What these terms cover. These are the terms and conditions on which we provide payment service activities to you.
Why you should read them. Please read these terms carefully before you open a payment account with us. These terms tell you who we are, how we will provide services to you, how you and we may change or end the contract, what to do if there is a problem and other important information. If you think that there is a mistake in these terms, please contact us to discuss.
You may also request us at any time during our contractual relationship to provide you with a copy of this agreement or any information we are required to provide you by relevant regulations. You can find a link to this information here.
Your attention is particularly drawn the provisions of the clause LIMITATION OF LIABILITY
Who we are. We are PayAlly Limited 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 are an Authorised Payment Institution registered in the United Kingdom. Our firm reference number is 774327. We are permitted to provide payment services by the Financial Conduct Authority (“FCA”) in the United Kingdom.
FCA supervises PayAlly. You can learn more about PayAlly, how it is regulated, check the full record of any regulated activities, and any current sub-statuses, restrictions or suspensions here
PayAlly is a participant of SWIFT (PYYLGB2LXXX) and participant of SEPA.
How to contact us. You can contact us by telephoning our customer service team at +44 203 286 0201, +48 22 208 3272 or by writing to us at email@example.com, via Skype at skype:live:service_16733?chat or via our online portal.
Signed message. We may sometimes require you to contact us via a Signed message, which is available via our online portal to confirm your identity.
How we may contact you. If we have to contact you from time to time for any reason (including any reason as required of us by the Payment Services Regulations 2017), we will do so by telephone, SMS or by writing to you at the email address, postal address you provided to us or via our online portal.
”Writing” includes emails and messages via our online portal. When we use the words “writing” or “written” in these terms, this includes emails and messages via our online portal.
Any notice or other communication given under this agreement will be deemed to have been received: if sent by first class post or other next working day delivery service, on the second working day after sending; or if sent via SMS, email or our online portal, at the time of transmission, or, if this time falls outside business hours in the place of receipt, when business hours resume. “Business hours” means 9.00am to 5.00pm Monday to Friday on a day that is not a public holiday in England and Wales.
Any communication we make with you, including this agreement is in English.
We provide services in the United Kingdom only. PayAlly does not provide payment services outside the UK. Our website is solely for the promotion of our products in the UK.
We do not have any physical presence (for example, offices) or agents in any other state.
If you are based outside the UK, we provide payment services strictly on the basis that:
PayAlly has been given permission to provide payment services by the FCA under the Payment Regulation Services 2017, which are:
We are unable to offer you banking services. Funds on client payment account is not a deposit and may be used only for execution of payment transactions. In order to encourage our clients to execute payments, we apply a high balance fee to accounts that hold a certain amount of funds. Please see our Fees page accessible via our online portal for what fee may be applicable to you.
Protection of your funds. Client payment accounts are not protected by Financial Services Compensation Scheme or other similar deposit guarantee instruments. Instead, client funds held for payment transactions are kept in segregated safeguarding accounts with reputable credit institutions.
We may, from time to time offer you other products and services such as debit and prepaid cards, loans, investments, insurance, currency conversion, credit and savings products, which are provided by our partner third parties, duly licensed credit institutions, insurance companies, broker dealers, etc. To use those services, you may have to accept additional terms and conditions of our partner third parties which will be notified to you when ordering or using such product and services.
You must notify us immediately of any circumstances which are relevant to this agreement, including change of name, address, contact details etc.
You must also notify us immediately of any loss or theft of your personal identification document or another means of identification or loss or theft of your account or login credentials, payment card, OTP/MAC token. You must notify us even if any of the above noted information has been or may be made public (e.g. judicial decision, notification to public registers or publishing through the mass media).
You must also notify us of anything negatively affecting the security of your payment account, card, OTP/MAC token generator, or suspected unauthorised or fraudulent use of the same.
In case of suspected or actual fraud or security threats, you must contact us via a Signed message. If you are unable to do so, please contact us by any other means and we will let you know what (if any) information we need from you to confirm your identity.
If you are a customer that is a larger business, you agree that certain provisions of the Payment Services Regulations 2017 do not apply to you (“corporate opt out”). This applies to you only if you are not a:
Corporate opt out applies to the following regulations set out in the PSR 2017:
If there is a conflict between this section and any other section in this agreement, this section prevails.
Minor changes to the services. We may change the services:
More significant changes to the products and these terms. In addition, we may make more significant changes to these terms or the services, but if we do so we will notify two month prior to the changes you and you may then contact us to end the contract before the changes take effect. If you do not, we will regard you as having accepted these changes.
Updates to digital content. We may update or update digital content at any time and without notice.
We will notify of any amendments of these terms in accordance with the section HOW WE MAY CONTACT YOU.
