ApprovalMax Pay: safeguarding your funds
Safeguarding your funds
At ApprovalMax, your money is important to us. We are committed to ensuring that your funds are held securely and in full compliance with regulatory requirements.
Below, you will find important information about how your funds are safeguarded when you use our service.
How your funds are protected
When funds are posted to your account, e-money is issued in exchange for these funds by an Electronic Money Institution 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.
What this means for you
Security and protection:
Your funds are held in segregated bank accounts, separate from the operational funds of Currencycloud and ApprovalMax. This means that even in the unlikely event of insolvency, your money is protected and can be returned to you.
Regulatory compliance:
Both Currencycloud and ApprovalMax operate under strict regulatory frameworks. We adhere to the guidelines set out by our respective regulators to ensure your funds are handled safely and responsibly.
Transparency:
We are committed to keeping you informed. If there are any changes in the way your funds are safeguarded, we will update this page and notify you accordingly.
Currencycloud’s role:
Currencycloud is a reputable Electronic Money Institution that specialises in handling digital payments. Their robust safeguarding practices ensure that funds held on your behalf are kept secure until you decide to pay out to your beneficiary’s account.
Your funds in action
Once you instruct us to pay out funds to a beneficiary, the safeguarding process concludes as the funds leave your account. At that point, the funds are transferred to the recipient’s account following our standard payment procedures.
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