge, or print it out at a selected frequency.
7.9.2. This information is always accessible via your profile and is free of charge. Paper statements are available on request and are subject to a fee according to our Pricelist.
7.9.3. We may submit records mentioned to you and third persons with the right to receive such data under the basis outlined in the legislation as evidence confirming the submission of payment orders and executed transactions.
7.9.4. If, for any reason, your profile is suspended or if it is impossible to access your profile to receive a statement, you may contact us for assistance on such a matter by email at service@payally.co.uk.
7.10. Balance
7.10.1. You must maintain a minimum balance on your account(s). If your account goes into a negative amount, including as a result of the reversal of a transaction, deduction of fees, or any other action carried out by you or a third party, that negative amount represents an amount you owe to us, and you need to top up your account(s) immediately.
7.10.2. We may send you reminders to recover the negative amount from you; however, it is your responsibility to cover it without any notice from us. We may, without notice, deduct the funds from your account once it has funds (this can be in parts), deduct money from your card account, exercise a right of set-off, or take any other legal steps to recover the funds, e.g., instruct debt collectors. If we exercise any of the above rights, you may be required to pay the costs we may incur as a result of these collection efforts.
7.11. Inactive Account
7.11.1. If you have not used your account to make transactions for over a year or have not made any outgoing transactions for 3 (three) months, we will deem the account not in use and it is inactive. If the account has funds, we will apply the monthly administration maintenance fees in the amounts forth in our Pricelist until the account balance reaches 0 (zero).
7.11.2. Once the account balance reaches 0 (zero) or the inactive account already has a zero, we will terminate the Service Agreement, informing you about the inactive account(s) closing 30 (thirty) days before termination. If you do not contact us with a request to reactivate your account during this period, we will close your account and card, and you will no longer be able to make or receive payments.
7.11.3. If there are any funds in your account, we will ask you to tell us where to transfer the funds before we close your account.
7.12. Data Processing
7.12.1. During transaction processing, we transfer data related to you to the third parties associated with transaction execution. If you disagree with this condition, please don’t make any transactions.
7.13. Account Closure
7.13.1. You may end this Service Agreement and close your account or cancel your card anytime by contacting us using the contact details or via the PayAlly Mobile App or PayAlly Online Platform using the account messaging function.
7.13.2. If you hold a balance at the time of account closure, we will ask you to withdraw your funds in full by transferring your account to another payment services provider indicated by you, except for our commissions and other obligatory fees, within a reasonable period.
7.13.3. If there are any outstanding fees or if you owe us funds for any reason, we will kindly request that you settle this immediately.
7.14. Misappropriation or Unauthorised Use
7.14.1. Your prompt action in reporting any suspicious activity is crucial in maintaining the security of your account. If you suspect that your profile, personal, and Identity Authentication Data is obtained by any third person, could be compromised, or there are transactions on your account you don’t recognise, you must:
▪ Inform us without delay about such facts to block access to your account by emailing service@payally.co.uk or the phone number(s) indicated on our website;
▪ Stop using your account until we contact you.
7.14.2. We also have a right to demand that you subsequently approve the previously submitted oral request to block your account in writing or another acceptable manner for us.
7.14.3. Your prompt action in reporting any suspicious activity is crucial in maintaining the security of your account.
8. CONVERTING CURRENCY
8.1. Currency Conversion
8.1.1. PayAlly is not a currency trading platform. You agree that you will not use your account to seek to profit from speculative trading.
8.1.2. Our Services include the ability to convert currencies:
▪ In your account, when you add funds in one currency and later use those funds to transfer to a third party, spend money on your card, or withdraw cash in a different currency.
▪ In your account, when you hold a balance in one currency and then make the conversion to another.
8.1.3. Available currencies are limited and are subject to change without notice.
8.1.4. You accept the risks of holding funds in multiple currencies. You agree and take all the risks associated with maintaining an account that can hold balances in multiple currencies, including any risks associated with fluctuations in the relevant exchange rates over time.
8.1.5. If you hold funds in your e-money account in a currency that is not supported or ceased to be supported by us, we may convert the funds into a currency available to us at a rate that is available to us. If we can no longer convert the funds due to reasons outside of our control, we will convert the funds at a rate that was available to us when the currency was available. We will notify you before we do so.
8.2. Exchange Rate
8.2.1. For currency exchange orders, currency exchange is based on the market rate and our percentage mark-up. Market rate and percentage mark-up are summed up to the execution rate. For your reference, the market rate is updated every few seconds. All transactions are in real-time, and funds are converted at once. Our mark-up for currency exchange orders can be found in the Pricelist. The percentage mark-up can be agreed with your relationship manager only during our working hours.
8.2.2. After working hours, we will give you an estimate of the exchange rate based on the market rate available to us and our percentage markup. We are unable to provide you with an exact rate until the exchange is done, and the rate shown in the payments portal may be different from the rate applicable to the transaction. The currency exchange rate will likely differ from the mid-market rate quoted in our PayAlly Online Platform or PayAlly Mobile App.
8.2.3. When we refer to an exchange rate in this Service Agreement, the exchange rate is for the relevant currency pair. This rate is typically provided by a reference rate provider and is usually the mid-market exchange rate (but not obligatory in all cases). We may change our reference rate provider occasionally without your notice.
8.3. Currency Conversion Order
8.3.1. Each currency conversion order is given a unique transaction number, shown in the order confirmation and transaction history. When communicating with us about a particular currency conversion order, you should quote this transaction number.
8.3.2. We reserve the right to refuse any currency conversion order if the conditions set out in this Service Agreement have not been met. Reasons for refusal may include but are not limited to, insufficient available funds, incorrect information about a recipient, or violation of this Service Agreement. We will endeavour to notify you of any refusal, using the contact information you provided, stating (where possible) the reasons for such denial, except in cases where such notification may be unlawful.
8.3.3. It is your responsibility to ensure that you have enough funds in your account to place a currency conversion order.
9. SUBMISSION AND EXECUTION OF THE PAYMENTS
9.1. Submission of a Payment Order
9.1.1. To initiate a payment, you’ll need to log in to your profile. From there, you can create a payment order, providing us with specific information such as the recipient’s IBAN/account details and the amount to be transferred. Once you’ve reviewed and confirmed this information, you must authorise the payment using your Identity Authentication Data. This could be a one-time use code (‘the OTP code’) sent to a token generator or your mobile phone via SMS. This confirmation serves as your consent for us to proceed with the payment.
9.1.2. You must verify that the information you provided in your payment order is correct before submitting it. Any errors, such as an erroneous IBAN/account number or other inaccurate or erroneous information, could lead to a payment not being executed or inappropriately executed or returned to us. We are not obliged to check that the payee’s IBAN account corresponds to the account owner’s name and surname (legal entity name) as provided in your payment order. You can find the information we require from you to operate by selecting ‘Payments’ in our PayAlly Online Platform/PayAlly Mobile App and selecting a relevant option.