We will continue providing you with payment services until either this agreement is terminated, or services are suspended for any reason set out in this agreement.
We are not responsible for delays outside our control, such as dealys due to the fault of our correspondent banking partner. If our supply of payment services is delayed by an event outside our control then, if practicable, we will contact you as soon as possible to let you know and we will take steps to minimise the effect of the delay. Provided we do this we will not be liable for delays caused by the event, but if there is a risk of substantial delay you may contact us to end the contract and receive a refund for any services you have paid for but not received.
We may also limit what payment services we provide to you and how much you can pay or receive. You, however, may request to change the limits by writing to us as noted above.
You may open only one payment account unless we confirm in writing otherwise. If we detect duplicate accounts, we may in our sole and absolute discretion suspend provision of our services, merge or close duplicate accounts or terminate this agreement.
By registering an account with us, you confirm that you are a resident of the UK. If you are not a resident of the UK, you confirm that laws and regulations of your country do not prohibit you from entering into an agreement with us.
You also confirm that you are the only beneficial owner. If you are not, you must tell us immediately. In such circumstances, you cannot open an account with us unless we confirm in writing otherwise.
We may terminate this agreement immediately and without notice if you are in breach of this section.
We will need certain information from you so that we can provide payment services to you. By providing such information, you confirm that all information you provide is complete, accurate and true.
The information we will require will depend on the nature of your business, where you are based, and any other requirements set out in the relevant legislation.
If we have any reason to doubt the completeness or accuracy of the information you have provided, may ask you to provide further information or documents and, if necessary, to re-do the identification process.
From time to time, we may request additional documentation to verify your identity or in respect of payments you are making or receiving. You undertake to provide us will all information and documents required to verify your identity or any other information we may require.
You must inform us if any of the submitted information or any of the circumstances relevant to our provision of services to you changes. Such information includes change of your representative, your company’s beneficial owner, residence/location address, nature of business, place of tax residence or taxpayer’s number.
If you use our portal and/or payment instrument, we will verify your identity when you provide your credentials (e.g. username and password; one time OTP/MAC token; APP).
We may request any information and documents related to your identification and verification from any credit or financial institution which has already identified you or has a business relationship with you.
We may also require from you additional documents authorising us to request and receive such information or documents from other institutions.
You can authorise other persons to use our services on your behalf and access any information we have that is related to you or your account. You are responsible for the authorised person(s) performance of this agreement.
If you have authorised a person(s) to act on your behalf, the person must register an account with us who will also be bound by this agreement.
We will charge you fees for the payment services we provide. Our fees are set out in our Fees (Tariffs) page accessible when you log into our portal.
We may make any amendments to the Tariffs. If we do so, we will notify you. You will be able to terminate this agreement without any penalty before the changes take effect as noted in INFORMATION ABOUT US AND HOW TO CONTACT US.
You are required to keep enough money on your payment account for us to deduct any fees or any money you owe us. We debit any monthly fee once per month in advance for the upcoming fee period, which is 30 calendar days.
You may also be responsible for paying taxes or costs that apply to payments that we are not responsible for collecting from you. In such case, you must pay the taxes or costs without delay.
You cannot borrow money from us and if your balance becomes negative, you must immediately top up your account to remedy this.
If you owe us money and do not top up your account, we may without notice:
If we exercise any of the above rights, you may be required to pay our costs.
If you wish to make a currency exchange to make a payment, we will give you an estimate of the exchange rate that is based on our market rate. We will also add a percentage markup to your currency exchange.
As our currency exchange is not instantaneous, we are unable to provide you with an exact rate until the exchange is done. Currency exchange is performed at the best rate of our partner banks and will likely be different from mid-market rate quoted in our online portal.
You can find more details of our mark-up in our Fees page accessible via the online portal. You may also contact us directly to agree our mark up and obtain additional details in respect of the currency exchange rates.
We may refuse to open an account, suspend or close it, or refuse to make a payment.
If we decide not to open an account, we will let you know.
We may also suspend or close your account or refuse a payment immediately if you break any of these terms or if:
Rejected payment orders shall not be deemed to have been received for the purposes of execution.
We may suspend or close your account for any reason. We will notify you before we do so and why, unless this is unlawful or would compromise reasonable security measures. We may also charge you a fee for this notification in accordance with our Fees.
If we close your account, your agreement with us is terminated.
To keep you safe, we regularly review accounts. If you don’t use your account to make payments for over a year, we may close or freeze it with or without notice. This means that you will no longer be able to make or receive payments.
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. If we do not hear from you, we will begin applying an account administration fee.
You can always end your contract with us. Please contact us as required in the section INFORMATION ABOUT US AND HOW TO CONTACT US.
If there are any outstanding fees or if you owe us money for any reason, you will be required to pay this immediately.
