Open Banking Terms and Conditions
Wise Payments Limited
Last updated: 8 April 2024
You may go directly to any section by selecting the appropriate link provided. The headings are for reference only.
1. About Wise and how to contact us
2. How our Payment Initiation Service works
3. Unauthorised Payments
4. Our responsibility for loss or damage
5. Complaints
6. General but important terms
IMPORTANT THINGS TO KNOW
- By using our Payment Initiation Service you agree to these terms and conditions. If you don’t agree, you must not use this service.
- It is crucial you ensure that all the payment details are correct. Once you confirm the payment, it cannot be cancelled and we may be unable to retrieve any funds sent in error.
- In the event of a suspected unauthorised payment, you must contact your financial institution without delay. Delayed notification could lead to liability for the entire payment amount.
- If you have any complaints about us or our services, you may contact us following our complaint procedure.
These terms and conditions apply each time you request us to make a payment via a bank transfer using Open Banking, which we call our Payment Initiative Service. It describes your rights and obligations, and ours, and forms a legally binding contract between you and Wise when you use this payment method. The collection and use of data provided to us is governed by our Privacy Policy.
1. About Wise and how to contact us
1.1 Wise Payments Limited (“Wise”, "us" or "we") is a company incorporated under the laws of England and Wales. It's registered with the company number 07209813 and is an authorised electronic money institution, as authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017 to issue electronic money and provide payment services.
1.2 Our registered office is 6th Floor, Tea Building, 56 Shoreditch High Street, London E1 6JJ, United Kingdom. This office is not publicly open to you or other members of the public.
1.3 Wise acts as a third party provider to enable you to initiate a payment directly from the account you hold with your financial institution (“Payment Initiation Service”).
1.4 If you have any complaints about us or our services, you may contact us following our complaint procedure.
2. How our Payment Initiation Service works
2.1 Wise’s Payment Initiation Service is currently only available in the United Kingdom. We may add additional countries where this service is available, at any time, without notice to you.
2.2 When you request us to make a payment by bank transfer using Open Banking, you are using our Payment Initiation Service. This means that when you initiate a payment using our Payment Initiation Service, you are giving Wise your explicit consent to provide you with the Payment Initiation Service.
2.3 You will be shown a list of eligible financial institutions from which you can choose to make the payment. You will be redirected to your financial institution, such as their website or app. To proceed with the payment you will be required to log in to your account using strong customer authentication.
2.4 Once successfully logged into your account, you will be required to review and confirm the payment details, including:
- a) The payment amount.
- b) The recipient details.
2.5 You agree to only confirm the payment if all the payment details are correct. By confirming the payment you authorise Wise to make the payment on your behalf.
2.6 Once a payment is confirmed, it cannot be cancelled. Therefore, it is crucial to ensure that all the payment details are accurate. If you send an incorrect amount or make a payment to the wrong recipient we will not be able to recover this for you and are not responsible for any losses in connection with such errors.
2.7 Wise may not be able to initiate or complete a payment on your behalf. This may be because:
- a) The payment details are incomplete or incorrect, however we are not responsible for confirming the payment details are correct.
- b) The payment amount exceeds any applicable limits.
- c) We suspect the payment may be unlawful, has been initiated fraudulently or is in breach of any other agreement you have with us.
- d) We are required by applicable law or regulation to refuse to initiate the payment.
3. Unauthorised Payments
3.1 You must immediately contact the financial institution you made the payment from if you suspect a payment was unauthorised or incorrect.
3.2 You must notify your financial institution without delay and no later than 13 months from the date when the payment was initiated and the funds were debited from your account (in most cases, this may be the same day). If you do this you may be entitled to a refund from your financial institution, but this would be at the discretion of your financial institution and not Wise.
3.3 If you fail to notify your financial institution of an incorrect or unauthorised payment you may be liable for the entire payment amount. Your rights should be set out in your account terms with your financial institution.
4. Our responsibility for loss or damage
4.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time this agreement was entered into, both we and you knew it might happen. For example, a specific loss was discussed during a sign up process.
4.2 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for fraud or fraudulent misrepresentation.
4.3 We are not liable for business losses. To the extent permissible by law, if you use our Payment Initiation Service for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, loss of business opportunity or similar.
4.4 We are not liable for things which are outside of our control. We cannot be liable for our inability to deliver or delay because of things which are outside our (and our affiliates) control.
5. Complaints
5.1 If you have any complaints about us or our services, you may contact us following our complaint procedure.
6. General but important terms
6.1 No third party rights. These terms are between you and us. No other person shall have any rights to enforce any of its terms.
6.2 Severability. Each of the paragraphs of these terms and conditions operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.
6.3 Governing law. These terms and conditions are governed by English law. Any dispute between you and us in connection with the Payment Initiation Services and/or these terms and conditions shall be brought in the courts of England and Wales.