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Privacy

Paynetics Disclaimer

Last updated: 16 Sep 2022

Payment accounts are opened by Paynetics AD (via Paystratus Group Ltd, a Technical Provider of Paynetics AD) with company address at 76A James Bourchier Blvd, 1407 Sofia, Bulgaria, company registration number 131574695 and VAT BG131574695, pursuant to an e-money license issued by the Bulgarian National Bank No. 44/11.04.2016 To ensure your funds are safe Paynetics follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics keeps your funds separate from its own funds and place 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 (£85,000 in the UK under the FSCS) per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated Bank and separated from Paynetics’ accounts.

In the event of Paynetics going out of business, an insolvency practitioner would be appointed to return the funds Paynetics has safeguarded to the customers. This means you would get most of your funds back, except for the costs deducted by the insolvency practitioner for returning the funds to the customers.

To ensure your funds are safe Paynetics follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics keeps your funds separate from its own funds and place it in a safeguarding account with a Bank.