KUBE PAY
Payment Services Terms and Conditions
Kube Finance Limited
Agent of Wonderful Payments Ltd (trading as Asima)
Version 1.0 | Last updated: March 2025 | Effective date: March 2025
IMPORTANT: These Payment Services Terms and Conditions govern the use of regulated open banking payment initiation services provided through the Kube Pay platform. Kube Finance Limited acts as an agent of Wonderful Payments Ltd (trading as Asima), FCA Financial Services Registration Number 964289. By using Kube Pay’s payment services, you agree to be bound by these terms.
1. Definitions
In these Payment Services Terms and Conditions, the following terms have the meanings set out below:
“Kube Pay” / “we” / “us”: Kube Finance Limited (trading as Kube Pay), the agent providing access to payment services under the authorisation of Wonderful Payments Ltd.
“Asima” / “Principal”: Wonderful Payments Ltd (trading as Asima), FCA Financial Services Registration Number 964289, the FCA-authorised Payment Institution under whose authorisation regulated payment services are delivered.
“Merchant” / “You”: The business or individual who has registered for a Kube Pay merchant account to accept open banking payments from their customers.
“Payer”: An end customer who uses Kube Pay to make a bank payment to a Merchant.
“Payment Services”: The payment initiation services (PIS) and associated services provided through the Kube Pay platform, delivered under Asima’s FCA authorisation.
“Payment Order”: An instruction to initiate a bank-to-bank payment from a Payer’s account to a Merchant’s account.
“ASPSP”: Account Servicing Payment Service Provider — the Payer’s bank or building society that holds the account from which the payment is made.
“PSB” or “Platform”: The Kube Pay software platform, APIs, dashboard, and related tools through which the Payment Services are accessed.
“KPIS”: Kube Pay Invoice System — the QR code and link-based payment generation feature.
“KYB”: Know Your Business — the identity and business verification process completed prior to merchant onboarding.
“Plan”: The pricing plan selected by the Merchant (Pay As You Go, Starter, Growth, or Pro).
“Settlement”: The transfer of payment proceeds to the Merchant’s nominated bank account following successful completion of a Payment Order.
“Platform Fee”: The monthly subscription fee applicable under the Merchant’s chosen Plan, where applicable.
“Transaction Fee”: The per-payment fee charged by Kube Pay for each successfully completed Payment Order.
“Working Day”: Any day other than a Saturday, Sunday, or public holiday in England and Wales.
2. Regulated Status and Agency Relationship
Payment Services delivered through the Kube Pay platform are regulated services provided under the FCA authorisation of Wonderful Payments Ltd (trading as Asima), an FCA-authorised Payment Institution under the Payment Services Regulations 2017 (PSR 2017). Wonderful Payments Ltd is authorised to provide Payment Initiation Services (PIS) and Account Information Services (AIS).
Kube Finance Limited acts as an agent of Wonderful Payments Ltd within the scope of that authorisation. Kube Finance Limited is listed as an agent of Wonderful Payments Ltd on the FCA Register. You can verify this at register.fca.org.uk.
By entering into these Terms, you acknowledge that the regulated Payment Services you receive are delivered under the FCA authorisation of Wonderful Payments Ltd (Asima), and that both Kube Finance Limited and Wonderful Payments Ltd may have obligations and rights in respect of those services under applicable payment services law.
3. Merchant Eligibility and Onboarding
3.1 Eligibility
To use the Payment Services as a Merchant, you must:
Be a business or sole trader registered or operating lawfully in the United Kingdom
Be aged 18 or over (if an individual or sole trader)
Have a valid UK business bank account capable of receiving Faster Payments
Not be engaged in any business type listed in our Acceptable Use Policy (kubepay.co.uk/aup)
Successfully complete our KYB verification process prior to going live
Agree to these Terms and all related policies
3.2 KYB Verification
Prior to processing live payments, all Merchants must pass our Know Your Business (KYB) verification process. This is required by law under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and as part of our obligations as agent of Wonderful Payments Ltd.
KYB verification requires you to provide documents including, but not limited to: proof of identity for beneficial owners and directors, proof of business address, company registration documents, and VAT registration where applicable. We reserve the right to request additional documentation at any time.
