Opening of the Account. Customer Money.
- The Account is opened for the Customer for an indefinite period of time.
- Payler will charge an application fee for any potential Customer that wishes to open the Account. The amount of such application fee will depend on the risk profile of the potential Customer. The application fee will be deducted from the initial transfer of funds by the Customer.
- The Account will enable the Customer to transfer and hold money intended for transfers on its Account, carry out domestic and international money transfers, receive money to the Account, pay for goods and services and perform other operations directly related to money transfers.
- The Customer Money held on the Account shall be considered as the Customer's owned funds in electronic form.
- The Customer Money held on the Account does not constitute a deposit and Payler will not, in any circumstances, provide any benefits associated with the period for which the Customer Money is held on the Account.
- When you transfer funds into your Account and/or you receive a payment into your Account, we shall (a) place the funds into segregated accounts held with authorised credit institutions; and/or (b) invest the funds into low risk assets held in a segregated account with financial institutions. These actions are taken to safeguard and protect the Customer Money in accordance with applicable laws and regulations.
- As your Account is an electronic money account and not a bank account, you acknowledge that the Financial Services Compensation Scheme in the UK does not apply to your Account.
- At the Customer's request, the Customer Money held on the Account may at any time be withdrawn to the Customer (in whole or in part). Withdrawal request may be sent in the form of a Payment Order for the transfer of the Customer Money from the Account to any other payment account specified by the Customer or by any other means as may be allowed by Payler from time to time.
- No additional Fee for withdrawal of Customer Money will be charged, except for the regular Fee payable on the Payment Transaction.
- Payler may require that Customer Money are withdrawn to the bank or payment account held in the name of the Customer.
- If the Account is closed for any reason or there is no authorized User on such Account, the Electronic Money held on such Account shall be transferred to the account indicated by the Customer within 3 Business Days from the date of the relevant notice to the Customer from Payler.
- If Payler fails to remit the Customer Money to the Customer at its request due to reasons beyond the control of Payler, the Customer shall be notified accordingly. The Customer shall immediately indicate another payment account or provide additional information necessary for remittance of the Customer Money (effecting of a payment) requested by Payler. If the Customer Money are not transferred from the Account because the Customer failed to provide to Payler details for the transfer, Payler will restrict access to such funds and will subsequently transfer the Customer Money to a payment account indicated by the Customer or User only subject to successful Identification of such person. Payler shall have the right to deduct from the Customer's funds the costs incurred by Payler as a result of safekeeping the funds and any other documented losses.
Payler will apply negative interest on Customer Account in relation to certain selected currencies*. Interest of 1.5% per annum is calculated and applied if, at the end of the month, the following conditions are met:
- Customer monthly balance is over 100,000.00 EUR (or equivalent for other currencies listed below*) and
- Transaction volume per month is less than 50% of the balance and
- Transaction fees per month are less than 1000.00 EUR (or equivalent for other currencies).
For each month negative interest will be deducted from the Customer Account on the last business day of the month.
*Accounts in Euro (EUR), Swiss Franc (CHF), Danish Krone (DKK) and Japanese Yen (JPY) Operation of the Account
Requirements to the Payment Order
- When the Account is opened for the Customer, the User Account(s) will be assigned to such Account and the relevant limits for the Payment Transactions may be set by Payler.
- The User shall be entitled to manage the Account on behalf of the Customer by logging in to the User Account that has been assigned to the Account with his/her login name, Password and confirmation through other Identity Authentication Measures.
- Money on the Account may be held in multiple currencies. The Customer who holds money on the Account in several currencies assumes the depreciation risk due to exchange rate fluctuations.
- When a transfer other than credit transfer SEPA is performed and the Customer makes credit transfer from the Account to other payment accounts, Payler may be indicated as the Payer. However, the Payee may also be supplied with the following information, subject to the Payee's system:
- Detailed information about the Payer-Customer is given in the field of the primary Payer (if the Payee's system is supported by the relevant e-banking or payment system); or
- Detailed information about the Payer-Customer is given in the field of payment purpose.
- If the Customer indicates incorrect Unique Identifier of the Payee and the Payment Order with such incorrect data is executed, Payler shall not bear any liability in connection with such Payment Order. In such case, Payler will make reasonable efforts to cancel the Payment Transaction and return the funds to the Account. Additional Fees may be charged by Payler for such assistance.
- The Customer shall execute Payment Orders in strict compliance with the procedure indicated in the System and at Payler Website. The Payment Orders submitted by the Customer shall be clearly and unambiguously worded and express the intention of the Customer without any doubt. If the Customer makes an invalid transfer, invalid account crediting or indicates invalid payment transfer data and requests to revise the payment, additional fees may be charged.
- The Customer shall immediately notify Payler if it becomes aware that for any reason the Customer is not entitled to the funds held on its Account. Such funds will be frozen by Payler and will be further transferred to a person that has a legal right to such funds without any Customer's instruction. If Payler is unable to do so due to the insufficiency of funds held on the Account, the Customer shall compensate the difference within 3 (three) Business Days from receipt of Payler's request.
- Payler may establish at its sole discretion the transaction limits in respect of each specific Account, based on the criteria determined by Payler. Payler shall not be obliged to disclose such criteria. The Customer or User will be informed about the limits applied to the relevant Account.
