Your funds are safe with us, even in the event of financial trouble or insolvency. UK Payment Services Providers (PSPs) are legally required to safeguard customer funds, protecting them from other creditors.
Safeguarding means keeping customer funds separate from the PSP’s own money and assets. The safeguarding provisions are stipulated by the second Payments Services Directive (PSD2) and the second Electronic Money Directive (EMD2), implemented through the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs) and interpreted by the regulator, the Financial Conduct Authority (FCA).
We create a safe and efficient working environment for our merchants, ensuring timely and accurate payment of funds.
FMPay identifies and separates customer funds from other funds and safeguards them from receipt to payment or transaction execution for merchants.
Placement of the relevant funds in a separate account which is named in a way that shows it is a safeguarding account. FMPay will only use safeguarded funds to make payments as instructed by our clients.
Reconciliation of funds and correction of discrepancies on a daily basis. This means we ensure that there is no commingling of funds and, at any time, we are able to confirm how much is held on behalf of each client.
Annual audit of compliance with safeguarding requirements to ensure adequate internal control mechanisms, including sound administrative, risk management and accounting procedures.
Whether you have a question, feedback, or a concern, we encourage you to send us a message. Our team of experts is available to assist you and will respond to your inquiry as soon as possible.
