Overview of Terms and Conditions and Charges
The Terms and Conditions that will apply to Indirect PSPs will depend on the specific products and services selected.
The Terms and Conditions that will apply to Indirect PSPs will depend on the specific products and services selected. These will include:
- Account Terms for Credit Institutions, Credit Unions and other Payment Service Providers.
This covers the operation of the underlying bank account(s) from which payments sent and received are settled. This includes the terms and conditions for giving instructions, making cash deposits, foreign currency exchange, provision of overdraft, interest rates, rights of termination, charges, changes to the contract terms and the liability of the parties.
- Indirect Access to Payment Services
Contract that covers the provision of Indirect Access services, including access to Faster Payments, Bacs, CHAPS and the Image Clearing system.
- Optional Product Specific Terms and Conditions.
As an Indirect PSP we require both you and your clients to operate within the relevant scheme rules and procedures. Failure to do so may place in jeopardy access to the schemes and related services.
We will agree the applicable charges with you for banking and Indirect Access services and we will confirm these in writing before we open your bank account(s). Charges for additional services will be advised in writing prior to use.
As an Indirect PSP you should expect charges for:
- Set-up and access to submission channels (including set-up, maintenance, security credentials)
- Operation and funding of your bank account(s).
- Payments you send and receive.
- Advice of transactions (per transaction and file charges.
- Other products and services that you have requested.
Where the scheme company has agreed such access, bespoke testing charges between the Indirect PSP and VocaLink are payable directly to VocaLink. Likewise any commercial arrangement and contractual agreement with VocaLink (or any other third party) regarding the provision of connectivity hardware and / or software needed for a delivery channel is payable directly to VocaLink.
There is no additional charge for using the following services Automated Standing Order File Amendment (ASOFA), Advice of Wrong Account for Automated Credits Service (AWACS), Biller Update Service.
For ‘Cash ISA Transfer’ and ‘Current Account Switching Service’ the only charge by us is for issuing security smartcards to Participant nominated staff contacts.