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General Banking Terms and Conditions

Date of issue: 14/10/2025

END USER TERMS OF USE

 

1. Introduction

1.1. These General Terms and Conditions (“Terms”) govern the access and use of the payment services made available to you as an end user ("you" or "yours") provided by payabl., including when you open an account, the maintenance and operation of the account, other ancillary services (“Services”). These Terms, together with any other agreement, pricing schedule, annex or addendum, form a legally binding agreement between you and payabl.
1.2. The Services are made available to you through a third party’s website or mobile app (the “Third Party”). This Third Party could be either our direct client or a customer of one of our clients.
1.3. These Terms are specifically to your use of the Services. They apply in addition to the terms that govern your use of the Third Party’s products and/or services.
1.4. By accessing or using the Services in any form, you accept and agree to comply with these Terms, as well as our Privacy Policy https://payabl.com/privacy-policy which explains how we handle and process personal data. If you do not agree to these Terms, please do not use the Services.
1.5. These Terms, together with the Privacy Policy shall constitute the entire agreement between you and payabl.
1.6. These Terms form part of, and shall be read together with, any other applicable terms and conditions governing the relevant services. In the event of any conflict, these Terms shall prevail with respect to the matters expressly covered herein.
1.7. By using the Services, you acknowledge that you accept and agree to be bound by the Terms. By accepting and using the Services, you will be deemed to have entered into a contractual relationship with payabl. and will be considered our client.
1.8. Payabl. reserves the right to amend these Terms unilaterally at any time and such changes will become effective upon their publication. You are advised to regularly check our Website to review the latest version of these Terms.

For any questions, please feel free to reach out to us at operations@payabl.com.

 

2. Company details

We, PAYBAL. CY LIMITED, a company registered in the Republic of Cyprus under company registration number ΗΕ 289380 and our registered address is at Olympion 23, Libra Tower, 5th Floor, 3035, Limassol, Cyprus (“payabl.”, “we” or “our”). Payabl. operated the website www.payabl.com (“Website”) and the services available through our application and payment solutions.

Payabl. is a licensed payment institution regulated by the Central Bank of Cyprus with license number: 115.1.2.9/2018.

 

3. Services

3.1. payabl. shall provide the Services to you via the Third Party including:

3.1.1. wire transfer services globally,
3.1.2. incoming/outgoing payment transactions from/to accounts with other payment service providers (banks, EMI, PI) within and outside EU/EEA,
3.1.3. payment execution via established payment settlement systems such as SEPA, SWIFT, and other supported networks; and
3.1.4. payment accounts which allow payment transaction execution, the transfer of funds and receive payments.

3.2. Bank to Bank wire transfer transactions can currently be completed via most banks; however, payabl. does not guarantee that wires to each and every bank can be executed. Specifically, execution of transfers are in accordance with the accepted/prohibited jurisdictions according to payabl.’s Client Acceptance Policy and also those of the banks payabl, cooperates with. payabl. does not guarantee that individual banks and countries, which are currently available for carrying out transactions using Bank to Bank wire transfers, will be available for carrying out such transactions also in the future.  
3.3. It is agreed and clarified that the funds transferred by you to payabl. via the Third Party shall exclusively belong to you, and payabl. shall not hold rights and/or interest with respect thereto. payabl. undertakes that such funds shall be segregated from the funds of payabl.
3.4. For the avoidance of any misunderstanding, you shall make sure that at any given moment in time, there is sufficient balance in the account to cover both the amount of a purported transaction as well as any relevant fees or commissions due from the transaction or the Services offered.
3.5. You acknowledge and agree that payabl. provides the Services in accordance with these Terms and will not make any payments or settlements to any third party on your behalf unless explicitly instructed by the Third Party and permitted by law.
3.6. The Services are provided on an “as is” and “as available” basis. Payabl. makes no express or implied warranties or representations of any kind regarding the Services, including but not limited to:

3.6.1. That the Services will meet your requirements or expectations;
3.6.2. That the Services will be uninterrupted, timely, secure, or error-free;
3.6.3. That any results obtained from the use of the Services will be accurate, complete or reliable;
3.6.4. That products, services or information obtained through the Services will meet your expectations; or
3.6.5. That any errors in the technology or software will be corrected.
To the maximum extent permitted by law, payabl. disclaims all warranties, whether express, implied, statutory, or otherwise.

