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Discover our commitmentsThis report explores the factors impacting our existing gender pay gap, the progress we have made to date, and where we need to do better still. It commits us, and everyone on the Benefex board, to a plan that we believe will drive further advancements to gender pay equality, through strategy, policy, and action.
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To ensure your money is safe we follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics keeps your money separate from their money and places it in a safeguarding account with a bank.
Does the deposit guarantee scheme cover my e-money? The deposit guarantee schemes, such as FSCS in the UK, protects consumers together with small businesses, limited companies and charities (that meet its eligibility criteria) when certain authorised financial services firms (such as a bank) fail and they cannot return your money to you. The scheme provides compensation only up to £85,000 per eligible person for an eligible claim. E-money is not covered by the deposit guarantee schemes because it is not a deposit.
Instead, the funds held in an e-money account are safeguarded and the full value (minus administrative costs applied by the insolvency practitioner) will be returned to you in the event that we go out of business. Because of the insolvency procedure, it may take longer (as compared to a claim on the deposit guarantee scheme (a FSCS claim)) for your money to be returned to you.
In the event of Paynetics UK going out of business, an insolvency practitioner would be appointed to return the funds we have safeguarded to our customers. This means you would get most of your money back, except for the costs deducted by the insolvency practitioner for distributing the money to our customers.
To ensure that funds of the users of payment services (the Clients) are safe Paynetics AD follows a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics AD keeps Clients’ money separate from its own money and places it in a safeguarding account with a bank.
Electronic money issued is not covered by any Deposit Guarantee Scheme which is a government backed scheme offering protection to customers’ funds of up to €100,000 per eligible customer. However, the aim of keeping funds equivalent to the value of the e-money in safeguarding accounts is to ensure that funds can be returned to the customer if the EMI becomes insolvent. The funds on the safeguarding accounts cannot be seized and forced execution cannot be carried out for obligations of Paynetics AD to persons other than the Clients.
In the event of an insolvency, Clients’ funds would remain in the safeguarding account at the designated bank and separated from Paynetics AD’s accounts and assets. Based on the applicable legal proceedings, the insolvency practitioner shall return the funds Paynetics AD has safeguarded to the Clients.