1. Home
  2. Docs
  3. Popular Questions
  4. How does GlobePay protect your money?

How does GlobePay protect your money?

GlobePay Limited (also known as “GlobePay”) is an Authorised Payment Institution (API), regulated and registered by the Financial Conduct Authority (FCA) in the UK under the Payment Services Directive 2 (2020) to provide certain payment services. Please click here to view us on the FCA Register.

To keep your money safe, we follow a procedure called ‘safeguarding’, which is a regulatory requirement for all UK APIs. To safeguard your funds, we move client funds to a ‘safeguarding bank account’, which is an account specifically used for the protection of client funds.

Why do we keep your money in separate a ‘safeguarding bank account’?

  1. To ensure your money is kept apart from GlobePay’s operational funds.
  2. To make sure that the bank cannot use your money.
  3. To ensure third parties do not have access to your funds.

Click here to learn more about the FCA’s requirements for safeguarding.

Is my money covered by the Financial Services Compensation Scheme?

No. Since GlobePay is an API, it is not covered by the Financial Services Compensation Scheme (FSCS).

Do I need to take any action?

No. You do not need to take any action. We publish this information to communicate and help you understand how we protect your funds.

Any further questions?

To learn more, click here and fill in our Contact Us form.

Was this article helpful to you? Yes No

How can we help?