9.1.3. The payment order you submit must meet the Service Agreement and legislation requirements. If your account is seized, frozen, or subject to other limitations, we will not accept and execute your payment order.
9.1.4. Your submission of a payment order is considered your full authorisation to us to payment the funds as instructed, provided all the data entered is correct. The submitted and confirmed payment order cannot be withdrawn.
9.1.5. If we non-executed or defectively executed a transaction after you directly initiated it, at all times after receiving your request, we will immediately trace the transaction free of charge and notify you about the outcome.
9.1.6. Once we receive your payment order, it’s essential to understand that it cannot be revoked. If we receive a late order, it will be treated as if it was received the next business day.
9.2. Sufficient Balance
9.2.1. You need a sufficient balance on your account before we can process your payment order.
9.3. Payment Limits
9.3.1. For anti-money laundering and security reasons, we may impose payment limits on how much you can transfer to/from your account or impose special requirements based on our criteria. We shall not be obliged to disclose these criteria.
9.3.2. You have the right to request that we decrease or increase the limits applied by contacting us via the PayAlly Mobile App or PayAlly Online Platform using the account messaging function and setting the size of the limits at your discretion. We will consider such requests based on each client’s risk profile. Therefore, our decision to apply increasing or decreasing limits could be permanent or temporary.
9.4. Execution of Payment Order
9.4.1. The time limit for executing your submitted payment order starts on the day you submit and confirm it. If we receive your payment order outside of our working hours (after 5 pm) on a business day or not on a business day, such a payment order, we will process it on the following business day.
9.4.2. All SEPA payments (the area of the UK and EEA member states) in EUR or GBP are usually executed within 1 (one) business day, but usually almost immediately. Within the same clearing banks, up to a few minutes.
9.4.3. All SWIFT payments usually are executed by the end of the fourth business day.
9.4.4. We execute your payment orders within such terms; however:
▪ The execution times may vary depending on the cut-off times of our correspondent banking partners and are subject to there being no queries from us or the correspondent banking partners about the transactions;
▪ The payee party also has a legal obligation to carry out due diligence checks set forth by legal acts, and these checks may increase the time it takes to process your payment order. As we do not have any control over the time it may take for the payee’s credit/financial institution or payment provider to make available funds to the payee, we cannot be responsible for any delays as a result of performing those checks;
▪ In case of technical malfunctioning, errors, failures, system unavailability, or data transmission delay, the payment execution may be delayed. In such cases, we will make all efforts to fix the technical malfunctioning and proceed with the payment execution within a reasonable time. You confirm that in such cases, the payment order may either not be executed according to your instructions, may not be executed at all, or may not be placed or modified.
9.4.5. If you are a payee (receiver of the payment), we will value the date and credit the amount of the transaction on the date we receive the funds.
9.5. Unique Number
9.5.1. PayAlly system automatically gives a unique identification number to each payment, allowing you to identify it. We will display it under the account statement with other transaction details.
9.6. Returned Payment
9.6.1. If your completed payment has been returned to us due to reasons beyond our control (for example, incorrect information provided, the account of the payee is closed, or other reasons that do not depend on us – the payee’s decision not to accept a payment), the returned amount will be credited to your account no later than within 2 (two)
business days. We shall not repay you the fee paid for executing this payment and any other related fees and costs, such as correspondent bank fees, which could also be debited from your account.
9.6.2. If a payment has been returned due to our mistake, we are committed to rectifying it. We will refund you the payment amount and all previously paid fees associated with this payment without any delay.
9.7. Unauthorised or Incorrectly Executed Payments
9.7.1. You must regularly check and verify information on incoming/outgoing payments performed on your account against your records to state any errors, discrepancies, unauthorised or inappropriately executed payments.
9.7.2. If you don’t recognise or authorise a payment or any transaction on your account or reveal non-conformance, you must notify PayAlly of any unauthorised, incorrectly initiated, or executed payment transactions as soon as you become aware but no later than 13 months after the debit date. If you fail to notify us, we will consider acceptance by
you of such a payment, and you will lose your entitlement to have the unauthorised or incorrectly executed payment refunded by us.
9.7.3. Where you have informed us that you did not authorise a payment, and you have taken all reasonable steps to keep personalised and Identity Authentication Data safe, use any payment instrument by its conditions, and didn’t disclose them to anyone else, and didn’t act fraudulently, we will:
9.7.4. If we suspect fraud related to any unauthorised payment and need to inform the regulatory authority about such suspicion, you agree that we have a right to investigate to determine the case’s merits and verify the data. Then, according to its results, we will either return the payment amount or justify the refusal to return in case of unreasonableness.
9.7.5. If you deny authorising a payment that has been approved or state that the payment has been executed improperly, we are obliged to prove that the authenticity of the payment has been confirmed, it has been appropriately registered and recorded into accounts, and it has not been affected by any technical breakdown or some other deficiency.
9.7.6. If you indicated incorrect data (wrong unique identifier, account, or IBAN) and we processed it following your details, it will be considered that we correctly completed it, even if you made a mistake. We are not liable for non-execution or mistaken execution of such payment. We may, but are not required to, assist you in recovering your funds. We cannot guarantee that such efforts will be successful as they rely on the policies and practices of other credit/financial institutions/payment service providers. We will take all necessary actions to track the payment and seek to return the funds; however, in the event of failure, you shall directly contact the payment payee to return the
funds. If the collection of funds is not possible, we will provide you with information available to us that is relevant to you to help you file a legal claim to recover the funds on your written request. We may charge additional fees for such assistance.
9.7.7. You can order an investigation by contacting your relationship manager regarding any transaction in your account. We could charge the applicable fee as provided in the Pricelist.
9.8. Payment Cancellation
9.8.1. You can cancel a payment order before you confirm it. You cannot cancel your payment once your funds have been converted and payment initiated.
9.8.2. If you submitted an incorrect payment order or indicated incorrect data and we still haven’t processed it, you may cancel such payment only if we agree, as it is technically possible and does not contravene applied legislation. Or you may request that we correct the data in the payment order (if possible). This correction will be used with a fee.
9.9. Direct Debit Refund
9.9.1. You may claim a refund for Direct Debit payment initiated by or through a Payee when:
▪ You made authorisation for a transaction when a precise amount was not specified for you, and
▪ The transaction amount exceeds the amount you could have reasonably expected, considering your previous spending pattern, the conditions of the concluded agreement, and other circumstances, except for the cases relating to currency exchange fluctuations.
9.9.2. PayAlly, in certain circumstances, may not accept a claim for a refund. This could be if the amount of the payment was made available/provided to you at least 4 (four) weeks before the transaction date or if the claim is made for more than 8 (eight) weeks of the day on which the funds were debited from your account.
9.9.3. We will consider that you could have reasonably expected such a maximum payment amount if you consented to execute the payment by indicating the maximum permissible amount of such transactions (one or several such transactions conducted over a certain period).