 

4. User Representations and Obligations

4.1. By accessing or using the Services, you represent, warrant and agree that:

4.1.1. You are at least 18 years of age and have full legal power and capacity to enter into a binding agreement;
4.1.2. You are using the Services as a private individual for personal, non-commercial purposes;
4.1.3. You agree to comply with the Terms and our privacy policy uploaded on our Website;
4.1.4. You are responsible for keeping your unique credentials secure and you will not share your credentials with third parties and accept full responsibility for any failure to safeguard them, including for any unauthorised access or misuse;
4.1.5. You will not use a false, stolen or misleading identity and confirm that all information provided by you is truthful, accurate and complete;
4.1.6. You may not resell, assign or otherwise transfer any rights granted to you under the Terms;
4.1.7. You will not use the Services for the benefit of or in development of any competing product or service;
4.1.8. You will comply with anti-money laundering and counter-terrorist financing laws (AML/CTF) and any other applicable laws;
4.1.9. Any unauthorised or prohibited use of the Services will result in immediate suspension or termination of your access.
4.1.10. You take full responsibility for the use of the Services through the payment account, including actions taken by any person authorised by you to access the account;
4.1.11. You will provide any information or documentation reasonably requested by payabl. to comply with legal or regulatory obligations, including transaction monitoring and account verification;

4.2. You must not:

4.2.1. use the Services for any unlawful, fraudulent, or prohibited activity;
4.2.2. allow any third party to access or use the Services unless expressly authorised by payabl.;
4.2.3. copy, modify, distribute, sell, lease, or reverse engineer any part of the Services or related software;
4.2.4. use the Services in a manner that could damage, disable, overburden, or impair payabl.’s systems or security measures;
4.2.5. attempt to gain unauthorised access to any account, system, or network connected to the Services.

4.3. payabl. reserves the right to:

4.3.1. monitor your’s use of the Services for security, regulatory, or operational purposes;
4.3.2. suspend or restrict access to the Services if required for security reasons, suspected fraud, or non-compliance with these Terms;
4.3.3. request additional verification, documentation, or information from the you at any time.

4.4. The rights granted under this Clause 4 are personal to you and may not be assigned, transferred, sublicensed or otherwise provided to any third party without payabl.’s prior written consent.

 

5. Intellectual Property Rights and Permitted Use

5.1. Payabl., together with its licensors, owns or is the lawful beneficiary of all intellectual property rights, proprietary know-how, and associated rights in and to the Services. This includes, but is not limited to, all copyrights, database rights, design rights, trade secrets, trademarks (registered or unregistered), and software rights in all content and materials made available through the Services, including but not limited to: information, data, text, audio, music, photographs, graphics, video, and all related source code, compilations, and other software elements. All such rights are hereby reserved.
5.2. Subject to your continued compliance with these Terms, payabl. grants you a limited, non-exclusive, non-transferable, non-sublicensable, royalty-free, and revocable worldwide licence to use the Services solely for your personal, non-commercial use, and only for the duration of your use of the Services. This licence extends to future updates or upgrades made available to you, provided that such updates may be subject to additional terms and/or separate pricing, which will be communicated to you at the time of availability.
5.3. Except where expressly permitted by law or under these Terms, you may not (and shall not allow or assist any third party to):

5.3.1. modify, translate or adapt any part of the Services;
5.3.2. decompile, disassemble, reverse-engineer, or otherwise attempt to derive the source code of any software used in connection with the Services;
5.3.3. use the Services, in whole or in part, or any confidential information relating thereto, to create any derivative works or services that are functionally similar, competitive or equivalent to the Services; and/or
5.3.4. use the Services in a manner that facilitates, encourages or results in an unlawful, harmful, fraudulent, or criminal activity, or which may cause harm, injury, or damage to any person or property.

