Standard Terms

CreDec Standard
Customer Framework Agreement

Where CreDec provide services to a Customer, these general terms and conditions apply by default in the absence of any other agreement:

  1. Customer is any natural person or legal entity, to which CreDec provides a payment service where it sits in the flow of customer’s funds or any other services governed by the UK Payment Services Regulations (‘PSRs’). (The technical processing of payment instructions only, where CreDec is not in the flow of Customer’s funds is excluded.) Customer also includes any natural person or legal entity Customer designates in advance to CreDec as their agent, for any service obligation, including the payment of CreDec’s charges arising from Customer’s use of CreDec services, their provisioning and operation.
  2. These terms will apply from the date CreDec is first instructed by Customer or its agent and will continue until either Customer agrees a separate agreement with CreDec or Customer gives notice of termination in writing. CreDec will cease all services automatically without any further liability or cost to Customer no later than 30 days from the date of Customer’s notice.
  3. CreDec will calculate Customer’s liability to charges in arrears at the beginning of each calendar month and present its invoice to Customer by email notifying the date payment will be collected.
  4. CreDec will charge Customer’s or its agent’s designated bank account for the charges CreDec notifies in writing to Customer and as set out at and collect them by Direct Debit from customer’s bank account. CreDec will not accept any alternative payment method and Customer will be liable to an additional charge for each individual occasion on which CreDec’s collection of charges on presentation is unsuccessful for any reason.
  5. Customer’s account or Customer’s agent’s account at CreDec is subject to a minimum charge per calendar month of £10.00 excluding VAT. All service charges accrued monthly that add up to less than £10.00, including transaction charges, will be subject to this minimum value and CreDec’s invoice for this amount. Customer service and transaction charges are not carried forward month by month.
  6. All CreDec charges are subject to VAT at the standard rate.
  7. Customer’s use of the services is subject to CreDec’s fair usage policy which it will exercise reasonably and determine at its discretion, as circumstances require.
  8. CreDec will give not less than one month’s notice of any increase to its charges and will notify any change in advance to Customer by email.
  9. CreDec reserves its position in the event that Customer or its agent does not pay its charges or CreDec is required to act to take any action to minimise any risk of loss or potential loss, including fraud, to Customer or itself and is not required to give any notice or explanation of why it has taken such action as regulations provide.
  10. If Customer becomes insolvent or CreDec receives material information that Customer is at risk of an insolvency event, CreDec may immediately withdraw its services.
  11. Customer accepts its responsibility to ensure that the bank payment details of all payees it instructs CreDec to make payment to on its behalf are correct and managed by Customer with appropriate care so that Customer’s record of this information is accurate and up to date. CreDec will verify Customer’s payment instructions before it acts on them but does not accept any liability for valid payment instructions presented to CreDec which it pays to Customer’s payees that turn out after the event to be incorrect or wrong. Customer agrees CreDec will have no liability arising from errors introduced by Customer.
  12. Where Customer does instruct a payment incorrectly to a payee, CreDec will use its best endeavours to recover the amount of the payment through the appropriate channels but cannot guarantee a recovery and will not be liable for any failure to recover Customer’s misdirected funds.
  13. Customer accepts these terms by its use of the services represented by its own, or its designated agent, granting access to Customer’s data and the provisioning of CreDec services.
  14. Customer can contact CreDec by email to and CreDec will typically respond during normal working hours either the same day or the next working day.
  15. CreDec will assign a unique code to identify to Customer each use of CreDec’s services and Customer must take reasonable steps to ensure this information is only shared with those individuals who need to know it.
  16. CreDec has a legal obligation to protect Customer’s data and keep it safe which it does in accordance with the relevant CreDec policies that give effect to its legal obligations. CreDec only uses Customer data for the specific purposes to which Customer has consented. Customer can withdraw its consent to the use of its data at any time.
  17. Customer confirms by its use of CreDec’s services it has the necessary permissions and authority from any data subjects for which it is the data controller to instruct CreDec’s provision of the Services in accordance with General Data Protection Regulation(s).
  18. The CreDec services rely on their link to a bank current account (or accounts) not provided by CreDec, which holds customer’s funds, and is under Customer’s sole control. Customer’s authority to release funds from its linked bank account(s) can only be given by its own signatories using the personal security credentials it has instructed its bank account provider to issue to Customer’s designated account signatories. CreDec has no liability to Customer in respect of any payments instructed using these personal security credentials. Customer accepts its obligation to safeguard their credit and funds at all times. CreDec does not provide payment accounts.
  19. Customer must notify CreDec immediately as soon as it becomes aware of any issue or security breach which might put its funds or credit balance in its bank account(s) linked to CreDec’s Services at risk. CreDec may suspend its services and do so without warning where it considers there is any risk to the security of Customer’s funds which includes any Customer insolvency event.
  20. CreDec treats all its Customers consistently and fairly. Where for any reason Customer is not satisfied at the way CreDec responds to a specific issue arising in the course of the services which Customer has raised that CreDec has also responded to in writing, Customer may request CreDec to formalise its complaint by notifying CreDec in writing it wishes to make a complaint, to which CreDec will respond in the appropriate timescale.
  21. CreDec has a legal obligation to verify Customer’s identify and others closely connected to it for the purposes of safeguarding Customer’s credit and preventing financial crime. Customer agrees to assist CreDec by providing the information CreDec explains it requires in order to comply with its regulatory obligations, which includes the periodic review of such Customer information.
  22. CreDec does not accept any liability to Customer for the non-availability of the Services from time to time or any liability or claim for contingent or consequential loss.
  23. Where CreDec allows Customer’s designated signatories to instruct Customer’s funding payments from CreDec’s own website, as opposed to their bank account provider’s website, using the same personal security credentials issued by their bank account provider holding Customers’ funds, also known as payment initiation services, strict time limits apply to any disputed payment Customer may wish to challenge. Customer must notify CreDec without delay and no later than 13 months from the date the debit was made from their account on becoming aware of any unauthorised or incorrectly executed payment transaction for which it seeks redress under regulations 76, 91, 92, 93 or 94 (liability for unauthorised transactions, non-execution or defective or late execution of transactions, or charges and interest) of the PSRs 2017 where the funding transaction was initiated by CreDec.
  24. CreDec reserves the right to change these general terms and conditions from time to time as shown at
  25. CreDec reserves its position in the operation of the services generally and this also means that if it doesn’t enforce any of its rights this does not mean that it has waived its rights and will not enforce them in the future.
  26. Customer cannot assign or transfer any rights or obligations that arise from CreDec’s Services without CreDec agreeing to this in advance including setting out any conditions it may agree, at its discretion, for doing so. CreDec may assign or transfer this agreement to any CreDec group company authorised to provide the services without giving Customer any special notice that it is going to do so.
  27. The regulator that authorises CreDec to provide its services is the Financial Conduct Authority.
  28. CreDec’s services and these terms and conditions are governed by English Law.

CreDec is a registered Trade Mark of Ardohr Limited, an Authorised Payment Institution, authorised and regulated by the Financial Conduct Authority Firm Reference Number (FRN) 791622 company registration number 3156714.

CreDec Limited is authorised and regulated by the Financial Conduct Authority Firm Reference Number (FRN) 815633 company registration number 10821006.

For the purposes of Data Protection, CreDec is registered by the ICO, registration number Z2056154.