9.9.4. Within 10 (ten) business days of receiving a request for a refund, we will either refund the total amount of the payment or provide a justification for refusing the refund and indicate the bodies to which you may refer if you do not accept the reasons provided.
10. USE OF YOUR CARD
10.1. General
10.1.1. Your card is denominated in GBP, EUR, or other currencies based on availability.
10.1.2. Your card is not a credit card. Therefore, you can only spend the value of the funds in your card account.
10.1.3. You can use your card for non-cash transactions when paying for goods and services at points of sale, where Mastercard is accepted, making purchases online or at POS, or withdrawing cash at ATMs.
10.2. Fees
10.2.1. We might charge you fees for some operations with your card, so find out more about our Pricelist. For transactions and cash withdrawals at ATMs, we charge a cash withdrawal fee that reduces the available balance within your card account. The fee is charged in full on the day of the transaction execution or transaction authorisation.
10.2.2. We withdraw all fees from your available card account funds. The transaction will only be accepted if sufficient funds, including applicable charges, are in your account.
10.3. Card Transaction Authorisation
10.3.1. Electronic data on the card transaction we received from the point of sale, ATM, or merchant(seller) represents a payment order. The time of receipt of such a payment order is any moment we receive electronic data on the transaction from the point of sale, ATM, or merchant. Immediately upon receipt of a payment order, we will debit your card account for the amount of the transaction initiated.
10.3.2. Every card transaction request will be authorised by using appropriate methods, and we’ll consider a transaction to be approved by you when you do at least one of the following:
▪ Enter your PIN where a PIN is required;
▪ Touching your card over or near a contactless reader if a PIN code is not required for contactless transactions up to a certain amount;
▪ Insert wave or swipe your card (digital or physical) in, over, or near a contactless payment reader;
▪ Sign a purchase receipt issued by the terminal;
▪ Provide your card details (card number, expiry date, CVC2 number);
▪ Use a 3D Secure method to complete and authenticate your transaction (if a merchant has implemented this method).
10.3.3. The merchant must specify the amount to be blocked on your card and seek your consent. After your approval, we will block this amount on your card, and you can’t use it until the merchant processes your transaction. We will release the blocked funds without delay on becoming aware of the amount. Under this Service Agreement, you remain responsible for all transactions you authorise on your card, including all charges and other amounts incurred.
10.3.4. We shall not be liable if a merchant refuses to accept your card when we do not authorise a transaction or we suspend the use of your card following this Service Agreement.
10.3.5. If the transaction is completed when there are insufficient funds in your card account or your card account goes into a negative balance for any reason, you must reimburse the difference in the balance unless it is due to an error by the merchant with whom you made the transaction. We may collect this insufficiency from any account and suspend your card until the negative balance is restored.
10.4. Exchange Rate
10.4.1. When you make cash withdrawals at ATMs or purchases in a currency other than your card currency (non-EUR/GBP and others), Mastercard will convert the currency into your card currency.
10.4.2. Exchange rates can fluctuate between the date you made the transaction and the date the merchant processed it. According to the Mastercard exchange rate applicable on the day of transaction accounting, we will apply such changes immediately and without notice. You can find the exchange rate for a transaction made in your card currency on a given date here.
10.4.3. The exchange rate applied to a transaction will be shown in your transaction statement and available on the PayAlly Online Platform. Due to possible multiple changes in Mastercard’s rates during the day, the rates for transactions performed during the same day may be different.
10.4.4. If you use your card in a country that doesn’t use your card currency or may provide services in other currencies, sometimes you may receive an offer to use a dynamic currency conversion service and select the transaction debit amount in the domicile currency. This option will be displayed on the device’s screen before you confirm the transaction. After your acceptance, the amount of the applicable exchange rate and other fees will be printed on the confirmation of the completed transaction by the foreign financial institution.
10.4.5. When a merchant partially or completely refunds a transaction that was not in your card currency, a different exchange rate could apply to the one used for the original transaction.
10.4.6. We’ll not be responsible if you are unsatisfied with the exchange rate, charged fees, or lose funds if you ask the merchant or any other foreign financial institution to convert the currency.
10.5. Card Recurring Transaction
10.5.1. You can use recurring transactions if the merchant offers such an option. However, the conditions of such transactions are determined and governed by the merchant, not us, and we are not the party to the agreement of such transactions (including providing sufficient funds in your card account). As a result, we may not cancel or modify such transactions, and you should notify a particular merchant of your request to change or cancel recurring transactions directly.
10.6. Card Replacement
10.6.1. You need to order a new card in case your current one expires, is lost or stolen, is not received, or cannot be used for any other reason.
10.7. Your Security Obligations
10.7.1. When you use the card, you must adhere to all the following rules:
▪ Never disclose and not let anyone else know or use your PIN and Personalised Security Credential information indicated on the card (number, expiration date, and three-digit control number printed on the back), including us, our employees, police and judicial authorities,
▪ Do not store details of your PIN with your card or other media if it is easy to understand which card the information refers to,
▪ When paying, you must not allow the card to go out of your sight, and if it happens, you do so at your own risk and are responsible for possible misuse of the card,
▪ Check the amount of the transaction indicated on confirmation immediately upon receipt of the confirmation of the executed transaction,
▪ If the transaction is rejected or there was an unsuccessful authorisation of the card transaction, you must receive confirmation of the failed transaction from the merchant and store it until you are sure that the transaction did not appear on your card account,
▪ Always check the amount of the transaction indicated on a terminal before authorise it, on the receipt immediately after the transaction, and the balance and transaction history on your account regularly,
▪ When you shop online, make sure the website is reliable.
10.8. Protective Measures
10.8.1. You can temporarily block your card (and later unblock it) or permanently delete/terminate (with no longer the possibility to use) the card through the PayAlly Mobile App or PayAlly Online Platform. So, if you find your card after you’ve blocked it but before you’ve notified us, unlock it again via the PayAlly Mobile App or PayAlly Online Platform.
10.8.2. We may limit how much you can receive, spend, or ATM withdraw using your card. We can change these limits occasionally at our discretion and follow our risk assessment and business decisions. Information about the actual limits is set in the limits section of each card. You can ask us to change your limits, but we have the right to refuse them.
10.8.3. PayAlly system could detect potential threats and suspicious transactions to protect your property interests. As a result, we can exclude the possibility of using the card in certain countries and at specific merchants when, in our professional judgment, the necessary security standards in the card business are not ensured or there is an increased risk of fraud or criminal offences in the field of prevention of money laundering and terrorist financing.
10.9. Card Misappropriation or Unauthorised Use
10.9.1. If you lost your card or suspect that any third person obtained your card or its data (including PIN) or there are transactions on your card account you don’t recognise, you must:
▪ Immediately disable the use of the card within the PayAlly Mobile App or PayAlly Online Platform according to https://pa-wpcoukv3-prod-wapp.azurewebsites.net/cards/ until the situation is resolved,
▪ Inform us without delay about such facts by phone number(s) indicated on our website,
▪ Stop using your card until we contact you.