 

6. Security and Incident Reporting

6.1. If you become aware of or suspect any of the following:

6.1.1. Loss, theft, or misappropriation of your authentication credentials;
6.1.2. Unauthorised access or use of the Services;
6.1.3. Identity theft or impersonation fraud;
6.1.4. An unauthorised or incorrectly executed payment transaction;
6.1.5. A credit transfer initiated with incorrect or mismatched beneficiary information;

You must notify us immediately, and in any case no later than two (2) business days from the moment you become aware of the issue, by emailing operations@payabl.com. 

6.2. Failure to notify us within the period specified above, it may affect your ability to claim a refund under applicable law for unauthorised or faulty transactions.
6.3. If we detect or suspect fraud or a serious security threat to your use of the Services, we will attempt to contact you using the contact information you provided during your use of the Services. 

 

7. Technical and Organisational Measures

7.1. We implement and maintain a comprehensive set of technical and organisational measures designed to ensure a level of security appropriate to the risks associated with the processing of personal data and the provision of the Services. These measures are reviewed and updated on a regular basis in line with industry standards, applicable regulatory requirements, and evolving threat landscapes. They include, but are not limited to:

  • Access Controls: Enforcement of multi-factor authentication, role-based access rights, and the principle of least privilege, combined with regular access reviews to prevent unauthorised access to systems and personal data.
  • Encryption: Deployment of strong, industry-standard encryption algorithms with secure key management practices in accordance with recognised standards.
  • Monitoring and Logging: Continuous monitoring of networks and applications, supported by centralised logging, automated alerting, and retention of audit logs to detect, respond to, and investigate security incidents in a timely manner.
  • Resilience and Recovery: Implementation of high-availability architectures, routine backups, disaster recovery planning, and business continuity procedures, tested at regular intervals to ensure operational resilience and service restoration capabilities.
  • Vendor and Sub-Processor Oversight: Rigorous due diligence, risk assessments, and contractual safeguards for all third-party providers and sub-processors, including security certifications and ongoing performance monitoring.
  • Testing and Training: Regular penetration testing, vulnerability scanning, and security configuration reviews of critical systems, alongside mandatory security awareness and phishing-resilience training for all employees and contractors.
  • Policy and Governance Framework: Adoption of documented information security, incident response, and data protection policies, supported by defined roles, responsibilities, and escalation procedures.

 

8. Data Privacy

8.1. We are committed to protecting your personal data and handling it in a transparent manner, in compliance with General Data Protection Regulation (“GDPR”) and other applicable data protection laws. This section provides a brief overview of our data practices. Your acceptance of these Terms constitutes your agreement to our Privacy Policy, which is incorporated into and made a part of this agreement.
8.2. To provide the Services, we process certain personal data about you. This may include your Know Your Customer (KYC) data, financial and transaction information from your bank or payment account provider (ASPSP) and other data necessary for providing the Services. We process this data solely for the purpose of delivering the Services you have requested and in compliance with the GDPR and all applicable data protection laws, and regulatory requirements.
8.3. We implement appropriate technical and organizational measures to safeguard your personal data from unauthorized access, disclosure, alteration, or destruction. Further details on our data security practices are available in our Privacy Policy.
8.4. You have specific rights regarding your personal data, including the right to access, rectify, or erase your data. The full list of your rights and how to exercise them is explained in detail in our Privacy Policy at https://payabl.com/privacy-policy.
8.5. By using the Services, you acknowledge that we may need to share your personal data with the Third Party to facilitate the Services. We will only share data with your explicit consent and as required to fulfil the terms of this agreement.
8.6. For any questions about our privacy practises or how we handle your personal data, please refer to our Privacy Policy. If you wish to raise a complaint, or have any specific questions, you can contact our appointed Data Protection Officer (DPO) directly.

