Additional Terms & Conditions

Additional Terms and Conditions – Verification of Payee

These Additional Terms and Conditions and Agreement concerning the Verification of Payee are drawn up to cover the relationship between Finance Incorporated Limited operating as Paymix Pro under company registration number C. 55838 with registered office at The Centre Level 3, Censu Xerri Street, Tigne’ Point, Tas-Sliema, TPO 0001, Malta, a Financial Institution Authorised by the Malta Financial Services Authority under the Financial Institutions Act 1994, for the issuing of electronic money and the provision of payment services, (“Finance Incorporated Limited”, “PayMix”, “We”, “Us, “Our”), and You (the PayMix Pro Business Account holder).

These Additional Terms and Conditions are supplemental to the general Terms and Conditions which can be found on Our Website: https://www.paymix.pro/terms-and-conditions/

1. Verification of Payee

The Verification of Payee (“VoP”), means a security feature that confirms the payee’s name matches their IBAN before You approve a SEPA payment. It aims to prevent defective executions like payments sent to the wrong person/account and fraud, helps You to check that You are sending the payment to the intended payee account by verifying whether the details You provided on the payee to initiate the payment, match the information held by the payee’s payment service provider.

  1. Verification of Payee – Single Payment Order: When making a SEPA payment transfer, You will be provided with VoP. You will be required to input the full beneficiary name and surname (in the case of an individual) and the corporate name or trade name (in the case of a legal person), and the beneficiary IBAN.
  2. Once this is done, We will send the details that You provide on the payee to the payee’s payment service provider to perform a VoP and a check is carried out to ensure that the inputted details match the account holder details. Before consenting to the payment order, We will inform you on screen of the result indicating whether the check is: (i) match; (ii) close match; (iii) no match; (iv) or verification is not possible at that time. This result provided by the payee’s payment service provider will be communicated to You by Us before You are requested to authorise the payment and You will be asked to take a decision whether to proceed or to cancel the payment.
  3. This is very important to ensure that the payment will not be credited to the wrong beneficiary. Furthermore, once the payment is authorised following the VoP check, We do not bear liability if the payment is credited and sent to the wrong beneficiary.
  4. In the provision of the VoP service, there may be instances where verification is not possible, and this not as a result of any failure on Our side. In such cases, We will indicate that the payee cannot be verified.
  5. You acknowledge that if You decide to authorise a payment without a complete VoP match, the funds might end up being sent to the wrong person and in such cases, You may not be able to recover the funds.
  6. If We receive from the beneficiary’s payment service provider a correction to the beneficiary’s name associate with the unique identifier, We will communicate this name to You. However, We will not correct, amend or change the payee details following the verification result, but You will have the possibility to do so.
  7. We shall not be liable for a defective execution if You provide incorrect details, including an incorrect unique identifier provided that We correctly carried out the VoP service, or if, after You receive the VoP result showing close match, no match or VoP not possible, You choose to proceed with authorising the payment.
  8. You may be entitled to a refund of a SEPA payment if the payment is received on an incorrect payee account and: (i) We fail to provide the VoP; or (ii) We do not carry out the VoP in accordance with these Additional Terms and Conditions.
  9. Verification of Payee – Batch Payment Order: When making batch SEPA payment orders, the default position is that You will be opting out of the VoP service. Therefore, when uploading a batch file, before authorising the batch payments, You will be informed on screen that in authorising the batch payments, You are opting out of the VoP service and should you wish to opt into the VoP service, You will be asked to cancel the batch payment order and enter each payment singly.
  10. The notice informing you of the default position and advising you of the right to opt into the VoP service will be provided each time You upload a batch file. In this way, You may at any time choose whether to proceed with the default opt out position for batch payment transfers or whether to opt to use the VoP service and not proceed with the batch payment transfers.
  11. If You have opted out from the VoP in accordance with these Additional Terms and Conditions, We are not liable to You if the unique identifier did not belong to the beneficiary/ies and You may not claim any refund as a result of this discrepancy. We shall endeavour, upon request, to recover the funds relating to the payment transaction. Any reasonable costs incurred by Us for such recovery may be charged to You.