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 Licence types

Payment institution

A payment institution may execute transfers, process card payments and initiate payments on your behalf. It may not take deposits, and it may not lend your money on — the funds it holds are there to be moved, not to be invested.

What it protects

Your money is not covered by deposit guarantee. It is protected by safeguarding: client funds must be held separately from the firm’s own money, so they can be returned if the firm fails.

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Licence types

Institutions with this licence