Safeguard Payment Document For Free

EMI must designate an account to place relevant funds or assets for safeguarding. EMI must segregate funds from working capital and other funds. It should hold the e-money funds in ance with the legislation or cover them with an insurance policy and guarantee.

Safeguarding ensures that customers' funds are kept separate from the issuer's funds and protected if the issuer goes insolvent. The Electronic Money Regulations (EMRs) require e-money issuers to safeguard their customers' funds in several ways, one being by holding them in a separate account or trust arrangement.

A safeguarding account is a special type of segregated account that can only be set up with a bank in which PIs and EMIs hold customers' money. The main function of this account is to segregate client money from operational funds and to block access to this money by third parties, thus safeguarding the funds.

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Under the PSRs, relevant funds include sums received from or for the benefit of a payment service user (or on behalf of one) for the execution of a payment transaction.

Safeguarding is a requirement for e-money issuers to protect their customers' funds by holding them in a separate account or trust arrangement. This ensures that if the e-money issuer were to become insolvent, customers' funds would not be at risk of being lost or used to pay the issuer's debts.