10.9.2. In addition, we have a right to demand that you subsequently approve the previously submitted oral request to block the card in writing or another acceptable manner for us.
10.9.3. As soon as the reasons for temporary card blocking are resolved, we will promptly unblock the card or issue a new one with enhanced security features upon your request. If we block the card without a prior report or your request, we will immediately unblock it once the reasons for the block no longer exist.
10.9.4. If an unauthorised payment or mistake occurs due to our error, we will refund the transaction amount at your request and as soon as reasonably practicable. This includes all fees we deducted. Where applicable, we will restore the debited account to the state it would have been in had the unauthorised payment transaction not occurred.
10.9.5. This does not apply to the situations where:
▪ You have acted fraudulently, for which we will not refund you in any circumstances, and you will be solely liable for all losses.
▪ You did not notify us promptly of any security issues with your card account; in this case, you will remain liable for any losses incurred until we receive the notification unless you have acted fraudulently.
▪ You have either intentionally or due to gross negligence compromised the security of your card account or, failed to comply with your obligations when using the card or have used it in a manner contrary to this Service Agreement,
▪ You did not notify us about the unauthorised or incorrectly completed transaction without undue delay and, in any event, within 13 months from the date of the transaction on becoming aware of any unauthorised or incorrectly executed transaction. In such a case, you shall be solely responsible for all losses.
10.10. Using Restrictions
10.10.1. You can’t use the card for illegal purposes, including purchases of goods and services that are prohibited by law in the territory of the country in which you are at the time of the transaction. If such a situation happens, please contact us at service@payally.co.uk for assistance and clarification.
10.10.2. We have a right to manage the card’s functionalities and restrict its use at specific points of sale/websites based on risk assessment, regulatory or legal obligations, and when there are security reasons or if other circumstances of the case justify such a decision.
10.11. Card Transaction Cancellation
10.11.1. Consent to execute a card transaction given and authorised using appropriate methods may not be revoked or cancelled except when your transaction will occur on a future date or in the case of an exceptional agreement between you, us, and a point of sale/merchant.
10.11.2. We are not a party to the agreement on periodic payments between you and a merchant, and the merchant’s terms and conditions will govern such payments. Therefore, you should request to change or cancel periodic payments directly to the particular merchant.
10.12. Card Transactions Disputing
10.12.1. If you have made a purchase using your card and have not received the goods or services as promised, they are unsatisfactory or do not match the merchant’s description, and you must contact the merchant first.
10.12.2. If you cannot resolve the dispute with the merchant, rest assured that we are here to assist you. You need to contact us within 120 days of the purchase to help raise a chargeback case on your behalf under regular Mastercard chargeback standards. This process is designed to help you get your funds back from the merchant. If successfully secured from the merchant through Mastercard, the chargeback will apply to your card account. We may charge you the Fees we reasonably incur in pursuing the chargeback claim.
10.12.3. We reserve the right to investigate your claim. If we ask for copies of any correspondence (for example, letters, emails, SMS, social media messages, or records of phone calls) you had with a merchant, please do so promptly. If you do not notify us and provide us with sufficient information, we may be unable to investigate or lodge a chargeback claims in time, in which case you will be liable for the transaction.
11. BLOCKING AND SUSPENSION OF THE USE OF OUR SERVICES
11.1. We, at our sole discretion, have the right to unilaterally and without prior notice apply one or several of the following measures to protect us, other third persons, and you from potential monetary sanctions, losses, and other negative consequences:
▪ To decline your application for any of the Services;
▪ To suspend, reverse, or withhold any transaction/payment;
▪ Fully or partially block, suspend, or prohibit the provision of the Services to you;
▪ To restrict your access to the profile, account, and card and funds on it;
▪ To detain your funds that are a matter of dispute;
▪ To return frozen funds from your account to the primary sender of funds; or
▪ To terminate the Services.
11.2. We will be forced to apply these measures in exceptional cases, including where:
▪ We receive a request from you;
▪ We have reasonable concerns about your profile/card/Identity Authentication Data security, OTP token generator unauthorised or suspicion use;
▪ Any existence of reasons related to the security of the card or account,
▪ We suspect fraud, money laundering, terrorism financing, violation of sanctions, or other criminal or illegal activity;
▪ We suspect that your funds have been obtained by illegal means or transaction/payment is in any way unlawful or prohibited;
▪ We suspect that you wish to use or are using the Services for any restricted or prohibited activities;
▪ You provided false information at the time of conclusion of the Service Agreement or during the business relations;
▪ We have justified reasons to believe you are in breach of any applicable law, compliance standards of Mastercard, or regulation requires us to do so;
▪ We are requested or directed to by any competent court of law, government authority, applicable law, regulation, or governmental authority;
▪ You have been prosecuted and/or convicted for a financial or economic crime, fraud, or another crime regarding abuse of trust;
▪ You or your activities belong to a risk group to which we do not provide services;
▪ We are no longer able to provide the Service due to a change in or termination of Service from our third party service providers or due to a change in the policies of those service providers;
▪ You repeatedly enter an incorrect PIN at the physical point of sale or the incorrect card information when paying online;
▪ You fail to provide us with the information and/or documents required under our legitimate request, or this information is false or misleading;
▪ Your actions and/or omission cause or may cause damage to us or other third persons/Mastercard, including significantly increased risk related to your possibility of fulfilling your liabilities;
▪ You use our Services in a way that this Service Agreement doesn’t allow, or there is a reasonable possibility of violation of this Service Agreement;
▪ We have asked you to repay the money you owe us, and you have not done so within a reasonable time;
▪ You do not carry out transactions for a minimum of more than one year;
▪ You’ve announced bankruptcy or winding-up proceedings;
▪ We are saddened to acknowledge the fact of your death;
▪ You have caused, or we have a good reason to believe that you may cause direct or indirect damage to PayAlly;
▪ We believe that there are any other reasonable grounds to do so due to any reason relating to the security of your payment account, card, OTP/MAC token generator, or suspected unauthorised or fraudulent use of the same;
▪ Other cases stated in this Service Agreement.
11.3. We will promptly notify you by your registered email about any intention and limitation of the Services and the reasons. If this is impossible, it will do so immediately after the blocking. Except for cases when such notification would prejudice the safety of funds, weaken the security means, or be forbidden by legal acts or Mastercard standards.
11.4. If we block your profile and/or card at your initiative, we will cancel the blockage only after receiving your written request and applying the necessary identification procedures.
11.5. The suspension of the Services will continue until the reasons for the suspension no longer exist. We have the right to replace a blocked card with a new one.
11.6. Suspension or restriction of the Services shall not exempt you from the liability to fulfil to us the obligations provided for in the Service Agreement that has appeared before the suspension or restriction of the Services.
