Safeguarding Funds

BlueSnap is committed to compliance with payment industry and formal regulatory requirements relating to the safeguarding of funds belonging to BlueSnap merchants and/or their end customers.

In accordance with the requirements of the UK’s Financial Conduct Authority (FCA) and the Central Bank of Ireland based on the EU’s Second Payment Services Directive, such funds are held separate from BlueSnap’s own funds in bank accounts that are designated for merchant funds only. Such separation is designed to help safeguard merchants’ funds from third-party claims in the event of a significant event affecting BlueSnap such as liquidation, bankruptcy or winding up. This is not the same as a formal guaranteed financial protection scheme such as the UK’s ‘FSCS,’ which guarantees monies up to a specific sum in relation to banks and building societies.

Further information about the differences between treatment of monies between banks and regulated payment services appears on the FCA’s site.

Updated 19 days ago

Safeguarding Funds

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