We reserve the right to decline or terminate a Merchant application at our sole discretion, including where KYB verification cannot be completed or where we are required to do so by our obligations to Wonderful Payments Ltd or under applicable law.
4. The Payment Services
4.1 Payment Initiation
Kube Pay enables Merchants to request bank-to-bank payments from Payers using open banking Payment Initiation Services. Payments are initiated via QR codes, payment links, or direct API integration, depending on the Merchant’s plan and integration method.
When a Payer initiates a payment, they are redirected to their own bank’s secure authorisation interface to authenticate and approve the Payment Order. Upon authorisation, Kube Pay submits the payment instruction to the Payer’s ASPSP via the open banking API. Settlement is subject to the Payer’s bank processing the payment.
4.2 Settlement
Payments settled via Faster Payments typically arrive in the Merchant’s nominated account within minutes of authorisation, subject to the Payer’s bank processing times and any holds applied by the receiving bank. Kube Pay does not hold Merchant funds at any point; payments flow directly from the Payer’s bank to the Merchant’s nominated bank account.
Settlement timing is subject to the Faster Payments Service operating rules. Kube Pay accepts no liability for delays caused by the Payer’s bank, the receiving bank, or the Faster Payments infrastructure.
4.3 Payment Limits
Payments initiated through the Kube Pay platform are subject to Payer bank limits under Faster Payments (typically up to £1,000,000 per transaction, subject to individual bank limits). Transaction limits applicable to your Merchant account will be communicated to you during onboarding and may be updated by Kube Pay or Asima at any time in accordance with regulatory requirements.
5. Fees and Charges
5.1 Pricing Plans
Kube Pay offers the following pricing plans. Current pricing is always available at kubepay.co.uk/pricing.
Pay As You Go: No monthly platform fee. Transaction Fee of £3.50 per successfully completed payment. No minimum commitment.
Starter Plan: Monthly platform fee (as published). Transaction Fee of £1.00 per successfully completed payment.
Growth Plan: Monthly platform fee (as published). Transaction Fee of £1.00 per successfully completed payment.
Pro Plan: Monthly platform fee (as published). Transaction Fee of £1.00 per successfully completed payment.
5.2 Billing and Payment
Monthly Platform Fees are payable in advance on the first day of each billing month. Transaction Fees are charged per successfully completed Payment Order and will be deducted or invoiced as set out in your account settings.
All fees are exclusive of VAT. We will add VAT at the applicable rate where required. We reserve the right to change our fees on not less than 30 days’ written notice. Continued use of the Payment Services after a fee change takes effect constitutes acceptance of the new fees.
5.3 Failed and Disputed Payments
Transaction Fees are charged only on successfully completed Payment Orders. A Payment Order that fails before the Payer’s bank accepts the instruction will not incur a Transaction Fee. Where a payment is subsequently reversed, recalled, or disputed, we reserve the right to charge an administration fee as set out in our current fee schedule.
6. Merchant Obligations
By using the Payment Services, you agree to:
Provide accurate, complete, and up-to-date information during onboarding and at all times during the term of your account
Notify us immediately of any changes to your business, beneficial ownership, bank account details, or contact information
Use the Payment Services only for lawful commercial transactions in accordance with our Acceptable Use Policy
Not use the Payment Services to facilitate money laundering, fraud, terrorist financing, sanctions evasion, or any other unlawful activity
Maintain adequate records of all transactions processed through the Platform
Co-operate fully with any KYB refresh, compliance review, or investigation we or Asima undertake
Ensure that your use of the Payment Services complies with all applicable laws and regulations, including consumer protection, data protection, and financial promotion rules
Not resell or sub-licence the Payment Services to any third party without our prior written consent
7. Suspension and Termination
7.1 Termination by Merchant
You may terminate your Merchant account at any time by providing 30 days’ written notice to hello@kubepay.co.uk. Monthly platform fees paid in advance are non-refundable for the current billing period.
7.2 Suspension or Termination by Kube Pay
We may suspend or terminate your access to the Payment Services immediately and without notice if:
You breach these Terms or any related policy
We are required to do so by Wonderful Payments Ltd (Asima) or by a regulatory or legal obligation
We reasonably suspect fraudulent, unlawful, or suspicious activity on your account
Your KYB status can no longer be verified or maintained
You fail to pay fees when due
Your account has been dormant for more than 12 consecutive months
Continuing to provide services would expose us or Asima to regulatory, legal, or financial risk
Upon termination, all outstanding fees become immediately payable. We will provide you with access to your transaction history for a reasonable period following termination.
