PayTo Terms & Conditions

This document encapsulates the terms, conditions and compliances for the usage of the PayTo Services offered by Kuber Financial Pty. Limited (“Kuber”). Acceptance of these terms and conditions shall amount to explicit consent on part of the User to strictly adhere to and be bound by the same.

Definitions

Customer refers to an entity, platform, marketplace, merchant or individual who agrees to accept these PayTo Terms and Conditions.

End Customer refers to a buyer/debtor/payer user using the Customer’s platform/marketplace services.

PayTo Agreement means a digital agreement that records authorised payment terms between the Customer or a Seller and its End Customer governed by the laws and regulations of Australia.

PayTo Claims means claims raised by the End Customer with their bank for any non-compliant or wrongful debits via PayTo from their bank account.

Payment Initiator means a payment service provider (Kuber) acting on behalf of the Customer and is authorised by the End Customer to initiate payments from their bank account.

NPPA means the New Payments Platform operated by NPP Australia Limited under the laws and regulations of Australia.

NPP Payments means electronic payments cleared and settled by participating financial institutions via the NPP.

User shall jointly refer to the Customer and End Customer who is an Australian resident with an Australian bank account

PayTo Service

PayTo is a new digital payment method that allows customers to authorise payments directly from their Australian bank accounts. It is a part of the NPPA initiatives to modernise and facilitate payment solutions in Australia.

PayTo is a payment option for businesses and individuals that use any Australian bank that has enabled PayTo and is compliant with the NPP regulations, provided that they also have an Australian bank account that is NPP enabled and suitable for use with PayTo transactions.

Scope of Service

Kuber Financial supports one-time transactions through the PayTo platform, operating on an ad hoc frequency mandate, which allows users to authorize and process individual payments on a case-by-case basis.

Kuber Financial also offers support for PayTo recurring transactions, enabling users to establish and manage ongoing payment arrangements with merchants or individual entities through the Kuber app.

Eligibility

Each User must adhere to Kuber’s policies as available on the website at www.kuberfinancial.com.au as updated or revised from time to time. The User must be compliant with any and all requisitions made by Kuber in relation to the Users organisational and financial structure and capabilities. This includes, but is not limited to, the furnishing of documents, reports and warranties as requested by Kuber within the stipulated time frame. The User must comply with: (i) all statutory provisions and requirements relating to Data Protection and Privacy; and (ii) all relevant and applicable Australian rules, regulations and laws.

Termination

Kuber may terminate a User’s PayTo services at any time in Kuber’s absolute discretion. Kuber may provide the User notice of the termination of its PayTo services after the termination, but is under no obligation to provide any notice whatsoever. Kuber will terminate a User’s PayTo services without notice in any of the following situations:

  1. 5.1. Kuber determines (in its absolute discretion) that any User is in breach of these terms and conditions (as amended from time to time) or any statutory provisions, laws or regolations that apply to the use and governance of PayTo services in Australia via the NPPA.
  2. 5.2.The User’s PayTo claims ratio is beyond the acceptable limits of Kuber’s risk appetite, as determined in Kuber’s absolute discretion
  3. 5.3.PayTo is being used by the User for use-cases or workflows not approved by Kuber or which are in breach or contradiction with applicable policies and laws.
  4. 5.4.Kuber suspects or identifies improper or fraudulent use of PayTo by the User.

Fraudulent and other criminal conduct

  1. 6.1. If Kuber suspects or determines, in its absolute discretion, that any User is using or has used Kubers services to engage in any fraudulent, misleading, deceptive, moneylaundering, or other criminal conduct or activity whatsoever (whether knowingly, intentionally, negligently or not), and whether under the laws and regulations of Australia or overseas, then that User's access to PayTo Services will be immediately terminated without notice.

