When funds are posted to your account, in line with regulatory requirements, the regulated payment and e-money institutions who we work with safeguard your funds.
This means that the funds shown in your payment account or e-wallet are held at reputable banks or covered by an insurance policy, and most importantly, are protected for you in the event of our partner payment and e-money institutions', or our, insolvency.
When funds are credited to your account, electronic money (e-money) is issued in exchange by an authorised Electronic Money Institution with whom we partner, namely Currencycloud. In accordance with applicable regulatory requirements, Currencycloud safeguards your funds. This means that the monetary value behind your account balance is held at a reputable financial institution and is protected in the event of insolvency of either Currencycloud or ourselves. Currencycloud ceases safeguarding your funds once the money has been successfully transferred from your account to the intended beneficiary's account.
Our partners stop safeguarding your funds when the money has been paid out of your account to your beneficiary's account.
If you require a breakdown of the exact amounts of funds you have safeguarded at each of our payment and e-money partners at a particular point in time, please do not hesitate to contact us.