8. Liability and Indemnity
8.1 Our Liability
Our liability to you under or in connection with these Terms is limited to direct losses arising from our breach of these Terms or our negligence. We do not accept liability for indirect, consequential, or special losses, loss of profit, loss of revenue, or loss of data, whether or not such losses were foreseeable.
Our aggregate liability to you in any 12-month period shall not exceed the total fees paid by you to Kube Pay in that period.
We do not exclude or limit our liability for death or personal injury caused by our negligence, fraud or fraudulent misrepresentation, or any liability that cannot be excluded or limited under applicable law, including our obligations to you under the PSR 2017.
8.2 PSR 2017 Liability
Nothing in these Terms limits or excludes the statutory rights and protections you have as a Payment Service User under the Payment Services Regulations 2017. These include protections in relation to unauthorised payment transactions, incorrectly executed payment transactions, and refund rights.
Where a payment is executed incorrectly or without authorisation, your rights under the PSR 2017 apply. Depending on the nature of the issue, claims may need to be directed to your bank (ASPSP), to Kube Finance Limited, or to Wonderful Payments Ltd (Asima) as our regulated principal. Please refer to our Complaints Policy at kubepay.co.uk/complaints for the appropriate route.
8.3 Indemnity
You agree to indemnify and hold harmless Kube Finance Limited and Wonderful Payments Ltd (Asima) against any claims, losses, liabilities, damages, costs, and expenses (including legal fees) arising from your breach of these Terms, your use of the Payment Services in a manner that breaches applicable law, or any third-party claim arising from a transaction you processed through the Platform.
9. Data Protection
Each party will comply with its obligations under the UK GDPR and the Data Protection Act 2018 in connection with personal data processed under or in connection with these Terms.
Our Privacy Policy (kubepay.co.uk/privacy) explains how we process personal data in connection with the Payment Services. Where Merchants process personal data of their own customers using the Kube Pay platform, they do so as independent data controllers and are responsible for ensuring they have a lawful basis for that processing.
10. Confidentiality
Each party agrees to keep confidential all non-public information of the other party obtained in connection with these Terms (“Confidential Information”), and not to disclose such information to any third party without prior written consent, except as required by law, regulation, or the instruction of a competent regulatory authority (including the FCA).
11. Amendments
We may amend these Terms at any time. Where a change is material, we will provide at least 30 days’ notice by email to your registered address. Changes required by law or regulation or by Wonderful Payments Ltd (Asima) as our regulated principal may take effect immediately. Continued use of the Payment Services after the effective date of any amendment constitutes your acceptance of the amended Terms.
12. General
Entire Agreement: These Terms, together with our Privacy Policy, Cookie Policy, Acceptable Use Policy, and Merchant Terms and Conditions, constitute the entire agreement between you and Kube Finance Limited in relation to the Payment Services.
Severability: If any provision of these Terms is found to be invalid, unlawful, or unenforceable, it shall be severed from the remaining Terms, which shall continue in full force and effect.
Waiver: A failure or delay by either party to exercise any right or remedy under these Terms shall not constitute a waiver of that right or remedy.
Assignment: You may not assign or transfer your rights or obligations under these Terms without our prior written consent. We may assign these Terms in connection with a merger, acquisition, or sale of our business.
Governing Law: These Terms are governed by and construed in accordance with the laws of England and Wales. Both parties submit to the exclusive jurisdiction of the courts of England and Wales.
Complaints: Our Complaints Policy is available at kubepay.co.uk/complaints. You may also be eligible to refer unresolved complaints to the Financial Ombudsman Service at financial-ombudsman.org.uk.
Legal Notice
These Payment Services Terms and Conditions are provided as a working draft and do not constitute legal advice. They should be reviewed by a UK-qualified solicitor with experience in payment services regulation before going live, and should be aligned with the agency agreement between Kube Finance Limited and Wonderful Payments Ltd (Asima). Payment services are regulated under the Payment Services Regulations 2017 under the FCA authorisation of Wonderful Payments Ltd (FCA No. 964289).