At Universal Partners we always put the security of client funds first. Several measures are in place to provide the highest possible levels of security when using our service.
Accessing our online platform requires two factor authentication (2FA) which offers an extra layer of protection against unauthorised access. Once logged in, your personal information is protected by a fully encrypted platform ensuring that any data is coded to prevent being intercepted or accessed externally.
Some of our clients opt to manage their account over the phone, so we have a number of procedures in place to ensure account security is not breached. Firstly, only authorised and verified account signatories can discuss their account with our team so we always verify the identity of inbound callers through pre-determined security questions.
We are constantly reviewing our online and offline security measures to make sure all procedures are robust and well placed to deal with every potential threat.
When we are sent funds ahead of a transaction, our clients can always be assured that they are held in segregated accounts until the payment is completed. This means funds are kept separately from our day-to-day business funds in a ring-fenced account meaning that they cannot be accessed for any other purpose.
Through our technology provider’s e-money licence, funds can also be held as an online balance securely and can be accessed 24/7.
During the payments process, we make sure that our clients are kept in the loop through the issuing of trade confirmations and payment receipts. Our online platform comes with a live tracking feature on all payments, helping our clients keep their beneficiaries updated on the status of the transaction.
Accuracy of information is very important on international transfers to ensure the current amounts are sent to the intended destination. To limit the risk of human error, our team perform dual verification checks on new beneficiaries and payment terms with no transaction being made until the details are verified by an authorised signatory named on the account.
Our in-house Compliance and Risk teams carry out the relevant checks to certify that all payments are in line with industry standards and Money Laundering Regulations. These checks are all verified by highly trained and experienced members of staff at Universal Partners.
Learn more about how we ensure the safeguarding of funds here.
HOW WE ARE REGULATED
The FCA (Financial Conduct Authority) is the official regulatory body of the financial services industry in the UK. We are authorised by the FCA as an Authorised Payment Institution under the Payment Services Regulations 2017. (FRN: 820037) The FCA require us to meet standards across 3 areas: capital adequacy, client protection and internal risk management. Our technology providers, The Currency Cloud Ltd are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199)