Data Protection Officer Contact Details:
Postal Address: Libra Tower, Olympion 23-5th Floor, Limassol 3035
Phone: +357 25332590
Email address: dataprotection@payabl.com.

 

9. Fees and Charges

9.1. You shall not be required to pay any fees to payabl. in connection with your use of the Services as an end user. Fees may however be imposed by a Third Party, your internet or mobile access provider, where you make use of the Services. Such fees are solely a matter between you and the Third Party.
9.2. You hereby irrevocably authorise payabl. and any other financial institution directly connected and/or related to the Services, from time to time without notice to set off by whatever means the whole or any part of your liabilities to payabl. or the Third Party under these Terms (if any) against any funds due to you, or against any sums held by payabl. on behalf of you.
9.3. You shall not be entitled to any interest or any other compensation or consideration whatsoever in respect of any amount held by payabl. under these Terms. 

 

10. Termination and Suspension

10.1. You may terminate the Terms at any time without notice by withdrawing your consent to receive the Services via the Third Party.
10.2. Payabl. may suspend (in part or in full) or terminate your access to the Services and close the payment account with immediate effect and without liability, under the following circumstances:

10.2.1. there has been a breach of these Terms through your use of the Services and/or violation of any applicable law;
10.2.2. you have provided false or misleading information, or used the Services unlawfully or fraudulently;
10.2.3. you do not meet the eligibility criteria to access or use the Services;
10.2.4. the Third Party offering services to you is no longer authorised to do so or has ceased operations.
10.2.5. we are unable to access and verify your information or you are in breach of said obligation; or
10.2.6. we classify the account as a dormant and you refuse, via the Third Party, to provide or additionally undergo identification and due diligence procedures, to update data related to you where necessary, to the satisfaction of payabl.
10.2.7. you provide false or misleading information, or makes any misrepresentation in connection with this Terms;
10.2.8. you have submitted illegal or otherwise wrongful transactions into the banking system;
10.2.9. you suspend, or threaten to suspend, payment of its debts or is, or is deemed to be, or threaten to be insolvent, unable to pay your debts as they fall due for payment, or admit inability to pay your debts;
10.2.10. you commence negotiations with all or any class of your creditors with a view to rescheduling any of its debts, or enters into any composition or arrangement with your creditors generally; and/or
10.2.11. there is material change in the type of business activities carried out by you.

10.3. In the event of termination under clause 10.2, we reserve the right to:

10.3.1. Immediate suspend or revoke your access to the Services (temporarily or permanently);
10.3.2. issue of a formal warning or notice;
10.3.3. pursue legal actions in accordance with the applicable law;
10.3.4. Report the matter to the Central Bank of Cyprus, law enforcement or other competent authorities, if necessary;
10.3.5. Block access to the Services if we suspect fraudulent, compliance or operational reasons; and/or
10.3.6. Take any other action we deemed necessary for security, compliance or operational reasons.

10.4. Payabl. may suspend or reject your registration or access to the Services at our sole discretion and without liability, including for security, fraud prevention, or compliance reasons.
10.5. We may terminate these Terms for any reason by providing one (1) month’ prior written notice, as required under applicable law.
10.6. Upon termination, we may retain certain personal or transaction data in accordance with our obligations under applicable anti-money laundering, data protection, and financial regulations in Cyprus.

