Safeguarding of Client Funds

At WeWire, safeguarding client funds is a core regulatory obligation and a fundamental part of how we operate as a Payment Service Provider (PSP) registered with the Bank of Canada and subject to FINTRAC oversight under Canada's anti-money laundering and counter-terrorist financing framework.

We are committed to ensuring that client funds are protected, readily accessible, and insulated from risk in accordance with applicable Canadian payments and AML regulations.

How do we safeguard client funds?

WeWire safeguards end-user funds in line with the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR) by applying strict segregation and safeguarding controls.

When WeWire holds funds on behalf of a client that are considered "held" under Bank of Canada guidance, those funds are:

Segregated from WeWire's own operational funds, and
Placed in designated safeguarding accounts that are used solely for holding client funds.

Safeguarding accounts are maintained with authorized financial institutions that meet the regulatory standards prescribed under Canadian law. These accounts are not used for any purpose other than holding safeguarded client funds.

This approach ensures that:

client funds are always identifiable,
client funds remain available without delay, and
client funds are protected against loss in the event of WeWire's insolvency.

Use of segregated operational accounts

In addition to safeguarding accounts, WeWire may use segregated client accounts with banking or payment service providers to facilitate payment processing and foreign exchange transactions.

These accounts are:

operational in nature,
segregated from WeWire's own funds, and
used strictly to support transaction execution.

Client funds do not remain in these operational accounts beyond the period necessary to complete payment processing. Where funds are considered "held" under the RPAA, WeWire ensures they are transferred into safeguarding accounts within the regulatory timeframe prescribed by the Bank of Canada.

Insolvency protection

WeWire is not a bank or a deposit-taking institution, and client funds held with WeWire are not protected by deposit insurance schemes.

However, in accordance with the RPAA safeguarding framework:

Funds held in safeguarding accounts are separate from WeWire's estate.
Safeguarded client funds are not available to WeWire's creditors.
In the unlikely event of WeWire's insolvency, safeguarded funds would be returned to clients in priority to other claims, using documented procedures aligned with Bank of Canada requirements.

Financial institutions holding safeguarding accounts have no right of set-off, security interest, or recourse over safeguarded client funds.

Important note for business clients

WeWire provides safeguarding in respect of funds it holds directly on behalf of end users. If you are holding funds on behalf of your own customers using WeWire's services, you remain responsible for ensuring that you comply with any applicable safeguarding or trust requirements that apply to your business.