If you have paid your fees and do not owe us any money, we will give you reasonable opportunity to transfer or withdraw your balance.
If you wish to close the account due to any other reason, please contact us as noted above. In those circumstances, your contract will end no later than one calendar month after the day on which you contacted us or earlier.
The following activities are restricted at all times:
The requests to provide services (operations) you give us must be unambiguous and executable. You must confirm all operations with your credentials or in any other way we may request (e.g. by signing a hard copy or making a payment order). Such confirmation shall be deemed as your consent to perform the requested operation.
To perform any of the payment services you must complete a payment order and authorise it using the one-time use code ("the OTP code") that is sent to a token generator or mobile phone by way of SMS.
The authorised payment order is deemed to be received immediately.
The submission of a payment order is considered your consent to perform a payment transaction and cannot be withdrawn.
You can find what information we require from you to perform an operation by selecting Payments in our online portal and selecting a relevant option. Required information is marked with a red asterisk.
You must ensure that your request is in accordance with the law, these terms and other relevant requirements or practices applicable to that request.
We will not debit your payment account before we receive your consent.
A payment transaction shall be understood to be authorised when you have provided consent as set out in this agreement. We may, however, in some circumstances agree with you that consent is given after the payment transaction has been executed.
Until we have received your consent, you may withdraw it at any time by sending us a signed message. Payment orders may not be revoked after we have received them. Our cut-off time for receipt of payment orders is between 8 am and 2 pm in London. If we received the order after that time, it will be deemed to have been received on the next business day.
Payment orders initiated by a payment initiation service provider, or by or through the payee, cannot be revoked by you once you have given the payment initiation service provider or your payee your consent to initiate the payment transaction.
If we agree that a payment order shall only be deemed to have been received on an agreed date, you may revoke it by the end of a business day before the agreed day.
Upon revocation of consent, PayAlly may charge the you for the costs incurred by the revocation in accordance with the provisions of the Fees.
When you make payment, we will endeavour that the payment transaction is credited to the payee’s payment service provided on the next business day for any payment transaction:
executed wholly via SEPA across the qualifying area and involving only one currency conversion between the euro and sterling, provided that:
Any other transaction will be credited by the end of the fourth business day.
If you are a payee, we will value date and credit the amount of the transaction on the date of receipt of the funds.
These execution times may vary depending on the cut-off times of our correspondent banking partners and subject to there being no queries from us or the correspondent banking partners about the transactions.
We are liable to you for the correct execution of the payment transaction you make unless we can prove to you or, if applicable, your payee’s payment institution that your payee’s payment institution has received the amount in accordance with the Payment Services Regulations 2017. If we are liable, we will refund to you the amount of the non-executed or defective payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.
We apply strong authentication to when you:
Strong authentication is based on two or more elements categorised as knowledge (something that only you know), possession (something that only you possess) or inherence (something that only you are).
When using the one-time password (OTP) or message authentication code (MAC) token generator, you are required to:
In order to use the OTP/MAC token generator we must be able to securely communicate with you. We will let you know if there are any additional requirements. If you use OTP/MAC token generator, you are responsible for the security and means of communication with us (such as your computer, internet and telephone connection).
We can block your credentials or your OTP/MAC token generator at any time for security purposes such as when we have any reason to believe that the OTP/MAC token generator has been misused.
You must immediately notify us of a loss, theft or unauthorised use of the OTP/MAC token generator and/or your credentials. If you use your payment account or OTP/MAC token generator via a third party, you must follow the security guidelines applicable to that service or provider in addition to these terms.
You may use the Open API as part of our services. You can activate it via our portal to access a personal API Key.
Anyone with access to credentials to the Open API through the Personal API Key is able to use our services. If you notice misuse, theft or unauthorised use of the Open API or any other activity that makes you suspicious, you must contact us immediately.
If we have concerns about security, unauthorised, and/or fraudulent use of Open API, we can stop or suspend your access to the Open API.
We will not bear any liability for any losses incurred because of any unauthorised access gained as a result of you not following with security guidelines, taking reasonable measures to preserve confidentiality of access to Personal API Key or storing the Personal API Key outside of our portal. Please see our website, and our portal for more information about the Open API and how it can be used.
You may use our services via third parties (e.g. e-wallets), Payment Initiation Service Providers (PISP) or Account Information Service Providers (AISP).
Third party providers must be authorised or licensed by a regulator to provide these services. It is your responsibility to check that they are authorised or licensed.
If you make any operation or use your payment account via any third party, these terms and conditions apply. If you use a third party provider, you consent and authorise the provider to access your account, account information or make payments on your behalf.
If your card was stolen or used without authorisation, please refer to Decta Prepaid Card Terms and Conditions.