11.7. We are not liable for your losses incurred due to limitations measures if our actions have been performed under the applicable legislation and the circumstances specified in this Service Agreement.
12. TERMINATION OF THE SERVICE AGREEMENT
12.1. Termination by you
12.1.1. The validity period of the Service Agreement is open-ended. You may terminate the Service Agreement anytime by giving us a 14 (fourteen) calendar days’ notice by contacting us in the PayAlly Mobile App or PayAlly Online Platform.
12.1.2. When you make the decision to discontinue using our Services and terminate this Service Agreement, it is important to remember that you still have certain responsibilities:
▪ Before terminating the agreement, you must pay any outstanding fees, including transaction fees, service fees, or any other fees specified in the Service Agreement. If the balance in your account is insufficient to cover these costs, you must transfer the remaining difference to the account.
▪ When terminating the Service Agreement, you must transfer any positive balance remaining on your account to another credit/financial institution/payment service provider of your choice. You can initiate a payment through the PayAlly Mobile App or the PayAlly Online Platform.
▪ Remain liable for any liabilities arising from your use of the account and card when it was active, even after the closing.
12.1.3. Your account cannot be closed if it is under investigation for fraud, money laundering, terrorism financing, violation of sanctions, or other criminal or illegal activity. This is to ensure the protection of all parties involved. We may hold the balance in your account for a period of investigation to safeguard ourselves and any third party against any potential liabilities that may arise from your account/card use or the causes of the investigation.
12.2. Termination by PayAlly
12.2.1. We have the right to terminate the Service Agreement unilaterally and refuse to provide our Services with or without indicating the reason by giving you at least 2 (two) months’ notice if our decision is not related to exceptional cases.
12.2.2. We can terminate the Service Agreement for a part when you can remain to use only your account without any card link to it or terminate in full.
12.2.3. You can’t refund fees paid in the event of cessation of validity of the Service Agreement.
12.2.4. the case of terminating the Service Agreement and closing your account and card, we may deduct from the balance fee, penalties payable to the governmental or third parties’ losses and any other documented costs through your fault. If the balance does not cover the amounts due, you must transfer the remaining difference to the account we indicated not later than 7 (seven) calendar days.
12.2.5. After termination of the Service Agreement, the e-money held on your account will be redeemed. We will transfer the funds receivable by you after the redemption of the e-money to a payment service provider account, except for our fees and other obligatory payments, unless we are not permitted to perform this transfer under the legislation requirements.
12.2.6. Terminating this Service Agreement shall not relieve the parties of our obligations to pay the funds owned nor affect any legal rights or responsibilities that may have arisen under this Service Agreement before or at the termination date.
12.3. Final Account Statement
12.3.1. If you decide to terminate the Service Agreement, you can download your account statement before closing the account. If you did not do this for some reason, we consider that you chose not to receive such.
12.3.2. If we terminate the Service Agreement on our initiative, we will provide you with a PDF file of your account statement free of charge. This file can be downloaded and viewed on any device that supports PDF files, and it will reflect your transactions executed during the previous 3 (three) years. If the Service Agreement was concluded less than 3 (three) years before the termination date, then for the period of validity of the Service Agreement.
13. COMMUNICATION BETWEEN YOU AND US
13.1. PayAlly Notification
13.1.1. We send notices and communicate in the language used to communicate this Service Agreement to you, or the language agreed between you and us, for your convenience.
13.1.2. We usually send any notices or give messages by:
▪ Publishing them on our website (in case such messages are addressed to multiple recipients, not related to personal, unpublished, confidential data of any client or other sensitive data);
▪ Using the account messaging function in the PayAlly Mobile App or PayAlly Online Platform;
▪ Calling you;
▪ Sending via email;
▪ Sending by SMS;
▪ Sending on the legal address;
▪ Sending by popular messaging apps; or
▪ Sending by push notifications in each case using identity authentication measures, such as two-factor authentication.
13.1.3. You confirm your acceptance of such notice methods, acknowledge that you deem our notices and messages sent by any of the methods mentioned above as appropriately given, and agree to provide a correct email address, telephone number, and address.
13.1.4. Any notices and notifications sent by:
▪ Email and account messaging functions will be deemed received on the same day if received in the inbox before 5 pm on a business day. If it is received in the inbox after 5 pm on a business day or at a later time, it will be deemed received on the next business day;
▪ The post will be deemed to receive 3 (three) business days from the date of posting for the UK post or within 5 (five) business days of posting for the international post;
▪ SMS or push notifications will be deemed received the same day.
13.1.5. You should check for incoming messages regularly; otherwise, you could miss messages from us related to our Services. Please note that we cannot be liable for any consequences or losses if you don’t do this, such as missing important service updates or notifications about your account.
13.2. Your Notifications
13.2.1. You can contact us by telephoning our customer service team at +44 208 059 5005, your relationship manager, or by writing to us at service@payally.co.uk or via our messaging functions via our PayAlly Mobile App or PayAlly Online Platform.
13.2.2. For urgent matters, such as notification about compromised or unauthorised account or card operation, unlawful use of Services, or security threats, you can contact us by support numbers.
13.2.3. We consider that your electronic messages (such as requests, complaints, and claims) are deemed received on the day of their submission if they are sent by 5 p.m. Messages sent after 5 p.m. are considered received the next business day morning. Other notices will be deemed received according to the timeframes as in our notifications.
13.2.4. All notices shall be sent in the language used to communicate this Service Agreement unless otherwise agreed between the parties.
13.3. Correctness of your Contact Details
13.3.1. As we use your previously provided contact details, you must immediately inform us of any changes in your contact details (telephone number, email, and address), which we could use to contact you. All consequences arising from the failure to inform us in case of contact change will be borne by you.
13.4. Other Legal Concerns
13.4.1. We reserve the right to record all our communication and use such recordings in any dispute or anticipated dispute involving you or us. You may, nonetheless, not rely on the availability of such recordings.
13.4.2. We send essential notifications and information to you via the PayAlly Mobile App, and its proper functioning and security depend on updates. You agree to keep the PayAlly Mobile App on your devices up to date.
14. CONFIDENTIALITY AND DATA PROTECTION
14.1. The parties shall keep the confidential information strictly confidential.
14.2. When you doubt the confidentiality of certain information, you must behave with such information as with confidential information until you receive our written confirmation that such information is confidential.
14.3. The obligation of confidentiality shall not be applied to information that:
▪ is or became public and freely available; or
▪ was available to you or us as the receiving party on a non-confidential basis before the disclosure; or
▪ is disclosed to the third party upon our prior consent;
▪ was lawfully in possession of you or us as the receiving party before disclosing the information; or
▪ is disclosed when fulfilling a lawful order of a court or a governmental or regulatory authority.
14.4. You confirm and agree that we disclose confidential information to third-party service providers supplying the Services and/or those involved in our Service supply.
