Table of Contents
Table of Contents
1. Participant Definitions
Platform Owner: A person who implements "PhaJay" to connect for payments with their platform or business.
Platform: A system that connects with PhaJay's payment system.
Platform Customer: A person who makes payments through the platform owner's platform or payment source.
Acquiring Bank: A bank that participates in PhaJay's system to receive payments from customers and transfer money to platform owners.
2. Terms and Conditions for Use
Welcome to PhaJay. By using PhaJay's services, you agree to comply with the terms and conditions set by PhaJay.
PhaJay aims to transform the way individuals and businesses manage their financial data. As a trusted integrated banking service system, PhaJay enables platform owners to securely connect with multiple local banks, providing comprehensive platform management features such as: financial reports, transaction reports, and convenient platform balance.
PhaJay's goal is to make financial management easier and provide the necessary tools to inform your business decisions.
PhaJay emphasizes the security, privacy, and convenience of platform owners. With advanced encryption, strict access control mechanisms, and compliance with global data protection standards, PhaJay ensures that platform owners' financial data is stored with care and in the most complete condition.
PhaJay's service is built to provide a good and efficient user experience, helping platform owners feel confident in the security of their financial data. Through PhaJay, platform owners can track their financial movements, monitor spending, and access detailed transaction history in real-time.
By providing useful and actionable data, PhaJay helps platform owners control finances, plan effectively, and make decisions aligned with their goals. Whether you're managing personal accounts or business accounts, PhaJay will make the process easier and save time.
This policy will define the terms and conditions governing the use of PhaJay's data aggregation services, describe PhaJay's service scope, platform owner responsibilities, and how PhaJay protects your data. By using PhaJay, you agree to accept these terms and join the community as a genuine user who trusts us to manage your finances more conveniently and efficiently.
PhaJay is not just a tool, but also your partner in financial clarity and control. With innovation and commitment to excellence, PhaJay is ready to help you every step of the way. Welcome to PhaJay, where safety, convenience, and financial management capabilities meet.
3. Goals
PhaJay was created with the vision of empowering users to fully control their financial methods by making the process of managing multiple bank accounts and financial institutions simple.
The platform provides an integrated solution for accessing and tracking financial data safely and efficiently, enabling users to focus on their financial goals without wasting time on complex processes.
Our main purpose is to provide a simple financial experience by integrating banking data into coherent and easily understandable channels. Users can view real-time account status, analyze payment patterns, view transaction history, and understand financial liquidity all in one place.
This not only saves time but also provides clarity and actionable information for effective financial decision-making.
PhaJay emphasizes user safety and privacy as a top priority. Using modern encryption standards, secure data transmission processes, and strict access controls, we protect users' important financial data at all times.
Transparency is another foundation of our service. We communicate clearly how data is used, stored, and shared, helping users feel confident and willing to use our platform.
Beyond providing information, PhaJay also allows users to conduct financial transactions directly. Whether it's money transfers, payments, or setting up important financial event notifications, our platform creates convenience and trust in transactions.
With a commitment to creating user-centered experiences, PhaJay is designed to give users full control. Whether you're an individual focused on simplifying your financial management or a business looking for ways to efficiently manage multiple accounts, PhaJay is a reliable partner in achieving financial goals.
Finally, PhaJay's purpose is to transform financial management to be safe, transparent, and empowering to users. By combining technology and trust, we hope to help users navigate their financial channels with ease and confidence.
4. Know Your Customer (KYC) Policy
To access PhaJay's Production Mode functions, users must complete the identity and business verification process (KYC). This requirement not only ensures the security and integrity of financial transactions but also complies with international and local regulatory standards.
All platform owner data provided during KYC must be accurate and current. PhaJay reserves the right to suspend or cancel accounts found to have incorrect information.
All data provided by platform owners will be kept confidential and used for verification purposes only. PhaJay requires platform owners to complete all steps, including collecting personal and business data such as: name, address, phone number, bank account number, and government-issued identification documents (ID card, birth certificate, driver's license, passport, and others that can verify identity), name, business type.
