Terms and conditions

These general terms and conditions (the “Terms") govern the use of Payontime Finance 's website, mobile applications ios and Androit, products, and services. Read these Terms carefully and contact us if you have any questions.

Payontime Finance Sweden AB, Reg. No. 559390-4484, with registered office at Nybrokajen 7, 111 48 Stockholm , Sweden and incorporated under the laws of Sweden ("Payontime Finance", "we" or "our") is a digital money transfer service that enables customers to send money to their loved ones from a laptop, tablet or smartphone.

These Terms apply to Users of the Service (both as defined below). By signing up for the Service, accepting these Terms and providing customer due diligence information in accordance with section 4 below, the User and Payontime Finance Sweden AB conclude an agreement that entitles the User to use the Service in accordance with these Terms. The agreement shall be considered a framework agreement in accordance with Swedish Payment Services Act FI (2010:751).

1. General

• Payontime Finance has a licence from Finansinspektionen (the Swedish Financial Supervisory Authority, the "SFSA") to provide payment services as a payment institution within the European Economic Area (EEA), and during a transition period we can provide payment services in the UK under the Temporary Permissions Regime. We are supervised by the SFSA and are covered by the regulatory framework laid down in the Swedish Payment Services Act and Directive (EU) 2015/2366 on payment services (PSD2).
• Payontime Finance provides a digital money transfer service on our website and mobile applications (the “Service”) that allows natural persons (“User” or “you”) to make money remittances (as defined in the Swedish Payment Services Act, hereinafter a “Transfer”) from our sending countries to our receiving countries (as shown within the Service from time to time). Payment for a Transfer may be made by a debit- or credit card issued in any of our sending countries, as a direct bank payment or through other digital alternatives. Information on accepted debit- and credit cards and direct bank payment- and other digital payment alternatives (when applicable) can be found within the Service. Depending on the recipient's location, a Transfer can either be made to a mobile wallet, bank account or to other available digital alternative or made available for cash pick up. The time for a Transfer depends on recipient country and distribution channel, further information is available within the Service. Payontime Finance does not provide payment accounts (Sw. betalkonton), as defined in the Swedish Payment Services Act.
• Users can at any time access and download these Terms and information regarding the Service via our website.

2. Notices & language

• The original version of these Terms is written in the English language. Versions in other languages of these Terms and other policies are provided for convenience only. In the event of any inconsistency or discrepancy, the English language version shall prevail. Any of the, English, German, Swedish, languages may be used for communication between a User and Payontime Finance.
• Written communications from Payontime Finance to you will be sent by email or SMS to the email address or phone number (as applicable) you have provided within the Service and will be deemed to have been received by you on the same day. Alternatively, when appropriate, written communications may appear in your account within the Service.
• Written notices from you to Payontime Finance shall be addressed to Payontime Finance as set out above in the preamble or sent by email to support@payontime.se
• Payontime Finance may record or otherwise document phone and other oral communication between a User and Payontime Finance.

3. Prerequisites for the use of the Service

• Users must be at least 18 years old to create an account with us and to use the Service. The Service is only offered to Users who are established in any of our sending countries (as shown within the Service from time to time).
• You undertake to act on your own behalf when using the Service and to only use accepted means of payment connected to an account in your own name.
• You furthermore undertake to only make a Transfer to someone you know and to ensure that the recipient receives the Transfer on his/her own behalf. The Service may not be used for Transfers to legal entities, such as companies or organisations, or to buy goods and/or services from someone you do not know.
• You may not use any anonymizer tool.
• Users may only open one account unless we have agreed otherwise in writing. Payontime Finance may refuse the creation of duplicate accounts for the same User. Where duplicate accounts are detected, Payontime Finance may deactivate or merge these duplicate accounts at its sole discretion.
• You undertake to notify our customer support team in writing if you are or have been a politically exposed person (PEP) and thus have or have had a high political or state position or are related to and/or a close associate of a person with such a position. You further undertake to notify us of any changes in respect hereto. Here you will find an explanation of who is considered a politically exposed person.
• By accepting these Terms, you confirm that neither you nor the recipient are subject to any sanctions imposed by the EU, the UN, the UK and/or the US and that the Service will not be used for illegal purposes, such as e.g. money laundering, terrorist financing or fraud. Nor will the Service be used to dispose of, acquire, hold or use funds derived from criminal activities.

