Protection of funds. The collected funds are protected against any claims from other creditors of the Issuer, including in the event of enforcement proceedings or insolvency proceedings against the institution. The User’s funds are deposited at the end of each Business Day into an account opened with a Bank and are ring fenced by the Bank.
Appears in 5 contracts
Samples: Framework Contract for Payment Services, Framework Contract for Payment Services, Framework Contract for Payment Services
Protection of funds. The collected funds are protected against any claims from other creditors of the Issuer, including in the event of enforcement proceedings or insolvency proceedings against the institution. The User’s funds are deposited at the end of each Business Day into an account opened with a Bank and are ring fenced by the Bankit.
Appears in 4 contracts
Samples: Framework Contract for Payment Services, Framework Contract for Payment Services, Framework Contract for Payment Services