Obligations of Customer

  1. 7.1.The User must comply with all applicable laws in connection with their use of PayTo. In addition, the Customer must initiate PayTo payments (including retries) strictly as per PayTo Agreement terms and in line with the PayTo payment workflows / use cases approved in writing by Kuber for use by the Customer.
  2. 7.2.The Customer will be responsible and financially liable for any PayTo Claims where Kuber investigations conclude the Customer is liable, which may be due to non-compliance, negligent actions or omissions, fraudulent behaviour or other actions or omissions that are deemed to have contributed to any losses incurred with respect to the Claim.
  3. 7.3.PayTo Claim amount can be more than the original payment amount, to cover any additional losses incurred by the End Customer (or by Kuber) as a result of the behaviours that gave rise to the successful PayTo Claim.
  4. 7.4.The Customer must act promptly in relation to any instructions or PayTo Claims initiated by their End Customers. With respect to any Claims raised, the Customer must respond to communication from Kuber regarding the same and either accept or reject the Claim with valid proofs and details within three business days. Even post offboarding, the Customer will remain responsible and liable for any successful Claims raised against the Customer.

  5. 7.5.The User confirms that they are either obliged to comply with the Privacy Act 1988 (Cth), or if they are not obliged to comply with the Privacy Act 1988 (Cth), they confirm

    that they will comply with the Privacy Act 1988 (Cth) as if they are an “APP Entity” (as that term is defined in the Privacy Act 1988 (Cth)).

  6. 7.6.The User warrants that they will strictly adhere to the prescribed model of use case scenarios stipulated within the attached schedule herewith and represents and warrants that they do not fall under any of the categories of prohibited merchants.
  7. 7.7. The User warrants that they will not use Kuber’s services regarding any pecuniary transaction involving any form of alcohol.
  8. 7.8.The Customer hereby authorises Kuber and any End Customer Financial Institution to collect, store and use the Customer’s personal information (amongst other information) in connection with PayTo, including for the purposes of constructing NPP Payment messages and enabling Kuber to receive NPP Payments on behalf of the Customer. For the purposes of this present sub clause only, Kuber shall mean Kuber Financial Pty. limited and any platform service provider engaged and/or used by Kuber to facilitate seamless PayTo transactions. Please also see Kuber’s privacy policy at https://www.kuberfinancial.com.au/privacy- policy.html

Indemnity

  1. 8.1.The Users hereby indemnify and undertake to keep indemnified Kuber of any damages, claims, actions, costs or penalties that may arise from the Users breach of any of the obligations, conditions or representations made in these terms and conditions or in the event of the Users non compliance or violation of any relevant statute, law or regulation.
  2. 8.2.The User explicitly agrees to keep Kuber indemnified in the following scenarios
  3. 8.2.1. Misrepresentations or breach by Customer of its representations and warranties set forth in this Agreement;
  4. 8.2.2. Any failure of Customer to comply with or breach of any covenant or agreement made by it in this Agreement;
  5. 8.2.3. Customer’s negligence or wilful/intentional misconduct, misleading or deceptive conduct or fraud.

Limitation of Liability

  1. 9.1. In no event shall Kuber or any of its Representatives be liable for any lost profits, data, or any indirect, punitive, incidental, circumstantial, special, consequential, or exemplary damages arising out of, in connection with, or relating to these present Terms or the Services.
  2. 9.2.Kuber is not liable for any error in judgment for any act taken or not taken or for any mistake of fact or law except as expressly provided for in these present terms.
  3. 9.3.Kuber is not liable for any Mandatory Reversal, Refund or any dispute in connection thereto.
  4. 9.4.Kuber has no relation or nexus to the Users’ agreement with its financial institution. Kuber is not liable for any incomplete Transactions as a result of any such limit, or if a financial institution fails to honour any credit or debit to or from any Users Account.
  5. 9.5.In relation to the Services, and to the extent permitted by law, Kuber’s maximum aggregate liability arising from or relating to any claim by the Customer arising out of or in connection with the Services shall not exceed the aggregate amount of 100% of the Service Fees it receives from the Customer during the 12-month period preceding the date such claim(s) is/ are made.

