Help Centre

Who is a PEP?

PEP stands for Politically Exposed Person. A PEP is an individual who holds a prominent public position or has held such a position in the recent past. These positions can include high-ranking government officials, politicians, senior executives in government-owned...

What is Counter Terrorism (CTF) Financing?

Counter Terrorism Financing (CTF) refers to the efforts and measures taken to prevent terrorist organizations and individuals from raising, moving, or using funds to support their activities. CTF aims to disrupt the financial networks that sustain terrorist...

What is Money Laundering?

Money laundering is the process of making illegally obtained or "dirty" money appear legitimate or "clean." It involves a series of complex transactions that obscure the origin and ownership of the funds, making it difficult for authorities to trace the illicit...

How do I protect myself from fraud?

Protecting yourself from fraud is essential in today’s digital world. Here are some important steps you can take to safeguard yourself: -          Be cautious with personal information: Avoid sharing sensitive information...

Why is my KYB being requested again?

To comply with regulations, we may ask for your business details again to make sure if there are any updates with regards to your business activity. We do use public sources for this information; however, we cannot solely rely on this source for some of our required...

Is my money safe?

Relevant funds must be safeguarded. These are sums received in exchange for electronic money that has been issued by our regulated entity. Electronic money issued by PayrNet is credited to a ledger account on the Railsr platform. A positive ledger account balance is considered evidence that electronic money has been issued.

Where Payrnet has issued electronic money (“e-money”) to your customers, these relevant funds have been appropriately safeguarded as required by The Electronic Money Regulations 2011 and The Payment Services Regulations 2017. PayrNet takes its responsibility to protect customer funds very seriously. As an authorised e-money institution we are obliged to hold the funds received from our customers for e-money and/or payments separately from our own company funds and in an EEA-authorised credit institution or Central Bank until we make our customers payment.

This means that in the event that PayrNet becomes insolvent, the administrator will be able to identify the funds that belong to these customers and these customers’ claims will be paid from these funds in priority over all other creditors (minus the cost of distributing the funds to meet the customers’ claims).

We safeguard customer funds with a number of authorised credit institutions and Central Banks, depending on the type of service that our customers have selected. In all cases, though, we have selected our safeguarding partners carefully to ensure that they have sufficient reserves.

We currently safeguard with Barclays UK and Frankfurt, The Bank of England, The Bank of Lithuania and Credit Mutuel Arkea.