14.5. To provide our Services, we must collect and retain personal data about you and certain persons connected to you. By accepting this Service Agreement, you explicitly consent to us accessing, processing, and/or retaining any personal data necessary to provide Services. Please review our Privacy Policy for more information on how we use and protect your personal data and privacy rights.
15. SOFTWARE USE
15.1. We grant you a limited licence for using any of our software applications you access your profile or have downloaded to your device. You can use our software for your purposes only and are prohibited from transferring your usage rights. By accepting this Service Agreement, you confirm your understanding that our software belongs to us or any third party who has a contract with us to provide our Services.
16. LIABILITY OF THE PARTIES
16.1. The parties are liable for all documented fines, penalties, and other direct losses the one party incurs due to a faulty party’s violation of the Service Agreement. In addition, the faulty party undertakes to reimburse direct damage incurred due to liability to the affected party.
16.2. You are liable for:
▪ Appropriate fulfilment of the Service Agreement and lawfulness of your actions related to the use of our Services;
▪ Correctness, completeness, and validity of information, documents, and data produced to us, and timely noticing us of any changes of your data required for the execution of the Service Agreement (even if this information is already available to public registers);
▪ Regular verification of an account(s) balance, correctness of operation, and noticing deviations;
▪ The outcome in results of complaints, disputes, claims, reversals, chargebacks, fines, penalties, and other liability to us or related third parties using our Services;
▪ Up to £35 of the losses, if you didn’t inform us as soon as you realise that your account or card is lost or stolen, you think or suspect that someone else knows your Personalised Security Credentials or Identity Authentication Data details, or there have been unauthorised transactions on your account/card;
▪ All losses if you didn’t protect your device, account, card, Personalised Security Credentials or Identity Authentication Data details, didn’t comply with the rules regulating the issuance and usage of the account or card provided in the present Service Agreement, you’ve acted fraudulently, and didn’t inform us about the personalised security features of your account or card have become known or can be used by third persons;
▪ Ensuring that you do not use our Services for transactions and other purposes that may be considered illegal.
16.3. We are liable for:
▪ Issuing you Personalised Security Credentials to use our Services, which are not accessible to persons other than you;
▪ Correct execution of the payment and currency conversion orders under your instructions and consent and according to requirements by legislation;
▪ For direct damages caused by our explicit and essential breach of the Service Agreement, and only for damages we could have foreseen at the time of breaching the Service Agreement.
16.4. Nothing in this Service Agreement will stop us from being responsible to you if we act fraudulently, we operate with a significant degree of negligence and make a mistake, and the law does not limit or exclude our liability.
16.5. We shall not be liable for any funds you’ve lost as a result of:
▪ Incorrectness and inaccuracy of payment orders, currency conversion orders, and operations submitted by you and
for any losses arising thereof;
▪ Refusing to accept or authorise your card at a point of sale, merchant, or ATM;
▪ The quality, legality, or any other aspect of any goods or services purchased/sold with your card or account;
▪ Claims raised between you and the other party, except the claim to us regarding our obligations’ non-performance or improper performance;
▪ Illegal actions and operations of third persons performed using counterfeited and illicit documents or illegally received data;
▪ Paying any charges to any third parties using our Services;
▪ Suspending the use of our Services;
▪ Any consequences that occur after we terminate the provision of the Services in whole or in part, close, restrict, or suspend the account/card, determined by this Service Agreement or the applicable laws and regulations;
▪ Unauthorised operations that you executed in violation of this Service Agreement and any requirements of applicable laws and/or Mastercard standards;
▪ Actions of the third person with your account or card provided that your actions determine such actions or they appear due to circumstances beyond our control;
▪ Our compliance and existence of obligations arising from applicable laws, regulations, the decision of the court of competent jurisdiction, and Mastercard;
▪ For any direct or indirect loss and damages, including loss of revenue, reputation, goodwill, or opportunity as a result of your partial or complete use or inability to use our Services due to interruptions;
▪ Operation and/or failure of the internet, networks, technical equipment, communication means, and/or software used for the access to our Services or any third-party services we rely on for the performance of our obligations beyond our reasonable control and consequences arising due to disturbances of the fulfilment of any of our obligations;
▪ Corruption or loss of data unless caused by our wilful misconduct;
▪ Unexpected events outside our control, where the consequences would have been unavoidable despite our best efforts (including epidemic and pandemic, bank delay, postal delay, failure or delay of any electronic transmission);
▪ Lost, late, or undelivered SMS text messages, notifications, or communications;
▪ Any technical, computer, cable, electronic, software, hardware, transmission, connection, or other access issues may hinder your ability to access the SMS services.
16.6. Within this Service Agreement, both parties are recognized as independent contractors, fostering an environment of mutual respect and equality. This Service Agreement does not establish a partnership, joint venture, or agency relationship between us. Each party retains its own authority and is not authorized to enter into agreements on behalf of
the other. If any provision of these terms and conditions is deemed invalid, unlawful, or unfulfilled, the remaining terms and conditions will continue to hold full force and effect.
16.7. Any delay or failure by us to exercise any right or remedy under the Service Agreement shall not be deemed a waiver of such right or remedy. Our failure to enforce any provision of this Service Agreement shall not constitute a waiver of that provision or any other provision.
17. CHANGES IN THE SERVICE AGREEMENT
17.1. Our development and changes in the industry may require us to amend the terms and conditions of this Service Agreement and related documentation from time to time. We can do this at any time by giving you at least two (2) months prior written notice before the change comes into effect. We will do it by any of the following:
▪ Publishing changes on our website;
▪ Sending a notice by email before;
▪ Displaying a notice in the PayAlly Mobile App or the PayAlly Online Platform;
▪ Presenting when you access your profile.
17.2. If you disagree with the amendments to the Service Agreement, you hold the power to close your account and card and cease using our Services during the notice period. In such a case, we will not impose any termination fees. If you choose not to take this action, or unless you inform us otherwise, we will consider that you have accepted our amendments, which will apply to you from the effective date specified on the notice.
17.3. We are not able to notify you 2 (two) months before they make the changes immediately if:
▪ PayAlly made any changes that were required as mandatory by applicable laws;
▪ PayAlly made non-essential amendments, such as style and grammar corrections, paraphrasing and moving a sentence, a clause, or a section of the Service Agreement for the sake of better understanding;
▪ Reasons beyond our control cause situations;
▪ Your obligations are not adversely affected, or we made changes that neither reduce your rights nor increase your responsibilities;
▪ We reduced the fees or set any friendly terms in other ways;
▪ We launched a new service, which you can use or not use on your choice or related extra functionality to the existing Service;
▪ We implemented technical adjustments and improvements, such as addressing a security threat.
17.4. You undertake to review our website’s legal sections regularly and periodically access your online notification where relevant information may be published.
17.5. We are committed to keeping you informed about known and potential technical failures of the PayAlly system or systems of third parties involved in our service provision that could impact the stability and availability of our Services.