Limitation of Liability

  1. 9.1. In no event shall Kuber or any of its Representatives be liable for any lost profits, data, or any indirect, punitive, incidental, circumstantial, special, consequential, or exemplary damages arising out of, in connection with, or relating to these present Terms or the Services.
  2. 9.2.Kuber is not liable for any error in judgment for any act taken or not taken or for any mistake of fact or law except as expressly provided for in these present terms.
  3. 9.3.Kuber is not liable for any Mandatory Reversal, Refund or any dispute in connection thereto.
  4. 9.4.Kuber has no relation or nexus to the Users’ agreement with its financial institution. Kuber is not liable for any incomplete Transactions as a result of any such limit, or if a financial institution fails to honour any credit or debit to or from any Users Account.
  5. 9.5.In relation to the Services, and to the extent permitted by law, Kuber’s maximum aggregate liability arising from or relating to any claim by the Customer arising out of or in connection with the Services shall not exceed the aggregate amount of 100% of the Service Fees it receives from the Customer during the 12-month period preceding the date such claim(s) is/ are made.

Refund Policy

  1. 10.1. The End Customer may request a refund in regard to an amount paid to registered Kuber PayTo Merchant (“Merchant”) via a PayTo transaction in the manner described in these terms and conditions, and subject to these terms and conditions.
  2. 10.1.1. The End Customer may request a refund by writing to Kuber at support@kuberfinancial.com.au providing a detailed explanation as to why they believe they are entitled to a refund
  3. 10.1.2. The End Customer must provide clear explanation and reasons for requesting the refund and in the event that the refund is being claimed due to any act or omission on the Merchant’s end the End Customer must provide any and all evidence indicating the Merchant’s default.
  4. 10.1.3.Kuber shall adjudicate the validity of the refund request based on the inputs provided by the End Customer and shall decide at its discretion whether the request is valid or not.
  5. 10.1.4.Kuber shall communicate its decision regarding the End Customers refund request to the End Customer within five (5) days from receipt of such request.
  6. 10.1.5.Kuber is not obligated to provide any reasons or justifications to the End Customer in the event that it decides to decline the request for refund.
  7. 10.1.6. In the event Kuber decides a refund claim is legitimate the refund shall be initiated by Kuber within seven (7) days.
  8. 10.1.7 If an End Customer is unhappy with the outcome of their claim, they may refer their claim to AFCA by writing to: Australian Financial Complaints Authority (AFCA) at info@afca.org.au. Kuber is registered and compliant with AFCA and bears registration number 86775.

Terms and Conditions Updates

  1. 11.1.Kuber will provide Users with at least thirty (30) days' advance notice of any material changes to these Terms and Conditions.
  2. 11.2. Notice of changes will be communicated to Users through email.
  3. 11.3.The updated Terms and Conditions will be made available on the Kuber website at www.kuberfinancial.com.au
  4. 11.4. The updated Terms and Conditions will become effective thirty (30) days after the notice has been provided to Users unless a later date is specified in the notice.
  5. 11.5. If a User does not agree to the updated Terms and Conditions, they have the right to opt-out and cancel their use of the Kuber PayTo Services.

Schedule of Prohibited Merchants includes but is not limited to:

