Terms & Conditions

Welcome to Global Business Pay ("Company," "we," "us," or "our"). These Terms and Conditions ("Terms") constitute a legally binding agreement between you and Global Business Pay Limited, a company registered in the United Kingdom with registration number FCA-PA-8847291, headquartered at Level 32, One Canada Square, Canary Wharf, London E14 5AB, United Kingdom.

By accessing, registering for, or using any of our services, including our website at www.globalbusinesspay.io, mobile applications, APIs, and all associated payment services (collectively, the "Services"), you acknowledge that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, Cookie Policy, and any other policies referenced herein.

These Terms apply to all users, including but not limited to account holders, beneficiaries, merchants, and visitors to our platform. We reserve the right to modify, amend, or update these Terms at any time without prior individual notice. Material changes will be communicated through our platform or via email at least 30 days before becoming effective.

For the purposes of these Terms, the following definitions shall apply unless the context requires otherwise:

• "Account" means the electronic money account or payment account opened and maintained by us in your name, identified by a unique account number.
• "Authorized Person" means any individual authorized by you to operate your Account, including authorized representatives, signatories, or delegates.
• "Business Day" means a day (other than Saturday, Sunday, or public holidays) on which banks are open for business in London, United Kingdom.
• "Client Funds" means funds held in segregated accounts on behalf of users, held in accordance with applicable regulatory requirements and our safeguarding obligations.
• "Electronic Money" means electronically stored monetary value as represented by a claim on the issuer, issued on receipt of funds for the purpose of making payment transactions.
• "Fee Schedule" means our current schedule of fees and charges as published on our website and as may be amended from time to time.
• "Payment Order" means any instruction issued by you to us for the execution of a payment transaction.
• "PSD2" means the Revised Payment Services Directive (EU) 2015/2366, as implemented in the UK through the Payment Services Regulations 2017.
• "Regulator" means the Financial Conduct Authority (FCA) or any other regulatory body with jurisdiction over our operations.
• "User," "You," "Your" refers to any individual or entity that accesses or uses our Services, including Account holders and authorized representatives.

To open and maintain an Account with Global Business Pay, you must meet the following eligibility criteria:

• Age Requirement: You must be at least 18 years of age or the legal age of majority in your jurisdiction, whichever is higher.
• Legal Capacity: You must have the legal capacity to enter into binding contracts under applicable law.
• Jurisdiction: You must not be a resident of, or located in, any jurisdiction where our Services are prohibited by law or where we do not operate. Our Services are currently unavailable to residents of sanctioned countries including but not limited to North Korea, Iran, Syria, Cuba, and the Crimea region.
• Not Prohibited: You must not be listed on any government sanctions list, including the UK Sanctions List, OFAC SDN List, or UN Security Council Consolidated List.
• Accuracy of Information: All information provided during registration must be accurate, complete, and current. Providing false information constitutes a breach of these Terms.

Global Business Pay provides electronic money and payment services, including but not limited to:

• Electronic Money Issuance: Issuance of electronic money in multiple currencies, stored in your Account.
• Payment Execution: Execution of domestic and international payment transfers, including SEPA, SWIFT, and Faster Payments.
• Currency Exchange: Foreign currency exchange services at competitive rates, subject to our exchange rate policy.
• Multi-Currency Accounts: Holding and managing funds in multiple currencies within a single account structure.
• API Services: Programmatic access to payment and account management functions for business clients.
• Batch Payments: Processing of bulk payment instructions for corporate clients.
• Virtual IBANs: Provision of virtual International Bank Account Numbers for receiving payments.
• Account Information: Real-time balance inquiry, transaction history, and statement generation.

You are responsible for maintaining the confidentiality and security of your account credentials, including passwords, PINs, API keys, and two-factor authentication devices. You agree to:

• Create strong, unique passwords that are not used on any other platform.
• Enable two-factor authentication (2FA) wherever available.
• Immediately notify us of any unauthorized access or suspected security breach.
• Ensure that all Authorized Persons comply with these Terms.
• Keep your contact information current and accurate at all times.
• Not share your login credentials with any third party under any circumstances.

All payment transactions are subject to the following terms:

• Authorization: Every Payment Order must be authorized by you using your secure credentials. Once authorized, Payment Orders are generally irrevocable.
• Execution Times: Payment execution times vary by payment method. SEPA transfers typically execute within 1 Business Day. SWIFT transfers may take 1-5 Business Days. Faster Payments (UK) are typically executed within minutes.
• Cut-off Times: Payment Orders received after our published cut-off times will be processed on the next Business Day.
• Refunds: Refund requests must be submitted within 8 weeks of the debit date for authorized transactions. Unauthorized transaction claims must be reported within 13 months.
• Chargebacks: Chargebacks are only available for transactions executed in error or without proper authorization, subject to investigation.
• Currency Conversion: When a payment involves currency conversion, the exchange rate applied will be our prevailing rate at the time of execution, which includes a margin.

