Is Quppy Business a bank account?

Article facts

What does “business payment account” mean?

A business payment account is an account or payment-platform arrangement used to receive, manage and send commercial funds. The term describes functionality; it does not by itself establish that Quppy is a deposit-taking bank.

The account can still provide useful business-payment capabilities, but the underlying legal model must be read from the customer documentation rather than inferred from the word “account”.

Who may be involved in providing the service?

Depending on the approved configuration, one or more entities may be involved in:

• issuing account or beneficiary details;
• holding or safeguarding customer funds;
• executing transfers;
• connecting the customer to a payment rail;
• processing currency exchange;
• reviewing payments for compliance purposes.

Quppy provides the connected brand and technology. The legal name and role of each regulated provider must be displayed in the customer offer or service documentation.

Are business balances protected like bank deposits?

Do not assume so. The protection of funds depends on the service, currency, institution and legal arrangement.

Before using an account, the customer documentation should state:

• who holds or safeguards the funds;
• whether funds are segregated or protected under a particular framework;
• whether any deposit-protection or compensation scheme applies;
• which law and regulator apply;
• what happens if a provider becomes insolvent.

Until this information is confirmed for your specific Quppy Business configuration, do not treat the balances as insured, guaranteed or protected in the same way as a bank deposit.

How can I verify the applicable provider?

Review the company name, registration or authorisation, regulator, official register link and terms shown in your Quppy Business offer. Do not rely only on a logo, marketing name or a registration belonging to a different group entity.

Current Quppy Terms identify 2PAYAPP LIMITED in relation to euro-based SEPA processing. The provider for other currencies or rails may differ and must be confirmed in the signed documentation.

How should I describe the account?

The accurate public term is Quppy Business payment account. It describes the payment functionality available through Quppy without implying that Quppy is a bank or that the balance is a bank deposit.

Your customer offer explains which legal entity provides the account details, holds or safeguards funds and executes payments.