Yordex works with two third-party providers to provide your VISA company cards. Our banking partner, Payrnet Limited (Payrnet) company registration number: 09883437, is regulated as an Authorised Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) reference number 900594. Payrnet licence details can be found on the FCA website here.
Who holds the funds?
Funds that you deposit into your account are held in safeguarded Payrnet accounts held at Barclays in accordance with FCA eMoney regulation. The funds are not accessible by Yordex or Payrnet. Yordex acts as a distributor for Payrnet. This means that your funds are not held by Yordex in any way, at any time. In the event that Yordex ceases trading, you will be able to redeem funds by contactingPayrnet directly.
The funds are also separated from Payrnet's operating capital and in no way be considered to be Payrnet assets. This means that in the event that Payrnet ceases trading, administrators will return the funds to you.
Please see this article for more detail and FAQs.