Payroll Terms

Last updated: 2026-07-10 Version: 1.1 (private beta)

These terms govern your use of Swaps Payroll ("Payroll"). They supplement the Terms of Service, and in the event of conflict between these terms and the main Terms for matters specific to Payroll, these terms control.

By creating, approving, or executing a payroll run, you agree to these terms as the Payer/Account Holder. If you act for a legal entity, you also represent that you are authorised to bind that entity.

1. What Payroll is — and is not

1.1 — Payout execution only. Swaps Payroll is a tool for instructing payout transfers to a list of recipients. It coordinates payout instructions through a regulated third-party provider. Payroll is payout execution only.

1.2 — Swaps is not an employer of record. Swaps is not an employer of record, a professional employer organisation, a payroll-tax agent, a payroll bureau, or a worker-classification service. Swaps does not, and Payroll does not:

  • calculate payroll, wages, gross-to-net, withholding, or any tax;
  • file, remit, or report any payroll tax, social contribution, or statutory deduction to any authority;
  • issue legal payslips, pay stubs, wage statements, or any statutory employment document;
  • classify any worker as an employee or a contractor, or assess that classification;
  • maintain employment records, working-time records, or any human-resources record of legal effect;
  • determine minimum wage, overtime, leave, benefits, or any employment entitlement.

These functions remain the sole responsibility of the Payer and, where one exists, the legal Employer (see §5). The figures you enter are the figures we instruct for payout, unchanged. This clause mirrors the disclaimer shown to you inside the product and is a material condition of your use of Payroll.

1.3 — Not advice. Payroll does not provide tax, legal, accounting, employment, or financial advice. Information shown in Payroll is informational only. See the Terms of Service §1.5.

2. Private-beta status and eligibility

2.1 — Private beta. Payroll is in private beta. It is access-gated and offered only to selected, verified customers of the regulated provider Bridge (the "Provider"). A customer may be an approved individual (KYC) or an approved business (KYB). Access may be withdrawn, limited, or changed at any time. Features, rails, supported currencies, and availability may change without notice during the beta. Payroll is provided "as is" — see the Terms of Service §15.

2.2 — Eligibility. To use Payroll you must:

  • be a Provider-verified individual or business customer in good standing, having completed the Provider's KYC or KYB path as applicable;
  • have accepted the Provider's own terms before creating, approving, or executing any payroll run;
  • have a Swaps Account in good standing and satisfy the eligibility requirements of the Terms of Service §3;
  • not be in a restricted jurisdiction or on a sanctions list (see the Sanctions policy).

If your Provider verification lapses, is revoked, or is incomplete, Payroll is unavailable to you and pending runs may not execute.

3. Parties

  • "Payer" or "Account Holder" — the Provider-verified individual or business customer that uses Payroll to instruct payouts. The Payer is the Swaps user for Payroll purposes and is bound by these terms.
  • "Employer" — only the legal employer, if one exists, whose workers are being paid. A Payer may be an individual creator, freelancer, or solo founder without being a legal employer or incorporated entity.
  • "Recipient" — a person the Employer pays through a payroll run, whether the Employer treats that person as an employee or as a contractor. Worker classification is the Employer's determination, not Swaps' (see §1.2 and §5).
  • "Provider" — Bridge, the independent regulated business that executes payout transfers. The Provider is the Employer's counterparty for the movement of funds. The Provider's own terms — not ours — govern execution, settlement, verification, and the handling of funds. See the Terms of Service §1.2.

4. No custody, no counterparty

4.1 — No custody. Payroll is non-custodial and pass-through. Swaps never receives, holds, transmits, or takes custody of payroll funds at any point. The Employer funds a Provider source wallet; the Provider executes transfers from that wallet to Recipients. Swaps is never a destination for payroll funds and never controls them. See the Terms of Service §1.3.

4.2 — No counterparty status. Swaps is not the payer, the payee, the paymaster, the employer, or any other counterparty to a payroll run or to the underlying employment or contractor relationship. The Payer instructs the payout; the Provider executes it. See the Terms of Service §1.2 and §1.4.

5. Employer responsibilities

The Payer is solely responsible for everything Payroll does not do (see §1.2), including:

  • correctly calculating amounts, wages, gross-to-net, and any deduction or withholding before entering them into Payroll;
  • calculating, withholding, remitting, filing, and reporting all payroll taxes, social contributions, and statutory deductions in every applicable jurisdiction;
  • issuing all legally required payslips, pay statements, and employment documents;
  • correctly classifying each Recipient as an employee or a contractor, and bearing the consequences of any misclassification;
  • maintaining all employment, working-time, and payroll records required by law;
  • compliance with all employment, labour, wage, immigration, and data-protection law applicable to the Employer and its Recipients;
  • the accuracy of Recipient details and payout destinations it enters or approves;
  • ensuring it has a lawful basis to provide Recipient data to Swaps and the Provider (see §10).

The Payer (and, where applicable, the Employer it represents) indemnifies Swaps in respect of these responsibilities under the Terms of Service §17.

6. Fees

6.1 — No Swaps fee today. Swaps currently charges no fee on payroll runs. The Swaps developer/platform fee on Payroll is set to zero.

6.2 — Provider and network costs. Provider fees, bank charges, foreign-exchange spreads, and blockchain network fees (where applicable) are determined by the Provider and the relevant network, are outside Swaps' control, and are borne by the Employer under the Provider's terms.

