PAYCOMET, by Banco Sabadell. Experts in payments and digital business

“PAYCOMET, S.L.U. (hereinafter PAYCOMET), Tax ID Number B95842522, is a Spanish payment entity established in Bilbao, on April 14, 2016. It is authorized as a payment institution by the Ministry of Economy and Competitiveness and is subject to the supervision of the Bank of Spain and the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Infractions. It is duly registered in the Special Registry of Payment Institutions of the Bank of Spain under number 6874. The registered office is located at Calle Camino de Valladolid, 2, Local, 28250 Torrelodones, Madrid.

PAYCOMET safeguards funds received from payment service users or through another payment service provider subject to the procedure set forth in Article 21.1 a) of the Royal Decree-Law on payment services. Specifically, such funds are at no time commingled with the funds of any natural or legal person who is not a Payment Service User on whose behalf the funds are held and, in the event that they are still in PAYCOMET’s possession and have not yet been delivered to the payee at the end of the working day following the day on which the funds were received, they are deposited in a separate bank account at a credit institution held by PAYCOMET, called “customer balances”, under the terms set forth in Article 16.2 of Royal Decree 736/2019 of December 20, on the legal regime of payment services and payment institutions. Pursuant to Article 21.1 a) of the Royal Decree-Law on payment services, “the payment service users as holders of the funds have the right of withdrawal in respect of said account, in accordance with bankruptcy law, for the benefit of the payment service users, with respect to possible claims of other creditors of PAYCOMET, in particular in the event of insolvency”.