1. How is Holvi Regulated?
Holvi Payment Services Ltd is supervised by the Financial Supervisory Authority of Finland (FIN-FSA) as an Authorised Payment Institution with license to operate in the European Economic Area. The Finnish Financial Supervisory Authority will also supervise compliance with Finnish law and with the Finnish Financial Supervisory Authority's regulations in matters related to customer relationships.
Customers in Germany are served by Holvi Payment Services Oy Zweigniederlassung Deutschland under the supervision of the German Federal Financial Supervisory Authority ("BaFin") and the Federal Ministry of Finance ("BMF"). Holvi's German branch is offering services according to § 26 ZAG (Zahlungsdiensteaufsichtsgesetz).
Holvi is authorised by the FIN-FSA to operate as a Payment Service Provider (PSP) according to the applicable Payment Service Provider legislation. Holvi is entitled to operate payment accounts and execute payment transactions to, from and between payment accounts.
Holvi® is a registered trademark of Holvi Payment Services Ltd. a company founded in 2011 and based in Helsinki, Finland.
2. Where Are Customer Funds Kept?
We hold customer funds segregated at European partner high rating credit institutions. We are not the beneficiary, our customers are.
The applicable EU Payment Services Directive and the Payment Institutions Act have clear regulations on how Holvi must segregate and safeguard our customers’ money. In an unlikely insolvency event, the funds held in our customers’ payment accounts are protected from other creditors’ claims and can be repaid to our customers.