You must tell us immediately if you know or suspect that:
You must then immediately block your card via our portal ib.payally.co.uk
If you think a transaction or card payment that has been processed was not authorised by you or it has been incorrectly executed, you must contact us immediately. In such circumstances, you may be entitled to a refund.
If an unauthorised payment or mistake is made due to our error, we will at your request as soon as reasonably practicable refund the amount of the unauthorised payment transaction including all fees deducted by us and where applicable, restore the debited payment account to the state it would have been in had the unauthorised payment transaction not taken place.
This does not apply to the situations where:
You must take all reasonable steps to keep safe your security credentials. It is your responsibility to regularly monitor your payment account and inform us of any unauthorised transactions, inconsistencies, fraud or concerns.
You may request us and we will immediately and without charge make efforts to trace any non-executed or defectively executed payment transaction and notify you of the outcome.
Where a payment order is executed in accordance with the unique identifier, the payment order is deemed to have been correctly executed.
We are not liable for non-execution or defective execution of the payment transaction where the unique identifier provided by you is incorrect. We will, however:
If you have received funds from someone who had used an incorrect unique identifier, we will co-operate with the payer’s payment service provider in its efforts to recover the funds, in particular by providing to the payer’s payment service provider all relevant information for the collection of funds.
If you had sent the funds using an incorrect unique identifier and we are unable to recover the funds we will, if you request by way of a signed message via our online portal, provide to you all available relevant information in order for you to claim repayment of the funds.
You may request a refund within eight weeks from the date on which the funds were debited for the full amount of any authorised payment transaction initiated by you if:
The right to a refund does not apply if you have given us consent directly for the payment transaction to be executed or if information on the payment transaction was provided or made available to the you for at least four weeks before the due date by us or by the payee.
If you make a payment that is initiated by or through a payee, you may in certain circumstances request a refund. If you do, we may request further information from you. We will then provide you a refund or let you know why we cannot refund the funds to you within ten business days.
We will be unable to refund any funds, if any of your losses were incurred because you have acted fraudulently or if you failed, either deliberately or due to gross negligence, to use any payment instrument, in accordance with its conditions, or in the event of loss, theft or misappropriation, failed to notify us without undue delay as soon as you became aware of it.
Please also review the section entitled CORRECT EXECUTION OF PAYMENTS above.
You warrant that all your actions related to the execution of this agreement will comply with all applicable laws.
You shall bear full responsibility for the correctness of the information, orders and documents sent to us.
You are prohibited from:
You shall reimburse us for all direct damages, fines and other monetary penalties for breach of this agreement due to your fault.
References to liability in this clause include every kind of liability arising under or in connection with the agreement including liability in contract, tort (including negligence), misrepresentation, restitution or otherwise.
We are responsible to you for foreseeable loss and damage caused by us. If we fail to comply with these terms, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill, but we are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen.
We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; for breach of your legal rights in relation to our services.
We are not liable for business losses. If you use the products for any commercial, business or re-sale purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
We shall have no liability, whatsoever, for:
Nothing in this clause shall limit your payment obligations under this agreement.
Subject to what is stated in this clause above, our total liability to you for all loss or damage shall not exceed the total sum of your fees and charges you paid to us for the previous six months.
This clause shall survive termination of this agreement.
Your prepaid card is issued by Decta Limited, an electronic money institution authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution in the United Kingdom.
Terms and conditions that apply to your use of the Decta wallet ant prepaid card can be found here.
Please contact if you have any issues or have 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 you are not happy with how we have resolved your complaint, you may choose to complain about us, our products, services or actions to the Financial Services Ombudsman by:
If your complaint relates to payment services, you can also complain to the Financial Conduct Authority.
If you have any complaints about personal data handling by use, please contact us at firstname.lastname@example.org. Alternatively, you may choose to file a complaint with Information Commissioner’s Office by calling +44 303 123 1113 or filing a report over internet https://ico.org.uk/concerns/.
We may transfer this agreement to someone else. We may transfer our rights and obligations under these terms to another organisation. We will contact you to let you know if we plan to do this. If you do not agree to the transfer you may contact us to end the contract within one month of us telling you about it and we will refund you any payments you have made in advance for products not provided (subject to you now owing us any money).
You may not transfer your rights or your obligations under these terms to another person. This agreement is personal to you.
Nobody else has any rights under this contract (except someone you pass your guarantee on to). This contract is between you and us. No other person shall have any rights to enforce any of its terms.
If a court finds part of this contract illegal, the rest will continue in force. Each of the paragraphs of these terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
Even if we delay in enforcing this contract, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these terms, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you but we continue to provide the services, we can still require you to make the payment at a later date.
These terms are governed by English and Welsh law and you can bring legal proceedings in respect of the products in the English and Welsh courts. Alternative dispute resolution is not available under these terms.