17.6. You shall not have the right to amend the conditions of the Service Agreement and Services unilaterally; however, you and we may agree on additional conditions not stated by a separate written agreement.
18. COMPLAINTS
18.1. Please contact us if you have any issues or have a complaint via email to complaints@payally.co.uk.
18.2. Complaints will be investigated as promptly as possible. PayAlly recognises that complaints can be complex and may require detailed investigation. Therefore, the complexity of, and the resources available for, an investigation into a more complex issue will result in more time being taken to finalise a complaint. We will review the complaint and contact you within 15 business days if you are an individual and within 30 business days if you are not. If we need to take longer to review your complaint, we will let you know.
18.3. If you are not happy with how we have resolved your complaint, you may forward your complaint to the Financial Services Ombudsman (FOS) by:
▪ Phone: +44 300 123 9 123 or +44 800 023 4567 from 8 am to 8 pm Monday to Friday and from 9 am to 1 pm on Saturdays.
▪ Email: complaint.info@financial-ombudsman.org.uk
▪ Online: https://help.financial-ombudsman.org.uk/help
18.4. If you are a Corporate Opt-out client, you cannot complain to the Financial Ombudsman Service.
18.5. If your complaint concerns payment services, you can also complain to the Financial Conduct Authority (FCA), which regulates financial firms to ensure that they operate in a fair and transparent manner.
18.6. If you have any concerns about how we have handled your personal data, we value your feedback. Please email us at data.protection@payally.co.uk.
19. PAYMENT BY LINK TERMS
19.1. Any contract of sale made through the Payment by Link service is solely between the merchant and their customer. The merchant, not PayAlly, is fully responsible for all aspects of the transaction, including but not limited to product or service delivery, quality, returns, refunds, fraud prevention, advertising, customer support, intellectual property protection, and compliance with applicable laws.
19.2. PayAlly is not responsible for disputes between merchants and customers regarding transactions processed via Payment by Link. Customers are encouraged to contact the merchant directly for resolution if a dispute occurs. Should a customer choose to contact us, they acknowledge that we may, at our discretion but without obligation, forward relevant details—such as an email address and a summary of the issue—to the merchant, requesting that they address the concern directly. PayAlly does not mediate factual or legal disputes between merchants and their customers and is not obligated to intervene. Using the Payment by Link service, you agree to release us from any claims, demands, or liabilities arising from disputes related to your transactions.
20. GOVERNING LAW AND DISPUTE RESOLUTION
20.1. This Service Agreement and any relationship between the parties arising from or in connection with this Service Agreement shall be governed by and exercised following the laws of England and Wales.
20.2. We are committed to resolving disputes with you fairly and equitably, striving for a win-win outcome acceptable to both parties. We aim to maintain your satisfaction with your overall experience with us. Therefore, we strongly encourage you to contact us in a dispute.
20.3. The Parties are expected to actively engage in the resolution of any disputes or disagreements arising from this Service Agreement. Your input and participation in these negotiations are highly valued. If a conflict persists for over 30 (thirty) days or cannot be resolved through negotiation, all claims and disputes shall be exclusively settled by the courts of England and Wales.
20.4. Any notices, documents, payment orders, or other data provided by you, which are endorsed by identity authentication measures, hold the same legal weight as documents with a handwritten signature and seal (if applicable). They are also accepted as valid evidence in adjudicating disputes between you and us.
20.5. In carrying out any card activities under this Service Agreement, the parties shall also observe the applicable regulations and rules of Mastercard.
21. MISCELLANEOUS
21.1. Each party confirms that it has obtained all necessary consents, approvals, permits, and licences required by applied laws to perform actions needed to perform the Service Agreement.
21.2. You can’t assign your rights and obligations arising from the Service Agreement to third parties without our written consent. We can transfer any rights and obligations arising from this Service Agreement to third parties without your consent if such rights and responsibilities do not contradict the legislation and would not negatively affect your rights.
21.3. Each party shall comply with (and must not do anything to violate) anti-bribery and anti-corruption laws and maintain adequate procedures designed to comply with its obligations.
22. FORCE MAJEURE
22.1. The parties shall be exempted from responsibility for the non-fulfillment of the Service Agreement, provided they can prove that the Service Agreement was not fulfilled due to the appearance of force majeure. This condition is in place to give you confidence and clarity in unforeseen circumstances, and each party is required to notify the other party in writing (including email) of the appearance of the force majeure within 14 (fourteen) calendar days.
DEFINITIONS
Unless otherwise specified, the following terms (capitalised, and non-capitalised used in this Service Agreement have the following meanings:
Account A business multi-currency account, that is opened and held by a client at PayAlly. This account may also include a personal use card account.
API Application Programming Interface which are a set of routines, protocols, and tools for building software applications.
Applicable Laws Any applicable legislation, regulation, requirement, order, judgment, decision, recommendation, rule, policy, or guideline and all directives and guidelines of any applicable regulatory, governmental authority, or any competent court relating to each party’s obligations under and under this Service Agreement.
Application Each application form we ask you to submit when applying for the provision of Services. Business Day Any day other than (i) Saturday or Sunday, (ii) or bank/national holiday on which the correspondence banks, credit/financial institutions/payment service providers involved in payments under this Service Agreement, in their place of residence, place of residence of the parties and/or place of holding account(s) of the parties are open for business. Any transactions after that time will appear on the next Business Day.
Card A plastic and/or virtual Mastercard Debit card issued by PayAlly under a licence acquired from Mastercard. The card is linked to your card account and allows you to pay exclusively with the funds available as e-money.
Chargeback A transaction that is disputed by a cardholder. Confidential Information Any information (however recorded or preserved) disclosed by or exchanged between the parties in connection with the Services should be considered confidential in the context of disclosure or the nature of the information.
Compliance (a) Adherence to the applicable rules, regulations, and policies of PayAlly; (b) Adherence to
PayAlly’s access security, data privacy and information security and confidentiality requirements;
(c) Adherence to the relevant rules and regulations as may be required from time to time by any
laws and relevant country’s financial and capital market institutions or any other regulations and
directives applicable; and (d) Adherence to the relevant rules and regulations as required by the
Mastercard.
Confidential Information This Service Agreement and information relating to it, or provided under it, that is designated as
“confidential” or which by its nature is confidential, howsoever presented, whether in oral,
physical, or electronic form, and which is disclosed by one party to another hereunder, including
(but not limited to) pricing and specifications relating to the Services.
Corporate Opt-out A large corporation (that is, not a consumer, micro-enterprise, or a charity within the meaning of the Payment Services Regulations 2017 (PSR). For Corporate Opt-out, specific provisions in this Service Agreement will apply differently:
a) You cannot complain to the Financial Ombudsman Service. In addition, the provisions of Part 6 of PSR or regulations 66(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92 and 94 of the PSR will not apply to this Service Agreement.
b) The period for notifying PayAlly of any unauthorised transaction or incorrectly executed transaction and/or refund is sixty (60) days of the alleged error rather than the thirteen (13) months under regulation 76 of the PSR.
c) The notice period for PayAlly terminating this Service Agreement may be thirty days, not two months, and we can close your account for any reason, regardless of whether that reason is listed in this Service Agreement.
