The funds transferred to your Cledara account are held by our financial services provider PayrNet.
If your company is based in the UK, the funds transferred to your Cledara account are held by our financial services provider PayrNet. PayrNet is regulated by the UK Financial Conduct Authority as an Electronic Money Institution and holds our customers’ money under a regulatory structure known as an EMD Agent, where Cledara is also registered with the UK Financial Conduct Authority.
If your company is based in Europe, the funds transferred to your Cledara account are also held by our financial services provider PayrNet, where it is registered as UAB PayrNet. In Europe, PayrNet is regulated by the Bank of Lithuania as an Electronic Money Institution with the regulatory permissions to operate across Europe.
Your money held by PayrNet is safe as funds are securely held under a ring-fenced Safeguarding Account as per the Electronic Money Regulations in the UK and Europe. These funds are bankruptcy remote from both Cledara and its financial services provider, PayrNet, meaning if something were to happen to Cledara or PayrNet, your funds are ring-fenced and returned in full.
PayrNet’s Safeguarding Accounts are provided by institutions with Investment Grade Credit Ratings, as follows:
- GBP is held in Safeguarding Accounts provided by The Bank of England (Credit Ratings as at 13 March 2023: S&P AA, Moodys Aa3, Fitch AA-) or Barclays Bank (Credit Ratings as at 13 March 2023: S&P A, Moodys A1, Fitch A+)
- EUR is held in Safeguarding Accounts provided by The Central Bank of Lithuania (Credit Ratings as at 13 March 2023: S&P A+, Moodys A2) or Barclays Bank (Credit Ratings as at 13 March 2023: S&P A, Moodys A1, Fitch A+)