- The Customer shall have the right to request Payler to decrease or increase the transaction limits applied to its Account. Such requests will be considered by Payler based on the risk profile of the Customer. Increase or decrease of the transaction limits applied to Account may be permanent or temporary.
- The Customer will be able to check the outstanding balance and all the transaction history on its Account (debits, credits and charged Fees) for any period as well as get the Statement of Account by logging in to the User Account.
- The Customer shall not use the Services provided by Payler for any illegal purposes including, but not limited to, legalization of money received from criminal or illegal activities.
- In order to execute a Payment Transaction, the Customer will be required to submit a Payment Order in the System and confirm its consent by a one-time Password received by SMS or other Identity Authentication Measures. The Customer shall not be entitled to challenge the Payment Transaction performed by Payler if the Payment Order was confirmed in the said way.
- Cancellation of the confirmed Payment Order by the Customer is possible only in exceptional cases and, in any case, is subject to the consent of Payler. Cancellation of the Payment Orders with the future execution date is allowed not later than till the end of the Business Day immediately preceding the future execution date. Payler shall not be liable if the requested cancellation of the Payment Order was not processed. Payler will charge a Fee for cancellation of the Payment Order.
- The Customer may set a future date for execution of a Payment Order and/or provide that a Payment Order shall be executed subject to an incoming transfer. If on the indicated date the amount of Customer Money is sufficient, the Payment Order will be executed. A transfer to another Payler Account shall be executed on the same day and, in case a future date for execution is set, until 12.00 AM of the specified date
- If the Payment Order contains incorrect information, the payment will not be executed unless, in exceptional cases, Payler corrects the details of the Payment Order and effects it under the normal procedure at its own initiative provided that it has enough information to make such corrections.
- If the amount of Customer Money on the Account is insufficient for execution of a Payment Order, it will not be executed. The System will attempt to execute the Payment Order for 5 (five) consecutive days following the receipt of the Payment Order. If after the expiry of this period the Payment Order has not been executed, it will be cancelled. If the amount of Customer Money on the Account is insufficient for a transfer in one currency, but there is a sufficient amount of Customer Money in another currency, the Customer may convert its Customer Money into the currency of transfer in question to procure its execution.
- The Payment Order shall be deemed to be received by Payler (and the time limit for execution of the Payment Order shall start to run) on the day of its submission and confirmation by the Customer, and, if such day is not a Business Day, the Payment Order shall be deemed to be received on the next Business Day.
- The Payment Order which is received by Payler on a Business Day outside the business hours shall be deemed to be received on the next Business day.
- Payler shall be entitled to record and store any Payment Orders placed in the System and to record and store information on all Payment Transactions performed by the Customer. These records may be presented by Payler to the Customer and/or third persons (provided that they have a legitimate basis to request those) as evidence confirming the submitted Payment Orders and/or executed Payment Operations.
- Payler shall have the right to refuse to execute a submitted Payment Order if there are reasonable doubts that the Payment Order has been submitted by an Authorised User, or the documents provided to Payler are false or the submitted Payment Order is illegitimate. In such case, Payler shall have the right to request additional documents and information from the Customer to allow Payler to execute the Payment Order. In doing so, Payler acts with a view to protect the legitimate interests of the Customer, Payler and/or other persons and, therefore, it shall not be liable for any losses caused by the refusal to execute the submitted Payment Order.
- Before executing the Payment Order submitted by the Customer, Payler shall have the right to request the Customer to provide the documents confirming the legal source of funds that are the subject of the Payment Order, legal background of the Payment Transaction, Identification or other documents related to the Customer's business activities. If the Customer fails to provide the requested documents, Payler may refuse to execute the Payment Order.
- Payler may execute the Payment Order in full or in part, suspend or cancel its execution if it is in the best interests of the Customer, required under applicable laws or due to other reasons beyond the control of Payler. In such case the Customer will be informed immediately and served with the reasons thereof, unless such notice is impossible for technical reasons, or restricted by an effective legal act or court decision.
- Payler will not accept and execute the Payment Orders if the Customer Money held in the Account are seized, frozen or are subject to other limitations and Payler has documented evidence confirming this.
- If the Customer Money that has been subject to the executed Payment Order has been returned due to reasons beyond the control of Payler (incorrect information in the Payment Order, the account of the Payee is closed, etc.), the returned amount shall be credited to the Customer's Account and the Fees paid by the Payer for execution of the Payment Order shall not be repaid and any other fees and costs related to repayment of money can be debited from the Customer's Account (for example Correspondent Bank fees).
- Payment Transaction shall be performed by Payler according to the Unique Identifier and other information provided in the received Payment Order. Payler shall not be held liable for the Customer's failure to provide the Unique Identifier and other information in the Payment Order and/or incorrectness thereof, and/or if the payment service provider of the Payee has set a different Unique Identifier for proper execution of such Payment Transaction.
- Payler shall be entitled but shall not be obliged to check whether the Unique Identifier given in the Payment Order received by Payler corresponds to the name and surname (title) of the recipient. If Payler carries out the aforementioned verification and establishes an obvious discrepancy between the Unique Identifier provided to Payler and the name and surname (title) of the recipient, Payler shall have the right to refuse to execute such Payment Transaction and will inform the Customer accordingly.