Protéger vos fonds

This page is dedicated to explain how your money is kept and protected in your Payz account, held by IPS Solutions Ltd(“IPS”) an e-money institution (“EMI”) authorised and regulated by the Central Bank of Cyprus.

IPS is committed to keeping your funds safe and, as part of our EMI license, we have put in place ‘safeguarding’ measures, to protect all of our customers’ funds in line with these rules.

When you send or receive money into your Payz account we give you the value to spend in your Payz account balance. The money held in your Payz account is known as ‘electronic money’ or ‘e-money’. While this may sound similar to what a bank does when funds are received into a current account, we are not a bank and therefore we do not take your money as a deposit to use for our own purposes or lend to other customers.

To ensure your money is safe we follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs.

In this process we keep your money separate from IPS’s own funds that we use for our own business purposes and your funds are protected from the moment we receive your balances, until you either make a payout or a withdrawal.

In the event you have not made a payout or a redemption request by the next business day, we place your funds into a specially designated ‘safeguarding’ account which will hold those funds until you do so.

The separately held money is only available for the purposes of giving you back your money on your request. It is not available to any of IPS‘s creditors, banking partners or third parties.

It means that whenever you ask us to withdraw your balance or make a payout, that money will be available immediately, subject to our usual checks.

IPS has robust internal processes to ensure ‘safeguarding’ and banks we use to protect your funds are of the highest standard. 

The procedure is supervised by the Central Bank of Cyprus, ensuring that we meet this obligation.

In the unlikely event of IPS going out of business, an insolvency practitioner would be appointed to return the funds we have safeguarded to you, our customers. The appointed insolvency practitioner would ensure you would get your money back in priority to all our other creditors. Please do note that, however, at that time, the appointed insolvency practitioner may deduct some costs for distributing the money to our customers.