Protection and guarantee

Protection and guarantee

Safeguarding

When we receive money/payments from your customers, we issue a sum of electronic money equivalent to that amount and:

(1) segregate these funds from any of our own funds and/or other participants’ funds, except for other funds for which we have issued a sum of electronic money equivalent to the relevant amount or which we have received to execute a payment, and

(2) deposit these funds into a separate account held with a bank authorised by the Czech National Bank, at the end of the business day following the day on which we received the funds.

We do not invest your money ourselves, not even in low risk liquid assets.

Deposit guarantee scheme

In Czechia, deposits are covered by a statutory deposit guarantee scheme set up in accordance with the Czech Recovery Act. The responsible deposit guarantee scheme is Financial Market Guarantee System (Deposit Insurance Fund) compatible with EU law. If the Czech National Bank announces that we are unable to meet our financial obligations or if we are declared insolvent by a court, all individuals and bodies corporate will receive 100 per cent compensation for their deposits, including interest accrued, up to the equivalent of EUR 100,000, repaid by the Financial Market Guarantee System from the Deposit Insurance Fund. In exceptional circumstances, compensations above this limit may apply. Protection of deposits constituted by electronic money issued for the funds deposited in bank accounts is regulated by Czech Banking Act No. 21/1992 Sb., Section 41f.

We believe that none of this will happen..

Read also:

Secure payments
Czech Payments Act No. 370/2019 Sb.
Czech Banking Act No. 21/1992 Sb.