PFS (a company of EML) has expressed its desire to support the cardholders and corporate clients of Wirecard at this time. The global FinTech understands that steps taken today by the financial regulator in the UK may mean that Wirecard clients and programmes may have difficulty accessing the services that they had previously enjoyed.
Lee Britton, CCO at PFS stated: “Our first thoughts are with the customers and clients of Wirecard. Given our years of experience, reputation in the industry and sound financial footing, we stand at the ready to assist with a world-class payment solution suite. In all of my years in the sector, this has truly been an extraordinary week. We at PFS/EML enthusiastically work within regulatory frameworks worldwide to ensure we continue to positively shape and impact the digital commerce revolution.”
As an Authorised and Regulated electronic money institution, PFS is required to take all necessary steps to segregate and safeguard all monies received and held before being returned to a client or paid away to a clients’ order in line with Regulation 20 (Electronic Money Regulations 2011).
PFS adopts this segregation approach to safeguard client funds at all times. Money is held in bank accounts with several third-party banking partners, all of whom are Authorised deposit-taking institutions, in multiple currencies. Each bank account is designated as “Client Funds” in order to segregate it completely from its own funds. All relevant funds are deposited by a client directly into segregated bank accounts which are designated as Client Funds to ensure they are immediately safeguarded upon receipt.
In addition to its robust financial safeguarding policy, PFS has best-practice risk controls, monitoring and governance in place and acts in strict accordance with recognised industry standards and procedures.