6.3 — Future fees. If Swaps introduces a fee for Payroll in the future, that fee will be disclosed before it applies to you. No Swaps fee applies retroactively.

7. Payout rails and supported currencies

7.1 — Available rails. Payroll currently supports, through the Provider:

  • Fiat bank payout — supported currencies: USD, EUR, GBP, BRL, MXN, COP.
  • Crypto wallet payout — USDC on Ethereum, Polygon, Base, Arbitrum, and Optimism.

7.2 — Tempo rail not available. A Tempo passkey-wallet payout rail exists in the product but is disabled and not currently available. Do not rely on it.

7.3 — Provider-determined. Rail availability, supported currencies, and supported networks are determined by the Provider and may change at any time without notice, including during the private beta. A rail, currency, or network shown here may be withdrawn, and Swaps does not warrant the continued availability of any of them.

8. Recipient destinations and Provider verification

8.1 — Destinations. Each Recipient is paid to a payout destination — a bank account (for fiat payout) or a crypto wallet address (for crypto payout). The Employer is responsible for the accuracy of every destination it enters or approves. A payout sent to an incorrect destination supplied by the Employer is the Employer's responsibility; crypto transfers in particular may be irreversible.

8.2 — Provider verification. Where verification of a Recipient's identity or payout destination is required, it is performed by the Provider, not by Swaps. Swaps does not verify Recipient identity and does not warrant that any Recipient or destination has been verified.

9. Refunds, failed, and reversed payouts

9.1 — Execution is the Provider's. Because the Provider executes and settles all payouts, questions about a failed, delayed, rejected, returned, or reversed payout are routed to the Provider and resolved under the Provider's terms. Swaps does not hold the funds and cannot reverse, recall, or refund a payout.

9.2 — Swaps role. Swaps will surface the status the Provider reports and will reasonably assist the Employer in raising a matter with the Provider, but Swaps is not the source of truth for settlement and is not liable for Provider execution. See the Terms of Service §4 and §16.

9.3 — No Swaps fee to refund. As Swaps charges no Payroll fee today (§6), there is no Swaps fee to refund.

10. AML and sanctions

10.1 — Provider verification and screening. The Provider performs KYC on individual Payers or KYB on business Payers, plus any verification it requires, and screens the Payer and Recipients for sanctions at verification time. Swaps does not perform KYC/KYB and does not hold funds.

10.2 — Swaps AML programme. Swaps maintains its own anti-money-laundering programme and assists the Provider as required. See the AML Statement.

10.3 — Sanctions. The Employer and all Recipients are subject to sanctions screening. The Employer must not use Payroll to pay any person or entity who is sanctioned, located in a comprehensively sanctioned jurisdiction, or otherwise prohibited. A sanctions match will block the payout and may result in account action. See the Sanctions policy and the Terms of Service §3.3–3.4.

11. Privacy

To run payroll, the Employer provides Recipient data — names, payout destinations, amounts, and similar details — to Swaps and the Provider. Swaps processes this data to operate Payroll and route instructions to the Provider; the Provider processes it to verify and execute payouts. The Employer is responsible for having a lawful basis to share Recipient data and for informing its Recipients as required by applicable data-protection law. Recipient and Employer data is governed by the Privacy Policy.

12. Prohibited use

Payroll must not be used in breach of the Acceptable Use Policy, these terms, or the Terms of Service. In particular, the Employer must not use Payroll:

  • to pay any sanctioned person or entity, or any person in a prohibited jurisdiction (see the Sanctions policy);
  • to evade tax, conceal income, disguise the nature, source, or ownership of funds, or facilitate money laundering or terrorist financing;
  • to make payments the Employer is not lawfully entitled to make, or for an unlawful purpose;
  • to misrepresent the nature of a payment or the identity of a Recipient;
  • to circumvent any Provider, KYB, sanctions, or anti-fraud control.

Prohibited use may result in suspension or termination of Payroll access and broader enforcement under the Acceptable Use Policy, Limits & Enforcement, and the Terms of Service §19.

13. Liability

Swaps' liability in connection with Payroll is governed by, and subject to, the limitation of liability in the Terms of Service §16, including the cap in §16.1, the excluded damages in §16.2, and the statutory carveouts in §16.3. Without limiting that section, Swaps is not liable for Provider execution, settlement, verification, or any consequence of the Employer's payroll calculations, tax handling, worker classification, or record-keeping — all of which are the Employer's sole responsibility under §5. Consumer carveouts in the Terms of Service §22 apply where mandatory law grants a Recipient or Employer rights that cannot be waived.

14. Changes

Payroll is in private beta and these terms may change. We may modify these terms by updating this page. For changes that materially reduce your rights, we will give reasonable notice through the Service or by email where practicable. During the private beta, features, rails, supported currencies, and availability may change without notice. Your continued use of Payroll after a change takes effect constitutes acceptance of the updated terms.

15. Disputes

Disputes about Payroll are first addressed by emailing legal@swaps.app. If not resolved within 30 calendar days, the dispute resolution provisions in the Terms of Service §21–22 apply. Disputes about the execution, settlement, or handling of funds are between the Employer and the Provider and are governed by the Provider's terms.

Contact: legal@swaps.app

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