Company News / 4 weeks ago

Safeguarding our client’s money

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Safeguarding is a key consumer protection measure required by the Electronic Money Regulations and the Payment Services Regulations.

Our payment services providers receive, collect and store funds for our clients, as well as facilitating FX conversions and processing outbound payments.

Any funds received into client accounts are subject to safeguarding. This makes sure that our clients’ funds are always protected and can be issued back should Axiom IFS or the payment service provider go into administration or liquidation. Unlike holding money in a standard bank account all of our clients’ funds are protected regardless of the value.

Our payment services providers separate clients’ funds from their own funds and place them in safeguarding accounts held with reputable UK and EU banks. The bank(s) or authorized credit institutions have no rights over funds in these safeguarding accounts. The payment service provider has no rights over our clients’ accounts (other than where specified in the Terms and Conditions).

At any point in time the payment service provider must be able to prove that the total fund amount held in the safeguarding accounts matches the total fund amounts sent by clients.

For more information click here to read the FCA safeguarding requirements: https://www.fca.org.uk/firms/emi-payment-institutions-safeguarding-requirements#section-funds-that-need-to-be-safeguarded-for-emis-and-credit-unions

If you have any questions please get in touch with us: enquiries@axiomifs.com

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