Absolutely. Eligible customer funds held with Altery EU Limited are protected by the safeguarding requirements applicable to electronic money institutions and payment service providers. Altery EU follows these requirements as an Electronic Money Institution (EMI) authorised and supervised by the Central Bank of Cyprus (CBC).

This involves keeping eligible customer funds separate from Altery EU’s own funds, including through segregated customer funds accounts, known as “safeguarded accounts”, held with credit institutions or using another safeguarding method permitted by applicable law.

Here are some points about safeguarding:

• Safeguarding customer funds is a key consumer protection measure under the Electronic Money Laws of Cyprus and the rules implementing the EU Payment Services Directive (PSD2).
• As an authorised Electronic Money Institution (EMI), Altery EU must safeguard eligible customer funds separately from its own funds and protect them against claims from other creditors, including in the event of insolvency. Safeguarding is designed to support the return of customer funds through the applicable insolvency and reconciliation procedures.
• We’re required by regulation to safeguard funds we receive in exchange for the electronic money we issue and funds held in connection with payment services, in accordance with the applicable legal requirements.
• The general principle is that the safeguarding obligation remains in place for as long as the funds are subject to the relevant safeguarding requirements. In practice, this generally means that funds continue to be safeguarded until they are redeemed, paid to the recipient or transferred to the recipient’s Payment Service Provider (PSP), where applicable.

Please feel free to contact us if anything is unclear or if you have any questions about the protection of your funds.