How does Centtrip safeguard my account?

How do I know my money is safe?

Centtrip Limited is authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) to issue e-money. Centtrip is required to safeguard funds received in exchange for e-money that has been issued. Depending on your region and the type of transaction, Adyen N.V. (Adyen) or Prepaid Financial Services Ltd (PFSL) will also be responsible for safeguarding your funds, ensuring compliance with applicable regulations. The specific regulations that Centtrip and its partners must comply with are set out in detail within:

• Regulation 20 of the Electronic Money Regulations 2011 (EMRs);
• Payment Services Regulations 2017 (PSRs); and
• Chapter 10 of the FCA Approach Document.

How does Centtrip safeguard my money?

The safeguarding of your funds differs depending on whether you are based in the UK or the European Economic Area (EEA). Below is an outline of how your funds are protected.

For EEA-Based Customers:

For EEA-based customers, all funds are safeguarded by Adyen, a regulated bank licensed by the European Central Bank and supervised by the Dutch Central Bank. Adyen will issue you with a Centtrip Prepaid Mastercard® Card and administer your business account agreement, where applicable. As a licensed bank, Adyen ensures that all funds are safeguarded in line with European regulations. These funds are kept separate from Adyen’s operational funds and held in a dedicated Customer Funds Account. In the event of Adyen’s insolvency, your funds will be protected from claims made by any of Adyen’s creditors. Adyen’s registered office is Simon Carmiggeltstraat 650, 1011 DJ, Amsterdam, The Netherlands.

For UK-Based Customers:

For most UK-based customers, the funds held in your account are issued as e-money by Centtrip and safeguarded by Centtrip. Any balance held on your Centtrip Prepaid Mastercard® Card is safeguarded by PFSL. PFSL is the entity that issues your Centtrip Prepaid Mastercard® Card pursuant to a licence from Mastercard International Incorporated. PFSL is regulated and authorised by the FCA as an EMI, registration number 900036. As a regulated EMI, PFSL ensures that relevant funds are segregated from their operational funds and held in a Customer Funds Account, in accordance with the safeguarding requirements of the Electronic Money Regulations 2011. In the event that PFSL became insolvent, your funds will be protected from claims made by any of PFSL’s creditors. PFSL’s registered office is 4th Floor, 35 Great St Helen’s, London, EC3A 6AP.

In some cases, UK-based customers will have all funds safeguarded by Adyen. We will inform you if this applies to your account.

Centtrip’s Safeguarding Process for UK-Based Customers:

For e-money issued by Centtrip, we use the segregation method of safeguarding. This means that funds received for e-money are segregated immediately upon receipt and held in safeguarding accounts with our banking partner, Banking Circle. These funds are held separately from Centtrip’s own operational funds and working capital. Centtrip does not maintain a safeguarding account for each individual customer. Instead, Centtrip holds pooled accounts in the name of ‘Centtrip Client Money Accounts’ for each currency in which e-money is issued. Centtrip also performs ongoing reconciliations of its safeguarding accounts throughout the working day.

Additional Safeguarding Protections:

Centtrip’s banking partners have all been requested to provide a warranty that the safeguarded funds will not be used to satisfy or offset any other obligation, including those imposed on Centtrip itself. Centtrip’s banking partners and card providers are authorised within either the UK or the EEA, providing further protection and regulatory oversight.

Which types of transaction are safeguarded?

Under the EMRs, safeguarding applies to what are described as 'Relevant Funds'. These are defined as sums received ‘in the form of payment by a payment instrument, and only have to be safeguarded when they are credited to the EMI’s payment account or are otherwise made available to the EMI, subject to the requirement that they are safeguarded by the end of five business days after the date on which the e-money has been issued.’ For e-money issued by Centtrip, the Relevant Funds are safeguarded in accordance with this requirement. Similarly, Adyen and PFSL safeguard any funds they hold for you, ensuring compliance with the same regulatory standards.

Centtrip’s own funds must be held in separate bank accounts, as these monies are not safeguarded. The same principle applies to Adyen and PFSL, where Relevant

Funds are kept separate from their operational accounts.

When does safeguarding apply and for how long?

Safeguarding begins immediately once ‘Relevant Funds’ have been credited to Centtrip’s payment account or otherwise made available to Centtrip. Centtrip is then required to safeguard these funds until the moment a payment instruction has been given to our payment service provider, and the funds have been removed from our safeguarding account. At that point, the funds are no longer under Centtrip’s control.

For funds safeguarded by Adyen or PFSL, the same principles apply. Safeguarding starts as soon as funds are received and continues until the funds are removed from the respective safeguarding accounts following a payment instruction.

Can I have confidence in Centtrip’s safeguarding processes?

Centtrip conducts an annual audit of its compliance with the regulatory safeguarding requirements. This audit is performed by external auditors to confirm that Centtrip:

• has up-to-date documented safeguarding systems and controls;
• holds records that demonstrate and explain the rationale behind its safeguarding decisions; and
• fully discharges its safeguarding obligations as prescribed by the relevant legislation.