Serial No. Category Description Additional Details
1 Arms Dealers and Manufacturers Includes weapon sellers, re-sellers, and weapons components suppliers.
2 Blood and Body Parts Pertains to the trade of human or animal blood and body parts.
3 Domestic/Foreign Unregistered Charities Charities that are not registered in their respective countries.
4 Crypto-Currency Involves trading and transactions in cryptocurrencies.
5 Game and Hunting Industries Includes businesses related to game hunting and related equipment.
6 Live Animal Trading Pertains to the trade of live animals.
7 Private Military Companies Companies providing military services and personnel.
8 Shell Banks Banks that exist without a physical presence and minimal or no employees.
9 Online Casinos Internet-based gambling platforms.
10 Vaping Equipment Includes e-cigarettes and related accessories.
11 Dating and Escort Services Online platforms for dating and escort services.
12 Internet Adult Digital Content Sites and Providers Websites offering adult digital content.
13 Unlicensed Financial Advisors Financial advisory services without proper licensing.
14 Unnecessarily Complex Ownership Structures Includes nominee or bearer share corporations.
15 Products and Services Invoking or Supporting Racism, Violence, Abuse, Discrimination, Hatred, Terrorism, Paedophilia, or Other Immoral Activity Items or services that promote or support unethical behaviours and ideologies
16 Counterfeit/Imitation Items Includes counterfeit currency, coins, stamps, counterfeiting equipment, trademark infringement items, and goods infringing on third-party intellectual property rights.
17 Security Brokers and Dealers Firms or individuals engaged in buying and selling securities.
18 Remote Stored Value Load Merchants Merchants involved in the remote loading of stored value on cards or other instruments.
19 Wire Transfer Money Orders Services providing wire transfer and money order facilities
20 Betting and gambling Businesses involved in betting and gambling activities.
21 Other Categories Identified in Future Categories identified in alignment with regulatory and industry advice.

SCHEDULE 1 - RECURRING PAYMENTS MANDATE

This schedule is an addendum and is therefore subject to and is to be read along with all the Terms, Conditions and Policies in place for Kuber Financial Pty. Ltd.

Definitions

  1. 1.1. User shall refer to an individual who is approved by an NPP participant or identified institution to avail PayTo services and is in use of the Kuber Application after having completed the requisite KYC and having agreed to all the terms of usage.

  2. 1.2. Merchant User shall refer to a business entity, which is approved by an NPP participant or identified institution to avail PayTo services, that uses the Kuber Application as a mode of receipt for payments accrued in discharge of their business activities.

    (The persons identified in 1.1 and 1.2 herein above shall jointly be referred to as “Customers”)

  3. 1.3. Customer Financial Institution shall mean the bank or financial institution used by the customer to facilitate transactions through Kuber.
  4. 1.4. Payment Mandate shall have the meaning ascribed to it in Clause 2 of this present schedule.

Scope of Services and Recurring Mandate

Kuber Financial provides for the set up of a recurring payment mandate through their application. Within the application a user may, if they so wish, choose to set up a recurring payment mandate for a fixed period of either six (6) months or twelve (12) months. A recurring payment mandate is authorisation given to Kuber to directly debit the users account with their bank/financial institution towards a payment made by the user via the Kuber application. This mandate is tantamount solely to authorisation given to Kuber to debit money as per the customers need and usage. Kuber shall not debit any amount/money from the customers bank without the explicit command to do so from the customer. Kuber shall facilitate transactions under a PayTo Agreement only under the particulars of the said PayTo Agreement and subject to the maximum permissible limit per transaction as set by Kuber and amended from time to time. This entire service is based on an ad-hoc model at the discretion of the customer. Each time a customer wishes to make a PayTo payment via the Kuber application, they will have to manually follow the process on the application to do the same and subsequently authorise the same with their financial institution/bank. No form of auto-pay or auto debit is included within the services of Kuber.

User Representations

Indemnity

Merchant User hereby indemnifies Kuber to the full extent of any applicable laws for the sale of any prohibited, faulty or defective good made to a user of Kuber and holds Kuber harmless in the entirety against any repercussion or liability in the said event, either pecuniary or otherwise.

Liability

Kuber undertakes no liability arising out of any actions taken by the customers under this agreement save that which is explicitly admitted and undertaken. Furthermore Kuber shall not be liable for any interruption of service owing to any issue , technical or otherwise, arising out of the Customs financial institution.