Weavr is a framework for combining diverse finance and payments services to create your perfect solution. There is no need for separate integrations or separate contracts — every service is implemented so that it automatically interoperates with every other service.
Payment accounts are opened by Paynetics AD (via Paystratus Group Ltd, a Technical Provider of Paynetics AD) with company address at 76A James Bourchier Blvd, 1407 Sofia, Bulgaria, company registration number 131574695 and VAT BG131574695, pursuant to an e-money license issued by the Bulgarian National Bank No. 44/11.04.2016. To ensure your funds are safe Paynetics follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics keeps your funds separate from its own funds and place it in a safeguarding account with a Bank.
Electronic Money issued is not covered by any Deposit Guarantee Scheme which is a government backed scheme offering protection to customers’ funds of up to €100,000 (£85,000 in the UK under the FSCS) per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated Bank and separated from Paynetics’ accounts.