Safeguarding of funds

This page applies exclusively to the face-to-face money remittance service where that service is provided by Ria Payment Institution, E.P., S.A.U. (“RIA”), whether directly or through agents acting on its behalf.

RIA will have a guarantee comparable to an insurance policy from an insurance company for the purpose of safeguarding the funds sent by the payer in a payment transaction, which will comply with the conditions of Article 16 of Spanish Royal Decree 736/2019 of 20 December, on the legal regime of payment services and payment institutions.

Immediately after receiving the funds from a Payment Order, regardless of whether the funds are received directly from the Client or from a different payment service provider (the “Safeguarded Funds”), RIA will protect those Safeguarded Funds by ensuring they are covered by a comparable guarantee provided by an authorised insurance company or a licensed credit institution.

The Safeguarded Funds will be protected while they are in the possession of RIA, that is, until the funds are collected by the Beneficiary or made available to the Beneficiary’s payment service provider. The Safeguarded Funds are not covered by the Deposit Guarantee Fund.