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Terms + Conditions

Pay by Bank

Pay by Bank Payment Initiation Services Agreement.

Please read this information before signing up for our payment service. By using the Pay by Bank payment service (the "Service") you agree to be bound by the terms below. Please also read our Privacy Notice for the Service. It explains how we’ll use your personal information.

About the Service.

The Service is a payment initiation service that allows you to make payments directly from your selected bank account to the bank account of the merchant you are paying. The Service is offered to customers in the UK only and is not intended for use by customers resident in any other jurisdiction.

Terms and Conditions.

This agreement applies only to your use of this Service and applies only to the payment you are currently making. We will not change any of its terms after you agree to it.  

Please print or download and keep a copy of this agreement for your records. It applies to the payment you are making now and we will enter into a new agreement with you each time you use the Service to make another payment. Future agreements may be on different terms.

In this agreement:

You’ are the customer using the Service; and

We’ are Banked Limited.

1. What is the Service and what can you do with it?

1.1 The Service is a payment initiation service allowing you to initiate a transfer of funds directly from your selected bank account to the account of the person you are paying. 

1.2 In order to provide the Service we will give your instructions to your account provider by using a dedicated interface (such as an application programme interface or "API") set up by that provider.  Where the dedicated interface is not available we may access the payment service provider’s online account portal directly using your own log-in details.

1.3 We then initiate payments by securely communicating with the relevant payment service provider and instructing it to make a payment from your selected account. The payment service provider will make the payments in line with any timeframes you’ve agreed with them.

1.4 Once we’ve initiated the payments, we’ll:

(a) Confirm that the payments have been successfully initiated, unless for any reason we can’t initiate the payments (see “What happens if something goes wrong?”); and

(b) Return you to the Banked checkout confirmation page.

2. What will you need to do?

2.1 Your right to access and use the Service is personal to you and is not transferable.

2.2 The information you provide must be accurate, complete and up to date and must not give a false impression of your identity.

2.3 You must not use the Service for any unlawful purpose or in a manner that is inconsistent with this agreement and must only use the Service in connection with personal and non-commercial activity. You may not adapt, alter, modify, copy or reverse-engineer any part of the Service or allow someone else to do the same.

3. What happens if something goes wrong?

3.1 We are liable to you for loss or damage you suffer as a foreseeable result of us breaching this agreement, our failure to meet our obligations under applicable law to protect your information and keep it secure and for any other loss or damage that can't be limited or excluded as a matter of law.

3.2 We will have no liability for any loss or damage arising from your use of the Service to the extent that another of your payment service providers is responsible for that loss or damage.

3.3 We will not be liable for any loss or damage caused as a result of unauthorised access to the Service if: 

(a) you intentionally or negligently failed to take all reasonable precautions to protect your security details or any device used to access the Service;

(b) you failed to notify us that the Service was being accessed in an unauthorised way after becoming aware of it; or

(c) you acted fraudulently.

3.4 If you suspect that a payment from one of your accounts using the Service was not authorised or was incorrect, you must contact the provider of the account from which the payment was made as soon as possible. If we are at fault for the unauthorised or incorrect payment we will handle this directly with the account provider.

3.5 We may, provided we act reasonably, refuse to provide the Service where:

(a) You provide incorrect or incomplete information;

(b) We do not receive your consent to initiate the payment;

(c) We believe the payment is likely to fail (e.g. if there are insufficient funds in the account from which you are making a payment);

(d) We believe the payment is fraudulent or unlawful; or

(e) The law prevents us from providing the Service or requires us to refuse an instruction.

4. Will the Service cost you anything?

4.1 No, we do not charge you for using the Service.

5. How will we contact you?

5.1 If we need to contact you about the service we will communicate with you using the email address you provided when using the Service.

6. How can you contact us?

6.1 You can get in touch with us by emailing us at

7. Your Data.

7.1 You explicitly consent to us processing, and retaining any information you provide to us, for the purposes of providing payment services to you. This does not affect our respective rights and obligations under data protection legislation.

8. Use of third parties.

8.1 Banked may subcontract, delegate or assign any or all of its obligations under this agreement. For example, we may use another service provider’s technology to access accounts at certain banks.

9. If you're not happy with the Service who can you complain to?

9.1 If you have a complaint, please contact us by sending an email to . We’ll send you a written acknowledgement within five business days and keep you informed of our progress until your complaint has been resolved. We’ll do everything we can to sort out the problem.

9.2 If you remain dissatisfied, you may be entitled to refer your complaint to the Financial Ombudsman using the contact details below.

Financial Ombudsman Service, Exchange Tower, London E14 9SR

Telephone: 0800 023 4567 or 0300 123 9123

10. What else do you need to know?

10.1 All the information we give you and all communications between you and us will be in English.

10.2 We may choose not to enforce or rely on one or more of these terms and conditions at any time, but we reserve the right to start applying them again at any time.

10.3 Whilst we do not charge you for using the Service, other taxes and costs may exist that are not charged by or through us (for example, charges by your account provider that you have agreed with them). We have no control over these.

10.4 Banked Ltd is a company (company number: 11047186) registered with the Registrar of Companies for England and Wales with registered office at 151 Wardour St, Unit 5.01, London, W1F 8WE, UK

10.5 We are authorised by the Financial Conduct Authority (FCA) under registration number 816944. Authorisation can be checked on the Financial Services Register at The FCA’s address is 12 Endeavour Square, London, E20 1JN.

11. Law applying to this agreement.

11.1 This agreement (and all our dealings with you before the agreement) is governed by the laws of England and Wales.

11.2 Any dispute that arises regarding this agreement will be dealt with by the courts of that part of the United Kingdom that you live in. However, you can always choose to have your dispute heard in England and Wales if you would prefer.

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Banked Ltd is authorised and regulated by the UK Financial Conduct Authority
151 Wardour St, Unit 5.01, London, W1F 8WE, UK
Company number 11047186 : Firm Reference Number 816944 : +44 (0) 20 8090 2747

© Banked : 2024