4. Customer Due Diligence

• We are required by law to carry out customer due diligence checks on you in order to provide the Service to you.
• You undertake to identify yourself with either eID or by providing a copy of a valid identity document as instructed within the Service. Where eID may be used, a valid eID is required to login to the Service. Where a copy of an identity document may be provided, such document will be validated by a reputable third-party provider before you are able to complete the registration of your account. Please note that we at all times require you to prove your identity with a valid identity document and thus that your account will be automatically locked upon the expiration of the identity document that you have provided.
• You are responsible for ensuring that the information provided when creating an account is valid, complete and correct. You shall immediately notify us and provide supplementary information if any information provided would expire or otherwise cease to be complete and/or correct. Please note that our customer records may be updated and/or verified from official registers or other third-party sources. You need to notify our customer support team if any information provided from official registers would be incorrect.
• To ensure the safety of the funds transferred within the Service, all Users and recipients are regularly screened against applicable PEP and sanction lists. Such screening is performed by a reputable third-party provider through an automated function within the Service. In addition, all Transfers are subject to our transaction monitoring system, which is designed to detect, for instance, odd transfers or behavioural patterns.
• You agree to comply with any request from us or any intermediary party for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through a third party, inquiries and checks we consider necessary to validate or supplement the information you have provided to us. Please note that failure to comply with an information request may lead to a Transfer being halted, revoked or refused or your account becoming restricted.

5. Carrying Out a Transfer

• For a money transfer order to be executed correctly, you are required to follow the instructions given within the Service at the time of the initiation of a Transfer.
• You are responsible for ensuring coverage for the money transfer order and that any information, such as the information on the recipient (including name, address, and phone number), the amount, and the reason for the Transfer, are filled in correctly. We are not responsible for any errors due to you having entered incorrect information.
• Your approval of a Transfer is given within the Service upon your approval of withdrawal of funds as stipulated by the provider of the chosen payment method (regardless of whether this occurs on a business day or not).
• A money transfer order shall be considered to have been received by us when you have approved the Transfer, at which time you may no longer withdraw the Transfer. A Transfer shall be considered completed at the time it has been made available to the recipient.
• For your convenience, following our receipt of your money transfer order, we will send you a written confirmation. We may also send a notice to the recipient. Payontime Finance cannot be held responsible for the non-delivery of such messages.
• You undertake to ensure that the recipient will show and/or provide any customer due diligence information as requested by us and/or the pay-out party upon the receipt of the Transfer, such as valid identification documentation, proof of purpose of the Transfer, and/or other information as reasonably requested.

6. Fee and Exchange Rates

• Information on applicable fees and exchange rates is available within the Service. The applicable exchange rate is calculated at Payontime Finance's discretion based on the market rate and a mark-up, as determined by Payontime Finance from time to time. Payontime Finance may earn a profit on the mark-up. Before the approval of a Transfer, the exact fee and exchange rate for the specific Transfer will be shown within the Service.
• We are not responsible for any taxes, fees, and/or other costs not incurred by us and which may apply to a Transfer, including but not limited to possible card fees or charges applied by telephone service providers for text messages or other data- or telecommunication.
• If the recipient chooses to receive the Transfer in a currency other than the User’s selected receiving currency (when and where available), such a change of currency may be subject to an exchange rate mark-up or fee as determined by the pay-out party.

