TransferMate
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Safeguarding
When funds are posted to your account, e‑money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called TransferMate. In line with regulatory requirements, TransferMate safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of TransferMate's, or our, insolvency. TransferMate stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.
How it works
You establish a relationship with Devyzz when you sign up for the provision of all services related to your account that are not regulated payment or e-money services.
You also establish a relationship with a Partner Financial Institution (for example, TransferMate), meaning you have successfully completed the registration process with them and their due diligence requirements.
Devyzz provides services to you as agreed by TransferMate. Devyzz has a partnership with TransferMate who also provides certain services to you under this arrangement, specifically, payments and e‑money services such as an e-wallet.
TransferMate is an authorised financial services entity ultimately providing the regulated payments and e‑money services to you via their technology, platform and payments network, enabling Devyzz to provide a seamless service to you.
As Devyzz owns the relationship with you, we are responsible for providing you with ongoing help & support and we are your day-to-day point of contact for queries. We are also responsible for the provision of services to you in relation to your account that are not regulated payments and e‑money services.
TransferMate is responsible for regulatory compliance regarding provision of regulated payments and e‑money services to you under this agreement. For a full definition of what amounts to a regulated payment or e‑money service, please refer to the relevant regulator guidance. You can also find TransferMate's complaints procedure on our website if you have any concerns about the service you have received.