Safeguarding Funds

Last updated Oct 15, 2024

Currencycloud

Flowbrite Payments LTD works in partnership with Currencycloud to provide services to customers based in the UK, United States of America and the European Union. Please see the regulatory information from our partner for our international payment services. We adhere to strict and stringent regulations and have robust internal controls in place to safeguard client funds.

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 client funds

Any funds held on behalf of our clients are subject to safeguarding, making sure that our clients' funds are always protected. Your money is held in separate accounts operated with a tier one bank. In the unlikely event that our service partner, Currencycloud, ceases to exist, your money remains protected. Bank(s) or authorised credit institutions have no rights over funds in Currencycloud's respectively, safeguarding accounts. Currencycloud has no rights over clients' accounts (other than where specified in their Terms and Conditions).

Regulation

Currency accounts and payment services are provided by The Currency Cloud Limited who are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). Currencycloud provides its clients with payment / e-money accounts or e-wallets. Payment services (Non-MiFID, non consultancy services) for Flowbrite Payments Limited are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) Canada

Canada

Payment services for Flowbrite payments LTD are provided and authorised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for the issuing of electronic money with Money Services Business (MSB) registration number M14700991.

EU

Payment services for Flowbrite payments LTD are provided and authorised by De Nederlandsche Bank (DNB) for the issuing of electronic money with Relation number DNB: R142701.

United States

Payment services for Flowbrite payments LTD are provided and authorised by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here.  VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041.”

Equals Money

How do we protect your money?

Your money is safe with us through a process called safeguarding. Here’s what a safeguard account is, how we use it, and how that makes us different from a bank.

Equals Money isn’t a bank. Instead, we’re what’s called an Authorised Payment Institution1 . This means that we operate under the Payment Services Regulations and are supervised by the FCA.

We protect your money through an FCA regulated process called safeguarding.

Here’s what that means: your money is held in specially designated safeguarded bank account (held at either Citibank UK Limited, Royal Bank of Scotland, or Barclays Bank PLC) that is separate from all other funds at the bank and our operating accounts. The account is only used to safeguard our customer’s money, and no one other than Equals Money PLC has any interest or right over the funds in the account. This way, if anything were to happen to Equals Money, your funds would be safe.

The rules of a safeguarded account are as follows:

  • It is named in such a way that shows it is a safeguarded account
  • It is not used to hold any other funds, other than those of our customers
  • No one (other than Equals Money PLC) has any interest in or right over the funds in the account
  • The safeguarding account is held at a UK or EEA Authorised Credit Institution
  • A letter has been provided by the bank confirming the safeguarding status of the account

Are my funds protected in the same way as a bank?

In a safeguard account, your money is protected from creditors. This is how we’re different from a bank. In a bank, your money can be invested and loaned from the account. It’s not sectioned off like it is in a safeguard account. Companies like Equals Money, on the other hand, aren’t authorised to do anything with your money except keep it there. Additionally, funds in a bank are covered by the Financial Services Compensation Scheme (FSCS), which only covers the first £85K of funds. Safeguarding protects all your funds, even above £85K.

However, if an institution safeguarding your funds were to become insolvent, it could take longer for you to get a refund as they need time to reconcile the funds. Additionally, in some circumstances, some of your funds could be taken as costs by an administrator.

Safeguarding with Equals Money

Equals Money makes it easy to make fast business payments and manage your business expenses, all from one account. With safeguarding, we also give you the comfort of knowing your money is protected.

We maintain a number of processes to keep your funds safeguarded. For example, financial reconciliations take place at several intervals during each business day to ensure all funds received are segregated from our own. We also undergo an external safeguarding audit on an annual basis. Additionally, any safeguarding breaches must be reported to the FCA.

A nominated individual within our business has oversight of all the procedures relating to safeguarding and has responsibility to ensure that every aspect of the safeguarding procedure is compliant. We have a safeguarding working party which meets fortnightly to discuss any issues and share findings

Regulation

Equals Money PLC is authorised and regulated by the Financial Conduct Authority as an Authorised Payment Institution (API), FCA No. 488396. All API’s are required to comply with safeguarding requirements under regulation 23 of the PSRs 2017. The PSRs 2017 impose safeguarding requirements to protect customers where funds are held by an institution and not a bank.