At Apron, we prioritise the security and protection of your funds. Our safeguarding arrangements have changed as we transitioned from operating as an EMD agent of CurrencyCloud to using our own EMI licence for certain transactions. Here’s how safeguarding works depending on the type of payment you make.
Before 14 January 2025: CurrencyCloud as Our Principal
Until 14 January 2025, Apron operated as an EMD agent of CurrencyCloud, meaning CurrencyCloud was responsible for safeguarding all customer funds, including both domestic and international payments. Funds were safeguarded per CurrencyCloud’s regulatory obligations.
Post-14 January 2025: Apron’s EMI Licence & ClearBank as Safeguarding Partner
From 14 January 2025, Apron operates under its own EMI licence for new customers who make GBP payments only. Funds from these GBP payments are safeguarded with ClearBank, which serves as Apron’s safeguarding partner.
Key points about the transition:
New customers (onboarded on or after 14 January 2025) who process GBP payments only have their funds safeguarded by ClearBank, under Apron’s EMI licence.
ClearBank is covered by the Financial Services Compensation Scheme (FSCS), providing additional protection for safeguarded funds.
Existing customers making domestic GBP payments will be transitioned to Apron’s new safeguarding arrangements by the end of March 2025.
International and non-GBP payments continue to be processed via CurrencyCloud.
CurrencyCloud (international and non-GBP payments)
Here are some of the protections offered by our partner, CurrencyCloud:
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 per FCA regulations. Your money is held in a reputable UK bank and is segregated from other funds in case of CurrencyCloud or Apron insolvency.
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, and 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.
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.
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.
Insolvency protection – In the unlikely event of CurrencyCloud or Apron Payments Ltd insolvency, customer funds are protected and segregated from CurrencyCloud or Apron Payments 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.
ClearBank (domestic GBP payments)
Check how ClearBank protects your funds:
Regulatory compliance and oversight – ClearBank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 754568).
UK Financial Services Compensation Scheme (FSCS) protection – All the domestic GBP payments enabled via ClearBank are protected by the FSCS. Check the details on the ClearBank website here.
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.