7. Payontime Finance's Responsibility for the Execution of a Transfer

• It is our responsibility to correctly execute a valid money transfer order initiated by you. If a valid money transfer order is not executed or is executed inadequately, Payontime Finance shall, upon your request and free of charge, track the initiated Transfer and inform you of the result.
• However, a money transfer order may be halted, revoked, or refused at any time as long as we have the technical ability to do so and if we have reason to believe (as determined at our discretion) that: (i) any information provided would be incorrect and/or incomplete; (ii) the use of the Service is non-secure; (iii) you would be in breach of any provision of these Terms or any other policies or instructions related to the Service; (iv) you would be in breach of any applicable law or regulation; (v) we or any intermediary party would breach applicable law or regulations if the Transfer is executed; and/or (vi) we or any intermediary party would be requested or recommended to do so by any competent court of law, regulating authority, public agency, law enforcement agency, or industry association.
• We may also halt, revoke, and refuse a money transfer order if: (i) you have reached applicable transaction limits; and/or (ii) we or any intermediary party would require further information from you or the recipient.
• If we are unable to complete your money transfer order, we will let you know and repay you any amount received by us, provided that we are not prohibited by law from doing so.
• Payontime Finance does not make any guarantee as to whether the pay-out party has sufficient funds to pay out the Transfer in the User’s selected currency. If the pay-out party lacks sufficient funds in the selected currency and the recipient chooses to receive the funds in a different currency, Payontime Finance cannot be held responsible for any exchange rate mark-up or fee charged to the recipient.

8. Availability

• The Service is normally available 24 hours a day, but the availability may be limited in connection with any malfunctioning or failure of our or any intermediary parties’ systems or when either of us carries out technical maintenance, updates, or service to any of our systems. Payontime Finance cannot be held liable if a Transfer cannot be made due to such limitations.

9. User's Responsibility

General

• You are responsible for (i) complying with these Terms (as applicable from time to time) as well as any applicable law and regulations and specific instructions provided within the Service; and (ii) ensuring that the information provided to us at all times is valid, complete, and correct.

Unauthorized Access

• You are responsible for ensuring that private information, such as login information, passwords, and the like, is used and dealt with safely and that it is kept secret and inaccessible to unauthorized persons.
• You are required to inform our customer support team by email or phone as soon as possible if there is any reason to believe that an unauthorized person has gained access to or knowledge of login information, passwords, and/or equivalent information. If you fail to comply with the security instructions described above, you will be responsible for any damage caused to us and for any debiting arising from the use of the Service by an unauthorized person. Unauthorized debiting must be notified directly to the relevant bank to block the applicable card/bank account and to reclaim the relevant payment.
• If we become aware of any unauthorized access or other security risks in relation to your account, we will contact you by phone or email or notify you within the Service.

Notification of an Erroneous Transfer

• You undertake to immediately review and examine information about completed Transfers, which is provided to you by email following a completed Transfer and/or made available to you within the Service.
• If you become aware of an unauthorized or mistaken Transfer, you shall without unnecessary delay, and no later than 13 months after the date of the Transfer, notify us of that fact and request a correction by making a claim; otherwise, you may not be entitled to have any errors corrected. You undertake to cooperate with us or any intermediary party and provide any information deemed necessary by us for our investigation into the matter. Upon our request, you shall attach a police report to the claim.

10. Limitation of Payontime Finance's Liability

General

• We are not responsible for any damage due to failures in power supply, telecommunications or Internet connections, or other technical equipment not belonging to us.
• We are neither responsible for any indirect damage.
• We are only responsible for transmitting Transfers and not for non-delivery of or defects in goods or services purchased from third parties through the use of the Service. Any such complaints and claims by a User shall be made directly to the applicable third party.

Force Majeure

• We are not responsible for any damage caused by law-enforcement actions, government action, war-related events, pandemics, strikes, lockouts, boycotts, blockades, or other unusual or unpredictable circumstances in Sweden or abroad over which we have no influence and whose consequences we could not have prevented. The reservation regarding strikes, lockouts, boycotts, and blockades applies even if we ourselves are subject to such conflict measures.
• We are neither responsible for any damage caused if we have acted in accordance with Swedish or EU law.
• If there is a hindrance to us effecting a Transfer or taking any other action due to circumstances under this paragraph, the action may be suspended until the hindrance has ended.