Here you will find information about how we protect your money held with us.
Please read the information carefully and do not hesitate to contact us if you have any questions!
Monetley LTD (herein referred to as Mercuryo) is a non-banking payment provider authorised to issue electronic money and provide unrelated payment services to its customers; in which case, we are considered an Electronic Money Institution (EMI). In the UK, we’re authorised and regulated by the Financial Conduct Authority (FCA) and in the EU we are regulated by the European Central Bank (ECB). Within the EU there are also national regulators for individual countries responsible for the licensing and supervision of EMI’s.
We have many responsibilities, but one of the most important elements (alongside being a legal obligation) is protecting your money and keeping it safe. Here are some frequently asked questions (FAQ’s) in relation to our safeguarding responsibilities.
How is Mercuryo different from a bank?
The main difference between Mercuryo, an EMI, and a bank is that an EMI focuses on issuing electronic money and providing payment services like e-wallets, prepaid cards, and online payments, but cannot offer loans or interest-bearing accounts. In contrast, a bank provides a full range of financial services, including lending, deposit accounts, and credit, which distinguishes it from EMIs.
When your money is held by a bank, your money is protected under the Financial Services Compensation Scheme (FSCS) in the UK or the European Deposit Insurance Scheme (EDIS) in the EU. However, because Mercuryo is not a bank your money is not protected by either of these bodies. Nevertheless, Mercuryo must comply with specific safeguarding requirements to protect customer funds.
How does Mercuryo protect customer funds?
Mercuryo are required to protect your funds in case we face financial insolvency. Mercuryo does this via segregating your funds from Mercuryo’s operational funds, ensuring customer money is kept in separate accounts (Safeguarding accounts). A safeguarding account is used for the storage of your funds in case Mercuryo were to go bankrupt or face insolvency. Having this safeguarding account ensures your funds are protected and are not treated as part of Mercuryo’s assets. A safeguarding reconciliation of customer funds is completed daily (Mon-Fri).
Where is money safeguarded?
Your money is deposited into a safeguarding account held at an authorised credit institution – currently Incore Bank AG, which is a member of the European System of central banks. We keep sufficient portion of money to satisfy all customers claim for the money owed.
Mercuryo's safeguarding obligations begin as soon as we receive your money and remain in effect as long as the money is held with us. These obligations end when the money is either paid out to the intended recipient (payer or payee) or transferred to another electronic money institution or payment service provider.
Safeguarding risk monitoring is regularly conducted, as well as regularly revising any safeguarding issues is they arise.
Who regulates Mercuryo?
Monetley LTD (Mercuryo) (Reference Number: 900921, registered company number 10978538) is licences as an authorised E-Money Institution (EMI) and regulated by the Financial Conduct Authority (FCA). This enables Monetley LTD (Mercuryo) to issue e-money to its customers, hold customer funds in safeguarded accounts and provide payment services to customers.
For further information on the FCA regulatory requirements regarding FCA authorised firms safeguarding obligations: https://www.fca.org.uk/firms/emi-payment-institutions-safeguarding-requirements
In case of any questions or further need to understand funds held with compensation mechanisms, please contact us by sending your questions to our Customer Support by using the chat in the bottom right-hand corner.