This data is necessary to serve your business operations better, comply with regulatory requirements and laws. Please verify that all provided information is correct as this data will appear on your receipts and invoices.
The KYC process is an important step to ensure user account and data security. It involves verifying user identity through documents such as: government-issued ID cards, proof of address, and in some cases, physical verification (photo of owner with card).
This process protects against fraud, money laundering, and other financial crimes, ensuring that only authorized users can access PhaJay services.
By completing the KYC process, users can: Access the real Production system, Receive a Web Portal to view financial reports, transaction volumes, credit balances, refunds, and money claims, Ensure compliance with banking and financial regulations, avoid service interruptions.
The KYC process has two types: Individual KYC process and Legal Entity KYC process.
PhaJay is committed to user security and regulatory compliance. The KYC process helps us create a secure financial ecosystem where users can trust that their data and transactions are protected. Furthermore, it helps maintain compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws, ensuring that PhaJay operates transparently and ethically.
Individual KYC Process
Personal Information
- Name
- Surname
- Phone Number
Identification Documents
Please upload your copy of the identification document. Supported files: PNG, JPEG, JPG. Maximum size 20MB.
ID Card
Driver's License
Passport
Business Information
- Organization Name
- Business Type
- Secondary Business Type
- Description of Business
- Average payment value per transaction
- Website
Bank Account Information
- Bank Name
- Account Name
- Account Number
Legal Entity KYC Process
Legal Entity or Business Information
- Legal Entity or Business Name
- Business Email
- Business Phone Number
- Type of Business
- Description of Business
- Average payment value per transaction
- Business Address
- Website
Legal Entity Identification Documents
Please upload legal entity identification documents. Supported files: PNG, JPEG, JPG. Maximum size 20MB.
- Business Registration Certificate
- Owner Identification Document
Business Bank Account Information
- Bank Name
- Business Account Name
- Business Account Number
5. Claim Policy
Platform Owners can submit a claim request if they have successfully completed KYC verification. Claims will be approved within 24 hours from the time of the request, subject to the following conditions:
After a transaction occurs via PhaJay, a claim can be made immediately through the Web Portal provided by PhaJay to E-Commerce merchants, Platforms, etc.
The claim process begins once the admin has verified all necessary information.
The admin will approve the claim within 24 hours, and the system will transfer the money to the customer within business days (Monday-Friday, 10:00-17:00).
Claim Process
Claim Request: The claim process begins when the customer submits a request.
Transaction Verification: The admin verifies the transaction information and approves the claim within 24 hours.
Claim Completion: The money will be transferred to the platform's account within business days (Monday-Friday, 10:00-17:00).
Fees
For every transaction less than or equal to 40,000 LAK, PhaJay charges a fee of 500 LAK per transaction.
For every transaction greater than 40,000 LAK, PhaJay charges a fee of 1.65% per transaction.
The additional service fee for a claim is 5,000 LAK per instance. (Service fees may change depending on the conditions of connection with the banks).
Restrictions on Use
Platform Owners are prohibited from engaging in activities related to fraud, money laundering, or any illegal financial activities. If any activity indicative of illegal acts is found, PhaJay reserves the right to suspend or terminate your account with at least 03-30 days' prior notice (depending on the case).
Changes to Terms
PhaJay reserves the right to amend these terms and conditions without prior notice.
6. Refund Policy
In case of an "Error Case" or an unsuccessful transfer where money was deducted from the customer's account, or in other similar cases (e.g., money transferred but not received), and in other cases.
Refund Process
Refund Request: The refund process begins when the customer submits a request.
Transaction Verification: The admin verifies the "Error Case" transaction data and approves the refund within 24 hours.
Refund Completion:
In the case of a customer transfer via BCEL One, BCEL One will refund the money automatically and immediately (within 2 minutes).
However, in the case of other banks such as Indochina Bank, JDB, LDB... the PhaJay admin will approve the refund within 24 hours, and the system will refund the money to the customer during business hours (Monday-Friday).
Refund Fee
For refunds, PhaJay will collect an additional fee of 1% per refunded transaction from the Platform Owner.