When funds are posted to your account, in line with regulatory requirements, the regulated 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 institutions’, or our, insolvency. 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 at a particular point in time, please do not hesitate to contact us.
Global Connect’s providers must adhere to the PSD2 safeguarding regulations as they are authorised as Authorised Payments Institution’s to handle client money. The process of safeguarding makes sure that, where necessary, client-related money are kept apart from business funds. Reputable banks in the UK and the EEA hold our safeguarding accounts.
Our respective partners will protect any qualifying client funds that are kept with them. Our FCA-regulated e-money partners at a credit institution protect funds. The terms and conditions agreed upon during onboarding would specify this.
To obtain pertinent safeguarding information, please go here if your money are held with one of our third-party providers.