Security of Funds

 

MTI PARTNERS SL takes the security of your funds very seriously. For this reason, The Currency Cloud has been selected, among others, as its FCA authorised payments provider. If The Currency Cloud is selected by our customers, 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.

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MTI PARTNERS SL 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 MTI PARTNERS SL and its clients. No money transferred comes under the control of MTI PARTNERS SL at any time.

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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.

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The FCA requires standards to be met across three areas. The Currency Cloud exceeds in all of these areas as outlined below:

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• 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 MTI PARTNERS SL, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

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(*) Payment and e-money services are provided by The Currency Cloud Limited (non-MiFID/no card products/no investment products). Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199);

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(*) Payment services in the United States are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here (non-MiFID/no card products/no investment products).  VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041.

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(*) Payment services are provided by CurrencyCloud B.V. (non-MiFID/no card products/no investment products). Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution  (Relation Number: R142701).

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(*) Terms for UK Customers of Currency Cloud: https://www.currencycloud.com/legal/terms/terms-of-use-uk-cc-ltd

Terms for EU Customers of Currency Cloud: https://www.currencycloud.com/wp-content/uploads/2023/08/Terms-of-Use-EU-CC-BV-1-June-23-1.pdf

Terms for US Customers of Currency Cloud for businesses: https://www.currencycloud.com/wp-content/uploads/2021/07/Terms-of-Use-CC-Inc-CFSB-19-July-21.pdf

Terms for US Customers of Currency Cloud for consumers: https://www.currencycloud.com/wp-content/uploads/2022/01/Terms-of-Use-for-Consumer-US-CC-Inc-CFSB-December-2021.pdf