 

11. Indemnification and Liability

11.1. You agree to indemnify, defend, and hold harmless payabl., affiliates, officers, directors, employees, agents from and against any and all claims, liabilities, damages, losses expenses and costs (including reasonable legal fees) arising from your use of the Services, your violation of the Terms, or any infringement of intellectual property rights or other rights by you or another person using your account.
11.2. Payabl. shall not be liable to you for any failure or delay in the performance of our obligations under the Terms to the extent such failure or delay results from circumstances beyond our reasonable control (force majeure), your own actions or omissions or the provision of incorrect or incomplete information. In addition to this, payabl. shall not be liable for any loss or damage you suffer in connection with the Services:

11.2.1. Where responsibility lies with the Third Party, or another third party;
11.2.2. Arising from the goods or services you purchases using our Services;
11.2.3. Due to abnormal or unforeseeable circumstances beyond our control, the consequences of which could not have been avoided even with reasonable care;
11.2.4. if we deny you access to the Services or any other related product or service for legitimate reasons;
11.2.5. if you do not fulfil your responsibilities or obligation you may have towards any third party;
11.2.6. resulting from your use (or attempted use) of the Services in breach of the Terms, or in pursuit of unlawful or   prohibited activities;
11.2.7. where you have negligently or intentionally failed to secure your mobile device, credentials or security information;
11.2.8. if you have acted fraudulently or in violation of applicable law; or
11.2.9. If you were aware of unauthorised access to your account or data and failed to notify us promptly in accordance with clause 6.

11.3. To the maximum extent permitted by applicable law, payabl., its officers, directors, agents, affiliates, employees, or providers shall not be liable for any indirect, incidental, consequential or punitive damages, including but not limited to, loss of use, loss of profits, or loss of data, or loss of business opportunities, or for damages in the aggregate exceeding the amount of the payment order that was executed defectively or without authorization resulting in the loss of the amounts transferred within the relevant payment.
11.4. payabl. shall have no liability in respect of the underlying value of any transactions or for any consequential losses.
11.5. You shall reimburse payabl. for all fines and penalties imposed by the banks, regulators, to the extent that such fines and penalties arise out of or in connection with any non- compliance with or violation of any of the rules which at the time fall within the scope of the Terms.
11.6. Nothing in these Terms excludes or limits our liability where such exclusion or limitation would be unlawful. This includes liability for:

11.6.1. Death or personal injury caused by our negligence;
11.6.2. Fraud or fraudulent misrepresentation; or
11.6.3. Any other liability which cannot legally be limited under applicable law.

11.7. Upon termination of these Terms for any reason:

11.7.1. We will immediately cease providing the Services to you;
11.7.2. Any rights or licenses granted to you under the Terms will be revoked; and
11.7.3. You must immediately stop using the Services and any related product or material provided to you. 

 

12. Complaints

12.1. If you have any concerns or complaints regarding the Services, you may contact us at complaints@payabl.com. We are committed to handling complaints promptly, fairly, and consistently and will seek to resolve your issue as quickly as possible. For more information about our complaints-handling process, please visit our website at https://payabl.com/complaints-handling-policy.
12.2. Please note that due to the involvement of the Third Party in relation to our provision of the Services, we may not be able to investigate fully your complaint unless you collaborate and help us resolve your complaint. You agree to provide reasonable cooperation and information upon request to facilitate this process.
12.3. If you are not satisfied with the outcome or the way your complaint has been handled, you have the right to escalate your complaint to the Central Bank of Cyprus: https://www.centralbank.cy/en/licensing-supervision/financial-conduct. 

 

13. General Provisions

13.1. The Terms are governed by and construed in accordance with the laws of the Republic of Cyprus. The courts of the Republic of Cyprus shall have exclusive jurisdiction over any contractual or non-contractual disputed relating to the Terms.
13.2. You may not assign, delegate, or transfer any of your rights or obligations under the Terms without our prior written consent. We may assign or transfer our rights and obligations under the Terms without restriction and notice to you, provided that such assignment does not affect your rights under the Terms.
13.3. If any provision (or part of a provision) of the Terms is found to be invalid, unlawful, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the extent necessary to make it valid and enforceable, or if not possible, it shall be deemed deleted. This shall not affect the validity and enforceability of the remaining provisions
13.4. Nothing in this agreement is intended to, or shall be deemed to, establish any partnership or joint venture or create any fiduciary relationship between the parties, constitute either party the agent of the other party, nor authorise either party to make or enter into any commitments for or on behalf of the other party.