This document sets out the Terms and conditions that apply when you use your payware partner account to exchange payment transaction information. We call it our “PI Payment Information Exchange Terms” (or just the “Terms” or the “Agreement” in this document).
This Agreement is a “Specific Agreement” as defined in the payware Framework Agreement and is subject to the hierarchy of documents, parties definitions, and general provisions set out therein.
These Terms apply in conjunction with the payware Payment Institution Account Terms. If there is any inconsistency between the payware Payment Institution Account Terms and these Terms, these Terms will apply in respect of the inconsistency.
To use the Services (as defined in Section C.1 of the Framework Agreement), you must have, and continue to have, a payware Business account. If your payware Business account is closed, you will no longer be able to use the Services.
To use the Services, you must also apply to, and be accepted by, us. If we accept your application, we will activate your “Business Account” of Payment Institution Account type, which is used to access the Services.
To apply to use the Services, you must provide us with the Information we request about your business. This might include:
The general onboarding and ongoing review provisions set out in Section C.13 of the Framework Agreement apply to your use of the Services.
We will review all the Information provided by you and the information retrieved about you from time to time and decide about whether to activate (or deactivate) your Payment Institution Account or disable the Services in your account.
You can only use the Services to exchange payment transaction information relating to people who hold payment accounts with your institution in the course of your business activities. In these Terms, we call these people "Customers", and we call each payment transaction you exchange information for a "Transaction".
You can also only use the Services yourself, and only in your own right, in the course of your business activities. This means that you cannot allow anyone other than you to use the Services and you cannot use the Services to exchange payment transaction information on behalf of anyone else. It also means you cannot use the Services in a personal capacity, outside of your business activities. You are responsible and promise to pay us immediately if we suffer any loss relating to any acts and omissions of anyone who uses your account to access the Services.
In the context of these Terms, your counterparties are your "Customers". You must act in accordance with all applicable financial and payment service regulations (including PSD2 and relevant local legislation) when processing Transactions for your Customers, ensuring transparency regarding the execution and status of their account-to-account transfers.
Business Fees
For your Payment Institution account, we will provide the Services to you according to the limits and fees set out in our Addendum. The Addendum forms part of these Terms. The Addendum includes platform service fees for each Transaction's information exchanged through the Services and for other events connected with your Payment Institution Account. Fees are due and payable for Transactions that are successfully processed and confirmed by the relevant payment institution, and are not contingent on any subsequent status changes or refunds.
It is important to note that payware immediately exchanges payment-related information. The actual transfer of funds from the customer (payer) to the payee's account, however, shall be your sole responsibility as the designated payment institution. The time it takes for the receipt of payments may vary based on the geographical location of the relevant accounts. In the event of a closed-loop transaction, where both the payer and payee have accounts with your payment institution entity, the payment should be completed immediately (where instant transfer mechanisms are supported) or at latest by the close of business on the same day. If the payee's account is maintained with a different payment institution located within the same jurisdiction as your payment institution, a similar timeframe for completion is expected. However, if the payee's account is with a payment institution located in a different jurisdiction, the transfer process may take longer and may result in additional fees charged by intermediary payment institutions for cross-jurisdictional transactions. You hereby acknowledge and agree to be fully responsible for the timely transfer of funds in accordance with the terms of this agreement.
You hereby undertake and agree to promptly notify payware of your unconditional and irrevocable commitment to effectuate the transaction and provide all necessary transaction details. This notification shall be binding and enforceable and shall create a legally binding obligation on your part to perform in accordance with these Terms. You acknowledge and agree that by providing such notification, you shall be deemed to have assumed all responsibilities for the transaction and the timely receipt of funds by the payee's account and that payware shall be discharged from any and all liability, obligations or responsibilities with respect to the transaction, including but not limited to, the receipt of funds by the payee's account. This discharge shall be binding and enforceable under the provisions of these Terms and applicable law. This discharge does not limit payware's liability for its own gross negligence, wilful misconduct, or breach of its obligations under these Terms or the Framework Agreement.
Multi-currency processing
The general multi-currency processing provisions set out in Section C.14 of the Framework Agreement apply. In addition, if you elect to utilize the Multi-Currency Processing service, you shall be solely responsible for ensuring the timely and accurate delivery of the transaction amount in the specified currency to the payee's designated account, in accordance with these Terms and all applicable laws and regulations.
Transaction Corrections
In the context of Account-to-Account (A2A) payments, each Transaction is authenticated by the Customer through Strong Customer Authentication (SCA) on their banking application. Once a Transaction is authenticated and executed by the Customer's payment institution, it is final and irrevocable. As a regulated payment institution, you are responsible for executing any correction, reversal, or refund of funds in accordance with applicable payment services legislation and your own internal policies.
payware's role is limited to relaying correction or reversal information received from you (as the Authoritative Source). payware does not initiate, execute, or verify corrections or reversals independently. If a correction or reversal is communicated through the Services, it will be exchanged as a new Transaction. You are solely responsible for executing any actual fund movements arising from such corrections or reversals.
Notwithstanding the finality of authenticated Transactions, a correction or reversal of Transaction information may be relayed through the Services where:
We are not responsible for, or liable to you, for any Transaction which is later the subject of a correction or reversal request. You remain solely responsible for handling corrections, reversals, and any associated fund movements directly with your counterparties and the relevant payment institutions, in accordance with your regulatory obligations.
You acknowledge and accept that the Services are a technical payment information exchange platform and not a regulated payment service. As such, payware does not operate any chargeback scheme, fraud recovery mechanism, buyer protection programme, or any other form of transaction reversal or reimbursement. There is no mechanism through which payware can reverse, recall, or recover funds once a Transaction has been confirmed by the Authoritative Source. Upon first accessing the Services — whether through the payware business web portal or the API — you will be presented with a Fraud Risk Acknowledgment confirming that you understand and accept these limitations. You must acknowledge this before initiating or receiving Transactions through the Services.
As a regulated payment institution, you bear full responsibility for your own anti-money laundering (AML), know-your-customer (KYC), and fraud prevention obligations under applicable law. payware relays Transaction information but does not verify the underlying legitimacy of Transactions or the identity of the parties involved. You are responsible for all losses you incur as a result of fraudulent Transactions that pass through the information exchange platform, including where lost or stolen credentials or accounts are used.
This acknowledgment does not limit payware's liability for its own gross negligence, wilful misconduct, or breach of its obligations under these Terms or the Framework Agreement.