How We're Leading the Way in Security and Compliance in the Global Payments Sector
It’s important to choose a safe and secure payment service that complies with global financial regulations. Here’s how we’re pursuing those goals at Payset to provide the best service we can offer.
Key Takeaways
- At Payset, we strive to guarantee security, compliance, and privacy
- We oversee all transactions to ensure compliance with global financial regulations
- We also offer account security features and work to combat fraud
- We safeguard all client funds by segregating them from Payset’s funds
- Our GDPR-compliant privacy policy protects your personal data
When you conduct global business, you must be sure to seek out a payment solution that keeps your funds safe and secure.
At Payset, we maintain a strong security and compliance policy. We protect our users’ funds, but we don’t just protect against theft and crime. We also comply with FCA regulations to ensure we operate a safe and secure electronic money institution (EMI) in a broader sense.
Here are some of the many ways we protect your funds, your account, and your personal data.
Full Legal Compliance for Every Transaction
As an Authorized EMI (Electronic Money Institution), Payset is required by our banking partners and regulators to ensure the legal and regulatory compliance of all our clients’ transactions.
This is why at times, we require additional documentation.
When you’re a Payset user and you initiate a transaction with a new counterparty, we might ask for supporting documentation to ensure compliance with regulations.
For example, if you’re moving money to your own account at another financial institution, we might ask for a recent 3-month account statement. If you’re transacting with someone else, we might ask for an itemised invoice. This applies whether you’re sending or receiving funds.
We’ll only ask for supporting documents when it’s strictly necessary. You probably won’t need to provide extra information during transactions with existing partners, as we typically have enough information to approve transactions similar to those you’ve made in the past.
We realize that providing extra information requires time and effort from our clients. However, this is an essential way we ensure that Payset can provide consistently secure and reliable services.
Safeguarding
At Payset, we safeguard client balances through the segregation of funds. This means that we store 100% of customer funds separately from our own business funds.
Fund segregation benefits customers. First, it means that we can’t lend out your funds or use your money for business purposes. Second, it helps you recover your funds in the event of a company failure, including by preventing other creditors from claiming customer funds.
Segregation is not equivalent to an insurance policy. However, UK legislation recognizes safeguarding as a valid policy for EMIs, as it provides reassurance that you’ll have access to your funds, even in unforeseen circumstances.
Account Protection
Payset protects your account with the highest standard of online security measures. At a minimum, you’ll need a username and password to access your online account.
We also allow you to set up two-factor authentication (2FA), which requires the Google Authenticator app and adds an extra step to your account login process. This feature provides extremely strong security: under 2FA, other people won’t be able to access your account just by acquiring your username and password.
We’ve also added a one-time password feature to transactions. This feature allows you to approve each transaction before it is sent by entering a short code sent to your phone.
Together, these account-level protections provide you with higher security and complete control over your account.
Fraud and Scam Prevention
Payset’s robust security measures are intended to prevent fraud and scams. However, we recognize that fraud does occur, and we ask customers to report suspicious activity so we can act quickly.
In the event that your Payset account is accessed without authorization or that a transaction is made without your approval, contact our anti-fraud team by following the instructions on this page. We’ll investigate the situation and respond to your report.
You can also change your password at any time to immediately protect your account. Read more anti-fraud tips in our article on how to protect yourself from cybercrime.
Customer Privacy
At Payset, we don’t just strive to protect your finances — we also work to protect your private information, including any personal information that you share with us.
We maintain a privacy policy that complies with the EU’s General Data Protection Regulation (GDPR) rules. Broadly, this means that we collect and use certain information from you with your consent. However, we don’t sell, exchange, or give your information away without your consent except for the express purpose of providing services to you.
You have privacy rights, including the right to deactivate your account, opt out of certain features, demand certain data erasure, and withdraw consent to future data processing.
See our full privacy policy to learn more about how we handle data.
Payset Protects Your Privacy
At Payset, we provide secure, compliant, and privacy-respecting financial services combined with fast transactions, affordable rates, and worldwide availability.
Send funds in over 180 countries, hold 34 currencies with our multi-currency accounts, and take advantage of affordable conversion rates with our foreign currency exchange.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.
