Security of Funds
Misano Payments takes the security of your funds very seriously. For this reason, Misano Payments has selected The Currency Cloud as its FCA authorised payments provider. All client account opening (“onboarding”), payments, conversions and client account facilities are provided by The Currency Cloud.
The Currency Cloud Limited is registered in England no 06323311 and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, for the issuing of electronic money and for providing payment services (FRN: 900199).
You can check The Currency Cloud on the FCA register here and entering their Firm Reference Number (FRN) 900199, clicking “firms” and then “search”. The Currency Cloud has held its status as an Authorised Electronic Money (e-money) Institution since June 2018.
Misano Payments Ltd acts as the retail interface of Currencycloud's and this enables us to provide competitive exchange rates. This beneficial rate access is made available to Misano Payments and its clients. No money transferred comes under the control of Misano Payments Ltd at any time.
To find out more information about The Currency Cloud, it’s leadership team, history and clients please click here.
We work with FCA regulated partners.
The FCA requires standards to be met across three areas. The Currency Cloud exceeds in all of these areas as outlined below:
Capital Adequacy
The levels of capital requirements are based on The Currency Cloud’s level of activity. The Currency Cloud will have their capital adequacy reviewed by the FCA on an annual basis.
Client Protection
Funds are safeguarded by our FCA-regulated e-money partners at a credit institution.
Internal Risk Management
The Currency Cloud has strict governance and operational processes in place to scrutinise the accuracy of each of their transactions, with appropriate involvement from their Directors. Compliance with their governance and processes is regularly audited by the FCA for the enhanced protection of our clients.
Safeguarding of Funds
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 Currencycloud. In line with regulatory requirements, Currencycloud 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 Currencycloud’s, or Misano Payments’, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.