Safeguarding Funds
As an Electronic Money Institution (EMI) Agent, we receive, collect and store funds for our clients, as well as facilitating FX conversions and processing outbound payments. Any funds held on a client’s behalf, for the provision of a conversion or payment service, are subject to safeguarding – ensuring that your funds are always protected and can be issued back should Our Service Providers go into administration or liquidation. Unlike holding money in a standard bank account, all of our clients’ funds are protected, regardless of the value.
How we safeguard your funds
We separate clients’ funds from our company funds and place them in safeguarding accounts held with reputable UK and EU banks. If any of Our Service Providers was to become insolvent, the funds held in our safeguarding accounts would form an asset pool from which claims of the e-money holders (our clients) would be paid above those of other creditors. The bank(s) or authorized credit institutions have no rights over funds in Our Service Providers safeguarding accounts. We have no rights over our clients’ accounts (other than where specified in our Terms and Conditions).
Safeguarding your customers’ funds
It’s important to be clear that, as we’re not a bank, we can only safeguard funds for our clients, and not our clients’ customers. We encourage you to follow safeguarding protocols and regulations when it comes to managing your own customers’ funds. As we’re not a credit institution we cannot, based on current regulations, offer you safeguarding accounts for your customers.
