Safeguarding
At WeWire, we're committed to providing our clients with the best payment services and e-money services, while ensuring the highest level of protection for their funds.
We use a process called "safeguarding". This means that any money received from or held for a client is kept separate from WeWire company funds. We do this by using the "segregation method" and depositing client money into accounts known as "safeguarding accounts" at authorized credit institutions or banks. The segregation method ensures your money is safe, readily available to you, and that client money of all values is protected.
In addition to the safeguarded accounts, we also hold segregated client accounts with other banking and payments providers. Segregated client accounts are not safeguarding accounts and are utilised to facilitate our payments and foreign exchange services. Client funds do not remain in segregated accounts overnight; we ensure that client funds are appropriately held within our safeguarded accounts at authorised credit institutions or banks, as explained above.
It's important to note that, we're not covered by the Financial Services Compensation Scheme (FSCS). However, we're committed to safeguarding our clients' funds, and in the unlikely event that WeWire becomes insolvent, the funds held in our safeguarding accounts would be used to pay our clients' claims above those of other creditors. Rest assured that authorised credit institutions have no rights over funds in WeWire safeguarding accounts.
WeWire is not an authorized credit institution or a bank, and we only provide safeguarding services for our clients' funds. If you're holding your customers' funds with us, please ensure that you comply with the necessary safeguarding regulations and guidance.
For more information on Safeguarding, please see Section 10 of the FCA’s Payment Services and Electronic Money approach document.