Direct Debit A payment method that allows sellers of the services/products (merchants) to automatically collect recurring payments directly from your account with your prior authorisation. This is an agreement between you and a third party, and you may agree to allow such automatic withdrawal on a recurring or sporadic basis. Direct Debits are collected from your account based
on a consent you have given in the past.
E-Money Electronically stored monetary value (electronic money) is represented by a claim on PayAlly, which is issued upon receipt of funds in the account to make transactions using our Services.
Identity AuthenticationData Including but not limited to login names, passwords, strong customer authentication codes, PIN, Sensitive Authentication Data, and any personalised security features of PayAlly account/card used to validate your identity and authorisation of the transactions agreed by you and us.
Fee A fee and/or charge that applies to and in connection with the use of our Services. You and PayAlly could agree upon fees individually.
Intellectual Property Rights Patents, copyrights, utility models, trademarks, design rights, database rights, trade secrets, and other rights in confidential information, trade and business names, and all other intellectual property rights and forms of protection of any similar nature or having a similar effect in any country or jurisdiction, whether registered or unregistered, together with all registrations, applications, renewals and extensions of and to such rights.
KYC (Know-Your-Customer) A process whereby you are identified to the standards required by the Applicable Laws related to antimony laundering, counter funding of terrorism, and proceeds of crime via a due diligence program under the specific requirements.
Mastercard A funds transfer system with common rules and standardised arrangements for the processing, clearing, and settlement of card transactions.
Party PayAlly or you.
Password Any code created by you in the PayAlly system, created by you and used for strong customer authentication, or a code provided to you for access to the profile or the initiation, confirmation, execution, authorisation, and management of our Services.
PayAlly Mobile App PayAlly’s mobile application software, the data supplied with the software, and the associated media for your account and card management are installed and used on your mobile device.
PayAlly Online Platform A software solution located at https://portal.payally.co.uk is used for providing our Services, managing the funds in the account, and exchanging information with cards.
PayAlly System PayAlly Mobile App and PayAlly Online Platform.
Payee A private or legal person specified in the payment order as a recipient of the transaction’s funds.
Payment A transaction of a transfer of funds on your account wherein funds are transferred to the payee’s account at your initiative.
Payment Order An instruction that requests the execution of a transaction from you or the payee for the payment services provider.
Payment by Link A secure and efficient online payment method merchants use to request customer payments. This link, sent via email, text message, or integrated within an invoice, directs the customer to a secure payment page. Customer can fulfil the payment using their card
Payment Service Provider A bank or a branch of a foreign bank; a payment institution or electronic money institution established under the legal acts; or a branch of a payment institution or electronic money institution; or other similar financial institution providing payment services.
Personal Data Any information about or relating to an identified or reasonably identifiable individual, including any information that falls within the meaning of “personal information” or “personal data” in the GDPR or the Data Protection Act 2018, including some or more of an individual’s name, mobile phone number, address, date of birth, citizenship, place of birth, email addresses, identity documents (and their details), credit reference data, employment data, alternative phone numbers, social accounts, instant message addresses, device and fingerprint characteristics (whether collected using internal or third party applications) and any other details as agreed from time to time.
Personal Information Includes Personal Data and also refers to information or an opinion (including information or an opinion forming part of a database), whether true or not, and whether recorded in a material form or not, about an individual whose identity is apparent or can reasonably be ascertained, from the information or opinion, which you or we receive from any source as a consequence of the performance of the rights and obligations under this Service Agreement. PayAlly is deemed to be both the data controller and the data processor.
Personalised Security Credentials Data used for authentication include tools for generating information (such as a one-time password generator) or elements to be memorised (e.g., biometric characteristics).
PIN The confidential personal identification number that we provide you to use your card.
Profile The result of registration in the PayAlly system, during which your data is saved, a login name is created, and your rights in the system are defined.
Reversal The funds received by you are reversed, returned, or clawed back for any reason. For example, due to insufficient funds or account closure.
Sanctions Any economic sanctions laws, regulations, embargoes, or restrictive measures administered, enacted or enforced by (i) the United States government, (ii) the United Nations, (iii) the European Union, (iv) the United Kingdom, or (v) the respective governmental institutions and
agencies of any of the foregoing, including without limitation, the Office of Foreign Assets
Control of the US Department of Treasury (“OFAC”), the United States Department of State, and
Her Majesty’s Treasury (together “Sanctions Authorities”).
Sensitive Authentication Data Security-related information is used to authenticate cardholders and authorise card transactions. Sensitive Authentication Data elements include magnetic stripe data, PINs, and the three or four-digit number security code found on the front or back of a card.
SEPA A money payment in EUR between the banks of the 28 EU member states and Iceland,
Liechtenstein, Norway, Switzerland, Monaco, and San Marino, whose recipient accounts have
IBAN.
Services All products, services, content, features, technologies, or functions offered by us and all related websites, applications (including the App), and service models (including the Website and via an API partner), including the account management, currency conversion, payments, card
transactions, and our business offerings.
Service Agreement An agreement on the provision of Services between PayAlly and you as a client, which includes the present Services Agreement and the Pricelist, Privacy Notice, Cookie Policy, and any other conditions and documents related to the Services provided.
Service Provider A third party that performs any service or application that, directly or indirectly, supports PayAlly activities associated with the providing of the Services.
Software All software, computer programs, related documentation, technology, and processes embodied in or provided in connection with the Services.
Statement A statement is a document prepared and provided by PayAlly containing information about transactions carried out on your account during a specific period. Your statement shows the
information on the payee of each transaction and a reference enabling you to identify each transaction; the amount of the transaction shown in the currency in which the transaction was paid or debited to the account; the fees paid for the transaction; the exchange rate used in the transaction (where applicable); and the date the transaction is authorised or posted on to the account.
Strong Customer Authentication A procedure for verifying your identity that is based on the use of two or more elements categorised as knowledge (something only you know), possession (something only you possess), and inherence (something you are) that are independent. This multi-factor authentication is designed to protect the confidentiality of your authentication data and enhance the security of your transactions.
SWIFT Payments are made through an intermediary bank that allows you to send/receive electronic payments internationally.
Transaction A money placement, collection, payment, or withdrawal operation initiated by you as a client of PayAlly on your behalf or by the payee, irrespective of any underlying obligations between you and the payee.
You (client) A legal entity or private person (for card receiving) registered in the PayAlly system and created a profile to use our Services.
Website An online electronic environment of PayAlly – www.payally.co.uk
Tel +44(0)20 7489 6480
Email info@payally.co.uk
www.payally.co.uk
80 Coleman Street, London, EC2R 5BJ, UK
