Safeguarding Policy

At payabl., we manage your finances so you can focus on what truly matters: growing your business. We simplify money movement, making it easier to handle your day-to-day operations. While payabl. isn’t a bank and therefore can’t offer the same protections, your funds are still in safe hands. So, how do we ensure the security of your money? Let us explain.
 

How do we protect your money?

Your money is safe with us through a process called safeguarding. Here’s what a safeguarding account is, how we use it, and how that makes us different from a bank.

payabl. is not a bank. Instead, PAYABL. CY LIMITED (payabl. CY) is authorised as a Payment Institution (PI) by the Central Bank of Cyprus under the Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025 (PI Law) and PAYABL. (UK) LIMITED (payabl. (UK)) is authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority under Electronic Money Regulations in the UK (together "payabl.").

We protect your money through a regulated process called safeguarding.

Here’s what that means: your money is held in specially designated safeguarded bank account (Banking partners) at the bank and our operating accounts. The account is only used to safeguard our customer’s money, and no one other than payabl. has any interest or right over the funds in the account. This way, if anything were to happen to payabl., your funds would be safe.
 

Are my funds protected in the same way as a bank?

No. payabl. is not an authorised bank and, therefore, applicable banking protection schemes do not apply to our services. As licensed institutions, we are not authorised to do anything with your money except keep it safe for you and complete your payment transactions. 

Your money with payabl. is fully protected under the applicable safeguarding regulations in case of insolvency of payabl.. 
While funds held in a traditional bank account are protected only up to the maximum amount covered under the applicable statutory deposit protection scheme, under safeguarding requirements your funds with us are fully protected in their entirety, regardless of amount, subject to any applicable fees or charges that may apply.

In a case of insolvency, since your funds are in  safeguarded accounts, it will be easier to identify your money and avoid any creditors from having access to your funds. However, it could take longer for you to get a refund as they need time to reconcile the funds. Additionally, in some circumstances, some of your funds could be taken as costs by an administrator or any other applicable agreed fees.
 

Conclusion

As a business owner, you have plenty of things to worry about. The last thing you need to worry about is whether or not your money is safe with your account. With a payabl. account, your money is kept in a safeguarded account, and you can go about your business, worry-free.
 

Regulatory Information:

payabl. CY is authorised and regulated by the Central Bank of Cyprus as a PI with license No. 115.1.2.9/2018. As a licensed PI, payabl. CY is required to comply with the safeguarding requirements under section 10 of the PI Law. 

For more information on Safeguarding, please see Section 10 of the PI Law.

payabl. UK is authorised and regulated by the Financial Conduct Authority as an EMI, FCA No. 967259. As a licensed EMI, payabl. UK, is required to comply with safeguarding requirements under regulation 23 of the PSRs 2017. The PSRs 2017 impose safeguarding requirements to protect customers where funds are held by an institution and not a bank.

For more information on Safeguarding, please see Section 10 of the FCA’s Payment Services and regulations.