Spendesk platform gives access to payment services (including payment accounts, debit cards and wire transfers) which can be accessed through several regulated payment services providers (âPSPsâ) depending on the customerâs location.
Who is Spendeskâs partner payment service provider (PSP) for EEA customers?
For customers located in the European Economic Area (EEA), the payment services are provided in EUR (âŹ) currency by Spendesk Financial Services a payment institution licensed in France by the ACPR under number 17518 (100% subsidiary of Spendesk SAS). The license of Spendesk Financial Services to provide payment services in all EEA countries can be verified at any time in the European Banking Authority (EBA) register.
This PSP is subject in particular to the European PSD2 Directive (and local implementation).
1. How are the funds protected in case of insolvency of Spendesk SAS?
Spendesk SAS only provides a SaaS platform and does not hold the customersâ funds. Consequently, a potential insolvency of Spendesk SAS has no impact on the customersâ funds held by the partner PSPs.
2. How are the funds protected in case of insolvency of the partner PSP?
The âDeposit Guarantee Schemesâ as defined in Directive 2012/49/EU apply only in case of bank insolvency (i.e., a âcredit institutionâ).
Spendesk Financial Services is not a credit institution, but a âpayment institutionâ. Hence, the deposit guarantee scheme (FGDR in France) will not cover the customersâ funds up to âŹ100,000 in case of insolvency from Spendesk Financial Services. In this scenario, the funds are protected as described in this section.
In accordance with art. 10 of PSD2 Directive and French regulation, PSPs need to implement measures to protect their customers funds, which consist in the deposit of the customerâs funds into a dedicated bank account opened in the books of a credit institution (called âsegregation accountâ). These segregation accounts are:
separated at any time from the PSPâs own funds,
highly and frequently monitored by the PSPâs regulator, and
protected against any claim or actions from the PSP's creditors (including in case of bankruptcy of the PSP).
Applicable law and regulations
Applicable law and regulations
đȘđș EU law: Directive (EU) 2015/2366 of 25 November 2015 on payment services (âPSD2â) - article 10
đ«đ· FR law (implementation of EU law): French Code monĂ©taire et financier - Article L. 522-17 and Articles L. 613-30-1 et seq.
References in contractual documents
References in contractual documents
The protection of the clients funds is mentioned in Spendesk Financial Services terms and conditions (art. 5.2): âThe funds corresponding to the credit balance of a Payment Account are protected by SFS SAS in accordance with applicable regulations, in a specific account opened by SFS SAS in the books of a credit institution. The Customer's funds are separated from SFS SASâs and Spendesk's own assets. Thus, in the event that SFS SAS becomes insolvent, the Customer's funds would be separated from the assets that SFS SAS's creditors could recover.â
Supporting banks where the customersâ funds are segregated
Supporting banks where the customersâ funds are segregated
Spendesk Financial Services customers' funds are protected via segregation accounts opened in the books of Natixis (French bank đ«đ·).
3. Are the funds protected by the deposit protection scheme in case of insolvency of the supporting bank (where the funds are segregated)?
Although the rule below is not applicable in all EU countries, the Directive 2012/49/EU has been implemented extensively in France:
French Code monétaire et financier
French Code monétaire et financier
Article L. 312-4-1 of the French monetary and financial Code (Code monĂ©taire et financier) states that the deposits made by payment institutions and e-money institutions are excluded from the French FGDR protection scheme only to the extent they are made âon their own behalfâ (âdĂ©pĂŽts qu'ils ont effectuĂ©s en leur nom et pour leur compte propreâ).
Banque de France information website
Banque de France information website
The official information website of the Banque de France / ACPR / AMF (version July 2024) states that: âLes comptes de cantonnement utilisĂ©s par les EP/EME pour protĂ©ger les fonds de leurs clients sont des comptes de dĂ©pĂŽts qui bĂ©nĂ©ficient de la garantie du Fonds de garantie des dĂ©pĂŽts et de rĂ©solution (FGDR).
Cette garantie joue pour chaque client dont les fonds sont dĂ©posĂ©s sur le compte de cantonnement. Ainsi, chaque client de l'EP/EME concernĂ© peut bĂ©nĂ©ficier dâune indemnisation individuelle dâun montant maximum de 100 000 euros par le FGDR.
En pratique, dans l'hypothĂšse oĂč la banque qui tient le compte de cantonnement de l'EP/EME venait Ă faire faillite, c'est l'EP/EME qui recevrait directement l'indemnisation due pour chacun de ses clients, Ă charge pour lui de continuer Ă les protĂ©ger selon l'une des mĂ©thodes prĂ©vues par la loi.â
đ In case of bankruptcy from the French bank holding the customersâ segregated funds, the French deposit protection mechanism (FGDR) would protect the funds of each Spendesk customer separately up to âŹ100k (Spendesk would be indemnified for the whole and able to refund the customers).