Common use of Payment Initiation Services Clause in Contracts

Payment Initiation Services. You can initiate payments from one of your bank accounts to another bank account through the Numbrs App. The Numbrs App supports local transfers as well as international SEPA transfers. The Numbrs App also enables you to create and manage standing orders, depending on the bank account connected. Your bank may have agreed with you that payment orders received after a certain point in time are not deemed to have been received until the following business day. The maximum execution time for the payment order and limitations for payment initiations depends entirely on the agreement between you and your bank. Neither Numbrs nor the PISP charge a fee for transmitting your payment order to your bank. You may pay a fee to your bank for the execution of the payment order in accordance with the agreements with that bank. If you initiate a payment in a currency other than the currency of your account, the applicable exchange rates are based on the agreements with your bank. The same applies to the interest rates that apply if you overdraw your account with the payment initiation or if your bank charges negative interest on your balance. The service described above is limited to providing your bank with the data for a payment order that is necessary to initiate the payment you request, but does not include the execution of the payment itself. Your bank is entirely responsible for the execution of the payment. Please also note that Numbrs can only display what is provided by the PISP. Please contact your bank if you need to verify whether a payment initiation was correctly executed. Numbrs can only assume liability for the fact that the data you provided was immediately forwarded to the PISP. Numbrs is not responsible for ensuring that your bank executes the payment order and that your bank reports this correctly.