Safeguarding Policy

MontaaPay Ltd takes the protection of client funds extremely seriously. This policy sets out how client money is safeguarded in connection with the payment services we facilitate and explains the protections in place for our clients.

1. How Client Funds Are Safeguarded

Payment services provided in connection with MontaaPay are facilitated through Sciopay Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution (FRN: 927951).

In accordance with the Payment Services Regulations 2017, Sciopay Ltd safeguards all relevant client funds by:

• Holding client funds in segregated accounts with FCA-authorised credit institutions, separate from any operational or business funds
• Ensuring that client funds cannot be used to meet the operational expenses of the business
• Maintaining appropriate records to identify and account for all client funds at all times
• Implementing appropriate internal controls and oversight to protect client money

2. What Safeguarding Means for You

Safeguarding means that in the event of the insolvency of the payment institution, your funds are protected and ring-fenced from the claims of other creditors. This provides you with an important layer of protection when making international payments through our platform.

It is important to note that safeguarding under the Payment Services Regulations is different from the Financial Services Compensation Scheme (FSCS), which applies to deposits held with banks. Funds held by payment institutions are protected through segregation rather than through the FSCS.

3. Currencies and Accounts

Client funds may be held in multiple currencies in accordance with your payment instructions. All funds, regardless of currency, are subject to the same safeguarding requirements and are held in segregated accounts with authorised institutions.

4. Regulatory Framework

The safeguarding of client funds is governed by:

• The Payment Services Regulations 2017 (PSRs 2017)
• FCA rules and guidance on safeguarding for payment institutions
• The Electronic Money Regulations 2011 where applicable

5. Our Commitment

MontaaPay Ltd is committed to working only with regulated platform partners who maintain the highest standards of client fund protection. We review our arrangements regularly to ensure ongoing compliance with applicable regulatory requirements.

6. Further Information

If you have any questions about how your funds are safeguarded, please contact us:

For information about Sciopay Ltd's regulatory status, you can visit the FCA Financial Services Register at register.fca.org.uk and search for FRN: 927951.

MontaaPay Ltd is registered in England and Wales (No. 16268984). FX and payment services are provided by Sciopay Ltd, authorised by the FCA as an Authorised Payment Institution (FRN: 927951).