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How We’re Leading the Way in Security and Compliance in the Global Payments Sector

News and announcements

Jan 21, 2025

4 min. read

James Irwin

Author

It’s important to choose a safe and secure payment service that complies with global financial regulations. Here’s how we’re pursuing those goals at Payset to provide the best service we can offer.

Key Takeaways

At Payset, we strive to guarantee security, compliance, and privacy
We oversee all transactions to ensure compliance with global financial regulations
We also offer account security features and work to combat fraud
We safeguard all client funds by segregating them from Payset’s funds
Our GDPR-compliant privacy policy protects your personal data

When you conduct global business, you must be sure to seek out a payment solution that keeps your funds safe and secure.

At Payset, we maintain a strong security and compliance policy. We protect our users’ funds, but we don’t just protect against theft and crime. We also comply with FCA regulations to ensure we operate a safe and secure electronic money institution (EMI) in a broader sense.

Here are some of the many ways we protect your funds, your account, and your personal data.

Full Legal Compliance for Every Transaction

As an Authorized EMI (Electronic Money Institution), Payset is required by our banking partners and regulators to ensure the legal and regulatory compliance of all our clients’ transactions.

This is why at times, we require additional documentation.

When you’re a Payset user and you initiate a transaction with a new counterparty, we might ask for supporting documentation to ensure compliance with regulations.

For example, if you’re moving money to your own account at another financial institution, we might ask for a recent 3-month account statement. If you’re transacting with someone else, we might ask for an itemised invoice. This applies whether you’re sending or receiving funds.

We’ll only ask for supporting documents when it’s strictly necessary. You probably won’t need to provide extra information during transactions with existing partners, as we typically have enough information to approve transactions similar to those you’ve made in the past.

We realize that providing extra information requires time and effort from our clients. However, this is an essential way we ensure that Payset can provide consistently secure and reliable services.

Safeguarding

At Payset, we safeguard client balances through the segregation of funds. This means that we store 100% of customer funds separately from our own business funds.

Fund segregation benefits customers. First, it means that we can’t lend out your funds or use your money for business purposes. Second, it helps you recover your funds in the event of a company failure, including by preventing other creditors from claiming customer funds.

Segregation is not equivalent to an insurance policy. However, UK legislation recognizes safeguarding as a valid policy for EMIs, as it provides reassurance that you’ll have access to your funds, even in unforeseen circumstances.

Account Protection

Payset protects your account with the highest standard of online security measures. At a minimum, you’ll need a username and password to access your online account.

We also allow you to set up two-factor authentication (2FA), which requires the Google Authenticator app and adds an extra step to your account login process. This feature provides extremely strong security: under 2FA, other people won’t be able to access your account just by acquiring your username and password.

We’ve also added a one-time password feature to transactions. This feature allows you to approve each transaction before it is sent by entering a short code sent to your phone.

Together, these account-level protections provide you with higher security and complete control over your account.

Fraud and Scam Prevention

Payset’s robust security measures are intended to prevent fraud and scams. However, we recognize that fraud does occur, and we ask customers to report suspicious activity so we can act quickly.

In the event that your Payset account is accessed without authorization or that a transaction is made without your approval, contact our anti-fraud team by following the instructions on this page. We’ll investigate the situation and respond to your report.

You can also change your password at any time to immediately protect your account. Read more anti-fraud tips in our article on how to protect yourself from cybercrime.

Customer Privacy

At Payset, we don’t just strive to protect your finances — we also work to protect your private information, including any personal information that you share with us.

We maintain a privacy policy that complies with the EU’s General Data Protection Regulation (GDPR) rules. Broadly, this means that we collect and use certain information from you with your consent. However, we don’t sell, exchange, or give your information away without your consent except for the express purpose of providing services to you.

You have privacy rights, including the right to deactivate your account, opt out of certain features, demand certain data erasure, and withdraw consent to future data processing.

See our full privacy policy to learn more about how we handle data.

Payset Protects Your Privacy

At Payset, we provide secure, compliant, and privacy-respecting financial services combined with fast transactions, affordable rates, and worldwide availability.

Send funds in over 180 countries, hold 34 currencies with our multi-currency accounts, and take advantage of affordable conversion rates with our foreign currency exchange.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.