Our Fee Schedule is published on our website and is incorporated by reference into these Terms. All fees are quoted in the currency of the transaction unless otherwise specified. Key fee principles:

• Account Maintenance: Personal accounts are free of monthly maintenance fees. Business accounts may be subject to monthly fees based on the selected plan.
• Transaction Fees: Fees vary by transaction type, currency, and destination. Current fees are displayed before transaction confirmation.
• Currency Conversion: A foreign exchange margin of up to 1.5% above the interbank rate may be applied to currency conversions.
• Account Funding: Bank transfer deposits are generally free. Card deposits may incur a processing fee of up to 2.5%.
• Dormancy: Accounts with no activity for 12 consecutive months may be subject to a monthly dormancy fee of £5 or equivalent.
• Chargebacks: A chargeback processing fee of £25 per incident may be applied.
• Amendments: Amendment or cancellation of executed payment orders may incur processing fees.

We implement bank-grade security measures to protect your funds and personal information:

• Encryption: All data transmitted between your device and our servers is encrypted using TLS 1.3 with 256-bit AES encryption.
• Multi-Factor Authentication: 2FA is mandatory for all accounts and must be enabled within 7 days of account opening.
• Fraud Monitoring: Real-time transaction monitoring systems detect and flag suspicious activities using machine learning algorithms.
• Segregated Accounts: All client funds are held in segregated accounts with tier-1 banks, separate from our operational funds.
• Regular Audits: Our systems undergo regular security audits by independent third-party assessors.
• PCI DSS Compliance: We maintain PCI DSS Level 1 compliance for secure card data handling.

Your privacy is paramount. Our collection, use, and processing of personal data is governed by our Privacy Policy, which is incorporated into these Terms by reference. We comply with:

• UK GDPR — UK General Data Protection Regulation
• Data Protection Act 2018 — UK data protection legislation
• GDPR — EU General Data Protection Regulation (where applicable)
• PCI DSS — Payment Card Industry Data Security Standard

We will only process your personal data for the purposes of providing our Services, complying with legal obligations, preventing fraud, and with your consent where required. You have the right to access, correct, delete, and port your personal data, subject to our legal and regulatory obligations.

In compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and our FCA obligations, we implement robust anti-money laundering (AML) and know-your-customer (KYC) procedures:

• Identity Verification: All users must provide valid government-issued identification and proof of address before accessing full Services.
• Enhanced Due Diligence (EDD): Enhanced verification may be required for high-risk customers, high-value transactions, or complex corporate structures.
• Ongoing Monitoring: All accounts and transactions are subject to continuous monitoring for suspicious activity.
• Source of Funds: We may request documentation evidencing the legitimate source of funds deposited to your Account.
• Reporting Obligations: We are legally required to report suspicious transactions to the National Crime Agency (NCA) and may not disclose such reports to you ("tipping off" prohibition).
• Account Freezing: We may freeze or restrict your Account if required by law, court order, or regulatory instruction, including sanctions compliance.

Our liability to you is limited as follows:

• Direct Losses: We are liable for direct losses caused by our negligence, fraud, or wilful default, up to the amount of the transaction in question plus any applicable fees and interest.
• Force Majeure: We are not liable for any failure or delay in performing our obligations where such failure results from circumstances beyond our reasonable control, including acts of God, war, terrorism, government actions, internet failures, or banking system disruptions.
• No Consequential Damages: To the fullest extent permitted by law, we are not liable for any indirect, incidental, special, consequential, or punitive damages, including loss of profits, revenue, data, or business opportunities.
• Statutory Rights: Nothing in these Terms excludes or limits our liability for death or personal injury caused by negligence, fraud, or any other liability that cannot be excluded by law.

Either party may terminate the account relationship as follows:

• Your Termination: You may close your Account at any time by submitting a written closure request through our platform or to support@globalbusinesspay.io. Account closure is subject to completion of all pending transactions and settlement of any outstanding balances or fees.
• Our Termination: We may suspend or terminate your Account with 30 days' written notice. We may immediately suspend your Account without notice if: (a) we suspect fraud or illegal activity; (b) required by law or regulatory order; (c) you breach these Terms; or (d) we identify material risk to our operations or other users.
• Effect of Termination: Upon termination, any remaining balance (less applicable fees) will be returned to your registered bank account within 30 days, subject to regulatory requirements and our AML obligations.
• Survival: Provisions relating to liability, indemnification, confidentiality, and dispute resolution shall survive termination.

These Terms are governed by and construed in accordance with the laws of England and Wales. Any dispute arising from or in connection with these Terms shall be resolved as follows:

• Informal Resolution: Parties shall first attempt to resolve any dispute informally through good faith negotiations for a period of 30 days.
• Mediation: If informal resolution fails, either party may refer the dispute to mediation under the LCIA Mediation Rules.
• Arbitration: If mediation fails, the dispute shall be finally resolved by arbitration under the LCIA Arbitration Rules. The seat of arbitration shall be London, England. The language of arbitration shall be English.
• Small Claims: Notwithstanding the above, either party may bring qualifying claims in the small claims court of England and Wales.
• Injunctive Relief: Either party may seek urgent injunctive relief from any court of competent jurisdiction.

For questions, complaints, or notices regarding these Terms, please contact us through any of the following channels: