Safeguarding Policy

At payabl., we manage your finances so you can focus on what truly matters: growing your business. We simplify money movement, making it easier to handle your day-to-day operations. While payabl. isn’t a bank and therefore can’t offer the same protections, your funds are still in safe hands. So, how do we ensure the security of your money? Let us explain.

How do we protect your money?

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

payabl. is not a bank. Instead, we authorised an an Electronic Money Institution (EMI) by the FCA under Electronic Money Regulations in the UK.

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 (Banking partners) at the bank and our operating accounts. The account is only used to safeguard our customer’s money, and no one other than payabl. has any interest or right over the funds in the account. This way, if anything were to happen to payabl., your funds would be safe.

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

No. payabl. is not an authorised bank and, therefore, applicable banking protection schemes do not apply to our services. Not like with banks, as an EMI, we are not authorised to do anything with your money except keep it safe for you and complete your payment transactions.

Your money with payabl. is fully protected under UK safeguarding regulations in case of insolvency of payabl.

While with your bank account, you are covered by the Financial Services Compensation Scheme (FSCS), for only the first £85K of your funds, under safeguarding rules 100% of your balance with us is fully protected, even above £85K. (subject to agreed fee charges and/or any charged costs by the).

In a case of insolvency, since you funds are in a safeguarded accounts, it will be easier to identify your money and avoid any creditors from having access to your funds. However, 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 or any other applicable agreed fees.

Conclusion

As a business owner, you have plenty of things to worry about. The last thing you need to worry about is whether or not your money is safe with your account. With a payabl. account, your money is kept in a safeguarded account, and you can go about your business, worry-free.

PAYABL. (UK) LIMITED is authorised and regulated by the Financial Conduct Authority as an Electronic Institution (EMI), FCA No. 967259. 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.

For more information on Safeguarding, please see Section 10 of the FCA’s Payment Services and regulations.