How is Holvi regulated?
Holvi Payment Services Ltd is regulated by the Financial Supervisory Authority of Finland (FIN-FSA) as an Authorised Payment Institution with license to operate in the European Economic Area.
Holvi® is a registered trademark of Holvi Payment Services Ltd. a company founded in 2011 and based in Helsinki, Finland.
Holvi is authorised by the FIN-FSA to operate payment accounts and execute payment transactions to, from and between payment accounts.
Where are customer funds kept
We hold customer funds segregated at European partner credit institutions. We are not the beneficiary, our customers are.
The EU Payment Services Directive and the Payment Institutions Act (Maksulaitoslaki) 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.
What laws govern Holvi's operations?
Providing payment services is a regulated activity within the European Union. All payment service providers (PSPs) operate under the EU Payment Services Directive (2007/64/EC).
In Finland the Payment Services Directive (PSD) is implemented by the Payment Institutions Act (Maksulaitoslaki, 30.4.2010/297 MLL) and Payment Services Act (Maksupalvelulaki, 30.4.2010 MPL).
Holvi is required to identify and verify its customers according to the Act on Detecting and Preventing Money Laundering and Terrorist Financing. Collecting personally identifiable information is governed by relevant laws (Henkilötietolaki, 22.4.1999/523 HTL).