We (Rastpay Ltd) are not a bank, and we do not take deposits. We don’t lend your (our client’s) money and we do not use your safeguarded funds to run our business, like banks. If we hold funds on your behalf, we will safeguard held funds in accordance with the Retail Payments Activities Act (“RPAA”).

No later than by the next business day after receipt, we will place the funds we receive from you (or on your behalf) into one or more pooled accounts at eligible financial institutions which are not used for any other purpose. Your funds will remain safeguarded under RPAA until they are withdrawn, transferred, or used to satisfy your obligations to us, our affiliates or a third party in accordance with our agreements with you or applicable law. Our safeguarding arrangements are designed so that, in the unlikely event of our insolvency, amount of funds owned by you will be identified and you will be paid as soon as feasible from the safeguarded funds. You will not receive any interest or other earnings accrued for funds held by us.

Any funds we hold on your behalf are not insured by the Canada Deposit Insurance Corporation (“CDIC”) or by any other provincial insurer of deposits.

Please note that our obligation to segregate and safeguard your funds is not applicable to funds that: are used as a collateral for your obligations under your agreement with us; and funds received with instructions for immediate transfer.