Here, you’ll find all the important information about our terms, policies, and compliance standards. We’re committed to being transparent and ensuring our services meet the highest legal and regulatory standards to protect your business and data.
Maayan Payments LTD is a UK Electronic Money Institution (EMI), authorised and regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011. We protect customer funds through a process known as safeguarding, which involves holding 100% of your funds separately from the company’s operating funds. This ensures that customer funds are available for repayment in the event of insolvency.
Safeguarding and FSCS protection
At Maayan Payments LTD, one of the key missions is for our customers to understand the nature and extent of the financial security we offer.
Please note that protection available by Financial Services Compensation Scheme (FSCS) does not apply to customer funds held by EMIs.
Unlike banks, Maayan Payments LTD is not permitted to use customer funds for lending or investment purposes. This means that your funds are held separately from the company’s operating funds and are always available for repayment in the event of insolvency. Safeguarding ensures that funds remain available and are not used for other purposes.
Your funds are held in a safeguarded account with banks, which is a recognised financial institution under the FCA’s safeguarding requirements.
The reason for that is that Maayan Payments LTD cannot lend their customers’ money, as banks can. Banks have the liberty to invest or lend the funds deposited by their customers. In the unfortunate event of a bank failure, there might not be enough money to pay back the customers, which is where FSCS steps in. The scheme compensates up to £85,000 per individual in such cases.
Maayan Payments LTD is not required to do so as they do not lend money, therefore customers funds are always available for payback in case Maayan Payments LTD fails. Instead, as noted, Maayan Payments LTD is required to independently apply safeguarding mechanisms.
Safeguarding Oversight and Audits
Maayan Payments LTD conducts regular audits of its safeguarding arrangements, performed by an independent auditor. These audits ensure that safeguarding measures are properly maintained, and customer funds remain protected in line with FCA guidelines.
If Maayan Payments LTD becomes unable to meet its safeguarding obligations, we are required to notify the FCA immediately.
For more details on the levels of protection, please visit the FCA’s website at the following link.
For any clarification regarding the above, please contact us at support@maayanpayments.com