Skip to main content
All CollectionsLegal & Compliance
How does Apron keep money secure?
How does Apron keep money secure?
Marek Liszka avatar
Written by Marek Liszka
Updated over a week ago

At Apron, we prioritise the security and protection of your funds. Here's how we ensure that your money is kept safe:

  1. E-money Issuance by CurrencyCloud: When funds are transferred to your Apron account, e-money is issued by The Currency Cloud Limited (CurrencyCloud), an Electronic Money Institution regulated by the Financial Conduct Authority (FCA). This means that CurrencyCloud safeguards your funds in accordance with FCA regulations. Your money is held in a reputable UK bank and is segregated from other funds in the event of CurrencyCloud or Apron insolvency.

  2. Safeguarding of Customer Funds: CurrencyCloud uses a process called Safeguarding to protect customer money. This ensures that 100% of the funds received for e-money are safeguarded on receipt, held in designated client accounts at credit institutions (banks). CurrencyCloud is required to hold an additional 2% of the total value of safeguarded client funds in separate funds to support an orderly business wind-down.

  3. Regulatory Compliance and Oversight: Currency Cloud Limited (FRN: 900199) is authorised and regulated by the Financial Conduct Authority (FCA) in the UK as an Electronic Money Institution (EMI). As an EMI, CurrencyCloud is prohibited from lending customer funds and must adhere to strict regulations regarding the protection of customer money.

  4. Independent Audits: CurrencyCloud's safeguarding processes are subject to yearly external audits to ensure compliance with regulations and provide further confidence in the security of customer funds.

  5. Insolvency Protection: In the unlikely event of CurrencyCloud or Apron Payments Ltd insolvency, customer funds are protected and segregated from CurrencyCloud or Apron Payment Ltd funds, and insolvency plans are in place to ensure the orderly return of customer funds. An independent insolvency practitioner would oversee the return of funds to customers.

At Apron, we are committed to maintaining the highest standards of security and compliance to safeguard your funds and provide you with peace of mind. If you have any further questions about how we keep your money safe, please feel free to contact us.

For more information please refer to our Terms and Conditions.

Did this answer your question?