What is Safeguarding?
Safeguarding money involves protecting customer funds to ensure they are secure and separate from a company's operating budget.
How do we Safeguard your money?
When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud's, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary's account.
Safeguarding Process
1. E-Money Issuance
When you deposit funds, Currencycloud issues e-money in exchange for your deposit.
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2. Protected Funds
Your money is held securely at reputable banks, protected from insolvency risks.
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3. Funds Transfer
Safeguarding ends when funds are paid out to your designated beneficiary's account.
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