blog
Compliance

A guide to how Verto keeps your money safe

Verto
By Verto, March 13, 2023 · 5 mins read

Verto provides secure and reliable payment services to its clients. One of the key concerns for anyone using a payment service is the safety of their funds. That's why Verto takes the protection of its clients' funds seriously. In this guide, we explain how we keep your money safe.

How do we safeguard your funds?

Designated Safeguarding Accounts

Verto is an authorised E Money institution and holds "designated safeguarding accounts" with accredited banks in the UK. This means that our clients' funds are never commingled with other funds, and neither Verto nor the banks have a claim to the funds in these accounts. In the unlikely event of Verto's insolvency, our clients' funds are always protected!

Relevant Funds

From the moment we receive our clients' funds for the execution of a payment service or for loading their wallets, we treat those funds as "relevant funds" to be safeguarded. This ensures that the funds are never used for any other purpose and are always protected.

Daily Reconciliations

To ensure that we are never short on funds being safeguarded, we keep records of our clients' balances held with us and reconcile these daily. This means that our clients can have peace of mind knowing that their funds are always protected.

The Top 10 Barriers Slowing Your FinTech Business Growth.

Get started

Safeguarding vs. Deposit Insurance

It is important to note that Verto's safeguarding requirement for payment services and E Money firms covers the full amount of relevant funds, unlike the deposit insurance schemes of traditional banks. This means that if a client has a wallet balance with us of $500,000, we safeguard the full amount. Deposit insurance schemes such as the UK's FSCS or the US FDIC insurance cap deposits at £85,000 and $250,000, respectively.

Additional Note

Finally, it is important to note that funds held by E Money institutions, while fully protected under our safeguarding obligations, do not attract interest payments.

At Verto, the safety of our clients' funds is our top priority. We achieve this through designated safeguarding accounts, treating funds as relevant funds, daily reconciliations, and safeguarding the full amount of relevant funds.

For any questions or if you need more information, please contact our team who are on hand to help at support@vertofx.com.