OpenPayd FAQ on the collapse of Silicon Valley Bank
Posted on 13th March 2023
In light of recent events related to the collapse of Silicon Valley Bank (SVB) in the US and the UK, as well as Silvergate Bank and Signature Bank, we at OpenPayd wanted to share some information on how our client funds are protected.
First, OpenPayd does not have any exposure to or commercial relationship with any of SVB US or SVB UK, Silvergate Bank or Signature Bank.
Frequently asked questions:
How is OpenPayd regulated?
OpenPayd is regulated in the following jurisdictions:
UK - OpenPayd holds an Electronic Money Institution (EMI) licence in the UK, regulated by the FCA
EEA - OpenPayd holds a Financial Institution (FI) licence in Malta, regulated by the MFSA and passported throughout the EEA
2. How are client funds protected?
All client funds are safeguarded in designated clients accounts held with our banking partners (which are always authorised credit institutions) and entirely segregated from OpenPayd’s operational fund, in line with our regulatory obligations.
3. Does OpenPayd accept deposits or lend client funds to other people or businesses?
OpenPayd is an electronic money institution and we do not accept deposits, unlike a credit institution.
OpenPayd’s client funds are safeguarded with our banking partners in the UK and the EEA. As an electronic money institution we do not and cannot lend our customer’s money to other people or businesses.
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